Is now the right time to buy one of the many Newport Beach Condos for Sale?
As I’m sure you know the Newport
Beach Real Estate Market has shifted dramatically from just a few short months
ago. For some, it is a great time to buy a Newport Beach 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 Newport
Beach condo buyers:
- Inventory levels in Newport Beach are up 100% since the
beginning of the year. Buyers now have more Condos in Newport Beach to
choose from with less competition
- Intense bidding wars are a thing of the past. Unless a Newport
Beach 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 Newport Beach Realtor can overprice a basic
condo listing and still expect it to sell with multiple offers
- We are seeing more Newport Beach 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.
- 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 Newport Beach
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 Newport Beach condo for sale for 10-15% less with a 3%
So is now the right time for you to
buy a Condo for Sale in Newport Beach? It all depends on your cash on hand,
loan pre-approval amount and living situation. Rents in Newport Beach continue
to explode and can increase by as much as 10% a year. Whereas your mortgage on
a Newport Beach 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 Newport Beach 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 Newport Beach Real Estate market and
helping you determine what the best path forward is.