Have you been thinking of selling, but are unsure if now is the right time? In real estate, beyond location, location, location :), timing is everything. When to buy, when to sell, when to rent, when to own. Knowing when can result in the results you’re looking for, however, determining when ‘when’ will be is the tough part. One thing that we can certainly rely on is data.
Today’s home sellers reaping highest profits in 12 years
According to ATTOM Data Solutions, curator of the nation’s premier property database, released its Year-End 2018 U.S. Home Sales Report, which shows that home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 — a 12-year high.
Average home seller profit in 2018 was $61,000
That $61,000 average home seller profit represented an average 32.6% return on investment compared to the original purchase price, up from 27% last year and up from 21.9% in 2016 to the highest average home seller ROI since 2006.
Western states have the highest return
Among 217 metropolitan statistical areas with a population greater than 200,000 and sufficient historical data, the highest returns on investment were almost exclusively in western states, with concentrations along areas of the west coast. Those with the highest average home seller ROI were San Jose, California (108.8 percent); San Francisco, California (78.6 percent); Seattle, Washington (70.7 percent); Merced, California (66.4 percent); and Santa Rosa, California (66.1 percent).
What does all of this mean?
There are other variables that need to be considered when deciding to sell your home or not, but this information is useful if you’re considering selling. Getting a high return on your initial investment is truly the ultimate goal in real estate. If you’re looking to buy or sell, or would like to discuss this further, drop me a line. I’m always here to support you on your journey!