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home flipping

steve carmody / Michigan Radio

The house flipping market appears to be cooling off in metro Detroit.  But it is heating up in other parts of Michigan.

Home flipping is where someone buys a home, fixes it up and sells it again quickly for a profit.  Hopefully. 

Michigan is not one of the hotter flipping markets.  But Daren Blomquist, with real estate tracking company Attom, says it’s getting warmer.

“We still saw nearly 1500 properties being flipped in the state during the quarter and that’s the ninth highest of any state nationwide,” says Blomquist.

Steve Carmody / Michigan Radio

Michigan house flippers were busy in first three months of 2015.

In house flipping, homes are bought to be immediately turned around and sold again.  

About 5% of the single-family homes sold in Michigan from January through March were flipped.  Nationally, only 4% of single family homes sold in the first quarter were flipped.  

Steve Carmody/Michigan Radio

House flippers in Michigan are having a tough time making money these days.

Before the recession, house flipping was a small, but very active part of Michigan’s real estate industry.

House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months.  Flipping flopped during the recession as plunging home prices took the profit away.

But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.