Is Flipping Houses in Snohomish County a Good Idea These Days? Just ahead of the housing bubble, flipping houses was an investor pass-time. As home prices started to rise, many would-be real estate moguls bought houses to flip hoping that the prices would increase enough in a six-month period for them to make a profit. The concept spawned reality TV shows like Flip This House and The Property Ladder.
Many savvy investors saw profits increase right up until the bubble burst. Others, particularly novice investors, became victims of fraudulent flipping schemes and unscrupulous banking practices. Post-housing bubble, investors with lots of money picked up distressed properties for lower outlay, but had a harder time actually selling those homes since potential buyers were more cautious.
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The investors that survived the drastic ups and downs of the market had a Plan B. When the housing market crashed and many people lost their homes, the rental market increased. So, investors that had a backup plan for a time if their investment didn't sell and turn it into rental property made it through unscathed.
In the past couple of years, the "flipping" market heated up again. But, as home prices appreciate, and there are fewer distressed homes on the market for flippers to purchase, experienced investors say now isn't really the best time for a novice to start on their own. In fact, many investors learned lessons from the housing bubble and the crisis that ensued from it bursting.
Is Flipping Houses in Snohomish County a Good Idea These Days? Here are some tips to guide your potential investment:
Is Flipping Houses in Snohomish County a Good Idea These Days? Watch The Trends
Real estate trends up and down. When you're purchasing a home for your family, your motivation to buy is not as affected by those trends as when you're purchasing as a form of investing … especially if you plan to flip it within six months. The trend upward needs to be significant enough for you to make a profit, but not so significant that potential buyers cannot get mortgage approval to purchase it.
Is Flipping Houses in Snohomish County a Good Idea These Days? Get Professional Assistance
As your real estate professionals, we know the local market. We watch the trends. We know who is buying, who is selling and who is holding. We pay attention to new businesses moving to the area with the potential in increase jobs and bring in new buyers. We know which decorative repairs and upgrades are most important for a quick sale. Let us help you.
Keller Williams NWRE LLC
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