Recently, a friend of mine had a difficult experience due to a misunderstanding of a clause in a rental agreement. The English clause itself wasn't difficult, but the lack of explanation about how it applies in real situations was the issue. In a sales contract, the consequences of such misunderstandings can be much greater. Looking at the market prices in Santa Monica, this aspect becomes particularly important. The overall median home price is $1,584,500, which is a 0.17 percent decrease from the previous year, but as of August 2026, the median sale price for the most recent 301 transactions is reported to be $1,800,000 (Houzeo, resideline.com). When considering single-family homes alone, the price is $3,850,000, while condos and townhomes are at $1,335,000, highlighting a significant gap between types.

The work of an agent can be broadly divided into property search and comparative market analysis (CMA), offer preparation and negotiation, contract review, scheduling inspections and appraisals, and managing the closing process (NAR). This is consistent across any market, but in places like Santa Monica, where the price difference between single-family homes and condos can be more than double, the negotiation strategy can vary depending on the type chosen. Condos require a review of HOA regulations and fees, while single-family homes generally offer more room for negotiation, but there are also many variables that arise during inspections.

It's also worth noting the procedures following the settlement of the National Association of Realtors lawsuit in 2024. Starting August 17, 2024, buyers will need to sign a written buyer agency agreement before touring homes with an agent (NAR). This can have both advantages and disadvantages. While it allows for clear confirmation of commission terms before the contract, it may feel burdensome for first-time buyers as it adds another document to sign. The contract must specify the amount or calculation method of the commission the agent receives.

Having an agent who understands both the language and culture can certainly make things easier at this crossroads of choices. They can explain the English contract in Korean, and if considering a purchase for investment while living abroad, they can guide you through processes like international wire transfers or FIRPTA (Foreign Investment in Real Property Tax Act) without it feeling unfamiliar. Being connected to trusted professionals through a long-established network of lawyers, mortgage brokers, and inspectors in the area is also a significant advantage.

For those contemplating whether to maintain a rental or switch to buying, it's important to weigh both options side by side. Renting has the advantage of not tying up a large sum of money, but in high-rent areas like Santa Monica, buying may be more favorable for asset building in the long run. Regardless of the choice, an agent who understands the living conditions, such as access to preferred school districts, Korean markets, and churches, can provide practical assistance. Santa Monica has different atmospheres and noise levels between the beach and inland areas, so highlighting aspects that are hard to know without living there is also part of an agent's role, especially since properties sell on average in 52 days and transactions occur at about 98.12 percent of the asking price. This indicates a market where it's beneficial to take the time to calmly compare multiple listings rather than making hasty decisions. If school districts are important for families, it's advisable to check the assigned schools regardless of whether you choose a condo or a single-family home, as school district boundaries often change, so please verify the address before purchasing. For investment purposes, it's essential to consider the risks, as you cannot assume that prices will continue to rise. This article does not constitute investment or legal advice, and consulting with a professional before any actual contracts is recommended.