NJ Home Flips Rank Among the Best [AUDIO]
New Jersey is one of the best states for flipping a home, according to 2013 numbers from housing data site RealtyTrac.
Buying and selling the same home offered flippers an average gross profit of nearly $93,000 in New Jersey last year, compared to a national average of $58,081. New Jersey ranked fourth among the states, and fifth when considering the District of Columbia.
Superstorm Sandy may have played a role in the Garden State’s admirable figures. RealtyTrac Vice President Daren Blomquist said flippers add value when they can swoop in and buy a property in distress.
“Properties damaged by the storm – that would actually be an ideal property for a flipper to come in and buy up, maybe at a discounted price, and rehab and get it back into good condition again for another buyer,” Blomquist said.
In Ocean City, where homes suffered significant damage during the storm, flippers made an average profit of more than $150,000.
Flips represented 7.6 percent of all New Jersey home sales in 2013, a big jump from just 1.9 percent in 2011.
Investors purchased and resold more than 156,000 homes nationwide last year.