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.
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.
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Are you thinking of selling your home and buying a new one? Then shop around and see what mortgage rates you qualify for today.