Thus, we would like to share with you some information today about a trend that we’re seeing more and more of on the Pittsburgh real estate market.
Evidently, according to a recent article we were reading in the Pittsburgh Post-Gazette, more people are starting to flip homes in the area.
In case you weren’t aware, flipping homes involves purchasing a property, fixing them up and then selling them for a property.
Interested in learning more about this developing trend? Continue reading!
The House Flipping Trend in Pittsburgh Explained
According to the recent article I was reading, home buyers are seeing some pretty impressive profits when they’re flipping homes in the area.
For instance, the article described one individual who purchased a three-bedroom house in Lawrenceville for $38,000 in 2013. After extensive renovations, they’re expected to list that same property for $450,000 this year.
And they’re not the only ones participating. Here’s some data you should know about house flipping in Pittsburgh:
- RealtyTrac now considered Pittsburgh the No. 1 most profitable place to flip houses in America.
- On average, flippers in the market earn an impressive 106 percent return on their investment on average.
- New Orleans is a distant second when it comes to profitability of house flipping, with their projects netting an average 76 percent return.
- Experts say the Pittsburgh area offers a good combination of distressed inventory, affordability and demand.
- Flipping in the first quarter of 2015 is up considerably from the first quarter of 2011, which is when RealtyTrac began tracking this metric.
- There were 105 home flips in the Pittsburgh region in the first quarter of 2015.
- These homes had an average purchase price of $101,164 and an average flip price of $156,972
Evidently, these flippers are playing a crucial role in the revitalization of certain Pittsburgh neighborhoods, especially those that had become synonymous with vacant row houses and run-down mansions.
Historically, Pittsburgh home prices have appreciated relatively slow compared to the rest of the country. But experts note that this trend has seen some housing values appreciate by double digits as demand has increased exponentially.
How Can We Help You Realize Your Pittsburgh Housing Dreams?
Whether you’re investing in a Pittsburgh home to flip it or to settle down with your family, we’d love to represent you on the local housing market!
So please contact us at CENTURY 21 Frontier Realty today. We would love to assist you by answering any questions you might have as well as providing you with some valuable home buying resources. We’ll also tell you all about available listings here!
Until next time,
CENTURY 21 Frontier Realty