If you are considering investing in a rental home, it is important to research and compare market trends in each prospective area - these statistics may include the selling price, the listing price, and the average amount of time spent on the market. The following have already been thoroughly researched and have been found to be the three best California markets for purchasing rental property.
For the first time in months, homes in Livermore are selling for higher than their listing prices. In fact, it is estimated that the average home is selling for $50,000 more than it did in December 2013. Even more appealing, the number of vacant homes in Livermore is 12.5% below national average, testifying to the market appeal of the area.
Fremont is one of the fastest growing markets in California. In the past nine months, both listing and selling prices have increased by more than $100,000. Now is the perfect opportunity to swoop in and purchase a great rental home while the market value is still on the rise. Even more promising, homes in Fremont are on the market for an average of just 23 days, proving that the area is still in high-demand.
Finally, the area of Southern California showing the highest level of opportunity is Winchester. In the past two months, selling prices have risen dramatically to meet listed prices. These statistics provide a remarkable promise for upcoming months, especially considering that over 10% of homes in Winchester are currently on the market, meaning that home sellers may be willing to negotiate competitive prices.