In recent times, the property market may have slowed down, but real estate investors located in Connecticut can look forward to better times just around the bend.
In the state of Connecticut, the average home is estimated to be worth $263,752 with the majority of these properties being single-family residential homes. While the total overall home sales in the state have decreased, sale prices and demand for these single-family homes have increased at a steady rate – a good sign for real estate investors looking to jump in! This, and other important advancements are rekindling the property investment flame in the Nutmeg state.
Here are three compelling reasons for Connecticut real estate entrepreneurs to get involved with fixing and flipping in 2019:
Rising Demand For Single-Family Homes
Connecticut has an established and notably competitive real estate market scene, due to a variety of appealing factors for fix and flip investors. Out of the state’s numerous cities, the city of Hartford has performed particularly well in the real estate area over the past few months, also showing noteworthy increases in the average prices of residential homes since the start of the year.
A recent study evaluating the economic outlook of the state found that the average amount of days that for-sale Connecticut properties spend on the market has also decreased by 8% since 2017, an indicator of good ROI potential for fix and flip investors. The same study reported that the home vacancy rate for Connecticut has consistently decreased for the past three years, which is another positive sign for the Connecticut housing market which has until recently been keeping a low profile.
Out of all the Connecticut cities, Hartford and New Haven have performed best for fix and flip investment property ROI.
Location, Location, Location
What could this growth in the real estate sector be attributed to? The location could be the biggest reason. Close to the Big Apple without the big costs, southern Connecticut cities like Stamford, Greenwich and Norwalk are establishing a reputation for high-paying jobs in tech, finance and other sectors.
The state’s single-family properties are becoming increasingly valuable due to the Connecticut school system which is rated amongst the top 3 of the best public school systems in the United States, making the state a great place for families.
Apart from the excelling academic institutions, Connecticut is also home to one of the lowest crime rates and lowest poverty rates in the United States. Fix and flip and real estate investors should bear this in mind when selecting an investment property: attractive factors like good schooling and neighborhood safety all contribute to the value of the property.
The state also has the fifth highest median household income and was listed as the second best state to live in by USA Today. These elements are contributing to increasing housing prices, and are attractive to potential buyers looking to benefit from them.
As to what is considered to be the most advantageous home upgrades in an investment property, updated kitchens and bathrooms with modern fixtures and homes in desirable locations have ranked consistently popular with home buyers.
Build with New Silver
Connecticut fix and flippers can benefit from working with New Silver, a local hard money lender catering specifically to real estate entrepreneurs in CT, MA and RI. New Silver offers a number of loan products, from fix and flip to fix and rent, bridge and cash out refinancing. Made by real estate entrepreneurs for real estate entrepreneurs, New Silver can help Connecticut real estate investors get started with their next flip project as early as today!
Connecticut real estate is showing new promise after a recent lull, and fix and flippers can find good value in underpriced or distressed properties. The cities of Hartford and New Haven have stood out as the local leaders in real estate performance, with the best prospects for top ROI. Increasing demand for single-family homes, faster reselling times and attractive benefits such as great schools and universities are rapidly attracting buyers. Get funded with us or contact us for a free appraisal.