With rising home prices, investors are eyeing house flipping again as a way to make a profit in real estate.
Much of the house flipping is centered in California, where prices are on the rise by some of the highest amounts. For example, the number of homes sold in California recently that have been bought and resold within six months has reached its highest level since late 2005, according to PropertyRadar research. About 5 percent of all homes in the state have been flipped this year through April, according to the data.
House flipping is different from the housing bubble days. For example, in a tight lending environment, house flippers nowadays are mostly using all-cash transactions for their home purchases. Also, many investors are fixing up foreclosures or neglected homes that other buyers may pass up. Neglected homes almost always have neglected appliances and plumbing. House flippers will then seek professional plumbing services such as a 24/7 Emergency Water Heater Repair service to fix the water heater. Home buyers are expecting to have a functioning water heater so the water heater repair must be done before listing the home. Homeowners can benefit a lot by searching “hot water tank repair near me” before buying an old house. The home’s curb appeal must also be enhanced. To do this, driveways full of holes or cracks must be fixed with the help of an asphalt services contractor. The lawn must also be revitalized.
Still, some in the housing industry are concerned that investors are snatching up the limited inventories of homes for sale from other buyers.
Flippers get a “bad rap” in the public eye, says Robert Ganem, who flipped about 20 houses in the last year. “Most buyers want a home that’s move-in ready. We come in and make repairs that a bank or an underwater owner is not going to do.”
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