Costs are rising and homeowners are staying put longer, and that means more homeowners can cash in whenever they go to sell. Home seller profits surged to a 10-year high in the 4th quarter of 2017. Sellers saw an average home price gain since purchase of $54,000, up from $47,133 last year. So why not sell now?
It’s the optimum time to Sell within the Decade
That $54,000 average seller profit represents an average 29.7% return on investment when compared to the original purchase price. Which is the highest average home seller return on investment since the third quarter of 2007, as outlined by ATTOM Data Solutions’ Q4 2017 Home Sales Report, released recently.
“It’s the most profitable time to sell a home in more than 10 years, yet homeowners are staying put longer than we’ve ever seen,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well.”
Among the 155 metro areas that ATTOM Data Solutions’ tracked, the locales having the highest average home seller ROI were: San Jose, Calif. (90.9%); San Francisco (73.3%); Merced, Calif. (64.6%); Seattle (64.4%); and Santa Cruz, Calif. (59.8%).
Meanwhile, home-ownership tenure set a new record high in the fourth quarter of 2017. Homeowners who sold in the quarter had owned their homes on average 8.18 years, up from 7.78 years in the fourth quarter of 2016. It is the longest average home seller tenure since ATTOM Data Solutions has tracked it beginning in the first quarter of 2000.
Ready to find out the current market value of your home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call 813-300-7116
