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, 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
- Pittsburgh – $69,000 – $87,000
- San Francisco – $920,000 – $1,200,000
- Milwaukee – $70,000 – $92,000
- Philadelphia – $127,000 – $161,300
- Chicago – $128,000 – $225,000
- Columbus – $110,000 – $149,800
- Boston – $247,000 – $300,000
- Cincinnati – $74,900 – $115,000
- Cleveland – $62,000 – $80,100
- Greenville, S.C. – $86,250 – $140,000
- Detroit – $120,000 – $163,000
- Oklahoma City – $85,000 – $100,000
- Palm Beach, Fla. – $235,500 – $275,000
- Seattle – $320,000 – $437,200
- Birmingham, Ala. – $76,700 – $110,000
- Washington, D.C. – $255,000 – $333,300
- Tampa – $109,100 – $130,000
- St. Louis – $85,000 – $105,000
- Jacksonville – $103,900 – $166,800
- New York – $310,000 – $408,000
- San Jose – $742,000 – $1,050,000
- Houston – $145,100 – $170,000
- Minneapolis – $146,000 – $179,000
- Austin – $219,300 – $257,700
- Portland, Ore. – $260,000 – $300,000
- Salt Lake City – $187,500 – $251,500
- Oakland, Calif. – $428,000 – $545,000
- Denver – $283,000 – $335,000
- Baltimore – $173,000 – $200,000
- Miami – $192,400 – $215,400
- Dallas – $136,500 – $178,600
- Orange County – $615,000 – $716,600
- Phoenix – $161,900 – $186,000
- Memphis – $82,400 – $89,400
- Indianapolis – $87,000 – $106,200
- Atlanta – $104,000 – $117,000
- Orlando – $147,800 – $165,000
- Los Angeles – $455,000 – $550,000
- Nashville – $129,900 – $150,000
- Sacramento – $260,000 – $306,000
- San Antonio – $125,000 – $157,700
- San Diego – $452,000 – $495,000
- Las Vegas – $178,300 – $204,000
- Raleigh, N.C. – $147,500 – $180,000
- Kansas City – $92,000 – $106,875
- Charlotte – $110,000 – $137,000
- Riverside – $250,600 – $272,000
© 2016 Florida Realtors®