Oct
15

Chicago Property Flipping on the Rise

October 15, 2012

cook county homes being flippedMany Cook County homes are being property flipped once again. According to RealtyTrac, more than 1,067 homes in the Chicago metro area were flipped during the first six months of 2012. This is a 30 percent increase from 2011.

While the re-growth in property flipping still hasn’t reached 2010 levels, home prices remain low, which means investors are snatching up good opportunities. Property flipping is growing across the nation in general, and the U.S. market as a whole is experiencing a 25 percent increase from 2011 levels of property flipping.

RealtyTrac defines property flipping as a house that is renovated and then sold at a discounted price within a 90 day period. Most flipped properties are the result of distressed sales.

Property flipping can prove to be quite profitable if ‘flippers’ are experienced and skilled. For example, the average profit for a flipped home in Cook County is more than $55,000, not including any rehab and carrying costs. Normally, it takes an average of 114 days to flip a property.

Would you ever considering ‘flipping’ a home?

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