[ad_1]
This State Is A House Flipper’s Paradise With 20% ROI And Sky-High Sales Rates
Aspiring house flippers are constantly looking for prime locations where their investments can yield substantial returns, and recent data indicates that certain areas are emerging as hot spots for house flipping.
Because of its low remodeling costs, high sales rates, and 20% return on investment, Arizona ranks as the top state for real estate investors seeking to maximize their profits in a booming housing market, according to a study from Highland Cabinetry.
Don’t Miss:
“Choosing the best state is based on preference,” said James McAllister, a spokesperson for the company. “It’s important to realize that the average sales price is dependent on the investment house flippers make. This means that lower remodeling prices are good for house buyers and sellers.”
Top 10 States For House Flippers
State
Most expensive remodeling price
Cheapest remodeling price
Average remodeling price
House sales per capita
Average house sale price
Score
Arizona
$67,412
$60,975
$64,194
76.8
$429,787
72
Florida
$62,377
$55,532
$58,954
73.6
$396,318
69.6
Colorado
$66,771
$61,879
$64,325
58.5
$548,602
69.6
Hawaii
$84,997
$79,934
$82,466
26.2
$856,327
69
Idaho
$60,531
$59,584
$60,058
64.5
$449,952
68.3
North Carolina
$63,059
$58,396
$60,728
75.7
$328,181
68
California
$93,196
$73,567
$83,382
30.1
$782,695
67.8
South Carolina
$63,132
$61,789
$62,461
77.3
$292,948
67.3
Washington
$75,144
$68,962
$72,053
46.5
$588,986
66.8
Tennessee
$62,913
$58,596
$60,755
72.5
$316,473
66.4
National Average
$71,777
$63,806
$67,791
46.9
$360,643
58.7
Source: Highland Cabinetry
According to real estate data provider ATTOM‘s 2024 U.S. Home Flipping Report, home flipping activity and profits rose across the U.S. in the first quarter. The report showed that 67,817 single-family homes and condominiums were flipped in the first quarter, accounting for 8.7% or one of every 12 home sales nationwide from January through March.
Trending: This real estate fund backed by Uber’s CEO gives you instant access to a portfolio of rental properties, and you only need $100 to get started.
The latest share of home sales was up from 7.7% in the fourth quarter of 2023 but still down from 9.8% in the first quarter of last year.
The typical first quarter profit margin stayed about 25 percentage points below the peak high in 2016. Gross profits on a typical flip increased to $72,375, down from a high of about $80,000 reached in 2022 but up from $65,000 in the fourth quarter of 2023 and about $10,000 higher than last year’s low point.
Story continues
“The latest numbers show that investors still face an uphill climb to clear significant profits after expenses,” ATTOM CEO Rob Barber said. “They, like others, also face tenuous times amid a housing market boom that’s cooled down over the past year. But we now have a year’s worth of a trend showing that things have started to turn around for the flipping industry, with clear signs of increasing interest flowing into the market.”
Keep Reading:
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article This State Is A House Flipper’s Paradise With 20% ROI And Sky-High Sales Rates originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[ad_2]
This article was originally published by a finance.yahoo.com . Read the Original article here. .