{"id":19520,"date":"2014-06-19T05:00:39","date_gmt":"2014-06-19T12:00:39","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=19520"},"modified":"2020-10-06T17:08:36","modified_gmt":"2020-10-07T00:08:36","slug":"whats-up-with-the-flipping-market-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/whats-up-with-the-flipping-market-2\/","title":{"rendered":"What's Up with the Flipping Market?!"},"content":{"rendered":"

House flippers grossed more than ever in 2013, an average of $90,200 per home, and $194,000 in San Francisco<\/strong><\/em>
\nWith the housing market well into a fourth year of steep price gains, homes in 2013 were being flipped for more money than ever: an average of $90,200 per home. Redfin crunched the numbers all the way back to 2001 to see how flippers fared before and after the housing bust, and found that they have fared particularly well lately. For this analysis, we defined a flip as a home that was purchased and then sold again within 12 months.
\n\"Average<\/a>
\nIt\u2019s worth noting that gains are not profits. Home flippers, whether they\u2019re banks, companies or individuals, generally make improvements to a home before selling it. Those improvements can range from simple cosmetic changes to completely gutting an entire home, which makes it difficult to pinpoint actual costs for each of the homes in this analysis. But according to Remodeling Magazine<\/a>, replacing a door would cost somewhere between $1,000 and $3,000, while a major kitchen remodel could cost $55,000 or more.
\nRedfin agent Al Medina<\/a>, an experienced flipper himself, says that success in home flipping doesn\u2019t come without careful planning and cost consideration. \u201cPeople see house flipping shows on TV and think it looks easy, but it\u2019s always way more work and time than they anticipate, and there is a ton of risk inherent in house flipping,\u201d he said. “It takes an experienced eye to determine a proper scope of work and even with that there may be some unforeseen expenses. Rehabs can range from basic improvements, such as painting, re-carpeting, and updating kitchen and baths to full gut jobs, which can range anywhere from $60 to $120 per square foot.\u201d<\/p>\n

Who\u2019s Doing All the Flipping?<\/h1>\n

Many home flippers before the housing bust were individuals hoping to capitalize on huge price gains leading up to 2006. But after the bubble popped, banks had many foreclosed homes come on the books. By 2008, the majority of flippers were banks, who have since reduced their inventory of distressed housing. In 2013, bank real estate owned (REO) properties fell to their lowest levels since the foreclosure crisis, according to data provider CoreLogic.” In 2013, only 35.2 percent of house flips in these markets were bank-owned, compared with 72.2 percent in 2008. This year, bank REOs are up 15 percent<\/a>, signaling that they may be more active participants in the flipping market in the second half of 2014.
\n\"Percentage<\/a><\/p>\n

Gains from House Flipping Vary by Market<\/h1>\n

In 11 of the markets analyzed, the average gain from a flipped home was well over $100,000. San Francisco (average gain of $194,600), Long Island ($152,500) and San Jose ($152,000) were the three markets where home flippers saw the highest gains. On the other end of the spectrum, home flippers in Atlanta and Las Vegas saw average gains of $50,200 and $53,000, respectively.
\n\"Average<\/a><\/p>\n

Fewer Homes Being Flipped Than During The Boom<\/h1>\n

While big gains in home prices have created big opportunities for flippers, the number of homes being flipped is nowhere near the volume of 2005, which was the peak flipping year at 101,800 homes. The largest volume of house flips since the bust occurred in 2012, at 75,500 across Redfin markets.
\n\u201cIn 2005, homebuyers could easily access zero-down financing, which led to heightened activity from amateur investors who bought several homes without any upfront costs, and who planned to resell them at a profit,\u201d said Nela Richardson, Redfin chief economist. \u201cWhen the market crashed, those buyers were left in a lurch. Today, with low inventory, high demand and stricter mortgage standards, flippers are largely developers, corporate investors and all-cash buyers who are experienced and can act quickly to snatch up properties with flip potential. Unfortunately, high demand and low inventory have also limited the ability of average homebuyers to use sweat equity to renovate a property over several years and make a longer-term financial investment in a home.\u201d
\n\"Number<\/a>
\nEven though fewer homes were flipped last year than in the three previous years, the success rate has been higher. In 2013, 77 percent of homes that were purchased and sold again within 12 months were sold for a gain, while in 2008 roughly the same percentage were sold at a loss. In 2008, only 24 percent of flipped homes were sold for a gain.
\n\"Percent<\/a>
\nSome markets are seeing flipping activity increase this year when compared with year-to-date flipping activity last year, including Washington, D.C., Atlanta, Fort Lauderdale, West Palm Beach and Philadelphia. Los Angeles, Phoenix, Riverside, Calif., Washington, D.C., and Atlanta have seen the most house flipping when 2013 and 2014 are combined.
\n\"Level<\/a><\/p>\n

