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