Nationally Home Sellers have gained profit of on average 36% on their second quarter 2020 sales which translates to a median gain of $76,000 over what they originally paid for the home. ATTOM analyzed recorded sale deeds, loan data, and foreclosure filings to develop its findings.
Home owners who have sold during the coronavirus pandemic reported record high profits according to a study recently conducted by ATTOM Data Solutions.
High profits being reported are due to:
- Lack of supply
- High demand
- Low mortgage interest rates
- Many sellers who had their homes listed on the market pulled them off as the pandemic grew
- Those in quarantine who realized they needed more space
- High demand has created bidding wars that have translated into more money for sellers
Home Sellers have profited altogether according to this study despite the economic distress caused by the pandemic. The housing market has propelled forward as sellers began to understand that the virus didn’t shortchange buyer demand.
Buyers have taken action at a fast rate to take advantage of the low interest rates and get a home that better fits their needs based on the thought process change the pandemic/quarantine created.