Fix-and-flip houses are always fun to talk about. As the many TV shows have popularized, it’s watching the progression from outdated structures requiring renovations and repairs to transforming the property into a desirable real estate investment for a buyer. With single-family home sales on the rise, the market has seen a dramatic increase in the successful sale of fix-and-flip homes as well.
In fact, according to a recent report from property data provider ATTOM Data Solutions, 53,705 single-family homes and condominiums in the United States were flipped in the first quarter of 2020. This increase of 6.3 percent over the prior year also was the highest the market had seen since the second quarter of 2006.
Great news also came for investors who saw confidence-boosting in terms of market health and also profits, as the report found that gross profits from a home flip were also on the rise, reaching over the $60,000 mark on average.
Some of the hot spots listed in the report where increases in home flips are the highest include areas of Massachusetts (Boston and Springfield) as well as Washington, Pennsylvania, and Minnesota.
As reported previously, the U.S. Census Bureau also recently announced a 5.8% increase in home builders who are now starting new construction projects. As of March 1, 2021, construction spending again jumped in January another 1.7 percent to reach $1.521 trillion.
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