Realtypin.com Team Says Flipping is Making a Comeback
After years of sitting dormant, the flipping market has returned — according to analysis done by the team at Realtypin.com.
(PRWEB) July 24, 2013
Flipping homes is all the rage again, according to the team of experts at Realtypin.com — a website that analyzes the latest housing market news. The team says new statistics prove that investors are relying on flipping once again to turn quick profits.
Realtypin.com is basing that statement on a report that was just released by data firm RealtyTrac. (http://www.realtytrac.com/content/foreclosure-market-report/midyear-2013-home-flipping-report-7796) Specifically, the Midyear 2013 Home Flipping Report says that 136,184 single-family U.S. homes were flipped during the first half of 2013. That's up 19% from a year ago.
"Investors have played such a big role in the housing market this year — not just by scooping up tons of available homes, but by flipping them, too," says James Paffrath, the co-owner of Realtypin.com. "That's proof that the market is really on the road to recovery."
After all, the Realtypin.com team points out, if investors weren't making sizeable profits from flipping, they wouldn't be doing it. Plus, the number of flipped homes has gone up 74% in the past two years. They say that's proof of just how fast improvements are being made.
The team also points out that these numbers don't even account for the money being made in the rental market. Many would-be flippers are hanging onto their investment homes and renting them out because rent prices have gone through the roof.
"Despite the gains being made in the market, there is still a big demand for rental properties," says Paffrath. "So, many investors are playing landlord. That way, they can make some money while they wait for sale prices to go up even further."
Some of the biggest strides are being made in Florida, where three metros were listed in RealtyTrac's top five list of profitable flipping markets. Deltona-Daytona Beach-Ormond, FL was at the top of the list, where the average flipper is making over $50,000 on each investment home.
"Florida is still a good place to get a really good deal," explains Paffrath. "Because the foreclosure process there is so slow, there are still distressed properties available at bargain-basement prices. That makes it's easier for flippers to make a big chunk of money."
For more housing market news and analysis, log onto http://realtypin.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/7/prweb10951500.htm