When people think of Texas, they likely think of things like the Texas State Fair, Cowboys football, and the Stockyards. What do all of these things have in common? As iconic as they are of Texas, they are also staples of DFW-life, specifically.
But one thing you should be thinking of when you think of Dallas, Texas is a great opportunity for fix-and-flip projects. This year (2021) has been a record year for the DFW housing market, as it has joined other major Texas cities in the fix-and-flip craze.
Best Cities for Flipping Houses? Look at Greater Dallas Area
The Dallas-Fort Worth metroplex hasn’t been untouched by the latest housing market boom. Like Austin, single-family, condo, and townhome sales have skyrocketed to record highs across the board.
According to sources, average DFW sales prices have surged to a blistering 22% year-over-year average in 2021 to $340,000. Houses put on the market aren’t lasting long. The average time a house is listed on the market before being purchased has dropped precipitously from 52 days in 2020 to only 24 days in 2021. That’s less than half the time a listing used to last!
Those putting their homes on the market are getting much more than they’re asking for, too. 72% of home listings are being sold above the asking price.
Financing Your Dallas Area Home Flip
With the increase in home prices comes the increased potential for making a hefty profit from flipping a house. But with the reduced time from a property being listing to being sold, there has never been a greater sense of urgency for home flippers.
Traditionally, home flippers have had two options: getting financed through a bank or through a private lender via a hard money loan.
Hard Money Loans are the Way to go for Dallas House Flippers
Because of the rapid time in listing to closing, it has never been more pertinent to have money quickly available. Dallas Flippers trying to purchase an investment through a bank loan often find the processing times are far too slow and, as such, they’re missing too many opportunities.
The solution? When you raise capital through a hard money lender, you’re able to get the cash you need to place a bid at breakneck speeds. In order to acquire a property for flipping, you’ll need to partner with a private lender, rather than a bank.
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Private Lenders and your DFW Home Flip
Traditional banks simply can’t keep pace with this market’s rapid closing times. While banks can offer lower interest rates and longer terms, only hard money loans can get you the capital you need fast enough to compete with other home offers.
A loan from a private lender can have you funded in less than 5 business days. In fact, at Park Place Finance, we’ve been able to get some investors funded within 24 hours!
Getting fast funding is the difference between getting started working or getting stuck waiting on your next fix-and-flip project.
Get a Hard Money Loan for Dallas-Fort Worth Real Estate
At Park Place Finance, we understand your entrepreneurial spirit and your passion for flipping houses. We’re energetic about the housing market and want to help others get in on the action.
If you’re ready to start flipping houses in the Dallas area, reach out to us. We’ll get you the capital you need to start your flip in no time, and our rates and terms are competitive too!
Related Content: How to Flip Your First Home