New data out of San Diego-based real estate firm DataQuick shows home sales were up 28.2% over the previous month. This substantial increase shows that the California market is quickly rising out of its winter housing slump and entering the prime buying season of spring. House flippers should take note and snatch up properties before prices reach their peak and demand soars in the summer months.
According to DataQuick, nearly 33,000 homes were sold across the state of California in March of 2014. Unfortunately, this shows a 12.8% decrease from the same time period in 2013, but house flipping professionals shouldn’t be too worried about this drop. Fewer homes are being sold, but they’re being sold at higher prices, and investors with the right financial partners and strategies are still managing to turn excellent profits in the current real estate market.
In fact, DataQuick reported that the median price for a home bought in California last month was $376,000. This marked a 5.9% increase from the previous month and a 20.1% increase from a year prior. March marked the 25th consecutive month in which California’s median home price rose on a year-over-year basis. It was also the 16th consecutive month in which the gain was more than 20%.
Increased Buyer Confidence
Housing experts seem to concur that the housing market in California is stabilizing, which is increasing buyer confidence. California remains one of the primary markets for real estate rehabbing, and increasing rental rates are also making the state a great location for buy and hold investments. Over the course of the year, home prices are expected to rise at least 3% across the state and substantially more in certain prime counties such as San Francisco, Los Angeles, and San Diego.
If you’re interested in entering the house flipping market, contact ZINC Financial today by calling 559.326.2509 to learn more about our current rehab financing offers. Our team provides funding within 7 to 10 business days and can finance loans as large as $600,000, sometimes more. Our clients routinely work with us on investment after investment because ZINC makes every investor as a valued partner.