Fewer Homes Flipped In First Half Of Year

The opportunity to buy a home at a discount, fix it up and flip it for a profit is on the decline in Arizona .

The latest RealtyTrac study of the market shows there were 33 percent fewer single family homes flipped in the state during the first six months of this year, and 35 percent fewer in metro Phoenix . Even so, RealtyTrac Vice President Darren Blomquist says if you can find a good opportunity, you can still do well.

"Folks are making a gross profit of over $28,000, which represents a 16 percent return on the initial investment,” Blomquist said. “Those are great numbers, still for Phoenix ."

But Blomquist says with fewer homes on the market than six months or a year ago, the best time to flip a home in Phoenix has passed. 

He says that means the overall market is very healthy, robust and attracting a lot of interest.