When done right in a desirable real estate market, it can be quite a successful endeavor
(Las Vegas, NV) (PRWEB) October 23, 2013
Flipping – the act of purchasing a home and then reselling it within six months for a profit – has been a popular way for enterprising entrepreneurs to turn a buck in the United States. While the practice has seen its ebbs and flows in recent years, one constant remains; when done right in a desirable real estate market, it can be quite a successful endeavor says Antonio Sena, owner of Las Vegas-based Shelter Realty, Inc.
According to Sena, his firm sees the distinction of their hometown being ranked third in the nation for the competitive market of home flipping for profit as yet another steadfast sign that Nevada is indeed the largest hotbed of real estate activity going – and going, and going.
According to Vegas’s 8 News Now, 780 homes in the Las Vegas area were purchased and then resold between July and September of this year. While that volume showed an overall decrease of 15 percent from the previous quarter of 2013, the number of flipped homes still enabled Las Vegas to come in third nationally behind only Los Angeles and the New York City/Northern New Jersey metro areas.
The average price of homes purchased in Las Vegas during the third quarter of 2013 was $144,197; the average price those homes were then resold for was $190,910, adding up to an average profit for the flippers of $53,503 per house.
Another figure that illustrated Nevada’s overall real estate strength was the fact that Reno was 12th in line of flipping volume during the same July-September time period.
Flipping was more common during the housing bubble when investors could easily obtain bank loans, but after the housing bubble burst nationwide, the fact that flipping remains a viable means of business in the Southern Nevada region clearly demonstrates its rock-solid real estate market and the potential it still holds for future investment opportunities.
About Shelter Realty, Inc.
Shelter Realty is a full service Las Vegas real estate and property management firm with more than a decade of experience. Their services include rental property management, short sale assistance, real estate sales representing buyers and sellers, and rental relocation assistance. To learn more visit http://www.shelterrealty.com/.
Shelter Realty, Inc. is a Las Vegas Real Estate and Property Management Company. For more information about Shelter Realty, please contact us at 702-376-7379