The home flipping business may not necessarily be a full-time gig, according to new data. The often highly profitable practice is being more and more conducted by 'casual flippers', or those who complete such transactions once a quarter. Nearly 70 percent of all single family homes and condos flipped in the first quarter of 2017 were by infrequent investors. This information is according to ATTOM Data Solutions' Q1 2017 U.S. Home Flipping Report.
Flipping a home is when a property is sold for the second time within a twelve month period. Investors conduct an arms-length transaction in which the home is renovated and sold for a higher price.
In addition to the overall volume of flipped homes being conducted by mom-and-pop investors, the profit being realized is climbing. In parts of San Diego County, over 16 percent of homes sold in the first quarter of this year were flipped properties with investors seeing up to $150,000 in profit.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.125 percent.
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