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.