What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

Home seller profits hit new high as people are staying in their homes longer than ever

Which came first, the housing tenure or the profit?

People are staying in their homes longer than ever before, but it may pay off big for them should they choose to move.

That’s according to a recent report from ATTOM Data Solutions, which stated that both homeownership tenure and home seller profits simultaneously hit new highs.

ATTOM’s Year-End 2019 U.S. Home Sales Report states that the average American home seller took in a $65,500 profit in 2019. That’s up from $58,100 in 2018 and up from $50,027 before that. 

In percentages, that seller profit represents a 34% return on investment compared to the original purchase price. In 2018, sellers saw a 31.4% return, while sellers in 2017 brought in a 27.4% return on investment. 

“The nation’s housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains. In short, it was a great year to be a seller,” said Todd Teta, chief product officer at ATTOM Data Solutions.

“But there were signs that the market was losing some steam last year, as profits and profit margins increased at the slowest pace since 2011,” Teta added. “While low mortgage rates are propping up prices, the declining progress suggests some uncertainty going into the 2020 buying season.”

And while the average home sellers are bringing in higher profits than ever before, homeowners are also staying put longer than ever before too.

ATTOM states that homeowners who sold in the fourth quarter of 2019 had owned their homes an average of 8.21 years. That’s an increase from a homeownership tenure of 8.08 years in the third quarter. 

That said, the national average tenure certainly does not apply to all cities including Colorado Springs, Colorado (down 9% in housing tenure); Modesto, California (down 7%); Visalia, California (down 5%); Oklahoma City, Oklahoma (down 5%) and Olympia, Washington (down 5%).

However, people living in Connecticut seem to be there for the long haul. According to the report, the top five longest homeownership tenures all stemmed from the northern state, including: Norwich (13.49 years); New Haven (13.32 years) Bridgeport-Stamford (13.23 years); Torrington (12.33 years) and Hartford (12.25 years).

Interested in exclusive real estate news and commentary? Join HW’s free twice-weekly newsletter OpenHouse to stay informed. Sign up here!

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