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The best states for house flipping

8/13/2018

Ever since popular shows like Flip or Flop or Flip This House started airing, many people have quit their daytime jobs to join the increasingly popular trend of house flipping. This process can be rewarding, from seeing your hard work come to life, to reaping substantial profits. Becoming a real estate investor and making a profit from house flipping isn’t an easy, overnight process. It takes patience and precision to get your top dollar. However, certain markets make it easier to flip than others. If you’re looking to start investing in real estate, check out these states that are the best for house flipping!

Colorado

Known for its picturesque mountain ranges and booming job markets, Colorado has become a hotspot for house flippers. As the housing market in key cities like Denver and Colorado Springs have increasing demands and low supply, flips are selling fast and for top dollar. With an average time to flip of 176 days, house flippers are quickly turning profits. Big profits at that — with an average profit of $74,300. Even though Colorado home prices are not cheap, they turn over quickly. This mixed with the high demand brings the state’s average return on investment to 155.6%.

Louisiana

It’s no secret that Louisiana is the destination for flavorful cuisine, rich history, and one-of-a-kind festivals. But Louisiana is quickly gaining popularity in house flipping as well. With a small average time to flip of 166 days and an average profit of $71,866, it’s no surprise that people are investing in Louisiana cities. Baton Rouge and New Orleans are the most notable for their high flipping returns. Overall, the state saw an average return on investment of 104.2%.

Tennessee

Tennessee tops the list for best places to flip houses. This in large part is due to its short turnover time at just 147 days. This quick turnover helps investors get their homes on the market faster and start new projects. People who flip in the country music capital can expect profits at an average of $57,600. While this may seem relatively low, it translates to an average return on investment of 132.7%, the fourth highest nationwide.

Pennsylvania

Home to many historic symbols, such as the Liberty Bell and the Declaration of Independence, Pennsylvania has a low median house price and ranks high when it comes to making money flipping. Pennsylvanians stand to make top dollar when flipping houses in this mountainous state. Deeply rooted in history, Pennsylvania yields high profits, at an average of $105,190 per flip. With such high profits, house flippers can expect an average return on investment of around 162.4%, the highest in the nation. At this rate of return, the 199 days it takes on average to flip is well worth it.

New Jersey

Another east coast state, New Jersey also tops the list as a great place to flip houses. Though house prices may be a little steep and the time it takes to flip is a little longer (207 days on average), turnover rates prove that the investment is worthwhile. The average profit in New Jersey stands at $102,300, the sixth highest in the country, and the average return on investment is 141.6%, the third highest in the country.

Link to original article: https://www.homes.com/blog/2018/08/the-best-states-for-house-flipping/

 

Ready to Buy? Top Tips for Newbies in the Spring Housing Market

5/3/2018

 

The housing market in some areas may make your home search more difficult. Be aware of what the market looks like before you decide to go house-hunting. Here are some other tips if you're new to the housing market:
Be Prepared to Make an Offer
Get pre-approved for a loan before you start shopping for a home. This will let you know the types of homes you can realistically consider, as the last thing you want to do is find the perfect home and not be able to afford it. Having preapproval will also let you move faster when you do find the right home. In addition, the seller will be more willing to consider your offer if you already have financing secured. In a really hot market, the seller may have multiple offers on the table.
 
Look Into the Comps
Check out the comparable neighborhood sales or "comps" for the home you want to purchase, as this will tell you whether the price is at fair market value. You can adjust your offer accordingly with the value of the home. A drastically underpriced home may require extensive renovations, or there may be other problems you aren't aware of yet. Comps are the baseline for how houses should be priced; an underpriced or overpriced home can be a red flag.
 
Have a Backup Plan
There may be instances in which you make an offer on the perfect home and your offer is rejected. If you can't up your offer, it may be time to move on to another home. Keep an open mind when you're shopping and look at more than one house before you make your decision. This may be more of a problem when it's a seller's market versus a buyer's market. The time of year that you're looking to purchase can also play a major factor when you're in the market.
 
Consider Housing Alternatives
The traditional single-family home may not be the best solution for your first home, so it's important to consider alternatives such as a condo, which will allow you to save money as you're first starting out. A condo typically has a lower asking price, requiring a lower down payment. This can help you grow your equity and purchase a different home in the future. Another thing that you should consider is a home warranty, which can help cover any of the unexpected expenses associated with homeownership.

As a first-time buyer, you should also look into the various programs designed to assist those in your situation. In the end, consider all of your options when it comes to getting your foot in the door in the real estate market.

