Home sellers pocketed record profits last year.
Nationally, the typical sale of a home returned a profit of nearly $70,000, up from $53,700 in 2019. Here’s another number to consider. The profit margin represented a 35% return on investment, the highest since 2006.
Those are a lot of numbers saying that selling your home today will translate into profits that simply weren’t possible anytime in recent memory.
It’s hard to believe given the circumstances that were 2020. Nevertheless, the market persevered and expanded by unexpected proportions. High buyer demand for single-family homes and super-low interest rates ignited the real estate market to where it stands today.
At the onset of the pandemic, no one really knew what was going to happen to the housing market. It didn’t take long before we all realized that the pandemic would not hold it back.
As inventory shrunk, home price increases only accelerated last year and continue to follow an upward trend entering the new year. What’s in store for the remainder of 2021? The question may not be whether prices will go up, but rather, by how much and how fast.
Homeowners may be asking if now’s the moment to make a bold move and sell and buy another property.
If record-high return on investment and record-low interest rates have swayed you, please do not hesitate to reach out to us today to learn how we can help.
Remember, you can sell your home and buy another concurrently or use other tools to follow a schedule that best suits your needs. Whatever your goals, please reach out to learn about today’s market conditions and the available programs.