If you’re considering investing in a property in Monterey Bay, then you may have already been following its housing market news. Consequently, you know that it’s been going through a serious downward trend for the past few years. The housing market here has been declining ever since the recession hit, with prices steadily falling and fewer and fewer homes selling.
These days, it’s a very good time to buy, and even the experts predict this trend will continue for another year or so. Prices of Monterey Bay condos for sale have been dropping steadily for the past several years, in line with the rest of California’s declining housing market. The median sale price of homes has fallen below $300,000 from its peak of over $375,000 in 2007.
However, despite these price drops, interest rates are historically low, and buying is more affordable than it’s ever been before. This is why many analysts predict that prices will begin to increase within the next few years.
What makes condos in Monterey bay more accessible?
The majority of condos in Monterey are priced around $300,000. If you’re planning to buy a condo, then you know how expensive it can be. This makes it difficult for some buyers to afford the monthly payments. However, many of the condos in this city are priced very reasonably. For example, you can often find junior one-bedrooms in single-family homes for under $250,000 and two bedrooms units for less than $350,000. In other words, these units offer great value for money and low monthly payments.
More points you must be aware of
These prices put condos within reach of many buyers who simply couldn’t have afforded a home year ago due to the high costs involved in owning an investment property. Scooping up a condo in the region can be a great investment, and they make perfect starter homes for families or first-time homeowners.
When you buy a home in Monterey Bay, you can use it as an investment property or as your primary residence. Either way, condos offer much more versatility than other housing options and typically provide much better returns on investment. By renting out your condo, you will easily recoup the cost of your down payment and start earning rental income every month.
In addition to this, condos are very easy to maintain, and it’s easier to get financing for them since they’re shorter-term investments than other options.
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