In spite of being in the U.S. ostensibly shifting to more of a buyer’s market, flipping continues to be a major trend in certain areas.
Flips are a popular choice, in part, due to the fact that people who are first-time buyers seek affordable homes which require minimal upfront work, according to Charles Tassel, chief operating officer of the National Real Estate Investors Association. “(Millennials) want to move into a home that requires minimal work,” Tassell said in Realtor Magazine. “A house that has already been rehabbed or flipped [and is priced lower than new construction] is really what they are looking for.”
Profits from Flipping Houses across the nation have declined over the past four years, falling from a return of 42 percent to 38 percent, as per Realtor’s analysis. However, the overall amount of flips in the nation increased by 3.5 percent in September month when compared to the previous year, Realtor reports. In its latest analysis, Realtor looked at home sales in the largest 200 metropolitan areas in July, August, and September 2018 and contrasted them with the same timeframe in 2017. Realtor defines flips as any kind of home purchased and resold in the three-to-12-month time frame.
These are metros that have the highest rise in home flipping
Raleigh, North Carolina
Median home price: $340,000
The number of home flips that have increased: to 63.4 percent
The price difference between sale and purchase prices Price difference between sale and purchase: 32 percent
Charlotte, North Carolina
Median home price: $323,300
The number of home flips that are flipped up has increased: to 42.5 percent
The price difference between sale and purchase prices, The difference is 36 percent
Orlando, Florida
Median home price: $300,000
The increase in home flips is 37.1 percent
The difference between purchase and sale prices Price difference between purchase and sale prices: 41 percent
Phoenix, Arizona
Median home price: $330,000
The increase in home flips is 35.7 percent
The price difference between sale and purchase prices, The difference is 36 percent
Las Vegas, Nevada
Median home price: $320,000
Home flips are up by 33.7 percent. 33.7 percent
The difference between purchase and sale prices is 38 percent.
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