What market if better for flippers? Up or down?

[Yinan Q.]

I'd like to get everyone's opinion, especially those experience flippers who have been through at least one market cycle. Do you think a up market or a down market works better for flippers? 

I think in a upward trending market, it is harder to get a deal because of limited supply and intense competition. But once you get one, it's less likely to lose money because there is a good chance that the sale price will be higher than what you estimated originally. Of course that's assuming you did your home work before the purchase.

The supply demand balance shifts In a down cycle. There are more to choose from but this doesn't mean there are more deals. It's difficult to predict the sale price and it will take a longer time to sell.

What your thoughts are?