It is Profits generated by home flipping also hit a 10-year high, with home flippers netting an average $55,000 per sale before renovation and transaction costs. Profits topped $100,000 in expensive markets such as New York and Los Angeles.
Sourced through Scoop.it from: www.reuters.com
It is my ancecdotal experience, our market holds about 15-20% “re-habber”, “owner-builder”, “flipper” of our local housing inventory. Buyers pay a premium for the convenience of not having to manage a remodel themselves.
Too much HGTV and not enough number crunching can get many into trouble. Before your purchase one of these type of homes, call us to discuss the pluses and pitfalls we have seen. Our experience is free for the picking.