ATTOM Data Solutions, curator of the nation’s largest fused property database, recently released their Q3 2016 U.S. Home Flipping Report showing there were 45,718 single family home flips, representing 5.1% of all single family home & condo sales in the 3rd quarter. Breaking down this number further shows that 67.9% of these flips were cash purchases – the lowest percentage in eight years. For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period. ATTOM Data Solutions uses publicly recorded sales deed data from more than 950 counties representing more than 80% of the U.S. population.
“While the macro trends of low housing inventory and rising home prices are favorable for flippers, they are also a double-edged sword, attracting more competition and reducing the availability of deals — particularly in the most fundamentally sound local markets,” said Daren Blomquist. “This is chasing some investors into markets and neighborhoods that may be less fundamentally sound but also offer more value-add opportunities for flippers in the form of aging housing inventory.”
Click here to read the full report on RealtyTrac.com
