Home flipping enjoyed a significant increase in profits in 2013, compared to the previous year. 77% of homes, which were resold 12 months later were sold for a gain.
According to Redfin, last year houses were flipped for $90,200 on average, while the number for 2012 is $71,800. The statistic shows that a significantly larger number of houses were flipped in 2012 but for much less money.
Redfin says that in 2013 San Francisco was the most profitable flipping market, with a gain of $194,600 per home on average. Atlanta, on the other hand, showed the lowest profit rates, with only $50,200 per home.
Read the full article at Nationalmortgageprofessional.com.