SIMI VALLEY (CBSLA.com) — The successful return of Home Flipping in California is indicative of the housing market’s recovery.
Experts are saying that recent home flipping is coming back due to low interest rates and the recent strength of the housing market.
Home flipping refers to the buying and renovating of a home with the intention of selling for a profit.
According to real estate data firm, Property Radar, the number of homes sold over recent months that have been flipped, or bought and re-sold within six months, has reached it’s highest level since 2005.
In California alone, 6,000 homes were reportedly flipped between January and April of this year.
“The demand is so great, the supply is low,” Troop Real Estate’s Robin Karcich said. “So everybody is getting multiple offers.”
Property values increase in neighborhoods where distressed homes are flipped, and Karcich suggests the buyer and seller can mutually benefit.
“Flippers can be anybody, ” Karcich said. “It’s for anybody who wants to take the chance, and jump in and go ahead and do it.”