Home Sellers Making the Most Money Since 2007
If you’re wondering if it’s a good time to sell a house, look no further than the ATTOM Data Solutions report released last week. The company’s Q2 2017 U.S. Home Sales Report found that the average price gain for home sellers during the second quarter was $51,000, the highest number since the second quarter of 2007. If you recall, home prices were flying high a decade ago, so it looks as if we’re back in familiar territory, minus that pesky housing bubble. Back then, the average gain was $57,000. Hopefully that won’t surface for another decade, but there are renewed fears with home prices hitting new nominal highs across the country and putting a strain on affordability.
Some say a home is a terrible investment, but recent sellers managed a healthy 26% gain, on average, which sounds pretty good to me. That’s the highest it’s been since the third quarter of 2007, when it was 27%. Of course, it depends how ATTOM defines that gain. I checked out their methodology and they say the difference between the median sales price of homes in a given market from purchase to sale. If we drill down a bit further, it might not be as amazing as it looks. It costs a lot of money sell a home, though disruptors like Redfin Now are trying to change that.
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