According to the Los Angeles Times, sellers currently have the upper hand in many of California’s biggest housing market. Home prices leveled off during the winter months, as is typical of that time of year, but in strong seller’s markets, homes sold quickly and with very few price cuts. In top markets around California, home sellers frequently sold their properties at or above their asking price in just a matter of days. As we move further into spring and eventually summer, prices will likely go up and seller’s markets will only get stronger.
This means that now is an excellent time to invest in a fix and flip property. House flipping is hot right now around the country, and especially in California. Last year house flippers in California made an average gross profit of nearly $100,000 per flip. Only investors in Massachusetts made more per flip. Plus, California continues to have several of the hottest housing markets in the country. According to Zillow, seven of the ten best sellers markets around the country are in the West. San Jose and San Francisco top the list, followed by Los Angeles in the fourth position in Riverside in the sixth.
Earlier this year, Zillow predicted that home prices will go up an average of 3% around the nation in 2014, and most investors expect those numbers to be even higher in hot California markets. There are fewer foreclosures available on the market this year, but investors are still managing to find undervalued properties in many metropolitan areas.
Zillow also shared data on the top seller’s neighborhoods within the best markets. In Los Angeles, the top neighborhood is currently Eagle Rock, followed by Canyon Country, Tujunga, Mar Vista, and Valencia. Learn more about the best neighborhoods for fix and flip investing by contacting ZINC Financial today.
As always, the key to good house flipping is solid research and a strong financial partner. With ZINC Financial’s fix and flip financing, clients are seeing ROIs beyond their wildest expectations this season. Due to exciting current home flipping market conditions, ZINC is offering 30% off clients’ most recent fix and flip loan until the end of April. Simply bring ZINC your most recent loan closing statement from any private money lender, and we’ll give you up to 30% off your loan origination and fee costs. Contact ZINC Financial today to learn more.
