House Flipping Market Drying Up?
Many of you have had a very good run buying distressed properties, homes in need of repair, and successfully rehabbed and resold them to make a profit. I believe with the recent real estate crash, we have experienced an unprecedented opportunity to "buy low" as the market bottomed, and maximize profits as the market began to turn.
Today, market conditions continue to improve. The number of foreclosures nationally continues to decline. Financing has gradually become easier (compared to 2008/2009). Home prices are increasing.
So my questions for the BP Community....
Is the home flip market drying up? Is this renovate and resell strategy a viable, long term, sustainable method to generate good returns?
I understand there will always be good deals, given ANY market conditions. A persistent and creative buyer who is willing to do the leg work should always be able to uncover good leads.
I guess I'm looking for opinions from the home flip veterans out there, and any anecdotal evidence you might share from your respective markets.
Thanks in advance for reading!