Flipping Houses in Illinois
If you’re interested in house flipping, there is one state that’s been picking up some serious steam lately. That’s Illinois, by the way. Why should you get started flipping houses in Illinois? The state is one that holds a myriad of popular and large markets, so it’s no surprise that it’s almost always got something going on in the real estate field. Initially, it was Illinois’ star state that seemed to make a splash on investors and buyers.
Chicago is Hot
In 2016, the Chicago tribune reported that the city was in the top 20 percent for house-flipping profitability.
The magazine went on to say that Chicago boasts a hot market that is particularly attractive to flippers. The reason? Home prices actually appreciate rather slowly in Chicago compared to other parts of the country. This allows house flippers to snap up the houses for a discounted price, thereby being able to flip and sell them for a bigger profit. And who doesn’t want that?
Surprisingly, the opportunities for good flips in Chicago don’t lie in the well-known areas like Lincoln Park, but rather in the Southern and Westerns neighborhoods, as well as the suburbs.
In addition to Chicago, there is another Illinois town that is making waves in the real estate market, and that is Rockford.
At the beginning of 2017, the Rockford Register Star reported that Rockford had a relatively slow real estate market and had fewer flipped homes per year than many other markets. While the market in Rockford was not entirely hopeless, it was moving very slowly and was in serious need of some renovations of its own. However, don’t be discouraged, as that appeared to change as 2017 continued on.
My Stateline reported that, over the next several months of 2017, the rate of houses sold picked up and broke Rockford’s previous record. During 11 months of the year, home sales in Rockford increased. Realtors in the area say that has never happened before. As stated, having a dramatic change in a real estate market like this is not completely unheard of, but it still continues to surprise everyone when it does happen. Many investors are now riding the wave of this greatly improved market.
Other commentators say that the Rockford market will most likely continue to improve thanks to large amounts of investment and improvements made to the downtown area. The city is appearing to come alive again, and the more it does so, the more it attracts more sellers, investors, and buyers alike.
Hope for the Future
By the end of 2017, the Rockford Register Start released another report detailing the improved real estate market, and that is expected to continue on into the coming months. Rockford ended up doing so well that it had the highest number of homes flipped in 2017 than any other Illinois market. While Chicago is almost always a hot spot, Rockford is the real surprise star in this equation, and it helps prove that almost any market can recover from a slow start.
Detroit is often referred to as America’s poorest big city, which can make it seem like undesirable compared to other parts of the country and other markets..
It is easy to focus in on well-known markets like Chicago and New York for house flipping, but don’t discount the existence of lesser known but incredibly profitable markets as well. One market such as this is Dayton, Ohio.
If your dream is to buy an old, neglected house and transform it into a beautiful new home, there are some important things you need to know.