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The original item was published from 6/15/2020 3:54:53 PM to 10/17/2020 12:00:08 AM.

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* Hampton City News

Posted on: June 16, 2020

[ARCHIVED] House "flippers" count for a quarter of Hampton's home sales, report shows


June 16, 2020 - More than a a quarter of home sales in Hampton in the first quarter of the year were by house flippers — people who buy and renovate homes for a profit, according to a report compiled by ATTOM Data Solutions. That’s much higher than the national figure, which  is 7.5 percent of home sales, and makes Hampton the nation’s second-highest market for renovators.

City Assessor Gary James said: "As has been seen in Hampton over the past few years, renovated/new homes tend to sell faster than older/unrenovated homes." He said "the quantity of sales in Hampton has remained relatively strong during the first quarter. The inventory of homes decreased while sales remained strong."

Hampton is an older, mostly built-out city, and many of the homes in the city are older. According to  the Real Estate Information Network, a private multiple listing service for Hampton Roads, the median price of homes sold in Hampton has been steadily climbing since 2015. Other national statistics:

  • The average amount of time to renovate and resell a home was 174 days.
  • A higher percentage of flipped or renovated homes were to homebuyers using an FHA loan (typically first-time homebuyers) than in previous quarters.
  • The difference between the median purchase price and the median sale price after renovations was $62,300.

ATTOM is a national property database manager. This report counted home flips as any single-family home or condo sale in which a sale occurred on the same property within the previous 12 months.

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