Whether a first-time buyer, millennial, a busy “Gen-Xer” or a downsizing Baby Boomer, condominiums fit the needs of many. Generally, a condo is a building that contains a number of individually owned units. In the past, a home owner may have chosen a condo because it fit their financial needs. Today, price and low maintenance, make a condominium very appealing. Whether because of life style or price, home buyers are looking at condominiums more and more, because they fit the unique needs of today’s home owner.
With house values rising by 10 percent or higher a year, many potential home buyers are feeling like they are getting priced out. While house prices have increased dramatically, condominiums are still significantly less than stick built. The average price for a condominium in King County is $511,000 compared to $802,000 for a stick built. In South King County the average condo price is $243,000. If you are concerned about making too large of an investment, consider a condominium.
As the market shifts to one that is more balanced between buyers and sellers, higher market times will favor buyers. Condos don’t appeal to as many buyers, so there is less competition. This results in more opportunities for buyers. Currently, the number of condo listings are up 137% from this time last year. While it is still a strong seller’s market for condos, this high increase in the number of listings may provide negotiating advantages.
Condos are often located near transit and shopping. Location, location, location has been a slogan for years. This has never been more apparent than today where being near amenities and transit is so important. Since condos are often located in these higher density areas, purchasing one may also save you time and money.
Less Maintenance: Today’s home owner may have longer commutes and spend more time out of the house. With a condo, since you won’t be spending time and money doing your own exterior maintenance like mowing the lawn or painting, there’s more time and money for those things you enjoy.
From price to location, a condominium fits the needs of many. Townhouses and zero lot line styles may have lower HOA dues. Alternatively, an apartment style condominium provides options of various floor levels to fit your needs. Considering the many aspects to a condo will help you narrow your search. Your real estate agent can help you determine which condominium complexes may be the right fit for you. Consider a condominium, whatever your generation.