Based on Zillow’s latest report, home owners in America’s hot markets who have held onto their homes for 10+ have seen a significant increase in value.
Real Trends states that “The housing market recovery has sent home values roaring higher in the past several years, especially in West Coast cities that are attracting people with well-paying jobs. Despite the opportunity to cash in on record-high home values, some homeowners choose not to sell because they don’t want to become buyers in a competitive market.
Low inventory and strong demand are driving up home values in these popular markets, making it difficult for aspiring buyers to find a home, but providing a good opportunity for homeowners looking to sell.”
Los Angles home owners have seen an average increase of $200,000 or 53% of the homes value over the course of 10 years.
“The housing market can change a lot in 10 years, and you see that reflected in this top 10 list,” said Zillow Chief Economist Dr. Svenja Gudell. “Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble. It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment.”
Among Zillow’s top 10 list, three cities have home values growing in the double-digits. In Seattle, home values rose 15.5 percent year-over year, the fastest growing among the list, followed by Boston and Sacramento, Calif.