"If you want to flip, do it now". This is the title of a recent article from Realtor Magazine online. 2013 brought about the return of flipping properties for tidy profits. However, while profits appear to be strong right now, this may be the peak.
According to Housingwire.com, "Flips accounted for 3.8 percent of all sales in the fourth quarter, down slightly from the third quarter and down from 7.1 percent year-over-year". Housingwire also reports that the lack of foreclosure inventory may make it difficult for investors to find properties to flip in the coming year.
So who is flipping property right now? Research shows that most flippers are most often those who are paying cash. Although flipping increased across all price ranges, flips on homes with a flipped sale price above $400,000 increased 36% from 2012, while flips on homes with a flipped sale price at or below $400,000 increased 17% from 2012.
If you are thinking about dipping your toes into the flipping pool, you may want to jump right in. We will be here for you when you do.