Survey: Minnesota hot place to flip houses in 2013

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Despite a decline in house flips from 2012, Minnesota remained a hot place for quick turnaround sales in 2013, the Star Tribune reports.

Citing a new survey by RealtyTrac, 6.6 percent of all house sales in Minnesota last year were from house flips – when a single-family home is bought and sold within a six-month period of time.

By comparison, only 4.6 percent of all housing sales in the U.S. were from house flips.

On average, RealtyTrac says house-flippers nationwide grossed an average of $62,000 per sale in the fourth quarter, and an average of $58,000 per sale for the entire year.

Overall, the number of house flipping sales in Minnesota decreased 9 percent from 2012 to 2013. Nationwide, house flipping increased 16 percent in 2013.

When people had success flipping houses nationwide in 2013, it happened slightly quicker than the year before.

RealtyTrac says the average time it took to flip a house was 84 days in 2013, down from 86 days the year before. On average it took 100 days for house flippers to complete a sale in 2011.

The Star Tribune reported in November that the biggest trend in house flipping in Minnesota was with luxury homes.

That trend falls in line with RealtyTrac's survey, which found a big increase nationwide in 2013 with houses flipped for a price of $400,000 or more – a 36 percent increase from 2012.

MSN notes that home flipping is harder than it looks and urges people considering it to take proper steps before committing to such a venture.

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