Real Estate Deals in San Diego
Is real estate flipping finished? Nearly two out of three real estate investors in California who work with a Realtor plan to buy and hold homes for more than a year instead of flipping them for quick profits. That statistic suggests a general shift in industry strategy. When foreclosures flooded the market and home prices plummeted, investors picked up heavily discounted properties, renovated them and made quick sales.
Now, distressed sales have dried up and housing prices have soared, rendering flipping less financially viable. Chief Denney, developer and owner of Chief Property Ventures in Rancho Santa Fe, does both flipping, buying and holding. But the company has been doing more of the latter since about three months ago, when it saw less opportunities available.
So what is going on? Foreclosures and mortgage defaults have fallen to their lowest levels since 2006, and the county's home prices have risen to a 5 1/2 year high. In addition, deals that let borrowers sell their homes for less than what they owe, have become easier to accomplish. When you put all those factors together, fewer foreclosures come onto the market. So even though that means fewer real estate deals for investors, it doesn't mean that they have all left the market.
Are you ready to increase your wealth through real estate or want to know what is going on in your neighborhood? I'll be happy to help you…. just call me at 619-742-0046 or write DeeMarie@SellingProperties.com.