For fix & flip investors, the last year has been an exceptionally good one. Home prices are up all over the country and the market is showing little sign of slowing down. So how can you make next year even better than this one? Simple: Start flipping houses in paradise.
San Diego, CA, is one of the most desirable places to live in the entire country. This laid-back, surfer-laiden, golden paradise is a perfect place to call home, and homebuyers haven’t failed to take notice. In July of this year, home prices in San Diego were up 20.4% over the same month last year, giving San Diego the fourth biggest jump of the twenty real estate markets studied by Standard & Poor’s. The three markets ahead of San Diego are Las Vegas, San Francisco, and Los Angeles, respectively.
As is usually the case in the fall and winter months, home sales slowed down a bit in September, but prices are still on the rise. Indeed, the best time to take advantage of San Diego’s burgeoning housing market is in these off-peak months when less people are competing for homes and prices are a bit lower than usual. A house flipping professional who picks up a San Diego home in the next few months could expect to resell the same home at the beginning of the summer for an ROI of anywhere from 10-30%.
According to Trulia, the current average home price in San Diego is $432,000. The area contains numerous neighborhoods with multimillion dollar homes as well as neighborhoods with homes in the $200,000 range. Currently, the average price per square foot of a San Diego home is $336, which marks a 22.2% increase over the same period last year. San Diego is and has always been a desirable place to live thanks to its pristine beaches, strong school system, highly-ranked universities, world-class attractions, and exceptional weather.
Contact ZINC Financial to learn more about the current housing market in San Diego. As your private money lender, ZINC can offer strong financial guidance, exceptional loan rates, and quality service throughout your house flipping experience.