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Some realtors holding off on flipping homes

Posted at 7:12 PM, May 19, 2021
and last updated 2021-05-19 19:14:46-04

LEE COUNTY, Fla. — Real estate broker Kerry Constantine says flipping houses during the pandemic isn’t as glamorous as the job may seem on reality television.

“It’s a hard time to pick up good deals, because we just don’t have the foreclosures that we had in the past,” she said.

A new study proves her right. According to the research group porch.com, Cape Coral is ranked the hardest place in the U.S. to find a fixer-upper. Even though Constantine turned a six-figure profit, transforming a $400,000 Fort Myers Beach home into a $900,000 one, she’s taking a step back.

“We’re probably going to be you know, sitting on the sidelines and waiting. Probably won’t be purchasing anything for that purpose in the near future,” she said.

Supplies and appliance costs are the second thing holding her back. She says the cost of replacing something as simple as a refrigerator jumped from $2300 when she started the project in February 2020 to $3800 as of Wednesday.

But, Brit Foshee who flips houses with Revitalize Homes says he’s actually making more money these days.

“As we hold the property in an appreciating market, it just gets you know more valuable as time goes on,” he said.

Just because he’s profiting more doesn’t mean flipping homes is a breeze.

“The biggest hurdles we’re seeing now is just finding the labor to do the work,” he said.

But he says even that won’t discourage him from doing the work he does.

“We’re paying more for properties just like the retail buyers are paying more. I think if you want to survive as a flipper, you’re going to have to be willing to fluctuate a little bit there,” he said.

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