2017 is breathing new life into old buildings.
What’s happening? Flipping houses—the art of taking run-down or unfinished properties and renovating them into sellable homes—is going strong in 2017. Trulia reports that from 2015 to 2016 the number of houses sold to “flippers” increased to 6.1%. This is the first time in 3 years the percentage of flips has increased. The media is catching on — shows like HGTV’s Flip Or Flop are demonstrating soaring ratings.
Why should you care? In 2017, housing prices are slated to rise (albeit more slowly than in 2016), and this is due in part to flipping. The sudden influx of contractors into lower income and more affordable neighborhoods leaves its residents scrambling as gentrification takes root. Whether you’re interested in a new home, want to try your hand at real estate investments, or merely start to notice the “Frappuccino effect” in neighborhoods near you, we are bound to see more flipping in 2017.
Who’s leading? Bernice Radal, founder of Buffalove Development, takes a more community-focused approach to house flipping. Her company, guided by “preservation, sustainability [and] community” renovates historic buildings in Buffalo and Niagra Falls that are vacated or “underutilized.” She made an appearance on DIY Network’s American Rehab Buffalo. Her preservationist approach sets her apart from typical flippers. Read more about her experiences on her personal blog, here.
What can you do? Keep an eye on gentrification and support smaller, preservationist start-ups like Buffalove. If you’re interested in trying the trend, check out Entrepreneur’s recommendation on the best cities to start in.