The average gross profit for house flipping is now at its highest level since ATTOM Data Solutions began tracking flips in 2000. In the second quarter of this year, house flippers realized an average gross profit of $62,000, up from $57,900 in the second quarter of 2015.
CNBC’s Diana Olick spoke with Dana Rice, a real estate agent and house flipper, who has put $1 million into buying a home in Bethesda, Md. and remodeling it. Earlier this month, Rice put the home on the market for $1,469,000.
"There is always a market for high-end because you're differentiating your product from, let's say, the masses," said Rice. "In this particular area, for this particular house, I'm very confident because I feel as though the product we delivered — we really sweated the details on it, and I'm already getting great response from people who are looking at fixtures, textures colors, and it's not what they see in the general renovation flip."
The home hasn’t sold yet, but Rice is confident it will soon.