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Some sellers recouping much of their home's value

November 9, 2010 - Despite the reduced state of home prices nationwide, many moving families are selling their old home for more than they bought it for, according to a new report.

The National Association of Realtors released its most recent profile of the nation's homebuyers and sellers, determining that selling a home typically favored those that had lived in the property for an extended period of time. Indeed, sellers who had lived at their home for at eight years enjoyed a median equity gain of $33,000, or 24 percent, when they sold their homes. In addition, those who lived in their home for 11 to 15 years before selling were able to fetch a 40 percent return on their investment.

Most of all, the study seemed to show the value of moving to a home and living there for the long haul.

"Sellers who purchased at the top of the market and had to sell in a short time frame were hurt by the price correction, but the vast majority who are able to stay for a normal period of home ownership generally built enough equity to make a trade-up purchase," explained NAR president Vicki Cox Golder.

At the same time, other reports have shown that more sellers have had to cut their prices in order to account for buyers' expectations. A study from ZipRealty reported that nearly 50 percent of homes for sale in September experienced at least one price cut.
 

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