Home flipping has become a very popular trend within the last 10 years. While it is not a new phenomena, it accounted for a large part of the real estate market in 2015. If you have the time and the money, home flipping can be a great investment and even take on the form of a hobby. The task of home flipping is glorified on shows like HGTV’s “Flip or Flop” where homes are inspected and evaluated on whether they are worth the turnaround. Some people have gone so far as to make a living out of it. With the right resources and other aspects of a great property such as location in regards to a great school district and a great neighborhood, a large profit can be made by flipping a home.
So far in 2017, 43,615 single family homes and condos were flipped according to a report on inman.com. This accounts for 6.7% of single family homes and condos that were sold in the first quarter of the year. That percentage is an increase from the previous quarter when home flips only accounted for 5.8% of total single family homes sold. However, home flipping is at a two year low and down 8% from the previous quarter and down 6% from this time last year. Whether this data is to say that there is a smaller market for these homes remains undetermined, it could be that the trend is wearing off and less people are home flipping altogether. In addition, homes flipped in the first quarter of 2017 were sold for a median price of $200,000, which is an all time high for this market.
If flipping a home is of some interest to you, keep these statistics in mind and come see a BridgeView agent today who can advise you through this process.