Are (Some) Real Estate Investors Shying Away from Home Flipping?6/17/2017
As 2017 home buying season picks up steam, some home investors are shying away from home flipping. According to ATTOM Data Solutions, home flipping through the first quarter of 2017 is down 6 percent from a year ago – which is the lowest number in tow years.
But, what’s more interesting is that more investors are actually turning to financing through banks for their home flips. In Q1 of 2017, purchases with financing rose to about one-third of total purchases. The reason for this has to do with lower interest rates from lenders for non-owner-occupied homes.
Here in southeast Michigan, ATTOM provides some great cities that provide a great Gross ROI on their flips outside of Detroit, which is at an average of 116.5% Gross ROI:
- Saint Clair Shores (48081) – 89.0 %
- Eastpointe (48021) – 83.1%
- Warren (48088) – 76.2%
- Roseville (48066) – 75.2%
- Saint Clair Shores (48080) – 67.0%
- Clinton Township (48035) – 51.6%