Home Listing

CNBC: Home Sellers See Biggest Profits in a Decade—Not Just Because of Higher Prices

The combination of rising home prices and homeowners staying in their places longer than usual is making for a strong seller’s market.

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If you’re thinking about selling your home, now is the time to take the leap. Between fast-rising home prices and homeowners who are staying put longer than usual, home sellers are seeing bigger profits on their places now than they have in the past decade.

A recent CNBC article says that the average tenure of a homeowner who sold in the second quarter of 2017 came it at just over eight years, which is the longest period of time tracked by ATTOM Data Solutions since they started tracking the statistic back in 2000. To put that in perspective, the average homeownership tenure during the housing boom of the 2000s was about four years. However, that doesn’t mean that this market is a walk in the park for those selling their homes.

“While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling,” said Daren Blomquist, senior vice president at Attom Data Solutions, in an interview with CNBC. “And the market is becoming even more competitive, with the share of cash buyers in the second quarter increasing annually for the first time in four years.”

CNBC also notes that home values recently hit a record high, and they’re continuing to climb alongside demand.

To read the original article, click here.