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Is now the right time to buy one of the many Santa Monica Condos for Sale?

Is now the right time to buy one of the many Santa Monica Condos for Sale?

Posted on Tuesday, June 28, 2022

As I’m sure you know the Santa Monica Real Estate Market has shifted dramatically from just a few short months ago. For some, it is a great time to buy a Santa Monica Condo for Sale, whereas others are in a “wait and see” mindset. Let’s examine some of the positive as well as negative factors that are coming into play for Santa Monica condo buyers:

POSITIVE

  • Inventory levels in Santa Monica are up 100% since the beginning of the year. Buyers now have more Condos in Santa Monica to choose from with less competition
  • Intense bidding wars are a thing of the past. Unless a Santa Monica Condo for Sale boasts unique features (view lot, loads of upgrades) it typically is selling at or slightly above the list price
  • Price reductions occur now on 1 in every 3 listings. Gone are the days where a Santa Monica Realtor can overprice a basic condo listing and still expect it to sell with multiple offers
  • We are seeing more Santa Monica Condo Sellers be open to a credit for closing costs and or a rate buy down, to help get your rate back into the 5’s.

NEGATIVE:

  • Interest rates have nearly doubled since the beginning of the year. We went from rates in the low 3’s to the low 6’s due to the fed trying to combat record inflation
  • The average value of Condos for sale in Santa Monica Ca is up almost 40% since 2020
  • The stock market has officially entered a bear market (down over 20% from the peak). This is shrinking the size of down payments which in turn makes it more difficult to quality for a mortgage
  • Overall buyer sentiment is low. A lot of people incorrectly chose to sit on the sidelines late last year when they could have bought a Santa Monica condo for sale for 10-15% less with a 3% interest rate.

So is now the right time for you to buy a Condo for Sale in Santa Monica? It all depends on your cash on hand, loan pre-approval amount and living situation. Rents in Santa Monica continue to explode and can increase by as much as 10% a year. Whereas your mortgage on a Santa Monica Condo for Sale is fixed for 30 years.

Let’s chat about your exact situation and see what makes the most sense for you. My team has sold countless Condos for Sale in Santa Monica and over 600 properties in the past 15 years’ time. We have 200+ 5 star reviews across Zillow, Google, Yelp & more. Zero pressure on our end, just a review of the Santa Monica Real Estate market and helping you determine what the best path forward is.


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Santa Monica Real Estate

Whether you are contemplating purchasing or selling a Condo or Townhome in Santa Monica, CA, it is imperative that you hire the right Real Estate Expert that can exceed all of your expectations. When you work with The Bashe Team, your every need will be met with the greatest attention to detail. We understand the Santa Monica Condo Market well, and you will not find a more qualified Santa Monica Real Estate Agent to help you achieve your goals.

As a prospective buyer working with The Bashe Team, you will have access to new Santa Monica Condo or Townhome listings the second they hit the market, giving you a much needed leg up on the competition. You will also be able to review intimate details about each complex, including a building description, amenities (if any exist) and a photo tour.

As a seller of a Condo or Townhome in Santa Monica, your unit will be front and center on both our main website, as well as the specific complex page for your property. This gives you maximum exposure above what a normal Santa Monica Realtor would provide, as our highly trafficked site will help us to sell your property in less time, at the highest possible net to you!

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Contact Us

  • Tom Bashe
    CA BRE# 01383456
  • [email protected]
  • 310-356-6068
  • 1608 Montana Ave
    Santa Monica, CA 90403

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