What is a flip anyway? I have a friend who bought, lived in, and sold 2 houses in the last 3 years. Now he’s stuck in his current house with no prospects of making money. He is listing it $110k over his purchase price but cannot really lower the price because of all the improvements he’s made. And he doesn’t to “give it away.” He never planned to live long term in that house and wants to get out. I consider him a flipper.

I would out on a limb and suggest that 50% of all the buyers in the last 3 years are in his situation — people who gambled on appreciation.