If you’re considering buying, renovating, and selling homes in Philadelphia and the surrounding suburbs this busy spring season, you just may be in luck! The area was recently ranked #3 in the entire nation for home flippers in the later half of 2017, with an average gross profit of over $95,000. Pittsburgh, PA and Baton Rouge, Louisiana took the top two spots.
Image via Philadelphia Magazine
The reason, according to industry experts, is that the Philadelphia area has experienced significantly higher foreclosure rates than the national average. Additionally, many homes in the historic city are older (and therefore, more likely to be distressed) than the rest of the nation – in fact, the average flipped home was built in 1951, compared to the national average of 1978.
Interested in learning more about the home flipping business, and speaking with a respected real estate agent? EveryHome is lucky to have a number of successful agents with backgrounds in renovation, construction, and property management. Just give us a call at (215) 699-5555!