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Michigan house-flippers start the year busy

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Steve Carmody
/
Michigan Radio

Michigan house flippers were busy in first three months of 2015.

In house flipping, homes are bought to be immediately turned around and sold again.  

About 5% of the single-family homes sold in Michigan from January through March were flipped.  Nationally, only 4% of single family homes sold in the first quarter were flipped.  

Statewide, house-flippers netted $52,260 per property in the first quarter. That was about $20,000 less than the national average, according to Realty Trac.

Detroit remains a busy flippers’ market, with more than 6% of homes sold in the first quarter. In that area flippers made an average gross profit of $68,466 per property.

But flipping doesn’t come cheap, as buyers usually spend money fixing up homes. It can also take a while to sell a home, so there are carrying costs associated with that. On average, it takes five months to flip a home in Michigan.

Steve Carmody has been a reporter for Michigan Radio since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.
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