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Real estate rebounds, but caution urged on flipping
CLIFTON PARK -- The start of spring is usually quickly followed by the home buying season. This year, realtors are seeing a lack of “move-in ready” homes. Recently several companies have used reality TV stars to pitch flipping homes as a way to fill the void and make money.
“I think it's a big waste of money because these people are coming in from out of the area and they have no knowledge of our market and our market is one of the strongest in the nation,” said Realtor Jennifer Vucetic with Better Homes and Garden Real Estate Tech Valley. “We don't have the short sales and foreclosures that other markets have had. Our market is very solid, it's very busy. We’re seeing multiple offers and it's just the good things are really flying.”
One flipping seminar’s website has a disclaimer “most students attend the training and do not make money.” Instead, Vucetic encouraged buyers to use a team of experts to make a decision of what properties to purchase and any investments that may be needed.
Others disagreed about the market for flipping. Loan originator Drew Aiello said while he is seeing fewer homes on the market, it could also mean opportunity for some buyers.
“For house flippers if you have the liquidity it’s probably a great investment because there’s a lot of buyers out there and obviously you need buyers. The only thing with flippers is, if it's your first time be careful because the money is made on how they buy the house,” said Aiello.
Aiello and Vucetic agree the housing market is optimistic for most sellers as economic conditions improve.
“Housing is very strong and I think not just here locally, but throughout the country,” said Aiello. “You're starting to see the numbers, pending home sales are good, existing home sales are good and new construction looks good.”