South to See Highest Gains in Home Prices This Year. 3 Affordable Cities With Major Flip Potential
An article published in early March in Yahoo Finance reported that home prices are likely to continue to rise in the coming months.
Zillow expects that average U.S. home prices will rise over 14 percent this year, and cities in the South will see even higher gains. Although every region across the country saw higher home prices last year, according to the report, the South and Southeast experienced the highest increases with more than 25 percent each.
With volatile home prices, many potential homebuyers—especially those living on a fixed income—may feel that owning a home is becoming increasingly out of reach.
While a majority of southern cities have seen home values skyrocket, there are still many relatively affordable locales in the region. In these areas you may be able to acquire flips at a decent price and with a solid profit margin, and reach buyers who are looking to avoid volatility—especially those who are on fixed incomes.
Here are three such cities. Paces Funding lends in each state listed.
Home values in the city of Kissimmee increased by more than 7 percent year over year, with a median value of $264,884. The costs for rent went up by nearly 6 percent over the same period to reach an average of $1,457 a month.
The price for homes in Statesboro are relatively flat year over year, and rose by a little more than 1 percent to $162,557. Rents increased by over 1 percent in the same time period to an average of $837 a month.
Raeford, North Carolina
Home values in Raeford are on the rise, increasing by more than 3 percent to $175,012. Rental costs went up by less than 1 percent to an average of $860 a month.