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(London.CityRegions.com, June 15, 2013 ) England, UK -- While home prices continue to rebound in the Sonoma County area over the course of 2012, the real estate investors jumped into the market in order to flip hundreds of properties for increasingly ridiculous gains, according to a new study.
Nearly 10% of all homes sold in the area within 2012 was purchased and sold within a six-month window, according to RealtyTrac, an information firm for real estate. The short-term buy and sell action seen in such cases is known as 'flipping' wherein a purchasing entity is looking only to make profit on ownership, and not actually own the property.
In 2012, 5267 homes were sold twice within the six month period, which constituted a 47% increase from the year prior, according to RealtyTrac.
Investors put into the local market for solid reasons (from their standpoint). The Sonoma County area was among the most valuable in 2012. The ability to make quick fixes to investments and sell them for absorbent prices meant profit for all who didn't actually want to live in a residence, according to RealtyTrac.
The study, which was created in order to measure the average spread between purchase price and sales prices for the flipped homes, found Sonoma County to be in the Top-20 areas for profitability. It outranked over 600 metropolitan areas with its placing. The Top-25 communities include the San Diego, San Jose, Sacramento, San Francisco, areas. Outside of California areas that ranked highest were Las Vegas, Phoenix, and Miami.
“I think the number one reason they're on the list is because of rising home prices,” said Daren Blomquist, a vice president at RealtyTrac.
The firm estimated that the media in the Sonoma County area had a home value of 116% compared to the 2011 numbers. That placed the area as one of the highest increases. Flippers had an average payout of $285,000, while being able to 'flip' the house for an average of $338,903, which constituted a 19% profit on average.
About HouseBuyerValuation.co.uk
House Buyer Valuation (http://www.housebuyervaluation.co.uk) provides services on property value assessment for home buyers. Whether looking to buy or quick house sale, House Buyer Valuation assures a good property valuation that renders you a profitable investment.
HouseBuyerValuation.co.uk
Benjamin Wrights
4157669098
news@postpressrelease.com
Source: EmailWire.Com
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