?? July 2024 Housing Market Madness ??

Where are my real estate investors at?! Have you guys been keeping up with the real estate market nationwide? There are changes that are taking place, which are both good and bad. Prices are starting to fall in certain areas of the country - which is an overdue market correction. However, as a real estate investor, especially fix-and-flippers, are you prepared to adjust to market changes? Especially if you are mid-project and this news caught you right in the middle of a hammer strike?

Let’s get right to it... Here's the scoop for real estate in the month of July: Tampa, Charlotte, and Phoenix are have a proverbial fire sale on homes… Tampa leads with a 9.7% jump in price cuts. Charlotte follows close with 9.5%, and Phoenix is right behind with 9.4%. This seems like a Black Friday event in July because of the market conditions over the last couple of years, where home prices were doing nothing but rise, rise and rise. And then rose again!

National Numbers:

The national median list price took a tiny dip to $439,950 from June’s $445,000. Not a big deal, right? But wait—price per square foot climbed 3.1% from last year. It’s like someone said, "Let's make smaller homes more expensive per inch!" Brilliant.

Regional Rundown:

The South and West are the hot spots for price cuts. It's like everyone there decided to join the "Slash and Dash" club. But hey, good news for the investors in the Northeast: prices are still on the rise. Go figure… you guys always want to stick out!

What This Means for You:

If you're an investor flipping homes, it's time to get strategic. Here’s what to do:

Action Items:

1. Diversify Like a Boss: Spread your investments across different regions and property types. Don't put all your eggs in one overpriced basket.

2. Value-Add, Baby: Buy properties where you can boost value through renovations. Think of it like a makeover show, but for houses.

3. Cash is King: Keep reserves handy to pounce on those distressed properties. When others panic, you profit.

Key to Success:

One thing that you can do to help you keep your thumb on the pulse of your local area is to build a solid team that you can trust. Your team should consist of at LEAST: a real estate attorney, CPA, real estate agent and licensed contractor. These 4 pieces will all affect your bottom line and having a trusted team that you can go to war with and tackle project after project, is priceless!

I can’t say this enough – KNOW YOUR MARKET! Regardless of where you are in the country, you have to know how your backyard compares to national numbers. Make sure that your profit margin isn’t razor thin – make sure it’s got more meat on the bone, maybe 2-5% higher than normal. This can help you adjust to market conditions, should things take a turn for the worst, after you’ve purchased a flip.

Here's the bottom line: executing these strategies requires good personal credit. That’s where BDA Solutions comes in. We're not just any broker—we help you fix personal credit issues for FREE! Our goal? Get your credit out of a "shit-uation" and into a profile any lender will gladly accept.

We can help transform your real estate business from being a "worrier" about market changes, to becoming a "warrior" ready to take on challenges knowing you have credit stability!

Onward and Upward,

Jose

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Source: [Realtor.com July 2024 Housing Market Trends](https://www.realtor.com/news/trends/real-estate-price-cuts-july-2024-tampa-charlotte-phoenix/)