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The headline in this recent article posted by the National Association of Realtors really sums it up nicely: “Existing-Home Sales Vaulted 9.5% in February, Largest Monthly Increase in a Year.”
Reading between the lines, this sentence may be really relevant/pertain most to members of the fix-and-flip community, as what they are buying are not their own residential properties: “Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023.”
In short, now may be the ideal time to pursue your next (or first!) real estate reno project — before expected real estate price increases (see our third link below) take hold. Read on for more details, including some regional findings in these statistics.
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In Addition, Based on the Latest Report, Home Prices Experienced Continued Growth Throughout January
In related good news, according to HousingWire, “[January] was the seventh consecutive month of annual price growth and the biggest increase since November 2022. For the second consecutive month, all 20 cities tracked by the index reported annualized increases in prices.”
Our translation here? You can expect better profitability when you do decide to sell your completed fix-and-flip projects.
If Your Plan is to Fix & Hold, There is More Good News!
Renting Has Become More Economical Than Purchasing a Home Across the 50 Largest Metropolitan Areas in the US
Interestingly, it is being reported that it is now cheaper to rent than to buy a home in the 50 largest metro areas, which indirectly translates into a message that now is an ideal time to pursue your real estate investment projects designed to become rental properties, because the demand for rentals is hot! Read on to learn more.
Richard embraced a challenge by converting a non-conforming duplex into a single-family home. With strategic adjustments like reconfiguring the layout and upgrading kitchens with granite countertops, he transformed each floor into 2-bedroom/1-bath units with individual kitchens. Richard optimized space by creating a laundry room on the first floor. The home was rented to a multigenerational family seeking shared living with separate kitchen areas, fitting their needs perfectly. Additionally, Richard cleverly rented out the detached garage, showcasing his savvy approach to property management.