By Hannah Whittenly
RISMEDIA, Thursday, May 03, 2018— Editor's Note: This was originally published on RISMedia's blog, Housecall.

Thinking about buying a home? We are here to help! We'll help you find the right loan officer, show you how to discover homes that meet your exact criteria, advise you on the best way to "win" a bid on a house in this competitive market and most importantly, we will protect your interests! Did we mention you don't pay a dime for our services? Contact us for more information. tiffanyandchip@bhhsga.com or (404) 542-2447 

How The New Tax Law Impacts Homeowners

2/15/2018
Big changes for homeowners take effect this year as a result of the tax reform legislation enacted in December and it’s not too early to plan for changes that affect homeowners on their 2018 tax returns.

The biggest issue may not be chances for specific deductions and exemptions, but the cumulative impact on individual taxpayers when they decide whether to itemize or take the standard deduction. Income levels, the state they live in, and whether or not they own a vacation home are some of the issues that arise with individual taxpayers’ tax liability. Many people may alter their behavior or their lifestyles to achieve lower taxes in April 2018.

Below is a brief listing of specific issues followed by a discussion about their cumulative impact may affect homeowners.

Mortgage Interest Deduction

The amount of interest that homeowners pay on their mortgages has been an attractive deduction that lowers the cost of homeownership. Owners can deduct the mortgage interest they pay on vacation homes and second homes as well, as long as they don’t rent them out for more than two weeks a year.

Also, in recent years owners have been allowed to deduct the amount they pay for mortgage insurance or for the value they received from a short sale (a sale for less than the remaining principal, which results in the cancellation of the remaining debt). Also, the value of the mortgage deduction was capped for homeowners with mortgages larger than $1 million.

Changes:

  • Deducting mortgage insurance payments and second home sales ended in 2017, before the tax reform bill was passed.
  • The cap on the size of mortgages eligible for the mortgage interest deduction was lowered from $1 million to $750,000. Owners can still deduct the interest on mortgages for vacation and second homes.

Property Taxes

Homeowners that have property taxes paid to state or local governments have previously been deductible. The new law limits the amount of property tax a taxpayer can deduct to $ 10,000 a year.

The new year means new laws, but staying on top of what’s going on within the federal government will not only inform you, it’ll make sure you know what options you have as a homeowner.

The original article can be seen at this web site: https://www.homes.com/blog/2018/02/how-the-new-tax-law-impacts-homeowners/

Have questions about buying, selling or investing in real estate?

Give us a call! (404) 542-CHIP (2447)

10-Year High Profits for Home Sellers

2/7/2018

Original article by: Suzanne De Vita

RISMEDIA, Monday, February 05, 2018— Homeowners are profiting when selling—and their average earnings haven't been this high since 2007.
 
At the close of 2017, the average home seller gained $54,000, or a 29.7 percent return on investment (ROI), in the transaction, according to ATTOM Data Solutions' recently released Year-End and Q4 2017 U.S. Home Sales Report. Contradictory, however, is their length of stay: 8.18 years—the longest since 2000.
 
"It's the most profitable time to sell a home in more than 10 years, yet homeowners are staying put longer than we've ever seen," says Daren Blomquist, senior vice president at ATTOM Data Solutions.
 
The best rates of ROI are clustered on the West Coast, the report reveals. The San Jose, Calif., market has the highest return, at 90.9 percent, followed by San Francisco, Calif., at 73.7 percent, Merced, Calif., at 64.6 percent, Seattle, Wash., at 64.4 percent, and Santa Cruz, Calif., at 59.8 percent.
 
Appreciation, generally, improves the potential for profit. Annual appreciation has been highest in Ocala, Fla. (+14.3 percent), Kansas City, Mo. (+13.4 percent), San Jose (+13.3 percent), Salem, Ore. (+12.9 percent), and Nashville, Tenn. (+12.5 percent), the report shows. Additional areas are considerably growing, as well: Las Vegas, Nev. (+12.3 percent); Salt Lake City, Utah (+10.9 percent); Seattle (+10.8 percent); and Orlando and Tampa-St. Petersburg, Fla. (both +10.7 percent).
 
"While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets, as well," Blomquist says. 
 
Source: ATTOM Data Solutions 

Want to know how much your home is worth? Click here for a free estimate! 

Ready to sell your home? Contact us at (404) 552-2447 or tiffanyandchip@bhhsga.com. 

How can Teachers save thousands of dollars when buying or selling a house?

