If you’re thinking about selling your home, now is the most profitable time for home sellers, according to researchers at ATTOM Data Solutions.That’s because the average home sale profit for sellers in the fourth quarter of 2017 reached a 10-year high of $54,000. This amounts to an average return on investment (ROI) of 29.7%.
“It is the most profitable time to sell a home in more than 10 years yet homeowners are staying put longer than we’ve seen,” stated Daren Blomquist, ATTOM’s senior vice president in a news release.
On Average, Homeowners Are Staying Put Longer
The research showed that homeowners who sold their homes in Q4 2017 had owned their homes on average for a little more than eight years. That was slightly up from 7.78 years in Q4 2016, but the longest on record since early 2000 when data was first available.
Sellers on the West Coast Making Biggest Profits
Sellers in San Jose by far made the largest average ROI – 90.9 % or a half-million dollars – on their homes in Q4. San Francisco did the second best with an average ROI of 73.3% or $330.000. These two were followed by Merced, California, with an ROI of 64.6%; Seattle, 64.4%; and Santa Cruz, 59.8%
“While sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well,” Blomquist said.
What About the East Coast and NoVa?
Boston sellers had the biggest average profit of sellers on the East Coast, according to the study. They made an average profit of $141,800 or a 54.4% ROI. The Miami-Fort Lauderdale-West Palm Beach metro was next with an average profit of $75,000 or $43.4%.
In the Washington, D.C.-Arlington-Alexandria metro, sellers reportedly made an average profit of $50,055 or an average 16.1% ROI.
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