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The average price per unit for multifamily dwellings in Phoenix is $100,000-$149,999 & in West Palm Beach it’s $150,000-$199,000?
“Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital — both foreign and domestic — searching for the returns and stability available with U.S. real estate,” ATTOM senior vice president Daren Blomquist said. “The combination of more home flips and a greater share of financing for flip purchases resulted in a 19% jump in the estimated dollar volume of financing for home flip purchases, up to $12.2 billion for the flips completed in 2016 — a nine-year high.”
“Investors in search of flipping returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount,” Blomquist continued. “Given that many of these markets are more affordable, we are also seeing a higher share of the flipped homes sold to FHA buyers, with that share reaching a four-year high of 19.6% in 2016.”
“And it’s no wonder more investors are joining the home flipping market. The average home flipped sells at $189,900, a gross profit of $62,624. This is a 49.2% return on investment, an all new high for the report which dates back to 2000”
Source: HousingWire, 2016 Year-End U.S. Home Flipping Report by ATTOM Data Solutions
U.S. Bureau of Labor Statistics notes that February 2017 saw strong job creation, including those in the construction trades.
“Here are where some of the major gains in jobs occurred in February:
Construction: Increased 58,000
Professional and business services: Increased 37,000
Private educational services: Increased 29,000
Manufacturing: Increased 28,000
Health care: Increased 27,000
Mining: Increased 8,000
On the other hand, some industries saw a loss in jobs during February, such as retail trade, which lost 26,000 jobs, general merchandise stores with a loss of 19,000 jobs, sporting goods, hobby, book and music stores with a loss of 9,000 jobs and electronics and appliances stores with a loss of 8,000 jobs.”
Source: HousingWire, U.S.Bureau of Labor Statistics, ADP
“Average home equity rose by $13,700 for U.S. homeowners during 2016,” said CoreLogic Chief Economist Frank Nothaft. “The equity build-up has been supported by home-price growth and paydown of principal.”
Number of Underwater Homeowners Decreases