At the beginning of 2017, we highlighted 5 DC real estate hotspots to watch. The year has come and gone and here we are, at the beginning of 2018 with an update on what neighborhoods are still hot and which are up and coming…
The outlook of many real estate professionals is that DC home prices will continue to rise in 2017, but not so much as to cut into sales volume appreciably. For flippers, the ideal neighborhoods will exhibit low unemployment rates, rapidly rising home values and robust income growth. Zillow used these characteristics to come up with the five hottest DC neighborhoods for 2017, areas that will be of great interest to rehabbers.
Here's a breakdown of the profitable real estate hotspots for fix and flips this year.
Over the past year, five Washington area zip codes moved into the top 30 nationwide when it comes to "fix and flip" activity. It seems that trendy young buyers have been eyeing these neighborhoods for some time now, and have pushed them to new heights of desirability. This is a great time to be a real estate investor, independent builder or developer in the DC area.
Without further ado, let's dive in to see what zip codes offer real estate investors the biggest bang for their buck.
You know the ins and outs of building. You can visualize possibilities for rehabbing a run-down property in an instant. You have an intuitive sense of style and are quick to see what will work in a given location. You can quickly estimate costs and you know how to strike a bargain without sacrificing quality.
It's easy to be successful builder or developer these days in Washington, D.C., right?
Well, maybe not so much, unless you also know how to secure the development loans and construction financing you need. Unless you're either very lucky or very experienced, finding the right source for construction loans in Washington D.C. can be a major hurdle.
Real estate investing is a common practice within Washington, DC, where an estimated 50,528 home sales occurred in 2015. One of the most common ways to invest in DC real estate is to purchase homes that are in need of rehabilitation. Whether it is through extensive repairs or a simple bathroom remodel or two, all investors know that they must calculate the anticipated After Repair Value (ARV) before they embark on a house flipping journey.