Mortgage
If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.
Since they're usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):
And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:
“The share of townhomes being built is at an all-time high.”
That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.
So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.
Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:
Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.
Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent.
Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Let’s connect today to start your search.
Stay up to date on the latest real estate trends.
Mortgage
If the chaos of the past few years drove you to hit pause, this is your green light
Mortgage
Could a condo check more boxes than you expected?
Mortgage
With high prices and mortgage rates stretching buyers’ budgets, they don’t have a lot of room (or appetite) for unexpected repairs
New Listing
3 beds | 1.5 baths | 2,745 sq ft
Mortgage
According to the latest forecasts, rates aren’t expected to fall dramatically anytime soon
Mortgage
Don’t let misconceptions keep you from exploring one of the most promising options in today’s housing market
Real Estate
Let’s connect so you know what’s working for sellers in our market
Real Estate
Believe it or not, there are clear signs buyer interest is heating up again
Mortgage
An agent's expertise isn’t optional anymore. It’s essential.
You’ve got questions and we can’t wait to answer them.