Home Flipping Is Hot In Metro Detroit

Home flipping in the city of Detroit is hot, up 13 percent from the national average a year ago during the same third quarter period.

Reality Track has just released on a new report on “flipping houses” — the practice of buying a house in need of repair, making some fixes, then re-selling as soon as possible at a profit. Detroit, along with Los Angeles and New York, is experiencing a double-digit increase in house flipping.

It’s a good sign for Metro-Detroit, but area home prices have yet to return to their high mark.

Prices are not bact to the prices there were in 2006 but in some areas the figures are about 75% there.

The report also shows that real estate investors made an average gross profit of nearly $55,000 on single family home flips in the third quarter.

It’s not only the city that has seen improvement, areas including western Wayne, Washtenaw, and Oakland Counties,  are on the upswing. The study shows the $700,000 and higher market benefiting the most.

If  anyone that is interested in house flipping now could be the best time to get involved while the market is growing.

Interest rates are still at a historic low, and with that alone, people should be thinking about investing.

Ronald Dwyer is a Real Estate Agent working with buyers and sellers.  He is also  an independent insurance agent licensed in Michigan for Home - Auto – Motorcycle - Watercraft - Business Insurance. He can be reached at rondwyer@roninsureme.com or 248-390-6345. His real estate website is http://www.dwyerproperties.com His Insurance Website is http://www.roninsureme.com or Twitter @ronalddwyerin sFacebook: http://www.facebook.com/dwyerinsurance / Linkedin:http://www.linkedin.com/in/ronalddwyer