Home flippers moving to new markets in Michigan
The house flipping market appears to be cooling off in metro Detroit. But it is heating up in other parts of Michigan.
Home flipping is where someone buys a home, fixes it up and sells it again quickly for a profit. Hopefully.
Michigan is not one of the hotter flipping markets. But Daren Blomquist, with real estate tracking company Attom, says it’s getting warmer.
“We still saw nearly 1500 properties being flipped in the state during the quarter and that’s the ninth highest of any state nationwide,” says Blomquist.
Blomquist says Detroit has long been a busy flipping market, but flipped sales slipped in the third quarter of 2016.
“Detroit probably still has a lot of potential inventory to buy at a discount,” says Blomquist, “But there is a limited opportunity to sell it on the back end which the flippers have to keep in mind as well.”
Daren Blomquist suspects flippers are moving to other markets in Michigan that present a better chance at making a profit. He notes flips grew by double digits in Grand Rapids and Flint in the third quarter of the year.