When the COVID-19 pandemic first hit, there were a lot of concerns about how it would impact the housing market—including whether it would spark a decrease in home values.
But, as it turns out, the opposite is true—and sellers are netting significantly more profit when they sell their home than anticipated.
According to a recent report from ATTOM Data Solutions, during Q2 of 2020, home sellers netted a median $75,491 when they sold their home—up from $65,620 from Q2 2019. Q2’s profit represents a 36.3 percent return on investment compared to original purchase price—the highest ROI for sellers since the Great Recession.
On the local front in Mammoth Lakes, we are seeing “ready to go” properties are selling quickly. People want to be here now without having to do any work. This is true across all price ranges – entry level to over $1M. Many clients are telling me they can now work remotely and since the kids won’t be going back to a traditional classroom, why not be here in gorgeous Mammoth instead of the big city? Although the majority of the interest has been in Mammoth Lakes, this is starting to trickle over to the outlying areas as well.
All this translates to a hot market for sellers with properties that are in good condition. The nicer the property the more interest and offers.
So, what does this mean for you? If you’re thinking about selling, now is a great time to make a move, fetch top dollar for your home, and walk away from the sale with a healthy profit.