As housing values across the country surge, the home flipping industry is back in vogue.Homes that are bought fixed up and then sold for quick profit accounted for 6.1 percent of U.S. home sales in 2016, News Radio 1200 WOAI reports.
That's the highest number since 2016, according to the real estate website Trulia, with San Antonio is seen as a hot spot for the speculative market.
Angela Shields, who heads the San Antonio Board of Realtors, say the flippers look for areas where prices are low and population is on the rise.
Currently, 48-percent of the market are prices $199,000 or lower."People have to act quickly when they see something they like because they're not only competing with those moving in to San Antonio but they're competing with investors as well," she tells Newsradio 1200 WOAI.
One of those investors is famed San Antonio home flipper Armando Montelongo, who is bullish on the market. He says, what is driving the trend, is a change in attitude towards the industry.
"When I first started flipping houses, it was seen as taking advantage of grandma's house," he tells Newsradio 1200 WOAI. "Now it is seen as a viable way to have a business and make money."
He predicts the San Antonio market will remain strong for home flippers, with 100 new families moving here every day.
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