Thoughts on Exceptional Home Equity Gains in Our Area
An article concerning some very good news on home equity recently caught my serious attention.
ATTOM Data Solutions recently published its Q2 2017 Home Sales Report and says that homeowners who sold in the second quarter of this year realized a national average price gain of $51,000 - the best such figure for 10 years!
ATTOM says that the $51,000 equates to an average return of 26% on the previous purchase price of the home.
Another factor that I feel sure is playing its part in this impressive statistic is the fact that homeowners are living in the same property for longer (something we can also deduce from low inventory of available homes for sale).
Indeed, ATTOM also stated that the average seller homeownership tenure is now just over 8 years - the highest figure since this stat was initial compiled back in 2000.
All very impressive and, I guess, not so surprising given the sustained good health of the real estate market across most sectors.
What I wasn't prepared for, however, was the fact that ATTOM also gives a breakdown of more localized figures - and that's when I really gasped!
Looking at the San Jose - Sunnyvale - Santa Clara area, the Q2 average home seller price gain since purchase was $410,000, which equates to a, wait for it, 74.5% average home seller return since purchase!!!
I find these figures to be not only gratifying for our wonderful clients, but also exceptionally significant in so much as our area is renowned as being one of the most expensive in the nation, and yet we can also see how profitable it is proving to be!
These are truly exceptional gains and easily outperform other areas near to us featured in the Home Seller Profits chart and obviously way above the national average in every respect.
This has to be one of the most compelling arguments for the investment potential of our region.
And let's also remember that there so many positives injecting into the local community in the next few years, headlined, of course by Apple's incredible new Cupertino HQ.
I'd be delighted to discuss ways of helping you maximize your property returns, so please don't hesitate to get in touch.