Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

InvestmentsMortgageReal Estate

Here are the top 10 best and worst places to flip a house

WalletHub ranks flipping potential by city

House flipping might be considered a risky investment, but more daring homeowners are taking it on in the hopes of raking in the cash.

A recent WalletHub study looked at 172 cities and ranked them based on market potential, renovation and remodeling costs, and quality of life to determine the best and worst places to flip a home.

But WalletHub also pointed out that house flipping returns aren't what they used to be.

Flippers profited an average of $60,000 per property in the first quarter of 2019. This is $2,000 less than flippers made the previous quarter, and $8,000 less than they made a year ago.

But it seems some HGTV-inspired reno lovers will not be deterred.

The house-flipping rate reached a nine-year high in Q1, ATTOM Data Solutions revealed, with 7.2% of all home sales representing a flip  up from the previous quarter’s 5.9%.

And, according to ATTOM, the average flip sold for a median price of $215,000 with the average timeline for completion totaling 180 days.

In the WalletHub study, Sioux Falls, South Dakota, was named the best place to flip a house, ranking high for low renovation and remodeling costs.

Bridgeport, Connecticut, ranked the worst place to flip a house, nabbing poor scores for market potential, renovation costs and quality of life.

Other cities also stood out.

Pittsburgh had the highest average gross return on investment, while Austin, Texas, had the lowest.

Montgomery, Alabama, had the lowest median purchase price at $50,000, while San Jose, California, had the highest at $867,000.
 
Memphis, Tennessee, has the highest share of home flips, while Albuquerque, New Mexico, had the lowest.

 

Here is WalletHub's list of the 10 best cities to flip a home:

  1. Sioux Falls, South Dakota
  2. Missoula, Montana
  3. Rapid City, South Dakota
  4. Billings, Montana
  5. Peoria, Arizona
  6. Tampa, Florida
  7. Fort Smith, Arkansas
  8. Greensboro, North Carolina
  9. Las Cruces, New Mexico
  10. Boise, Idaho

Here is WalletHub's list of the 10 worst places to flip a home:

  1. Los Angeles, California
  2. New York, New York
  3. New Haven, Connecticut
  4. Boston, Massachusetts
  5.  Wilmington, Delaware
  6. San Francisco, California
  7. Oakland, California
  8. Newark, New Jersey
  9. Yonkers, New York
  10. Bridgeport, Connecticut

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By

Latest Articles

This is your last chance to nominate a 2021 HousingWire Vanguard

You have to act now! Nominate your Vanguard before midnight tonight, Friday, July 23rd. HousingWire’s 2020 Vanguard Award program recognizes C-level industry professionals and business unit leaders who have become leaders in their respective fields within housing and mortgage finance — those whose leadership is moving markets forward, each and every day. Vanguards come from diverse backgrounds and […]

Jul 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please