Big payday for many California home sellers
By Ron Trujillo
San Jose-area homeowners who sold their residences enjoyed the largest dollar and percentage gains during the fourth quarter in the nation, the latest evidence that Silicon Valley remains the best-performing market.
The average home seller in San Jose had a hefty 91% return on their investment, netting a nifty $500,000, according to ATTOM Data Solutions. Four of the five largest percentage gains from home sales were in California during the final three months of 2017.
San Francisco home sellers had the second-largest percentage return on their investment at 73.3% — or $330,000 – followed by third-place Merced at 64.6%. Santa Cruz finished at No. 5 with a 59.8% return.
The head-turning returns are largely because of fast-rising home prices in the state, but homeowners are also holding onto their property longer – an average of 8.18 years, the longest tenure since first-quarter 2000, when ATTOM started tracking home-selling statistics.
Across the board, a large majority of homeowners selling their properties reported impressive gains, from 53.8% in Los Angeles-Long Beach – or $210,000 – to a more modest-but-still-impressive 37.1% in Fresno, a market still recovering from the housing downturn a decade ago.
Nationally, the average home seller netted $54,000, a 29.7% increase from the original purchase price.
Feature photo of Southern California homes by Joseph Sohm/Shutterstock
Home seller percentage, dollar returns on their investment
Best Places to Live: SF, San Jose
San Jose and San Francisco are among the top 20 Best Places to Live in 2018, despite the highest housing costs in the nation, according to a closely watched annual report.
U.S News & World Report crunches a ton of data to develop the annual Best Places to Live list.
Cities must offer good value, be a desirable place to live, have a strong job market and a high quality of life to make the list. Well, San Francisco and San Jose make three out of four.
A good value? Not so much. Less than 20% of households could afford the median-priced home in those two cities during the fourth quarter, according to the California Association of Realtors.
San Jose earned an overall score of 7.4, the third-highest rank in the nation behind Austin and Denver. San Jose had an impressive 8.7 for job market and 7.7 scores for desirability and quality of life.
San Francisco was much lower on the list at No. 16. The city earned an overall score of 7.0, thanks to 8.7 for job market and 7.7 for desirability.
Photo of San Jose skyline by Stellamc/Shutterstock