St Louis House Flips Increase In 4th Quarter of 2019

There were 737 homes “flipped” in the St Louis metro area during the fourth quarter of 2019, or 7.2% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Solutions.  This is an increase of 9% from the prior quarter and is a decrease of 6% from a year ago.  The median gross profit was 64.450 a 71% gross ROI and a significant increase from a year ago when the Gross ROI was 54.1%.

Definition of a  “flipped” home…

For the purposes of this report, a flipped home is considered to be any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months.  Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.

  

St Louis House Flipping – 4th Quarter 2019

St Louis House Flipping - 4th Quarter 2019© 2019 – St Louis Real Estate News, all rights reserved

Where Are The Best Places To Flip Property?

The best places to flip property in the U.S. are, with the exception of Wright County Minnesota, all east of the Mississippi extending from as far north on the east coast as New York to as far south as Florida, according to a report just released by RealtyTrac.  For this report, RealtyTrac looked at property that was “flipped” (bought and then resold within the same period…often times done by an investor for profit) during the one-year period from April 2013 through March 2014,  and ranked the counties based upon the gross return on investment made in those flips.  One thing to keep in mind, this is just a “gross margin” or simply the difference between what the house was bought for and then resold for during the period without taking into account the expenses involved in the acquisition and sale, cost of rehab and improvements that were done or carrying cost.

Here in St Louis there are only two counties that were including in the report, St. Charles County and St Louis County (in which they included the city of St Louis as well).  For St Charles county there were 98 flips during the one-year period and  the average gross return on investment was 66.95%.  For St Louis County (and city) there were 399 flips with an average gross return on investment of 25.32%. There is a US interactive heat map below where you can look up info for counties around the country.

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House Flipping In St Louis Up 68 Percent From Year Ago

St Louis Realtor - Dennis Norman - Past President, St Louis Association of REALTORSHouse flipping in St Louis is on the rise according to the 3rd quarter house flipping report just released this morning by RealtyTrac, the foreclosure tracking gurus.  What is “house flipping”?  Well, back when I entered the real estate business (1979) and began buying and selling homes, a “flip” was referred to as a house we sold and would close the our purchase, as well as our resale, on the same day.  Today, “flipping” is applied to a home that is bought and then resold within a short period, for the purposes of the RealtyTrac report, 6 months.

The RealtyTrac report shows, during the 3rd quarter, there were 346 houses flipped in the St. Louis metro area, a slight decrease (10%) from the prior quarter, but a 68% increase from a year ago.  The average price paid for a St Louis flip was $124,102 and the average price it was resold at was $142,370.  The table below shows complete data for the metro area as well as for St Louis City & County and St Charles county.

Interested in Flipping Property?
Buying Foreclosures is a good place to start.
Search St Louis Foreclosures HERE

For Advice on How to Buy St Louis Foreclosures From A 2000+ Home Buyer Investor click here. (would you consider a “LIKE” in exchange?)

Continue reading “House Flipping In St Louis Up 68 Percent From Year Ago

FHA Extends ‘Anti-Flipping Waiver’

The Federal Housing Administration (FHA) announced the temporary waiver of the “anti-flipping” rule has been extended through December 31, 2011. In my opinion the “anti-flipping” rule was a bad idea to start with and in the current housing market the last thing we need is anything to discourage investors from buying homes so this is a good move by FHA.

Continue reading “FHA Extends ‘Anti-Flipping Waiver’