Elaine’s Newest MLS Condo Reports for 4/23/2013

Here are my updates for April 23rd, 2013

4-23-2013  New MLS Condo Report
4-23-2013 MLS Condo Inventory
4-23-2013 MLS Caravan

The new rules of house flipping

When the housing market went bust, house flippers went into hibernation. Now, as the recovery creeps along, bargain-hunters are once again looking for homes to fix up and resell for a quick profit.

Just take a look at the numbers. Home values are on the rise, with a year-over-year price increase of 11.6 percent, according to the National Association of Realtors. Inventory has cratered to levels not seen since 2005.

Irvine, California-based RealtyTrac, an online marketplace for foreclosure properties, says that flipping – defined as buying and selling a property within six months – rose for the second year in a row, up a slight 0.33 percent in 2012 after logging a 12 percent increase in 2011. Those deals were churning out real gross profits, at an average of $37,375 per transaction for all of 2012.

Today’s flippers have learned some hard lessons. The housing crash of 2006-2011 wiped out more than $7 trillion in household wealth across the nation, according to data from the Federal Reserve. The fallout left countless speculators holding properties they could no longer move.

This time, homebuyers are being more selective – putting more money down and making calculated bets on smart renovations.

“There are fewer real estate investors now, compared to during the boom. But this time, they have really done their homework,” says Andy Heller, author of “Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run.”

Click here for a few tenets to hold close as you tiptoe back into this dangerous game.

DRE #00598428
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed

“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”