Home flipping – which typically refers to the practice of buying a home, renovating it, and selling it for a profit – is popular again and, according to one recent analysis, has now returned to levels not seen since 2006. ATTOM Data Solutions’ Year-End 2017 U.S. Home Flipping Report shows that the number of single-family homes and condos that were flipped in 2017 was at an 11-year high. But, while home flipping got a bad name after the housing crash, this time is different. “The surge in home flipping in the last three years is built on a more fundamentally sound foundation than the flipping frenzy that we witnessed a little more than a decade ago,” Daren Blomquist, senior vice president at ATTOM, said. “Flippers are behaving more rationally, as evidenced by average gross flipping returns of 50 percent over the last three years compared to average gross flipping returns of just 31 percent between 2004 and 2006.” This is the first time in more than a decade that there have been more than 200,000 home flips in consecutive years. More here.
Property investment and flipping in New York is unique in so many ways. It presents an abundance of state-specific intricacies which are not generally addressed in many media outlets. We at Ferruggia & Calisto, LLP pride ourselves in becoming invaluable advisors to both new and seasoned investors by:
- De-mystifying the many property marketing systems including online platforms
- Decreasing the overall project timeline and resulting holding-costs
- Taking advantage of all available closing cost incentives
- Maximizing project returns
If you are a real estate investor or are thinking of becoming one, please contact one of the seasoned attorneys at Ferruggia & Calisto, LLP before you make your next move.