Newly Built Home Sales Exceeded Expectations Last Month
Sales of newly built single family homes rose across the country last month unexpectedly, up 8.8% over February’s numbers and over 8% higher than the same month last year. This is according to US Census Bureau data published on zillow.com.
This is all happening while existing home sales dropped last month. Strong stock and labor markets plus more new builds added to inventory over the first quarter meant more new home sales in March, at a median price of $430,700.
What Size Home Office Space(s) Should Your Flip Offer?
Not surprisingly, 92% of buyers making over $150K are looking for home office space in their next move, according to the NAHB’s 2024 latest “What Home Buyers Really Want” study. So if you’re flipping a house, how much space should you renovate for home office use? The study shows 59% of buyers are looking for 100 to 150 square feet dedicated to a home office. Only 22% are looking for over 150 square feet of office space, and a very small 13% want more than one home office. If you’re not dedicating at least 100 square feet of your flip to home office use, your flip may only appeal to about 19% of home buyers. So plan carefully!
New Build in Mind? Our Ground-Up Loans Are Rock Solid
There IS strong demand for new construction, as inventory continues to be low. As this article confirms, even with higher interest rates last month, new home sales rose.
Don’t sit on the sidelines. Now is a great time to start a ground-up project and profit from increasing marketplace opportunities.
Our Ground Up Construction Loan, with no LTC (loan-to-cost) cap can finance up to 70% As Completed Value (ACV).
FAST, with closing in 2 weeks or less.
EFFECTIVE for loans of $50,000 – $3,000,000, with terms from 8 to 18 months.
SMART for building residential properties up to 4 units.
Talk to us now about your project plans! We may even be able to flex up to 8 units/mixed-use design. We make our loan decisions on a case-by-case basis, and we’d love to have the opportunity to work with you on your next new construction project.
We will even fund first-time investors partnering with a builder who’s completed two ground-up projects within the past 24 months. Call us at 610-981-1715 for info and to get started.
RFG in Action
Built to the Local Market
Jason is a successful house flipper in northern Virginia with many property flips under his belt.
The market has low inventory of foreclosures and short sales. Jason finds under-built homes in highly desired locations, and vastly improves them.
He’s careful not to out-price the neighborhood.
He invested time and money in creating an open floor plan for the first floor, and adding dormers to the front and back of the house to open up the smaller feel of the second floor.
He made it pet-friendly by adding a new fence in the backyard.
