Good news for house flippers and anyone looking to get in on the action, as there are huge profits to be had from the undertaking.
According to CNBC, only four percent of home sales in the first quarter of this year were flips, but of the ones that did sell, their flippers made an average gross profit of $72,450. That number is up from $61,684 in the first quarter of 2014.
“The strong returns for home flippers in the first quarter demonstrates that there is still a need in this recovering real estate market for move-in ready homes rehabbed to more modern tastes,” Daren Blomquist, vice president at RealtyTrac, told the news site, “particularly given the dearth of new homes being built.”
Image via flickr/Kansas Sebastian
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