House flipping might seem popular on network TV shows on HGTV, but it seems as though most Americans are opting out of doing the heavy lifting (and flipping).
A new report released by real estate data firm, Attom Data Solutions, shows a 12% decrease in homes flipping from a year ago; this is the lowest number of house flips since 2015.
So why does this matter?
Well, to put it eloquently, Daren Blomquist, senior vice president at Attom Data Solutions explains that “home flipping acts as a canary in the coal mine for a cooling housing market because the high velocity of transactions provides home flippers with some of the best and most real-time data on how the market is trending.”
With inventory in a pinch, it keeps prices at a constant heightened level – which, could be why those house flippers aren’t exactly in the mood to jump on board.
What will this show the real estate market in the upcoming year? We’ll have to watch that canary to find out.
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