13 US housing markets where speculators are making a killing flipping homes
REUTERS/Phil McCarten
This practice of buying a house, fixing it up, and then quickly selling it is a popular way to book a quick profit.
"After curtailing flipping activity last year due to slowing home price appreciation and shrinking inventory of flip-worthy homes, real estate investors have started to jump back on the flipping bandwagon in 2015," said Daren Blomquist, vice president at RealtyTrac.
According to a RealtyTrac study, 43,197 homes were flipped during the third quarter, which accounted for 5% of all home sales in the US.
Additionally, flippers are seeing profits rise on the houses. Flippers averaged $62,122 in profits for the third quarter, which is up slightly from an average profit of $61,781 during the same quarter last year.
We took RealtyTrac's data and compiled a list of the top 13 counties in the US where flippers made more than 65% return on investment during the third quarter. The list is ranked from lowest return to highest and includes the average gross profit, purchase price for flippers and selling price.
Check them out below.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Top 10 Must-visit places in Kashmir in 2024
- The Psychology of Impulse Buying
- Indo-Gangetic Plains, home to half the Indian population, to soon become hotspot of extreme climate events: study
- 7 Vegetables you shouldn’t peel before eating to get the most nutrients
- Gut check: 10 High-fiber foods to add to your diet to support digestive balance