As many Arizona residents are likely aware, house flipping is the act of buying a house or property with the intention of eventually selling it for profit. For many, this can be a potentially lucrative investment. However, it can involve many complicated logistics. Not only does an investor have to be aware of certain market trends, there are also often many legal complexities involved. Successfully navigating such real estate transactions often requires legal expertise.
According to reports, more homes were flipped in Maricopa County than any other U.S. county last year. Metro Phoenix is number one on a new report’s list of house flips, in spite of the fact that sales are down and home prices are up. What’s more, foreclosures have dramatically decreased, making it more difficult to find cheap lender-owned houses for the purpose of flipping them.
Despite this, 4,632 Phoenix area houses were flipped between April 2013 and March 2014. Reports say the average flipped price was $226,761 and the average purchase price of the homes was $172,547. One woman who has been flipping homes in the area for decades claims that now is a great market for those who have bought houses a couple years ago and are now hoping to flip them. However, some experts are predicting that flipping a home in Phoenix is becoming more difficult as the market trends toward buyers.
Whether a person is planning on buying, flipping or selling a Phoenix home, there are often legally complicated waters to tread. In order to ensure that real estate transactions go as smoothly as possible, it can be helpful to make sure each step along the way is guided by attorneys with expertise in real estate law.
Source: AZ Central, “Metro Phoenix tops the nation for house flipping,” Catherine Reagor, June 6, 2014