Jun 21, 2016
Dallas house flippers still taking the leap
DALLAS - The number of house flips in the Dallas-Fort Worth area jumped more than 20 percent in first quarter 2016 equaling almost 1,000 home flips, according to RealtyTrac. Nationwide, home...
DALLAS – The number of house flips in the Dallas-Fort Worth area jumped more than 20 percent in first quarter 2016 equaling almost 1,000 home flips, according to RealtyTrac.
Nationwide, home flips were only 3 percent higher than in first quarter of 2015, according to RealtyTrac’s Daren Blomquist.
The spike in North Texas home prices—up 40 percent in the last five years—is drawing flippers even if they have a hard time finding properties to buy, Blomquist said.
RealtyTrac estimates that flipper sales made up 5.8 percent of total home purchases in the DFW area in 1Q2016.
The North Texas neighorhoods with the most flips this year are in Plano, Mesquite and Carrollton, RealtyTrac found.
Distressed properties typically attract flippers and speculators, but those listings are dwindling in the DFW area.
“The average gross flipping profit is also up in DFW, at $48,961 per flip in 1Q2016, compared to $39,102 a year ago,” Blomquist said.
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