1/29/2018

  

 

                                                    

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Sell Better in 2018: The Science and Art of Home Staging

1/29/2018
By Victoria Lim


In the past, home sellers were told to tidy up, mow the lawn and perhaps do a few modifications; however, the current dog-eat-dog real estate market now demands a more hardball approach, and that's where home staging comes in.
 
In the past, home sellers were told to tidy up, mow the lawn and perhaps do a few modifications; however, the current dog-eat-dog real estate market now demands a more hardball approach, and that's where home staging comes in.
 
Staging a home is a crucial selling point when marketing a house. Studies show that investment for staging takes 1-3 percent of the home's requested price, while on average, it brings in an 8-10 percent return on investment. Indeed, effective home staging is more than just cleaning up. As a matter of fact, it is a blend of science and art, creativity and psychology. It contemplates how to compose a great looking home. It suitably demonstrates the capacity of a place. The goal of home staging is to provoke potential buyers to feel like they own a home as lovely as the one they're in. The outcome can be a flying sale at a greater price. 
 
Now that you have made the decision to sell your home, you need to view your home as merchandise that has to be sold at its absolute potential. You need to arrange the interior, as well as the exterior, with an eye on selling your home with the extensive appeal to prospective buyers.
 
The psychology of human behavior combined with the artistry of interior design results in a quicker, more profitable home sale. For instance, the personal items you treasure in your house—that make it feel like home to you—may not have the same impact on potential buyers. In fact, they could make them feel out of place. And this is where the home staging science comes in. 
 
To provoke homebuyers to feel like they own a neatly arranged house, professional home stagers work to counteract this negative emotion. Here are some ways to showcase a property at its best:
 
Never Stage a Flawless Home

The aim of home staging is never to design a flawless home. Why? No two homebuyers have precisely the same tastes. Rather, the goal of home staging should be to create a tasteful, neutral setting that exhibits the potential of the home, which buyers would instantly visualize as their home.
 
Eliminate the Clutter
Clearly, the room size doesn't vary depending on what's inside; however, clutter certainly does give an impression that a room seems tinier. That being said, you should eliminate clutter, as well as arrange what's left behind to make the rooms look decent enough to display. The first impression is everything, and a house free of clutter seems considerably larger.
 
Roll on a Fresh Coat of Paint
One of the most economical ways to make your home show well is a fresh coat of paint on your interior walls. You should opt for neutral colors, such as warm beige or pale green. Paint can also work miracles on old woodwork. Simply putting on some paint has the potential to immediately revive your kitchen and make it look more attractive to buyers.
 
Picking Art
Buying art for the home you live in is very different from choosing the art for staging a home. Selecting art for your walls is an individual choice that mirrors your personal tastes and needs to match the decor. When picking art for home staging, you're not picking art for yourself, but art that would accommodate your buyer. Since you have no idea who that buyer is and what their tastes may be, the art should be less eye-catching and have a broader appeal. 
 
Curb Appeal
Your curb appeal objective for the outside of your home is the same uncluttered embellishing that you want indoors. The absence of tidiness and allure can be worth several thousand dollars, and probably months on the real estate market. Begin the process of staging your home's exterior by creating a list of things that need attention. Additionally, enhance the exterior with several decorative tools. For instance, one thing you can do is arch your patio with retractable folding arm awnings in a vivid color to add beauty to the exterior. 
 
Home staging helps a home look and feel balanced to a potential buyer through an artistic science. With the right amount of soft and hard furnishings and accessories placed in particular sections of the house, staging displays space or emphasizes features of a room and bursts of color to make it more inviting and memorable.
 
One chance is all you have to make a first impression on a buyer. Keep in mind that the first price reduction is always higher than the bottom line in staging. 

For more real estate information, including a FREE Home Market Analysis, please contact me at tiffanyandchip@bhhsga.com or on my cell phone at 404.542.2447.

Link to original article: http://rismedia.com/cs/26110/87627/47188769/97494?utm_source=newsletter&utm_medium=email

Cost vs. Value: The Home Improvement Projects With the Highest ROI in 2018

1/19/2018

By Jameson Doris

A strong housing market isn't necessarily all good news for sellers. As evidenced by Remodeling magazine's newly-released Cost vs. Value Report for 2018, average return on investment (ROI) for home improvement projects dipped across the board, with "upscale" projects taking the biggest hit. 
 
The report, which measures the average cost of 21 popular remodeling projects and their average resale value one year later, found that garage door replacement has the highest ROI at 98.3 percent (up from 85 percent year-over-year). Backyard patio jobs garner the lowest ROI, at 47.6 percent (down from 54.9 percent year-over-year). The reason for the sweeping decrease in ROI isn't immediately obvious, but Remodeling magazine's editor-in-chief (and manager of the report) Craig Webb notes that it's likely related to the strength of the housing market currently.
 
