San Diego – Home sale profit isn’t high

The typical San Diego County home seller made $125,000 on the sale of their home last year, said a Zillow study released Wednesday.

But the payout, during a time of increasing prices throughout the nation, was a lower percentage than more than a dozen major metros. In general, it paid off to hold on to a home for at least eight years to get a better return.

The real estate website crunched the numbers on 33 metros and found the best return on investments for homes have been in Oakland, where homeowners saw a 78 percent return on what they originally paid, or Portland, with 64 percent earned.

San Diego County ranked No. 17 as the best return for buyers, with a 33 percent jump, behind Nashville, Mesa, Philadelphia, Phoenix and other cities.

The Zillow study said that in eight years and 11 months (typical length of stay for a San Diego owner) that a seller earned $16,000 per year on their investment when they sold in 2016.

In just dollars, not percentage gain, San Jose had the best return on investment with sellers pocketing $271,150 after nine years and 8 months of ownership.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-zillow-house-sale-20170905-story.html

Disclaimer: for information and entertainment purposes only

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