Hottest Markets For Flipping Houses Right Now?
Some of the hardest hit markets like Phoenix, AZ and Las Vegas, NV are starting to attract a lot of attention, especially from Canadian buyers. With many home prices in Las Vegas down 60% and similar discounts available in Arizona it is hard for many to resist the urge to buy. With bargains this great there is definitely plenty of room to flip wholesale properties or turn them into turn key rental properties with tenants and management provided for those looking for hands free, cash flowing investments.
Recent statistics released by the California Association of Realtors show that available REOs appear to be drying up, suggesting that higher prices should be on their way soon. Though with such a large state you have to really take a close look at data on a local, zip code level before jumping in.
However, real estate investors who are looking for a faster turn around and bigger spreads may be more interested in areas which are already seeing the biggest rebounds. Parts of the country like southwest Florida, especially around Ft. Myers have continued to lead in terms of home price increases, yet offer amazingly affordable deals. With such low prices and great spreads on rental income the potential buyer pool is massive and flipping to other investors is easy too.
However, it is Miami that is really standing out for rapid growth with both transaction volume and property values rising. Inventory has dropped 65% from its high, condo sales are up 76% and it is believed that by the end of the year Miami will see a new record set in volume, which even exceeds that set during the height of the bubble.
Of course savvy real estate investors who can screen properties quickly and have access to a great transactional lender can find deals all over the country but these markets may well be worth checking out.
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