Home flipping is declining across the country, but some investors are banking on fast flips. They hope to turn properties around quickly to take advantage of the hot housing market.
The gross profit on a typical U.S. home flip fell in the first quarter to $63,500, or about a 38% return on investment compared to the original acquisition price, according to ATTOM Data Solutions’ Q1 2021 U.S. Home Flipping Report. The gross flipping ROI reached its lowest point since the second quarter of 2011.
Higher home prices are prompting investors to grow leery around home flipping.
Home flippers who sold in the first quarter took an average of 159 days to complete the transaction, the lowest since the third quarter of 2013, according to ATTOM Data Solutions.
Here are the top 10 markets with the fastest times to flip a home in the first quarter:
- Nashville, TN
- Boise City, ID
- Barnstable Town, MA
- Detroit, MI
- Greenville, SC
- Atlanta, GA
- Las Vegas, NV
- Fayetteville, NC
- Raleigh, NC
- Sacramento, CA
Article by REALTOR® Magazine, July 6th, 2021.
At our next free conference event on Thursday, July 15th from 11am – 2pm we’ll be joined by the Queen of Short Sales, Dwan Bent-Twyford to teach you how you can make $30,000 in 30 days by flipping houses (even in this crazy market!).
If you’re interested in learning how you can make huge profits by flipping houses you won’t want to miss this FREE presentation! You can click here to register now and save your spot.