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Flipping Homes In Alabama
Dated: November 6 2015
According to a recent article by Bryan Davis, Alabama Center for Real Estate and the Culverhouse College of Commerce at the University of Alabama, the number of home “Flips” in Alabama has advanced it to record levels, top among the states. RealtyTrac noted that Baldwin and Jefferson County, in particular Mobile and Birmingham’s rate of home flips placed third behind Nevada and Florida. Mobile’s 9.2% of housing flips ranked third following Fresno at 9.5% and Memphis at 10.5%.
Alabama’s 7.5% of top flips is part of the nationwide 43,197 single family homes that were purchased with the intent of creating a better product to resell. This is a hefty 18% increase in housing flips from a year ago and from what some suggest an upcoming trend among first time home buyers. Younger generations are looking at their parent’s decisions and wanting to avoid deep debt, ongoing monthly payments that strangle the freedom that most are wanting to have for travel and exploration.
Where home ownership once became a social status symbol of success attainment, for a new generation watching the explosive market upheavals of the last decade, it seems like a ball and chain.
What is changing that view point is the sense of becoming a solution to the environmental footprint as well as being part of the revitalization of seemingly forgotten communities. A sense of accomplishment and individual stewardship seem to be more fulfilling to younger generations that that of their attainment successors.
Many also consider themselves minimalists where previous generations wanted the opposite. A dynamic which works well for house flipping. Older homes are less expensive, even when revitalized. They are smaller, more compact, usually within walking distance to most town or community centers.
Could Alabama see a resurgence in communities left in disrepair? What most researchers point to is the need for housing that meets the financial budget of new home buyers with the freedom to travel. With the proximity of Foley and the outlying communities to travel destinations as well as airpots, house flipping could be a great investment.
Recently, the television show, Beach Flip, aired a 8 part series in which one show featured 4 propertied along the Alabama Gulf Coast. The results were amazing. It is astounding what a little elbow grease and creativity can do. Clarissa Rambo, with Realty Executives Gulf Coast was featured in Episode 8 which can be seen here, https://www.youtube.com/watch?v=z282w8ux8BI.
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