Now May Be The Best Time To Buy A Rental Property
Now May Be The Best Time To Buy A Rental Property In Santa Cruz
BY MARCY MOYER
Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194
January 13, 2018 09:46 AM
The rains are starting again. Yay!!! This is great news for California. It is not always great news for Santa Cruz home sellers.
Many Silicon Valley rental property investors go to Santa Cruz when the sun is shining and the temps are in the 70's, see what a great place it is, discover how high the rents are and how relatively affordable the Santa Cruz housing prices are, and decide to buy a Santa Cruz rental property in the summer, along with the everyone else.
As you can see from the chart above there was significantly less competition for Santa Cruz homes last winter in the heavy rains than after the rains stopped. The chart shows sales to list price ratios by month. In general, the more buyers there are the higher the price will be and the higher over list price a Santa Cruz home buyer will need to offer.
I have written about why a Silicon Valley property investor should buy a rental property in Santa Cruz, but just to summarize:
Santa Cruz has a high percentage of residents renting: 63%
Santa Cruz rents are high, $1200+ a bedroom
Santa Cruz rental vacancies are low 1.64% in 2015 and getting lower
Housing prices in Santa Cruz is currently $950,000 and in Santa Clara County $1,400,000
So if you are a Silicon Valley property investor thinking of buying a Santa Cruz rental property, get out your umbrella, put on your boots, and drive over 17 looking for a Santa Cruz rental property to buy.
Marcy Moyer
eXp Realty of California
650-619-9285
www.marymoyer.com
Specializing in Probate, Trust, and Investment Properties
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Marcy Moyer eXp Realty of California Specializing in Probate and Trust Sales, and Rental Investment Properties
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