If you are in the market for a new home, you may find that the current market conditions are more favorable than they have been in recent years. The increase in inventory this year means that you have more choices when it comes to finding a home that meets your needs and your budget. Don’t hesitate to restart your search if you feel like the current market conditions aren’t working in your favor. There is a good chance that things have changed since you started looking last time.
As Danielle Hale, Chief Economist at realtor.com, says:
“. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”
However, it is important to have a perspective. Overall, the housing supply is still limited. If you need more choices, you could consider expanding your search to include condominiums.
Exploring Condos Could Add Options That Fit Your Budget
Condos are generally smaller in size and floorplan than single-family homes. This can be a more affordable option for buyers. In 2018, condo buyers paid, on average, 7% less for their homes than buyers of other housing types. With rising mortgage rates and home prices, the relative affordability of a condo could be worth considering.
It is important to get your foot in the door as a homeowner. Buying a condo now can help you later on when you are ready to buy a bigger home.
An article from the Urban Institute explains:
“Because condos and co-ops are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity on their condo to then purchase a larger single-family home.”
This means that if you own a condo, you will start to build wealth in the form of home equity. As time goes by, the equity you build can help you afford to buy a bigger or different home in the future.
Condo Living Provides Several Great Perks
Another reason to consider condos when looking for a new home is the boost in budget options you have. In addition, condos typically require less upkeep and maintenance, giving you more time to enjoy your hobbies or spend time with family and friends.
A recent article from Bankrate highlights this, saying:
“Condos can be a good option for anyone who wants to keep home maintenance to a minimum . . . if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility — the condo association handles those duties.”
Plus, condos can offer the added benefit of being in close proximity to work and leisure.
Again, realtor.com explains:
“Buying a condo, which is generally less expensive than a single-family home, enables a household to afford to own in the middle of it all, and often means a newer-built home with less maintenance responsibility.”
To sum it up, condos offer a variety of lifestyle choices that can fit your needs and can be a more affordable option than buying a single-family home. If you’re interested in buying your first home, condos could be the perfect option for you.
Sandi & Debbie Say…
Adding condominiums to your housing search could be a great move. If you’re ready to search for condos in Orange County, let’s connect today.
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