Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Here’s where sellers made the biggest profit on their homes

06/26/2018

Download PDF

Homesellers from San Jose to San Francisco are reaping six-digit windfalls thanks to steadily skyrocketing home prices, according to a new report from real estate tech giant Zillow.

The median price increase between sales for home sellers was nearly $39,000 nationwide, but in some markets on the West Coast that number climbs into six-digit territory.

“In a housing market that’s been plagued by low inventory and increasing demand, homeowners in the nation’s hottest markets have been able to cash in when they sell their homes,” said Aaron Terrazas, Zillow’s senior economist. “A home is typically the biggest investment someone makes, and it’s paid off for longtime owners in many markets across the country.”

In San Jose, the median net gain for home sales was $296,000 – a more than 50-percent price change between sales. In San Francisco, home sellers made $222,000 compared to the price of their home. In both markets, sellers earned more than the U.S. median home price. Median prices in San Diego, Los Angeles and Seattle also hit six figures.

Low inventory has caused continuous price growth, especially in markets where homes are harder to find, the report says. More than a quarter of homes were sold above asking price in 2017, up from 18 percent in 2012.

The report also found that the typical seller has lived in his or her home for slightly more than eight years, meaning the home was purchased right before the housing market bottomed out.

How to rope in more seller leads with Mega Agent Pro Outsource seller prospecting and focus on what you do best READ MORE

In many instances, the proceeds from the sale are enough to put a downpayment on a new home – or buy one outright if you live in San Jose and are willing to move elsewhere.

“Of course, these sellers typically are buyers as well, but the profits from the sale of their former home give them an advantage over first-time buyers who may be coming in with smaller down payments,” said Terrazas.

Email Patrick Kearns

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

March 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...