Are you in the market to buy a rental property? If so, you may find the following information from the California Association of Realtors, C.A.R., helpful.
C.A.R. releases 2013 Investor Survey
Investors have played a key role in the California housing market recovery for the past four years. Low mortgage rates, attractive home prices, and low yields on alternative assets have fueled demand for investment properties, particularly where distressed homes have dominated sales.
In keeping with common wisdom that today’s real estate market is ideal for a long-term investment strategy, two-thirds (66 percent) of investors who worked with a REALTOR® indicated they are going to keep the property for more than a year, while about one-fourth (26 percent) of investors intend to flip the property within a year, according to C.A.R.’s “2013 Investor Survey.”
Additionally, three-fourths of investors are of the small mom-and-pop type, owning 1-10 other investment properties, with 15 percent owning just one property, 46 percent owning 2-5 properties, and 14 percent owning 6-10 properties, the investor survey found.
Of the properties purchased by investors, single-family homes were the preferred property type, with 78 percent of transactions involving single-family homes. Multifamily properties comprised 14 percent, 7 percent were other property types, and bulk sales made up only 1 percent.
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