waverlyIt’s not unusual to move to a new town and buy a new house. But the Pages didn’t just buy a house — they bought their first flip, in a city that they’re making their new home base.

As far as flips go, Jennifer and Tim Page actually picked a home that wasn’t entirely scary when they signed on the dotted line for 1111 South Waverly Dr., a good investment with easy access to Bishop Arts, downtown Dallas, and more.

“This is actually our first flip,” Jennifer said. “We moved here from Chicago just looking for a change of scenery without knowing this is what we would get into, but my husband Tim has always wanted to own his own business and be his own boss, so I told him to go for it!”

The couple had saved money from selling their home in Illinois, and with the market in Dallas doing so well, they thought it was time to jump in with both feet, finding a property in the ever-changing Oak Cliff, tucked between the Wynnewood, Elmwood, and Winnetka Heights neighborhoods.

“The house when we bought it was actually not in the worst condition,” Jennifer said. “It had been just recently flipped but not well at all.”

“You could tell that the previous owners were also trying to flip and may have run out of money and finished the house quickly and without regard for making it aesthetically appealing.”

And since it didn’t require a complete gut job, the couple felt “this would be the perfect starter.”

So that gave them time to take a good look at the house, what was selling, and what changes they could make to make it more functional and prettier. (more…)

(Photo courtesy Flickr)

How much better did the 75243 zip code in Dallas fare in flipping profit than the rest of the nation? How did home sales look for North Texas in August? How are home sales and prices looking across the state?

We’ll answer all that and more in this week’s real estate news roundup. (more…)

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If you feel like everyone you know has gotten into the flipping game, your instincts are correct. According to 2016 Year-End U.S. Home Flipping Report by ATTOM Data Solutions, the number of folks making a living from house flipping reached a nine-year high last year. Data shows that in 2016, 126,256 individuals and corporate entities flipped homes — the highest number since 2007.

Low housing inventory and an influx of capital meant the number of properties flipped in 2016 reached peaks not seen since 2006. And the report shows profits from house flipping are also at an all-time high, with the average return on investment hovering at 49.2 percent.

Interestingly, the study lists 39 zip codes where at least 20 percent of all home sales during the year were home flips – including zip codes in Texas.

(more…)