Ramp up the returns
If you live on the West Coast, you may want to consider selling your home. According to new data, some Western homeowners made as much as $296,000 by selling their properties last year – and considering home values have only risen since then, today’s sellers stand to earn even more when putting their home on the market.
The most profitable places to sell
According to CNBC, homeowners on the West Coast fared best when selling their homes last year, taking in upwards of $290K in profits, depending on the city.
In San Jose, home sellers saw profits of $296,000 in 2017 – making it the No. 1 most profitable spot to sell your home. In nearby San Francisco, profits averaged around $222K, while those in Los Angeles were just under $140K.
Two other Western cities – Seattle and San Diego – rounded out the top five. The only non-Western cities to make the top 10 were Nashville, Dallas and Austin, Texas, which saw average home sales profits of $58,000 last year. For comparison, the average U.S. home seller made just under $40,000 in 2017.
Where selling your home isn’t worth it
Midwestern home sellers fared the worst last year, with Cleveland homeowners taking in just $16,000 in profits on their homes.
Chicago sellers didn’t see much more, making $20K on the average sale. When factoring in inflation, homeowners in Chicago actually netted a loss, according to the data.
Other cities to see poor profits on home sales were St. Louis, Pittsburgh, Cincinnati, Indianapolis, Detroit, Baltimore, Philadelphia and Kansas City, Missouri.
Get today’s mortgage rates
Are you considering selling your home on the West Coast? Then save those profits for your next down payment and start shopping around for mortgage rates today.