The Hottest Spots for Home Flipping<\/h1>\n

We looked at neighborhoods in each market to see where house flippers walked away with the biggest gains in 2013. Two neighborhoods in Washington, D.C.\u2014 \u00a0Petworth<\/a> and Brookland<\/a> \u2014 were among the top three, with average gains of $312,400 and $271,900, respectively. The Beaumont<\/a> neighborhood of Portland, Oregon, ranked second, with an average gain of $285,600.<\/p>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nMetro<\/strong><\/td>\nNeighborhood<\/strong><\/td>\nAverage Gain<\/strong>
\n from Flip<\/strong><\/td>\n		Average Pre-flip<\/strong>
\n Price<\/strong><\/td>\n		Average Post-flip<\/strong>
\n Price<\/strong><\/td>\n<\/tr>\n
#1<\/td>\nWashington, D.C.<\/td>\nPetworth<\/a><\/td>\n$312,400<\/td>\n$353,800<\/td>\n$666,200<\/td>\n<\/tr>\n
#2<\/td>\nPortland<\/td>\nBeaumont<\/a><\/td>\n$285,600<\/td>\n$345,100<\/td>\n$630,800<\/td>\n<\/tr>\n
#3<\/td>\nWashington, D.C.<\/td>\nBrookland \/ Catholic University<\/a><\/td>\n$271,900<\/td>\n$314,500<\/td>\n$586,400<\/td>\n<\/tr>\n
#4<\/td>\nLos Angeles<\/td>\nMid-City<\/a><\/td>\n$239,900<\/td>\n$426,500<\/td>\n$666,400<\/td>\n<\/tr>\n
#5<\/td>\nLos Angeles<\/td>\nMount Washington<\/a><\/td>\n$236,300<\/td>\n$342,000<\/td>\n$578,200<\/td>\n<\/tr>\n
#6<\/td>\nWashington, D.C.<\/td>\nFort Totten<\/a><\/td>\n$233,300<\/td>\n$284,900<\/td>\n$518,200<\/td>\n<\/tr>\n
#7<\/td>\nWashington, D.C.<\/td>\nStadium, Armory<\/a><\/td>\n$230,400<\/td>\n$314,500<\/td>\n$544,800<\/td>\n<\/tr>\n
#8<\/td>\nSan Francisco<\/td>\nSunset District<\/a><\/td>\n$225,600<\/td>\n$666,300<\/td>\n$891,900<\/td>\n<\/tr>\n
#9<\/td>\nLos Angeles<\/td>\nSherman Oaks<\/a><\/td>\n$214,000<\/td>\n$444,900<\/td>\n$658,800<\/td>\n<\/tr>\n
#10<\/td>\nSan Francisco<\/td>\nBayview District<\/a><\/td>\n$196,200<\/td>\n$338,600<\/td>\n$534,800<\/td>\n<\/tr>\n
#11<\/td>\nSan Jose<\/td>\nCambrian Park<\/a><\/td>\n$195,000<\/td>\n$527,700<\/td>\n$722,700<\/td>\n<\/tr>\n
#12<\/td>\nLos Angeles<\/td>\nHighland Park<\/a><\/td>\n$191,400<\/td>\n$310,600<\/td>\n$502,000<\/td>\n<\/tr>\n
#13<\/td>\nLos Angeles<\/td>\nAltadena<\/a><\/td>\n$189,300<\/td>\n$358,500<\/td>\n$547,800<\/td>\n<\/tr>\n
#14<\/td>\nSan Francisco<\/td>\nVisitacion Valley<\/a><\/td>\n$180,100<\/td>\n$386,700<\/td>\n$566,800<\/td>\n<\/tr>\n
#15<\/td>\nLos Angeles<\/td>\nEncino<\/a><\/td>\n$172,800<\/td>\n$367,700<\/td>\n$540,500<\/td>\n<\/tr>\n
#16<\/td>\nPhoenix<\/td>\nCamelback Corridor<\/a><\/td>\n$169,800<\/td>\n$344,900<\/td>\n$514,700<\/td>\n<\/tr>\n
#17<\/td>\nLos Angeles<\/td>\nLake Balboa \/ West Van Nuys<\/a><\/td>\n$153,400<\/td>\n$296,300<\/td>\n$449,600<\/td>\n<\/tr>\n
#18<\/td>\nSeattle<\/td>\nRainier Valley<\/a><\/td>\n$153,000<\/td>\n$222,300<\/td>\n$375,300<\/td>\n<\/tr>\n
#19<\/td>\nSan Jose<\/td>\nAlum Rock-East Foothills<\/a><\/td>\n$146,400<\/td>\n$320,100<\/td>\n$466,500<\/td>\n<\/tr>\n
#20<\/td>\nBaltimore<\/td>\nCanton<\/a><\/td>\n$145,600<\/td>\n$162,200<\/td>\n$307,900<\/td>\n<\/tr>\n
