Home Sellers Are Making Bank In Todays Market

Dated: 09/07/2017

Views: 72

Home sellers are making bank in today’s market, realizing a 24.1 percent, or $39,900, gain in 2016, according to a recent analysis by Zillow.Sellers on the West Coast—where home prices have rocketed since the recession—saw higher returns, with those in Oakland, Calif., taking home the most at 78 percent, or $235,000.

Duration is key. The average seller turning a $39,900 profit, the analysis shows, held on to their home for seven years and five months. The average seller in Oakland hung on to their home for seven years and three months.

The top 10 markets:


Zillow_Sellers



Zillow_Sellers“The housing market can change a lot in 10 years, and you see that reflected in this top 10 list,” says Dr. Svenja Gudell, chief economist at Zillow. “Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble.

”The ability to amass wealth over the long term makes real estate the No. 1 investment for most Americans, despite proven results from stocks and other vehicles.“It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment,” Gudell says.

Blog author image

Justin Burnham

Justin Burnham is a real estate veteran of over 10 years. As a life-long resident of Orange County, Justin has a deep knowledge of its neighborhoods, schools and business areas. This, along with his s....

Latest Blog Posts

HOMES FOR DOGS Pet Adoption This Weekend

This weekend we're hosting our annual HOMES FOR DOGS national pet adoption! If you've been considering getting a pet, before choosing a breeder or venturing into a pet store, stop here first. You

Read More

Award Winning Property Management

 Does this look familiar to you? Is your rental property the party central of your community? We can help- Get your first 3 months free! Click

Read More

Latest Feature In VIEW Magazine

We're proud to share that our latest Eastside Costa Mesa listing has been featured on pg 24 of this weekend's VIEW Magazine! VIEW Magazine is inserted in the Orange County Register, The Independent,

Read More

Beware Of Wire Fraud Phone Scams

Wire fraud continues to plague the real estate industry with a new scam – criminals are calling buyers directly to say that they have new wire instructions in order to steal closing.

Read More