Home Sellers See Increases in Net Gains
Home prices have hit a normal trajectory for increases over the year, and that means home sellers see the profits. According to ATTOMData Solutions recent report, the average profit home sellers saw when they sold their home in the third quarter of 2018 was $61,232. This number represents a 32% return on the original purchase price and is the second highest price gain since the second quarter of 2007.
Home equity has long been a fluctuating reality for homeowners, especially those that purchased during the boom in the mid-2000’s, prior to the bust of 2008. While profit potentials will vary per market, home type and other factors, the fact is that a profit at a home sale is more the norm than the anomaly today.
What does that all mean?
It’s a great time to sell your home or, at the very least, get it listed for sale.
Steps to List Your Home
1. Connect with a local mortgage professional and a licensed realtor. Their combined skills and understanding of your local market will give you the understanding of the actual equity you have in your home and the potential for a profitable sale.
2. Do your own research. Check out the local real estate market using any of the apps or websites available to see the prices of similar homes listed for sale in your area. This will give you a baseline of what you can expect when you list your home.
3. Invest in your home. When you sell your home, chances are there are some updates you can make to increase the sale price and speed the sales process. The following options are small investments you can make to your space that really up-the-ante for your sales profits:
a. Kitchens and Bathrooms – these are two areas potential home buyers really pay attention to. A fresh coat of paint, some new curtains and rugs and you’ll wow at your open house.
b. Yard – rake, cut the grass, weed, even put a few new plants in if the season allows. A little yard work goes a long way.
c. Buyers will judge your home by its cover. Power washing is an inexpensive way to give your house a fresh look.