#21<\/td>\nLos Angeles<\/td>\nNorthridge<\/a><\/td>\n$145,200<\/td>\n$353,300<\/td>\n$498,500<\/td>\n<\/tr>\n
#22<\/td>\nSan Diego<\/td>\nPoway<\/a><\/td>\n$144,700<\/td>\n$400,900<\/td>\n$545,600<\/td>\n<\/tr>\n
#23<\/td>\nSeattle<\/td>\nWest Seattle<\/a><\/td>\n$143,400<\/td>\n$220,300<\/td>\n$363,700<\/td>\n<\/tr>\n
#24<\/td>\nLos Angeles<\/td>\nLeimert Park<\/a><\/td>\n$142,600<\/td>\n$261,000<\/td>\n$403,600<\/td>\n<\/tr>\n
#25<\/td>\nLos Angeles<\/td>\nGranada Hills<\/a><\/td>\n$142,400<\/td>\n$361,400<\/td>\n$503,800<\/td>\n<\/tr>\n
<\/td>\nCombined Markets<\/strong><\/td>\n\u00a0<\/strong><\/td>\n$90,200<\/strong><\/td>\n$201,700<\/strong><\/td>\n$291,900<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If you\u2019d like to stay up to date on all of Redfin\u2019s reports, please subscribe to the RSS feed<\/a> here or follow us on Twitter<\/a>, Facebook<\/a>, or Google+<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the housing market into its fourth year of price gains, homes in 2013 were being flipped for more money than ever: an average of $90,200 per home.<\/p>\n","protected":false},"author":13524,"featured_media":2931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"coauthors":[],"class_list":["post-19520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"\nWhat's Up with the Flipping Market?! - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"With the housing market into its fourth year of price gains, homes in 2013 were being flipped for more money than ever: an average of $90,200 per home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/whats-up-with-the-flipping-market-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What's Up with the Flipping Market?!\" \/>\n<meta property=\"og:description\" content=\"With the housing market into its fourth year of price gains, homes in 2013 were being flipped for more money than ever: an average of $90,200 per home.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/whats-up-with-the-flipping-market-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-19T12:00:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T00:08:36+00:00\" \/>\n<meta name=\"author\" content=\"Troy Martin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Troy Martin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/\"},\"author\":{\"name\":\"Troy Martin\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/4b3636b58cf5fa5d7665f5f22b65d6b6\"},\"headline\":\"What's Up with the Flipping Market?!\",\"datePublished\":\"2014-06-19T12:00:39+00:00\",\"dateModified\":\"2020-10-07T00:08:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/\"},\"wordCount\":943,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2014\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/whats-up-with-the-flipping-market-2\\\/\",\"name\":\"What's Up with the Flipping Market?! 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