According to a recent article out of the Los Angeles Times, housing sales in Southern California are on the rise. While the past few years were marked by foreclosure and homeowners unwilling to consider pricier homes, the turn in the housing market over the last several months has shown a resurging interest in home purchases, especially homeowners moving into more expensive houses.
The number of home sales in Southern California increased 18% from September to October. The number of sales was up by 25.2% over the same month last year, marking a 5 year high for the month of October. Over 21,000 newly constructed and previously owned homes were sold during the month, with the median sale price holding steady compared to September but up 16.7% over the same month last year.
The number of homes currently on the market across the United States is at a ten-year low, creating a situation in which buyers are competing for the same houses, driving prices up and improving the overall housing market. In fact, according to the National Association of Realtors, fully one third of homes that sold in October had been listed for one month or less.
The current level of competition and the increasing interest in reentering the housing market is creating an ideal situation for house flippers and other property investors. With residential rehab loans through ZINC Financial, house flippers can purchase somewhat less desirable foreclosed or out of date homes, renovate them, and resell them for a significant profit within a period of months or even weeks.
Buyers Showing Great Interest in Renovated Properties
Currently buyers are showing a stronger interest in renovated homes and are frequently paying the asking price in order to secure a property that they like before it is snapped up by someone else. With proper renovations, solid planning, and strategic purchasing decisions, house flippers stand to make an exceptional profit during this period of resurgence in the Southern California and national housing markets.
By turning to ZINC Financial for your rehab loan lender, you can secure the financing that you need to purchase investment properties in as little as 7 to 10 business days. ZINC Financial is highly respected throughout the industry for offering reliable service, professionally underwritten loans, and expert investment advice throughout the house flipping process. Speak to one of our friendly and informative advisors today to learn more about our rehab loan programs and the benefits of entering the housing market during this exceptional period of opportunity.