Real estate research firm RealtyTrac released data on Friday showing that the quick reseale of homes bought for investment provides the best returns in Pittsburgh. According to the company's Q2 2014 U.S. Home Flipping Report, Pittsburgh's 'flippers', as the trade's practitioners are known, more than doubled thir money in 2014 via the practice.
According to the report:
Nearly 31,000 single family homes were flipped nationwide in the second quarter of 2014 — where a home is purchased and subsequently sold again within 12 months — representing 4.6 percent of all U.S. single family home sales, down from 5.9 in the first quarter of 2014 and down from 6.2 percent in the second quarter of 2013.
Investors averaged a gross profit of more than $46,000 per flip on homes flipped in the second quarter of 2014, a 21 percent gross return on the initial investment. The average gross return was down from 24 percent in the first quarter and down from 31 percent a year ago, which was the peak in percentage return on flips nationwide since RealtyTrac began tracking the flipping data in the first quarter of 2011.
Here's s eries of graph's from the company's research.
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