Home flipping continues to increase in popularity throughout the United States. This is particularly true in areas where the housing market is booming, millennials are moving to start their career, people love to vacation, and retirees want to live.
Metro Tampa Bay is one of the places that has all these qualities, which has earned it a reputation as one of the best places to flip homes.
Tampa – St. Petersburg, Florida 2016 Home Flipping Rates
According to a March 2017 report by RealtyTrac, U.S. home flipping increased 3% in 2016 to a 10-year high, resulting in 8.2% of all home sales being flips.
In the Tampa – St. Petersburg area, 9.9% of 2016 home sales were flips, which was the 4th highest in the nation.
The homes that are being flipped are older, coming in at a median age of 37 years. And, the size of homes being flipped went down to a median square footage rate of 1,422.
The RealtyTrac report quoted information from Daren Blomquist, senior vice president at ATTOM Data Solutions, who believes home flipping was hot in 2016 because of “low inventory of homes in sellable or rentable condition along with a flood of capital.”
Blomquist also said, “Investors in search of flipping returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount.”
Related: Tampa Ranked in Top 10 on All 3 BiggerPockets Lists for Best Real Estate Investing Cities in 2016
Why are Home Flipper Successful in Tampa Bay?
People are flocking to the Tampa Bay area, and for good reason. People love the great lifestyle, reasonable cost of living, and no state income tax.
Many people want to be near the beach and enjoy Tampa’s good weather. Nowhere else in the world is like Tampa – the clean water, the inviting aroma of the Gulf, and local sports set it apart from almost everywhere else. Tampa Bay residents want to enjoy their outdoor living space as much as the interior of their home.
Home flippers have numerous opportunities in Tampa Bay, because people want to live in the diverse communities that accommodate just about every type of lifestyle available to residents of the Sunshine State.
Related: 5 Top Reasons to Choose Tampa for Real Estate Investments
Graystone Investment Group
Graystone Investment Group is an experienced real estate wholesaler in Tampa Bay, helping real estate investors grow their wealth by putting equity to work.
Unlike other wholesale groups, we provide clients with a turnkey process at no extra charge. We find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years.
To learn more about profitable real estate investments in the Tampa Bay area, fill out our Investor Profile or contact us direct.