House-Flipping Is Back on the Rise in NYC

New York has become one of the country's top three markets for flipping homes.

House-flipping is back on the rise in New York City — specifically when it comes to homes with higher price tags, according to the New York Post. Citing research from RealtyTrac, the Post reports that more than 2,000 single-family homes were bought and resold within six months during the third quarter of this year — that's up 14% from the same quarter last year. Moreover, flipping of condos, co-ops and single-family homes priced at more than $750,000 has increased 56%.

This makes New York one of the country's three biggest markets for flipping right now, thanks in large part to the tight inventory, which has driven prices up and created a hot seller's market.

"The continued flipping is a sign that New York is moving from distress to a more healthy market," Daren Blomquist, vice president of RealtyTrac, told the Post. Lest you think this is a step in the wrong direction, house-flipping circa 2013 is a different beast from the reckless flipping that accompanied the mortgage crisis. Today all-cash transactions are more common and buyers trying to flip must pass more muster with lenders. "Credit being tight is part of the reality check here," Jonathan Miller, president of real estate appraisal firm Miller Samuel, told the Post.

Next Up

Always Have a Back-Out Plan: Contingencies You Must Have

When dealing with appraisals, loans and flaws in the condition of the house you're about to buy, having a contingency plan allows you to back out of the purchase with no penalty.

Q&A: A NYC Broker on the Benefits of 'Test Driving' Homes

On the fence about a prospective home? Some brokers are letting buyers try out homes before they sign on the dotted line.

How to Finance a New Home

Tips and insider secrets to getting the best financing deal.

Buying a Second Home: Are You Ready?

You'd love to have a second home, sure. But before you start house-hunting, ask yourself these questions.

10 Ways to Prep Your Home for Sale

Make your home stand out with a few easy improvements.

Options for Affordable Waterfront Living

How to find a bargain in pricey communities without drowning in debt.

How to Avoid Mortgage Default

Take these steps to deal early and openly with loan troubles.

The Moving Parts of an ARM

Here's how to weigh an adjustable rate mortgage against a fixed rate mortgage.

Foreclosure Defined

Foreclosure is not the most cheerful thing to think about, but it is an element of reality every homeowner should be aware of and comprehend fully so they can avoid it.

Sell Your House or Rent It?

Is it smarter to become a landlord than pay a big, fat capital gains tax? Here are the pros and cons of renting and selling your house.

Shop This Look

Found a living space you love in HGTV's Photo Library? Get the look in your own home with products from Wayfair.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.