With intense competition from U.S. and foreign buyers alike, a house flippers biggest concern is just finding properties which can be acquired at decent prices. Attracting families to actually buy the homes after renovation – that’s easy by comparison.
Chalk it up to today’s crunched real estate market. As demand for housing across the country rises — thanks to an improving economy and soaring rents that are forcing many families to consider buying instead — the appeal to flip a property for a profit intensifies. That rising demand coupled with the lack of available homes for sale means that prices are climbing through the roof.
This has forced flippers to broaden their search — geographically, but also in terms of the types of homes they’re considering. The average flipped house, for instance, has never been smaller, measuring out to only 1,422 square feet, on average.
Nevertheless, there is money to be made. Gross profits for flipped properties was almost $63,000 in 2016, with a 49.2% gross return on investment, according to RealtyTrac.
To get a sense of the top places to flip a home among the country’s largest metro areas, data was combined from two separate surveys (Trulia and RealtyTrac) that measured each market’s home flipping rate — that is, flips as a percentage of total home sales.
Check out the 25 top house flipping markets ranked by return on investment. [Source: www.msn.com]