Fix And Flips Growing In Hartford
Connecticut’s real estate market has been seeing a resurgence in the last two years, and the Hartford fix and flip potential has been realized. As of January 2021, the average home sale price in the city reached $245,900, which is a 14% increase from the previous year. Homes in the city are on the market for an average 57 days, marking 26% decrease from the previous year and highlighting the increase market activity. With homes selling quickly, savvy investors that can spot an opportunity could chain together several profitable deals throughout the year.
This level of growth in price points are attractive for real estate investors of all levels, especially when backed by hard money loans to finance your project. If you’re an investor looking for Hartford fix and flip loans, contact us today.
New Construction Needed In Hartford
With such an influx of new residents and a hot seller’s market, the inventory shortage can only be filled with residential new construction. As of January 2021, homes are selling for $162 per square foot, marking an 18% increase from January 2020. The number of homes sold reached 863 during the month, which is a 17% increase from the previous year. This level of activity highlights the healthy real estate market that is currently favoring sellers, which is the perfect scenario for an experienced builder or contractor that can keep their costs low by souring materials directly.
One of the biggest advantages of new construction investments is being able to design the home to meet current market demands. For example, three of the biggest home features in Hartford right now are large kitchens, wood burning fireplaces, and rec rooms. Homes with these features are receiving more attention for their online listings and are typically receiving higher asking prices than homes without them. Building to meet buyer demand is an excellent way to ensure a project sells, and potentially sells before the project is even complete. If you’re an experienced builder or contractor looking for Hartford new construction loans, contact us today.
Hartford Rental Market Remains Steady
Many cities took a hit to their rental market due to the global pandemic, but Hartford remained stable with only a 1% decrease in the average rent price. With the hot real estate market bringing in many new residents but low inventory shortages making it super competitive for home buyers, the rental market should remain stable for quite some time. This is the perfect time for investors to start looking at rental property, so they can have specific properties or neighborhoods picked out and plan their investment strategy. If you’re a real estate investor looking for Hartford rental loans, contact us today.
Our rental loans work best for BRRRR investments, financing your project and accelerating the growth of your rental portfolio. For those that do not know, BRRRR stands for buy, rehab, rent, refinance, repeat. It’s a long-term investment strategy where an investor purchases a rental property with a hard money loan and renovates it to increase its market value. After finding a tenant and turning the property into an income-producing asset, the investor refinances the loan and uses the newly acquired capital to purchase their next rental property and repeat the process. If you’re a BRRRR investor and looking for a long-term rental loan, contact us today.