It almost feels like a decade ago when the Greater Seattle area experienced a strong market for flipping homes. There were so many people on the bandwagon that TONS of “experts” offered seminars on house flipping, promising to “teach” people how to make quick cash in the process. Well, the flipping market is back (although we have yet to see the “experts” arrive yet) and while you too could get into flipping homes, why not start with your own? Not only will you build equity for you and your family, you’ll gain experience from your first project before your venture out into the flipping world. (And who knows, maybe that first project will push you to build your own real estate portfolio through flipping or fixing and holding).
What does this mean for buyers out there? If you are willing to put in some work on a home, it can mean increasing equity and setting you up for success in the future. My background means I’m able to assist buyers and sellers in determining whether they’ll reap financial benefits from the potential time, money, and work put into a home. For instance, if a seller is ready to put a home on the market that needs some work done, we carefully review the list of projects together and select the “must-do’s” (usually health and safety related) along with those that will bring a high return. When a buyer is looking at a home and decides there are projects they either want or need done, I analyze the surrounding market to determine current market value in addition to projected value (with the changes) so they can make an informed decision without overbuilding for the home or neighborhood.
So whether you own a home and want to increase equity with improvements or you’re a buyer not afraid of a home that needs a little “TLC,” the market for flipping homes is back. Just remember, it can pay to seek market-driven and professional advice. Not from the “experts” that are sure to return, but from someone who can offer personal service like moi!