David Seibert, who is doing the flip in Church Hill, said the flipping market in the Richmond area has changed over the years.

“Back when the market was deep in the recession, the house you wanted to flip was for first-time homebuyers who weren’t under water with another house,” owing more than their house was worth, he said.

“Interest rates were super-low, and there were tax incentives for first-time buyers. You wanted to have your flip land in the middle of the market — the average house in the neighborhood.”

Now, there’s a lot of scarcity of homes for sale, he said.

“Sellers can sell their houses for prices they feel good about, so there’s opportunity to sell flipped houses to second- and third-time homebuyers. ... People doing the best flips and making the most money are experienced people who can deliver a nice product and sell in the top range. That is the sweet spot.”

Even though the flipping market hit year-over-year highs last year, it is still on the rise, said Blomquist with Attom Data.