Is now the right time to buy one of the many Wilshire Corridor Condos for Sale?
As I’m sure you know the Wilshire
Corridor Real Estate Market has shifted dramatically from just a few short
months ago. For some, it is a great time to buy a Wilshire Corridor 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 Wilshire
Corridor condo buyers:
POSITIVE
- Inventory levels in Wilshire Corridor are up 100% since
the beginning of the year. Buyers now have more Condos in Wilshire
Corridor to choose from with less competition
- Intense bidding wars are a thing of the past. Unless a Wilshire
Corridor 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 Wilshire Corridor Realtor can overprice a basic
condo listing and still expect it to sell with multiple offers
- We are seeing more Wilshire Corridor 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 Wilshire
Corridor 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 Wilshire Corridor 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 Wilshire Corridor? It all depends on your cash on hand,
loan pre-approval amount and living situation. Rents in Wilshire Corridor
continue to explode and can increase by as much as 10% a year. Whereas your
mortgage on a Wilshire Corridor 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 Wilshire Corridor 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 Wilshire Corridor Real
Estate market and helping you determine what the best path forward is.
