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2020 was a year like no other. The housing market took a plunge in the face of the pandemic this spring, but unlike the rest of the economy, it rebounded quickly and remains poised to lead the nation into recovery as we move into the new year. Join us as we look back at 2020 and gaze into our crystal ball to see what 2021 may bring.
Gross profit on the typical home flip nationwide rose in Q3 2020 to $73,766 (or a 44% ROI compared to the initial acquisition price) — the highest amount since at least 2000 according to the ATTOM Data Solutions Home Flipping Report. Although the number of home flips is down, rising home prices were good news for investors.
We’ve heard it again and again from our most experienced investors, when they come to a showing they can walk the property and know right then and there the work that’s needed and if the numbers work for their strategy. We came across a great article and video on BiggerPockets that takes you through a property and tells you what to look for during this critical step in any investor’s due diligence.
The $900 billion economic relief package signed into law on December 27th includes key provisions that the National Association of Home Builders championed. Take a look at their blog for a breakdown of how the legislation aims to help small businesses and landlords. Scroll to the bottom of the article for more analysis on tax relief, rental assistance and the Paycheck Protection Program.
Home prices nationally rose a remarkable 8.4% in October from a year earlier on the S&P Case Shiller Index, but the Covid pandemic is turning the usual geographical trends on their heads. It’s not the coasts, but smaller metropolitan markets like Pittsburgh, Cleveland, Cincinnati, Indianapolis, Kansas City, Boise, Idaho, Austin, Texas, and Memphis, Tennessee are seeing some of the strongest price gains in the nation.
The dynamics in Washington are changing with the two Democratic senate candidates in Georgia now projected to win. HousingWire argues that even with the one-vote majority via Harris, “with several Democratic senators coming from red states, they cannot risk being overly progressive and this will act as a governor to keep policies from going too far to the left.” Read on for their take on what it all could mean for housing.
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