We are considering buying a house in central Florida to flip, is now a good time?
We ended up buying our home at below market value at a real estate auction. We are now considering buying another central florida property as an investment.
If we are able to get it below appraisal value is this a good investment? We’re concerned that the market may be too flooded. And we know there are many properties out there for sale right now. However, our strategy will be to get it below market value to a point where we can still sell it at a “good deal” price to the buyer.
If we did buy an investment property and price it below comparable homes in the area, how long are we looking at potentially waiting until the house sells? We’re aware it varies by house and area, but on average?
Any opinions on Florida real estate, especially from those with experience would be greatly appreciated.
There is no average DOM, it will change from neighborhood to neighborhood and house to house, price of the house and condition of the house. Your problem is you need to research your market. Is this market declining or stable and by how much (percent). How many months of housing supply is there? What is the percent to list price on past closed sale over the last 3 month and prior months? What is the current median DOM on active listings? (Days on the Market)
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