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Joe LaVallie

House Flipping in 2013

Monday, June 17, 2013 - Article by: Joe LaVallie - HomeStreet Bank - Message

Has the market recovered enough to attract the "house flippers" Yes it has because several markets are rebounding off the bottom. So what is house flipping? It is when you buy a distressed house, make mostly cosmetic repairs and sell it as fast as you can. There were a lot of investors who got caught with their flip when the market changed.

So where are flippers being active? The Southwest states are offering great opportunities. States like Arizona and Nevada. There is also a lot of activity in Florida.

These markets crashed very hard. With the free fall these markets are ripe for significant price recovery.

Both Phoenix and Las Vegas are seeing activity. The numbers vary, but most reports show Phoenix increasing 33% the last year. Las Vegas had the highest foreclosure rate for several years.

Declining foreclosure inventory has helped home prices rise. Nevada and Florida has some of the highest foreclosure rates and those rates are spiking.

Recent reports indicate that approximately one out of three hundred homes has received a foreclosure filing in Nevada. The national number is about one out of eight hundred and fifty.

So Phoenix is recovering and Las Vegas is struggling. What is your market doing? If you are knowledgeable about your market place you can help flippers find properties and help buyers buy the right property that will help them build equity.

Know your market and help your clients make money and your business will grow.

Joe LaVallie
The Integrity Team
Mortgage Banker
HomeStreet Bank
22001 66th Ave W
Mountlake Terrace WA 98043
NMLS ID#111363
425-678-7604 Direct
1-800-761-7788 ext 7604
206-743-4722 Cell
Fax 206-512-1911
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