Recent Boom Attributed to Flipping Houses
The latest round up of Connecticut real estate data shows flipping houses as an essential part of the housing recovery.
Statistics published by the Hartford Courant reveal the median house price in New England was up 10% year-over-year as of March 2013. With consumer confidence strengthening, a surge in development in New Haven, business growth in Bridgeport and the peak summer real estate season just about to kick in, second quarter 2013 numbers are likely to be even more attractive.
Still, while home values are rising swiftly, Connecticut real estate sales volume certainly slowed up slightly at the end of the first quarter. This is no doubt due to a combination of coming off a hot end to 2012 and according to local real estate agents; a lack of inventory.
Realtors with boots on the ground report that bidding wars are increasing, but also point out a split market. Move-in ready CT homes may be selling like gasoline ahead of a hurricane, but there are still homes sitting on the market that are in need of repair.
So not only is there a need for these CT homes to be rehabbed, but still significant opportunity for real estate investors flipping houses too.
If a home has been sitting on the market for a while, the odds are that the seller should be more motivated now. So perhaps digging into some of those older CT homes listings versus only new ones is a smart move.
By flipping houses, real estate investors are not only helping themselves with tasty paydays, but forwarding the rebound and new boom that will lift the wider market and economy and come back to reward them with more deals to do.