Real estate can be one of the best ways to generate passive income. Not only does real estate have the potential to generate big profits, but it can also build sustainable wealth for many years to come. This is one of the many reasons why home flipping has gained so much popularity in recent years. So how do you become a professional home flipper, and how do you navigate Jackson, Wyoming’s real estate market? Here’s what to expect for your Jackson, WY real estate market forecast in 2023.
How flipping properties can generate massive income
House flipping can be an incredibly lucrative way to make a living. Whether you are buying dated properties that need minimal work or distressed properties that need a complete overhaul, there is so much profit potential that comes with house flipping. In fact, house flipping is a multi-billion dollar industry, where
10% of homes sold nationwide were house flips in 2022. Even in communities like Jackson, Wyoming, house flipping has a stronghold on the local real estate market.
One of the many reasons house flipping is on the incline in recent years has to do with many factors. Starting in 2021, the demand for housing has increased due to many factors, including an increased number of working professionals working remotely, an increased demand for more space, a higher number of millennial buyers entering the real estate market, and more buyers searching for retirement properties and second homes than ever before. With such a demand for real estate, more and more buyers are looking for turnkey properties, which results in a greater demand for renovated homes. Jackson, Wyoming, is no exception to this rule, with an annual
growth rate of 1.08% of residents moving in per year.
What to look for in an investment property
In order to be a successful house flipper in the Jackson area, you need to understand the elements behind the property and the qualities it must possess in order to be a profitable investment. This means you not only need to be an expert on house conditions and profitable renovations, but you also need to have a firm grasp on Jackson’s real estate market.
In terms of what you should look for in an investment property, here are some of the
most crucial qualities:
- Where the property is located–the closer to amenities, recreational activities, or stunning landscapes, the better.
- How much acreage the property has–regardless of the home’s condition, land always appreciates in value, especially in a market like Jackson’s.
- The property’s surroundings–if a Jackson property has stunning views or spectacular landscapes, buyers will pay top-dollar.
- Its rental income potential–even if your buyer has no interest in renting the property out, buyers will see income potential as a value add.
- If there is a river, lake, or forest on the property, buyers will pay more since many Jackson buyers partake in outdoor recreational activities.
- If the property is dated, but in good condition, chances are there is high flipping potential with less upfront investment.
- Don’t turn away from bad curb appeal–if you improve the curb appeal, you will increase the property’s value.
- Avoid busy streets–in a community like Jackson, buyers are less likely to pay top-dollar living on a busy street.
- The property value of neighboring homes–this can give you insight into the potential worth of your property once renovations are complete.
- Pay attention to structural integrity–if the home has major structural issues, that is more money you will have to sink into the property before you can sell it.
These are just some of the many aspects of flipping you need to take into consideration before purchasing a potential fixer-upper. When searching for a potential home to flip, it is essential to
work with a local expert who understands the ins and outs of house flipping in the Jackson area. They can offer valuable insight not just into the home’s condition, but into the area’s current market trends. Your real estate agent could be your most valuable asset as a home flipper.
Current market conditions in Jackson, Wyoming and what to expect in 2023
It’s no secret the Jackson area has one of the strongest luxury markets in Wyoming. Thanks to its close proximity to the Grand Tetons and other national parks, world-class hunting and fishing, and some of the best skiing in North America, demand for quality Jackson WY real estate has skyrocketed in recent years. As of 2022, the
average price for a home ranged anywhere from $1.2 million to over $6.7 million dollars.
With such a lucrative luxury market, there is plenty of room for house flippers to generate income from Jackson properties. While the overall number of sales dropped in 2022 versus 2021, the overall price of real estate increased by over 33%. This means while the overall number of homes sold is down, there is an increased presence in the luxury real estate market, especially for turkey properties with ample acreage and easy access to recreational activities.
As a result, 2023 has excellent potential to be a profitable year for real estate investors. This, coupled with the fact more and more people are working remotely, there are plenty of opportunities for Jackson, Wyoming house flippers in 2023.
Is property flipping right for you?
Before you embark on house flipping, there are so many things you need to take into consideration, including your construction/business skill sets, your financial situation, and your real estate expertise, etc. Yet, if you pay close attention to the area’s current market trends, along with the qualities that determine whether or not a property is a good investment, then house flipping can be an excellent way to build your investment portfolio. With the help of a real estate professional who can help guide you through Jackson’s real estate market, you can earn unprecedented profits in 2023.
Are you ready to get started on house flipping? Working with a Jackson real estate agent is a crucial first step to purchasing an investment property.
Jeff Ward, together with his wife Kelli, is part of one of Jackson’s most prolific real estate teams, with many years of industry experience and local expertise on their side.
Contact Jeff today to get started on your property search.
*Header photo courtesy of Unsplash
