In terms of both total sales and profit, house flipping is booming.
CNBC reports that house flippers in the second quarter of 2016 earned an average gross profit of $62,000, up from $57,900 a year ago. Also, 51,434 total sales of single family homes and condos were completed flips in the second quarter, up 14 percent from the previous quarter and up 3 percent from a year ago. Nearly 40,000 investors completed at least one flip in the second quarter.
The site told the story of a high-end house flipper who bought a $600,000 and put $400,000 worth of renovations into it. She is now looking to sell the house for $1.4 million.
PB Topical Ref
