Soaring Home Equity Pays Off Big

The amount of cash California home sellers retained after closing escrow rose to a record median of $100,000 in the fourth quarter of 2000, nearly three times the amount in 1997, according to a housing finance survey.

Nearly a fifth of all homes were sold above the asking price, according to the Fourth Quarter 2000 California Housing Finance Survey by the California Assn. of Realtors.

The survey also found that almost half of all home buyers made one or more offers before closing escrow, and homes were listed on the multiple listing service for just three weeks in the fourth quarter before a sale, down from 11 1/2 weeks in 1995.

In Northern California’s high-tech center, the stock market’s role in the decision to buy or sell decreased to 15.2% in the quarter, compared with 20.9% in the third quarter.