Date Archives: March 15th, 2020
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Flip or flop? Dallas-area home flippers see profits slip 7% in 2019
The number of flips were up for the year in D-FW and nationwide, but local profits are much lower than the U.S. average.
Dallas-Fort Worth house flippers had much lower returns than the national average in 2019, making only $36,629 in profit compared with an average of almost $39,000 in 2018, according to a new report by Attom Data Solutions. Nationwide, flippers made an average of $62,900 — down from $65,000 in 2018 and $66,899 in 2017. Flipping returns fell even though the price of properties has risen steadily in the last few years.
For all of last year, there were an estimated 4,924 home flips in the D-FW area — up about 1% in total numbers from the year before. In the fourth quarter, Attom Data tracked 1,094 home flips in the Dallas-Fort Worth area, which was 1% less than in the same period of 2018. With home prices higher across the board in D-FW, investors are finding fewer undervalued properties to be fixed up and resold. The average flip house in North Texas sold for $233,004 and took 177 days to turn over. Home flips accounted for 6% of total D-FW home sales last year, and the D-FW area ranked 11th nationally for total 2019 home flips.
More than 56% of flip homes purchased last year were all-cash transactions, Attom Data found.
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- Dallas Morning News, March 7, 2020
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