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The idea of “flipping" homes, or buying them at an incredibly cheap price, making some minor updates and repairs and then selling them for a profit within a couple of months, became all the rage within the last decade. Some experts say that this is part of what led to the housing crunch experienced over the last couple of years. But the practice of flipping homes is in no way dead, in fact it is starting to see a resurgence as the economy begins to recover. So, you might ask, where are the best areas in US to flip houses? The answers might surprise you.
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The Sand States
Most experts in the field agree that the best areas in the US to flip houses are the sand states. As many people are aware the sand states as they are called, California, Nevada, Arizona, and Florida are some of the best areas of the country to flip homes. The reason is simple…inventory. These are the states that have had the highest rates of foreclosures in the recent housing crisis, which has flooded the market with bargain priced homes, perfect for investors. But this is also a double edged sword. These are also the areas in which people are having difficulties getting into homes. High unemployment rates mean there isn’t the income required to secure the down payment on a new mortgage, or qualify for one to begin with.
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The Pacific Northwest
Another of the best areas in the US to flip houses is the Pacific Northwest, specifically Seattle. According to an article in Forbes magazine, Seattle has the best ratio of supply and demand, new home construction is down which means that people will have to choose from the existing inventory available, and home values are increasing here, unlike many parts of the country where they are going down. All of this adds up to Seattle being among the best areas in the US to flip houses.
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Texas has received a lot of attention in house flipping circles in the last few years, due in large part to the popularity of the reality TV show “Flip this House" and the Montelongos, the house flipping husband and wife team featured on the show. But several of the larger metropolitan cities in Texas really are great places to flip houses. There are plenty of deals to be found for the savvy investor. Home prices are relatively low, making it easier for buyers to purchase as well.
The cardinal rule in flipping houses is “buy low, sell high". So when you are considering the best areas in the US to flip houses, be sure to look for areas that have low prices, particularly on properties in foreclosure, and be sure that they don’t require major amounts of work because any money you have to spend on repair and renovation to the property is less money in profits in the end.
With a little bit of leg work it’s easy to find the best areas in the US to flip houses and make killer profits!
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Best Places to Flip a Home. http://www.forbes.com/2007/07/26/home-seller-flip-forbeslife-cx_mw_0726realestate.html
5 Areas where House Flipping is Booming. http://www.huffingtonpost.com/2010/04/01/5-areas-where-house-flipp_n_521362.html#s77538