The National Association of Realtors (NAR) is forecasting 4.71 million existing-home sales in the coming year. That’s a 13.5% jump from 2023! The NAR’s predictions identify 10 markets with the most pent-up housing demand in 2024, which it expects will outperform other metro areas. Among them: Philadelphia, home to RFG!
How did metro areas qualify for the list? NAR compared them to national levels based on: 1) more "returning" buyers; 2) lower home price appreciation; 3) more renters able to afford median-priced homes; 4) more potential sellers; 5) diminishing remote workers; 6) more affordable options for first-time buyers; 7) stronger job growth; 8) faster income growth; 9) most high-earner millennial renters moving in; and 10) lower violent crime rate.
At the top of the list is Austin, TX. Other top metro areas primed for action include Dallas-Fort Worth, Nashville, and Washington, D.C.
Move over, greige, dark and moody colors are reportedly the hues to choose when showing a house for sale. This is according to a Zillow survey that showed dark gray walls might even push offers higher these days. They even looked at which colors are best for which rooms, revealing charcoal grey is hot in kitchens right now, while bathrooms are trending toward earth tones like brown. Go figure!
And be careful what you choose for the front door, too. The Zillow survey said today’s buyers would offer over $3k less for houses with a cement gray front door. Paint your flip’s entry door black instead, or a “mid tone rosy brown” is Zillow’s advice.
According to ATTOM, a leading curator of real estate data, raw profits on typical flips nationwide increased in Q3 to $70,000. This is a slight increase from Q2 of 2023, but a big jump ($15,000) up from 2022’s lowest point.
The average from purchase to resale also dropped in Q3 to 161 days, down from 178 in Q2 2023 - the fastest resale time we’ve seen since Q4 of 2021.
“The comeback for the home-flipping industry is looking more like a real trend …home flippers continue to head back in the right direction,” according to ATTOM’s CEO, Rob Barber.
100% Premier Loans from RFG cover all renovation costs. NO DOWN PAYMENT!
Al has a long-term buy-and-hold strategy for his real estate portfolio. He is focused on fixing multi-families to rent. But this single family home had potential.
The 4 BR/3 BA was a total gut: Al redid the electric, plumbing, heating, and flooring.
He put in a new kitchen and overhauled all three baths.
The outcome was a great success, and Al immediately reinvested his profit into a new project.
