Have you considered purchasing a home from the Santa Monica real estate market in order to turn it into a rental property? Santa Monica real estate agents would like you to know that this might be a great time to do so for a variety of different reasons.
From a purchasing standpoint, it’s a great time to purchase a home because while home values are increasing slightly, they are still much lower than they were before the housing market fell apart; it’s possible to get a great home for a decent price. Secondly, mortgage rates are still at historical lows; Santa Monica real estate agents don’t expect this to last much longer and are actually encouraging people that are considering purchasing a property from the Santa Monicareal estate market to do so sooner rather than later to save themselves money in the long run.
From a rental property perspective, rental prices have increased dramatically over the past few years and are leveling out; in fact, the average listing price per square foot on rental properties has increased over 22% since 2012. Lastly, many people are still recovering from the recession and economic hardship; homeowners are still experiencing losing their homes to foreclosure as well as selling their home as a short sale on the Santa Monica real estate market. This is a customer group that many property managers focus on because they are looking for a decent home to rent for the next few years while they get back on their feet. Take the opportunity to not only help these struggling homeowners, but also to help yourself by putting them in a rental property from the Santa Monica real estate market.
For help finding a great home to purchase as an investment property from the Santa Monicareal estate market, reach out to a Santa Monica real estate agent today to begin your search.