News

HomeUnion: Top U.S. cities for investment bargains

2016-12-01

NEW YORK – Dec. 1, 2016 – During Cyber Monday week – the first week of the unofficial holiday season – everyone looks for a great deal, and real estate has plenty to offer too.

HomeUnion, an online real estate investment and management firm, released a list of the best places to find online bargains for investment housing on Cyber Monday.

In markets like Chicago; Greenville, S.C.; and Birmingham, Ala., investors may have the best chances of scoring wintertime discounts on single-family rental property, potentially saving 11 percent by buying properties now. In these markets, median home prices are $109,000 in the winter months compared to $122,000 during the spring and summer buying season.

"Cyber Monday is the perfect time for investors to shop for these SFRs (single-family residences), since they will already be taking advantage of seasonal discounts," says Steve Hovland orologi replica cartier, director of research for HomeUnion. "In all of the metros HomeUnion operates in, median home prices decline significantly on Cyber Monday. Before the Fed raises interest rates in December, investors would be well-advised to acquire income-producing SFR assets using leverage at this time."

HomeUnion based its list of the top online bargains for single-family rentals on each metro's cap rates. Here are the metros that topped their Cyber Monday's watchlist:

Here's a complete list of the markets offering the biggest discounts during the 2016 winter months compared to their median prices last summer:

City – Winter median SFR price – Summer median SFR price

  1. Pittsburgh – $69,000 – $87,000
  2. San Francisco – $920,000 – $1,200,000
  3. Milwaukee – $70,000 – $92,000
  4. Philadelphia – $127,000 – $161,300
  5. Chicago – $128,000 – $225,000
  6. Columbus – $110,000 – $149,800
  7. Boston – $247,000 – $300,000
  8. Cincinnati – $74,900 – $115,000
  9. Cleveland – $62,000 – $80,100
  10. Greenville, S.C. – $86,250 – $140,000
  11. Detroit – $120,000 – $163,000
  12. Oklahoma City – $85,000 – $100,000
  13. Palm Beach, Fla. – $235,500 – $275,000
  14. Seattle – $320,000 – $437,200
  15. Birmingham, Ala. – $76,700 – $110,000
  16. Washington, D.C. – $255,000 – $333,300
  17. Tampa – $109,100 – $130,000
  18. St. Louis – $85,000 – $105,000
  19. Jacksonville – $103,900 – $166,800
  20. New York – $310,000 – $408,000
  21. San Jose – $742,000 – $1,050,000
  22. Houston – $145,100 – $170,000
  23. Minneapolis – $146,000 – $179,000
  24. Austin – $219,300 – $257,700
  25. Portland, Ore. – $260,000 – $300,000
  26. Salt Lake City – $187,500 – $251,500
  27. Oakland, Calif. – $428,000 – $545,000
  28. Denver – $283,000 – $335,000
  29. Baltimore – $173,000 – $200,000
  30. Miami – $192,400 – $215,400
  31. Dallas – $136,500 – $178,600
  32. Orange County – $615,000 – $716,600
  33. Phoenix – $161,900 – $186,000
  34. Memphis – $82,400 – $89,400
  35. Indianapolis – $87,000 – $106,200
  36. Atlanta – $104,000 – $117,000
  37. Orlando – $147,800 – $165,000
  38. Los Angeles – $455,000 – $550,000
  39. Nashville – $129,900 – $150,000
  40. Sacramento – $260,000 – $306,000
  41. San Antonio – $125,000 – $157,700
  42. San Diego – $452,000 – $495,000
  43. Las Vegas – $178,300 – $204,000
  44. Raleigh, N.C. – $147,500 – $180,000
  45. Kansas City – $92,000 – $106,875
  46. Charlotte – $110,000 – $137,000
  47. Riverside – $250,600 – $272,000

© 2016 Florida Realtors®

Reprinted with permission. Florida Realtors®. All rights reserved.

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