House flipping percentages plunged 18 percent down to just 7.2 percent of all home sales in Tampa Bay this year. This figure is the analysis from the second quarter of the year when compared to the same period last year, according to ATTOM Data Solutions.
House flipping is the term to describe when a home sells twice in 12 months, and is done for the purpose of investing. Pasco County had the highest percentage of flips in the state with 8.3 percent of all sales being house flipping sales. This figure brought Pasco county to a national ranking of 50th among all counties nationally.
Hillsborough was much lower and had a national ranking of 89th. Only 7.2 percent of sales were flips. Of Pinellas County home sales, only 6.5 percent of the sales were from house flipping. These figures are still way above the national average, so home buyers in Tampa Bay should find some comfort in these figures dropping, because less house flipping sometimes means less competition. Still, the reason for the decline in flipping is that rising interest rates are fewer potential buyers, because of rising interest rates.
So, potential home buyers should act swiftly before we see another rise in interest rates.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
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Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!
2818 FLORIDA AVENUE N TAMPA, Florida
1,640 SqFt 0.130 Acres
604 DR. MARTIN LUTHER KING JR BOULEVARD W TAMPA, Florida
1,637 SqFt 0.220 Acres
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6,835 SqFt 0.410 Acres
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
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