Home sellers win again
American home sellers are raking in more profits than ever. According to new data, the average homeowner sees over $65,000 in profits when selling their property — the highest profit share in 13 years.Verify your new rate (Feb 16th, 2020)
ROIs are up for home sellers, too
According to the Year-end 2019 U.S. Home Sales Report from ATTOM Data Solutions, home sellers earned an average of $65,500 in profits per sale last year. It’s the highest point for seller profits since 2006.
Overall, the average home seller saw a 34% return on their investment — a jump from the 31.4% ROI seen in 2018 and the 27.4% one in 2017. Average ROIs have steadily increased for the last eight years.
Here’s how Todd Teta, ATTOM’s chief product officer, sums it up: “The nation’s housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains. In short, it was a great year to be a seller.”
Biggest ROI cities
Home sellers in the West saw the biggest ROIs on their sales. In San Jose, Calif., sellers saw an 82.8% ROI. Other cities with high ROIs included San Francisco (72.8%); Seattle (65.6%); Merced, Calif. (63.2%); and Salem, Ore. (62.1%).
In just looking at home prices, South Bend, Ind. experienced the largest jump. Prices in the city were up 18.4%, in Boise, Ida. they rose 12.6%. At the national level, home prices increased 6.2% across the year.
Prices actually reached new peaks in 78% of the top 134 metros — giving a large swath of homeowners even more reason to consider a sale this year.Verify your new rate (Feb 16th, 2020)
Get today’s mortgage rates
Are you thinking of selling your home and buying a new one? Then shop around and see what mortgage rates you qualify for today.