They Call Him Flipper

When you buy a home, make quick improvements and resell it at a higher price it is known as flipping’. Our own San Francisco Bay Area is listed as one of the hottest areas for this type of activity.

As seen in an article on Yahoo today — “A number of firms have popped up that will purchase a [distressed] home at a 20% to 40% [market value] discount. These flipping companies then relist the home for a 30-day sale. If they can buy the home at, say, 70% of market value and put it on the market at 90% of market value, they can clear a cool 20% in 30 days.” Redfin is mentioned in this article with quite a positive spin — “potential flippers use software tools like Redfin.”

I am always impressed by the way people will come up with a way to make a negative situation into a positive one. This is cool – I like it! Of course having the article refer to the Bay Area as a “flipping market” did make me chuckle a bit after having lived in England for a while.