February 8th, 2019
According to last year’s U.S. Home Sales Report, 2018 saw the average home seller book a home price gain of $61,000. This is $11,000 higher than the 2017 average, and $21,500 higher than in 2016. The report also indicated that the U.S. median home price hit an all-time high last year, increasing 5.5% to $248,000. We’ve seen home prices making significant increases in the past couple of years, and now is the time for sellers to cash in, as the market is starting to cool off a bit from 2018 levels. For loan officers, now is a great time to talk to borrowers about selling-to-buy. This is also a great reminder for you to always introduce yourself to seller agents on a home purchase because those agents are most likely getting a lot of business in this market and that’s an opportunity for a referral partnership.