If you’re a regular reader of our posts then you’ll know we run stories about “flipping” fairly often. Along those lines, a recent article on Realtor.com pointed out some interesting characteristics about the current market for flipping houses. With the slowdown in housing market now taking place, they caution that falling home prices can eat into the ROI (return on investment) for flipping houses – even as the actual work is being performed! So, they put pen to paper to find out where home flipping is up (and down), all across America. They found that markets with the biggest drop in flips are areas where prices are slowing down, such as larger coastal cities where costs got ahead of what buyers can afford. And, interestingly, the places where flips are up tend to be the smaller, more affordable areas that are getting an influx of new residents. Indeed…
Millennials “want to move into a home that requires minimal work,” says Charles Tassell, chief operating officer at National Real Estate Investors Association. “A house that has already been rehabbed or flipped [and is priced lower than new construction]is really what they are looking for.”
Click here to read the full story on Realtor.com.