3 Things You Should Know About the Home Flipping Craze

Home flipping is all the rage right now. Here’s what you should know if you are thinking about cashing in on this trend.

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Home flipping is usually defined as buying a home and then reselling it soon after for a higher price. 10 years ago, it was a mainstay of the real estate boom that led to the financial crash. After some years of lower activity, it's back in full force, thanks in part to popular TV shows such as "Flip or Flop" and "Flipping the Block." If you're curious about home flipping, here are three facts you should know right now: 1. Home flipping is more profitable than ever. A recent Waco home that appeared on HGTV's show "Fixer Upper" was originally bought for $28,000. It was thoroughly renovated and is now being listed for $950,000—over 30 times its original price. In 2016, the median flipped home sold for $189,900, which is $62,624 over the median purchase price of $127,276. That's a 49.2% return, the most profitable return since 2000—the first year for which such data is available. 2. Home flipping is caused by different factors than 10 years ago. Back then, many flipped homes were speculations. In other words, investors would buy a home and then just wait, hoping that the price would go up so they could sell. The current flipping trend appears to be a positive response to current market conditions, such as the overall shortage of homes for sale, a lack of new construction, and a steady rise in home prices.

 Demand still outstrips supply, for now.

3. Home flipping affects all home buyers and sellers. If you're a buyer, you can clearly benefit from the home-flipping craze. Flipped homes are available at all price ranges, from entry-level to luxury homes. If you are a seller, then the boom in home flipping means you might face tougher competition when the time comes to sell your home.The good news is that demand still strongly outstrips supply for now. These conditions won’t last forever. If you have any questions or you're even considering investing in a home you can flip yourself, get in touch with me by giving me a call or sending me a quick email. I’d love to hear from you.

Why Are U-Hauls Cheaper to Rent in Phoenix?

Did you know more than 1 million people use U-Haul trucks for moving each year? Phoenix is one of their top destinations, which has brought rental rates down.

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

I came across an interesting article about U-Hauls recently that I wanted to share with you. I’m taking a little break from real estate today in order to bring you this news. Did you know that more than 1 million people use U-Haul trucks to move each year? That number is amazing to me. Where are they moving the most? As it turns out, Seattle, Portland, and Phoenix are the destinations. There is a surplus of trucks in Phoenix because of this, and it has brought their rates way down.

 Phoenix has a surplus of U-Hauls.

If you’re planning a move from Phoenix, whether it’s in or out of state, you’ll be able to get a much better deal on a U-Haul truck here than anywhere else. In New York or San Francisco, it costs almost three times as much to rent one. If you have any questions for us or you’re thinking about making a move, give us a call or send us an email. We would love to help you.

Selling vs. Renting out: Which Is Best for You?

Today I’m discussing the topic of renting out your home versus selling it. There are benefits to both depending on your unique situation.

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Should you rent your home out or sell it? How can you ensure you make the right choice?

First and foremost, make sure you have a real estate agent you trust. When we have a consultation, we focus on what is best for you and your family and what your specific goals are. In this particular situation, if it’s better for you to rent your house out instead of selling, we won’t tell you to sell in order to make a commission.

Make sure you have a real estate agent you trust when deciding to rent out or sell your house.

The main reason you would want to rent right now is that the Phoenix rental market is at an all-time high. We would love to sit down and show you some comparables during a free consultation.

Also, if you’re buying another home, you can take advantage of these unusually low interest rates. Rates are expected to rise, so if you want to purchase a new home, now is the time.

If you have any questions about whether you should sell your house or rent it out, give me a call or send me an email. I’d be happy to help you.