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Understanding whether a desirable market is a good one

On Behalf of | May 12, 2016 | Real Estate Transactions |

Some Californians may be interested in purchasing a home in Santa Monica. The demand there is very high and the average prices reflect that, with homes going for a median price of $1.6 million. Whether people are wanting to purchase a home in Santa Monica or to sell one, it is important for them to understand the market as it currently stands there.

With the demand so high in Santa Monica, it appears to be a seller’s market. Since homes sell within a few months of being listed, home buyers may be able to negotiate but they also may not have a lot of room with the asking prices. In March, single-family homes were the hottest properties on the market in the city.

A majority of homes in Santa Monica sell within one to three months after being listed. The median time for listing was just 54 days. People who are looking to buy in Santa Monica should take the time to make certain they can truly afford purchasing a home in the area.

A residential real estate purchase is often the largest financial transaction a person will ever undertake. With something so important, it may be a good idea to seek professional help from a real estate attorney in order to try to protect financial interests and security. There are many steps to take between the time an offer is made and accepted and the date that the paperwork is signed and the transaction closes. An attorney can provide assistance in a variety of ways, including reviewing the loan documents for any provisions that could present future problems.