House Flipping Undergoing Reconstruction in Atlanta
House flipping is making a comeback here in Atlanta as well as in other locations. This is due to the supply in home bargains, gradually improving jobs market and record low mortgage rates.
House flipping peaked between 2008 – 2011 after the housing bubble burst and many folks went underwater, defaulted on mortgages and bank loans. This situation affected both ends of the housing market from the $20k ranch surrounded by chicken wire fencing to the $10 million dollar luxury home in a gated beach community. Brokers, investors and flippers usually specialize and will have their slice within their niche market. The HUD had a seemingly unlimited supply of lower priced properties, whereas the defaulters of luxury homes were not found on the HUD but repossessed and sold off by institutions like Bank of America.
In 2012 – 2014 there have been significant FED measures that have protected people underwater and the result has been some slowing down in the supply of HUD properties hitting the market. On the other hand, the better employment figures and a recovery in real estate prices coupled with record low interest rates means that there is a supply of motivated buyers and sellers out there. Coupled with the improved economy and housing market there is still HUD property available and there still will be for the foreseeable future. And a house flipper is just waiting in the wings for the right time.
House flipping is the practice of purchasing properties at a low price with a goal of reselling them for a profit. It’s a win-win strategy if the housing market struggling or it is doing well. Old foreclosed houses are sold at a very affordable price; you can rehabilitate these houses, do some upgrades and generate price appreciation.
The current housing situation would require a seasoned flipper who is familiar with house flipping current trends and property values and who have the ready cash to make a deal. Foreclosed houses and short sale homes are great for house flipping but you’ve got to be extra careful with all your transactions, every minute detail counts as you’ll probably meet problems along the way. You can avail yourself with the low interest mortgages as well if you have the requirements to qualify.
In Atlanta, people in the real estate industry such as new and old investors, seasoned flippers, realtors, real estate agents, hard money lenders, etc. are reaching out with each other. Meetups are held here and there to promote, grow, learn, build and work on real estate deals in the local market. Thus, house flipping resurrection is here to grow the local market.
We can also account the house flipping resurrection in Atlanta with our satisfied customers coming back again to invest on our current houses for sale that can be found here.