This was in the confidential remarks of a listing priced at $870,000, and the agent is still has it in the active bin. Hopefully for his sake, it's in escrow by now! Alternative title for this blog post: How Many Flippers Are Out There?
The MLS has 14 SFR sales under $2,000,000 over the last 12 months in the 92014 - or about one per month. This flip is priced at $2,399,000 now after being on the market for a couple of weeks towards the end of last year for $1,999,999. They paid $1,665,000 in August.
This sold for $5,810,000 on April 28th of last year, which was the last peak of the market- mortgage rates were around 5% then and have risen to just under 8% today. It didn't stop or slow down a buyer from paying a whopping $6,300,000 cash for it today:
Could there be trouble brewing under the surface? Are there home sellers scrambling to get out with whatever money they can? Maybe get just enough net proceeds for the family to have a steak dinner at closing? It was like that last time.....but it's different now....
Home flipping is all the rage, and it complicates the demand for old houses and fixers because there are more flippers than buyers pursuing them. Agents get calls, texts, and emails every day from flippers begging to buy their listings. They offer to have the listing...
Thanks to Peter for sending in this sale that exemplifies how to get a good deal. Someimes you can get lucky and the listing agent does the work for you - and you just need to be in the right place, at the right time. We already saw this one where an out-of-town agent...
Because Opendoor listed this home for $1,100,000 right after they bought it for $1,081,000 (and did no improvements), it must have meant that they thought they stole it. The market thought otherwise, and some might think they were lucky to get what they did. Their...
The sellers paid $1,680,000 in July. They sold for $2,075,000 on Nov 3rd: It sold for $574,000 when new in 1998.
If you can't make a profit flipping houses in this market, well then yeah, you should probably stop (hat tip G.A.!) Real-estate firm Zillow Group is exiting the home-flipping business, saying on Tuesday that its algorithmic model to buy and sell homes rapidly doesn’t...
Here is who is providing the floor to the residential real estate market: Wall Street has made a mountain of money available to house flippers, and selling move-in-ready rehabs has rarely been easier. The challenge is finding beat-up and out-of-date properties that...
