It’s no secret that the current real estate market features low housing supply and high buyer demand. If you’re a first time home buyer or looking to downsize, it may be worth considering a condominium.
Trends indicate condos are gaining popularity. In the latest Existing Homes Sales Report from the National Association of Realtors (NAR), the data shows condo sales rising throughout the first half of this year.
Let’s explore the main perks to find out if a condo is a good fit for you.
According to the NAR report, the median sales price of a condo is roughly $59,000 less than the median price of a single-family detached home. This makes condos a great option for first-time homebuyers, those with limited down payment savings, or those looking to save money by downsizing.
A recent article from BankRate adds low maintenance as another perk of a condo lifestyle. Generally, exterior maintenance for condos is handled by a Homeowner’s Association. This can include things like landscaping and upholding a certain standard of cleanliness and condition for walkways, siding, and roofs. If you’re looking for a lower-maintenance option or see the appeal in being hands-off with upkeep, condos may be a good choice for you. With exterior maintenance off your plate, you’ll have more time for yourself and your hobbies.
You can use that free time to enjoy some of the value-adding features your condo community may have, which may include pools, a rentable clubhouse and grilling area for events, and more. If being able to host or attend community social outings is important to you, condos may give you more opportunities to enjoy the company of your neighbors. Some condos even have gyms and on-site security teams. Condos are great options that often come with various features and benefits that may be important for your lifestyle.
If you’re looking for a home, it may be time to consider this option. Let’s connect and explore if one would be a good fit for your homeownership needs.