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Home sellers are making bank in today's market
By: First Weber, Inc.
Home sellers are making bank in today's market, realizing a 24.1 percent, or $39,900, gain in 2016, according to a recent analysis by Zillow.
Sellers on the West Coast—where home prices have rocketed since the recession—saw higher returns, with those in Oakland, Calif., taking home the most at 78 percent, or $235,000.
Duration is key. The average seller turning a $39,900 profit, the analysis shows, held on to their home for seven years and five months. The average seller in Oakland hung on to their home for seven years and three months.
"The housing market can change a lot in 10 years," says Dr. Svenja Gudell, chief economist at Zillow. The ability to amass wealth over the long term makes real estate the No. 1 investment for most Americans, despite proven results from stocks and other vehicles.
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