A recent report from Attom Data indicates that Americans are staying in their homes longer and delaying home improvement projects.
According to MarketWatch, home flippers are taking advantage of the older homes. Last year, the median age of a flipped home was 37 years, the oldest in nearly two decades. Flippers earned a median gross profit of $62,624, which translates to a record 49.2 percent.
In 2010, 69% of homes that were flipped were either bank-owned or in foreclosure, compared to just 43.1% in 2016. But flippers are still finding what they call “value-add opportunities,” Attom Vice President Daren Blomquist said. In today’s market, that’s properties that haven’t been spruced up in years.