Entering the housing market as a homebuyer has become nearly impossible as the competitive market has kept its foot firmly on the accelerator. While it may not be the traditional path for families, real estate professionals are urging buyers to give more thoughtful consideration to the idea of purchasing a condominium. Here are three compelling reasons why you should consider a condo for your new home purchase:
1. Condos Are More Reasonably Priced Than Single-Family Homes
In Skagit County, NWMLS data shows the median price for condos that sold last month was $310,000; system-wide the median sales price was $359,950. Single family homes (excluding condos) had an area-wide median sales price of $440,000. That is $130,000 more than condos (nearly 30% higher).
In places like King County where 76% of available condo inventory is located, NWMLS data show prices range from $149,000 to $14,895,000, with a median asking price of $525,495. The median price for condos that sold in King County last month was $399,975; system-wide the median sales price was $359,950. Single family homes (excluding condos) had an area-wide median sales price of $509,950. That is $150,000 more than condos (nearly 42% higher).
2. Great Option For Renters Turned First-Time Homebuyers
Managing broker of Brown McMillen, Shelah Inman, agrees with other industry experts when saying buyers should consider condos as an ownership opportunity and as a way to build equity over time. Also, as a renter you may be used to covered maintenance, which would not be a luxury you would have to give up as a condo-owner. Big undertakings and tasks that can add up such as landscaping, plowing, repairing roofs, fallen branch clearance amongst other labors would most likely be covered by your condominium complex. The time and money that goes into the maintenance of a home can sometimes shock first-time homeowners, and owning a condominium is a great way to build equity and ease into homeowner responsibilities.
3. The Housing Market is Not Going to Slow Anytime Soon
Industry experts admit they’re a little nervous about where this market is heading. Sellers are almost as rare as hen’s teeth and when a home does come on the market there is a plethora of buyers waiting to put in their offer. In addition, we will be heading into the typical busy spring real estate market any day now, and with homes down an overall average of 43% from a year ago, grabbing hold of the housing ladder is going to be a challenge for any interested buyer.
If you are looking to buy or sell your home, or are interested in looking into the condominium route, any of our dedicated brokers at Brown McMillen Real Estate would be happy to help you navigate this market and reach your real estate goals. Visit our website at brownmcmillen.com or give us a call at 360-757-6013. We can’t wait to hear from you!