The Covid-19 pandemic-fueled housing boom is expected to carry over into 2021, says Redfin CEO Glenn Kelman. That’s good news for flippers who have their sights set on the New Year. House hunters who weren’t able to snatch up a property this year have greater expectations for the next. “There are so many people now who have decided they’re not going to be able to buy a home by year-end who expect to do so going into 2021,” said Kelman in a CNBC interview late this month. According to the National Association of Realtors (NAR), existing home sales rose 9.4
Buyers are actively hunting for and purchasing homes to take advantage of the current historically-low mortgage interest rates. Problem is, there aren’t enough houses for sale to meet the increasing demand. It’s a good place to be if you plan to list your flip this fall. According to Keeping Current Matters, a resource that provides housing market insights to real estate agents, Chief Economist Sam Khater of Freddie Mac said a late-summer economic slump was the impetus for such low rates: “Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have
When 35-year-old house flipper John Reynolds purchased a dilapidated property just weeks before it was slated for demolition he had no idea that the end result would be enough to make his head swim. The 1950s home had been owned by a hoarder for 20 years, and it sat vacant for more than a year after the homeowner had passed away. Reynolds purchased the property from the local county authority for $20,000. While his primary focus was on the inside of the home he noted that something was off about the backyard, aside from the fact that it was wildly
June marks the second-straight month that over half of home offers submitted by real estate brokerage Redfin contended with multiple bidders. Nationwide, nearly 54 percent of Redfin home offers were engaged in bidding wars in the month of June—an increase from just under 52 percent in May and 44 percent in April, Redfin reported on its website. Bidding wars are being driven by low mortgage rates and low home inventory. Redfin Economist Taylor Marr said, “Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale.” He added, “It’s like a game of musical
If you're listing a house for sale this fall - especially one you've been working on all summer - there are a few mistakes you should avoid in order to sell it quickly and at the right price. Check out this list of three no-gos for selling a house in fall. Selling a Flip This Fall? Don't Do This to the Porch When you're selling your flip in the fall, never: Overdecorate the porch Let leaves and other debris build up in the corners Neglect the windows and front door Let's take a closer look at each of these. #1.
If you're new at real estate investing, check out these three mistakes you just can't afford to make. New REIs: 3 Mistakes You Don't Want to Make Thinking it's easy Waiting for traditional financing Chasing too many bargains Let's take a closer look at each. #1. Thinking it's easy House flipping isn't an easy job. It requires just as much knowledge and hard work as investing in other areas - like the stock market. And while it looks easy on TV, there's a lot that ends up on the cut floor. You can't really just scoop up a property, make
Hanging on to a property and renting it out can be a tremendously profitable endeavor - but should you try it? Maybe. Here's what you need to know. Should You Buy a Rental Property? Flipping houses - the process of buying an affordable home, fixing it up and selling it for a profit - isn't for everyone. It's a bit too risky for some, although it can pay off to the tune of tens of thousands if done properly. But buying a rental property might be a good choice. If you're going to be a landlord, here's what to look
In recent blog posts, we've discussed how to attract Millennials to rental properties, what Millennials want from their rental properties, and how to market to Millennials. But why should property investors care what Millennials think? The reason why investors need to care about what Millennials want and what Millennials think is two-fold. First of all, non-Millennial investors are about to face competition from Millennial property investors. These investors are fully prepared to offer their own generation exactly what they want and to market to their generation in exactly the manner that will attract attention. In business, you must stay competitive.
In a previous blog post, we discussed what Millennials want from their rental properties. Now, we're going to explain how to attract Millennials to these properties you've designed for them. If you're marketing to Millennials, you are aware that your marketing really must include a strong online presence. But are you sure you're including the right information in this online marketing material? Here are several things you should include in your marketing material in order to capture the Millennial rental market. Interactive Maps To Key Places There are several ways to include interactive maps on your rental property's webpage including
Millennials are the largest generation we've ever had. If you own rental properties, it's wise to know what this generation is looking for in a rental property. Here are the main factors Millennials are looking for in a rental property. Close To Work Millennials like to live near where they work. They aren't as concerned about the quality of schools or whether or not the neighborhood is quiet. They are mostly seeking rental properties close to work. They don't want to commute far. If they can ride their bike or walk to work, even better. They're also happy to hop