House Flipping On The Rise

October 13, 2016

In terms of both total sales and profit, house flipping is booming.

CNBC reports that house flippers in the second quarter of 2016 earned an average gross profit of $62,000, up from $57,900 a year ago. Also, 51,434 total sales of single family homes and condos were completed flips in the second quarter, up 14 percent from the previous quarter and up 3 percent from a year ago. Nearly 40,000 investors completed at least one flip in the second quarter.

The site told the story of a high-end house flipper who bought a $600,000 and put $400,000 worth of renovations into it. She is now looking to sell the house for $1.4 million.

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