"It's not clear if...nationwide affordability concerns are leading (real estate) pros to question the value of renovations that would make a house even more expensive at resale," says Webb.
 
However, a silver lining from the report relates to when the data was compiled. Remodeling magazine put all the cost information together before the country was struck with several natural disasters, including massive forest fires and several hurricanes. Since then, building supplies and the price of skilled labor has increased, but that's expected to change over the course of 2018. As a result, expect to see the ROI of most of these projects level out by the end of the year.
 
Despite these events, some longtime trends continued through the new year. Remodeling is still far more cost-effective than replacement, but, according to real estate pros, replacing is still the way to go. This year, there's a 20-point difference in ROI: 76.1 percent for replacement jobs, versus 56 percent for remodeling.
 
Nationally, when it comes to renovation ROI, curb appeal still wins out. Here are the top five projects with the greatest ROI in the report's "midrange" cost category:
 
Manufactured Stone Veneer (97.1% ROI)

  • Average Cost: $8,221
  • Average Resale Value: $7,986

Entry Door Replacement (Steel) (91.3% ROI)

  • Average Cost: $1,471
  • Average Resale Value: $1,344 

Deck Addition (Wood) (82.8% ROI)

  • Average Cost: $10,950
  • Average Resale Value: $9,065 

Minor Kitchen Remodel (81.1% ROI)

  • Average Cost: $21,198
  • Average Resale Value: $17,193 

Siding Replacement (76.7% ROI)

  • Average Cost: $15,072
  • Average Resale Value: $11,554

The top five projects with the greatest ROI in the report's "upscale" cost category are:
 
Garage Door Replacement (98.3% ROI)

  • Average Cost: $3,470
  • Average Resale Value: $3,411 

Window Replacement (Vinyl) (74.3% ROI)

  • Average Cost: $15,955
  • Average Resale Value: $11,855 

Window Replacement (Wood) (69.5% ROI)

  • Average Cost: $19,391
  • Average Resale Value: $13,468 

Grand Entrance (Fiberglass) (67.6% ROI)

  • Average Cost: $8,591
  • Average Resale Value: $5,809 

Bathroom Remodel (56.2% ROI)

  • Average Cost: $61,662
  • Average Resale Value: $34,633 

Nationally—and on the complete other end of the spectrum—here are the five projects with the lowest ROI in the "midrange" cost category:
 
Backyard Patio (47.6% ROI)

  • Average Cost: $54,130
  • Average Resale Value: $25,769 

Master Suite Addition (56.6% ROI)

  • Average Cost: $123,420
  • Average Resale Value: $69,807

Major Kitchen Remodel (59% ROI)

  • Average Cost: $63,829
  • Average Resale Value: $37,637 

Bathroom Addition (59.9% ROI)

  • Average Cost: $44,717
  • Average Resale Value: $26,769 

Deck Addition (Composite) (63.6% ROI)

  • Average Cost: $17,668
  • Average Resale Value: $11,239

The five projects with the lowest ROI in the "upscale" cost category are:
 
Master Suite Addition (48.3% ROI)

  • Average Cost: $256,229
  • Average Resale Value: $123,797

Major Kitchen Remodel (53.5% ROI)

  • Average Cost: $125,721
  • Average Resale Value: $67,212 

Bathroom Addition (54.6% ROI)

  • Average Cost: $83,869
  • Average Resale Value: $45,752

Bathroom Remodel (56.2% ROI)

  • Average Cost: $61,662
  • Average Resale Value: $34,633 

Grand Entrance (Fiberglass) (67.6% ROI)

  • Average Cost: $8,591
  • Average Resale Value: $5,809 

The 2018 Cost vs. Value Report compares, across 149 markets, the average cost of 21 popular remodeling projects with their average value at resale one year later. Average resale value is calculated based on estimates provided by real estate professionals. View the full report, including project descriptions and city-level data, here. 

Link to original article: http://rismedia.com/cs/26066/87627/47188769/97354?utm_source=newsletter&utm_medium=email

For more real estate information, including a FREE Home Market Analysis, please contact me at tiffanyandchip@bhhsga.com or on my cell phone at 404.542.2447.

 

New Year Home Organization: Here's How to Finally Conquer the Clutter

1/15/2018

 

Photo by Julia Robbs. Click the link HERE to read the full article.

 

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