Home flipping — buying and then selling a house or condo within 12 months — is on the rise and at a two-year high.
According to a RealtyTrac analysis, 6.6% of all single-family and condo sales in the first quarter of 2016 were flips. That’s up 20% from the previous quarter and 3% year over year. And the number of flippers grew by 8% from the first quarter of 2015.
But a lot could go wrong if your new to the game. The pros at Heritage can guide you in your project and provide as much or as little project management and contracting services as you desire.
The biggest mistake most flippers make is not knowing all the hidden costs and the time involved which will ultimately delay the sale.
Managing multiple contractors not knowing how reliable they are or there timetable can be frustrating. Heritage can
handle all phases from finding the deals out there to bringing the job to Fruition and making the profit you hoped for.
The TV shows make it look easy but anyone who has ever tried it knows its a lot harder than it seems.
Heritage can give you an accurate picture of the flipping opportunity. Only then can you determine whether it’s a sound financial move for you.
IRVINE, Calif. – Sept. 15, 2016 — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, today released its Q2 2016 U.S. Home Flipping Report, which shows a total of 51,434 U.S. single family home and condo sales were completed flips in the second quarter of 2016, up 14 percent from the previous quarter and up 3 percent from a year ago to the highest number of home flips since Q2 2010 — a six-year high.
Number of Investors Flipping Homes at Highest Level Since Q2 2007 — a Nine-Year High;
A total of 39,775 investors (including both individuals and institutions) completed at least one home flip in Q2 2016, the highest number of home flippers since Q2 2007 — a nine-year high.
Gross flipping profit increases to new all-time high Average days to flip at 10-year high
The return on investment, or the gross profit on the sale, is strong. Homes flipped in the first quarter saw an average gross profit of $58,520, a 10-year high. In some markets, flippers saw gross profits of 80% or more of the price they paid for homes: