Home Seller Profits Fall But Remain High
The past few years have been good to homeowners. Rising home prices and a hot housing market meant homeowners who were looking to make a move could be assured their home would sell quickly and for a great price. But now that the market has slowed down, can potential home sellers expect to be as successful as they would have been had they sold last year or even earlier this year? Well, yes and no. According to ATTOM Data Solutions' third-quarter U.S. Home Sales Report, the typical profit margin on median-priced single-family home sales dipped from where it was during the second quarter of the year. In fact, it fell from 57.6 percent in the second quarter to 54.6 percent in the third. The decline coincides with a 3 percent decrease in national home value. However, though down quarter-over-quarter, profit margins, home prices, and typical investment returns all remained high, and in some cases near all-time highs. In other words, today's home sellers may not do as well as they would've had they sold in March but they can still expect a good return on their initial investment.
Who is FIBT?
First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.