Flipping Homes in Tampa Bay
Over the last few years throughout the U.S., the housing market remains healthy. According to Zillow, “the median home value (average sales price of a home) in the United States is $216,700. In the United States home values have gone up an amazing 6.5% over the past year and the website Zillow predicts they will continue to rise 6.4% over the next year.”
House flippers (buying, fixing and reselling a house hopefully for a profit) account for around 5.7% of all home sales in the U.S., which is a high point after the 2008 market crash. However, as house flipping becomes more popular for investors, homes to flip are more difficult to find and the market is narrowing in many areas of the country, according to the Tampa Bay Times. You wouldn’t really expect that to be true by the number of wholesalers we see popping up. (More about this later)
The housing market in Tampa Bay in 2020 is currently a buyer’s market, this is according to Zillow. The median home value in the Tampa market is $211,600, that is an increase of over 9.8% over just the past year. Zillow predicts that they will continue to rise an additional 6.5% within the next year. The median price per sq foot is $187 which is a bit higher than the Tampa-St Pete-Clearwater average price per square foot of $141.00. The median price of listed homes in Tampa Florida is $309,150 which is interesting considering that the median price of homes that sold is $210.00. In late 2019 average rent price in Tampa is $1,535.00 which is higher than the Clearwater-St Pete metro area which has an average rental rate of $1,500.
This article was written in 2020. To compare the update today as of December 2022, Tampa home prices were up 10.6% compared to last year, selling for a median price of $375K. The median home price in 2 years went from $211,600 to $375,000. On average, homes in Tampa sell after 34 days on the market compared to 11 days last year. There were 583 homes sold in December this year, down from 1,034 last year.
As the U.S. housing market tightens as is inevitable, Tampa Bay becomes more and more attractive to house flippers. This is due to the higher demand for homes, and the steadily increasing market value of homes throughout Metro Tampa Bay. Tampa is a growing market and developing rapidly, more business’s are moving here and due to the business and opportunities in addition to the quality of life, more and more people than ever before are moving here and looking for housing.
Out of the over 122 zip codes in just Tampa Bay alone, home flippers mad a gross return of more than 50% in 2017 alone. The top grossing profit margins being in Dade Cityhad an average flip return of 126.2% on the average. This was published in the Tampa Bay Times. The cause of the larger markets can be attributed to the lower than expected purchase price. Many of the Florida markets have tramendous opportunities to purchase at better than market values.
Tampa Ranked Top City for Flipping Houses
Tampa Florida ranks as the top city in florida, and consistently in the top 10 in the U.S., for flipping single family houses, according to the Tampa Bay Business Journal. Although the housing market nationally is tightening, resulting in far fewer homes that are available for flipping, Tampa is an attractive place for house flipping, this is due in part to low remodeling and renovation costs.
For experienced Flippers with the expertise to find and purchase investment properties at the right price, Tampa Florida is set to be an outstanding and profitable market for Flipping properties into the foreseeable future.
As the city continues to expand and grow more and more people are flocking into the area and are in need to buy a home. As a result, the market for Flipping homes throughout the Tampa, St Pete metropolitan area continues to boom.
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Tampa Bay Wholesaling of Investment Loans
House flipping is the process by which an investor acquires a property at typically better than market value, renovates the interior or adds landscaping or provides other resources that add value and create a market value that creates a profit for the investor. Tampa Bay has been the consistently ranked as one of the top cities for flipping houses.
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