Excerpts from “If you’re a home flipper, chances are that the past few months have been very good to you” by Jennifer Karmon in Yahoo Homes.
According to figures just released by RealtyTrac, gross profits have soared an average of 246 percent nationwide in the first half of this year compared with the same period last year. The average flipper — someone who sold a single-family home between January and June after owning it for six months or less — sold a home for $18,391 more than the purchase price.
Flipping activity continues to increase too, RealtyTrac says: 19 percent more homes were flipped in the first half of the year compared with the same period last year.
Flipping is risky business. Just two years ago during the January-to-June period, flippers lost an average of $13,206 per home. Last year they turned an average profit of just $5,321.
Out of the nation’s 15 most profitable metropolitan markets for home flipping, almost half were in Florida.
Home-flipping, defined as buying and selling the same home within six months, came roaring back in the first half of this year. There were 136,184 homes flipped, an increase of 19 percent from a year ago and 74 percent from the first half of 2011, according to a new report to be released Friday by RealtyTrac.
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