Michigan house-flippers start the year busy
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.