Kiest Park (Photo by Danny Fulgencio)
Almost 40 percent of homes sold last year in North Texas were purchased by house flippers, developers or investors, according to this report in the Dallas Morning News today.
That’s higher than the national average and the highest for this region since 2000, according to the newspaper story.
The report cites research from Attom Data, which found that more than 17 percent of homes in the Oak Cliff zip code 75224 were bought and sold within 12 months, the highest rate for any single North Texas zip code.
DMN real estate editor Steve Brown quotes Attom economist Daren Blomquist: “In Dallas, the prices have risen. If you are an investor, you probably are going to have to start going into what they might consider a neighborhood that’s a little bit lower-quality housing.”
Um, first of all? Rude.
But more important, all that investor traffic means it’s becoming increasingly harder to nab of a house before it’s snapped up by a cash buyer who will just flip it for profit.
