The recently published Q2 2017 Home Sales Report by ATTOM Data Solutions shows that home sellers realized the highest average gain for a decade in the second quarter of this year.
The national average home seller price gain was $51,000 in Q2. This equates to a 26% average return on the previous purchase price of the home, the highest gain since the the third quarter of 2007 (27%).
It's another very positive indicator of just how good things are for sellers right now, many of whom are clearly receiving impressive returns on their property investment!
These latest improved equity levels take us back to the time before the last recession started and it can certainly be argued that they prove the cycle back to prosperity is now complete.
One of the key reasons for these gains is that people are living in the same home for a longer time now. ATTOM also states that we're now seeing the longest average home ownership tenure since this kind of data was first compiled at the start of 2000. This trend is, of course, reflected in the low inventory of available homes that we've been seeing here in Iron County for some time - a situation that very much favors the seller in terms of robust asking prices, frequent multiple offers above asking price and reduced competition.
Please contacting us today if you'd like to discuss how we can help you to make the most of these trends.
