Mortgage
Having a hard time finding a first home that's right for you and your wallet? Well, here's a tip – think about condominiums, or condos for short.
They're usually smaller than single-family homes, but that's exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below):
So, if you're comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.
Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has a bunch of other perks, too. According to Rocket Mortgage:
“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”
Let’s dive into a few of the draws of condos for first-time buyers from Bankrate:
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 need something different.
Ultimately, owning and living in a condo is a lifestyle choice. And if it’s one that appeals to you, they could provide the added options you need in today’s market.
It might be a good idea to think about condos in your home search. If you're ready to see what's out there, let's get in touch today.
Stay up to date on the latest real estate trends.
Affordability is based on three key factors: mortgage rates, home prices, and wages.
3 beds | 2 baths | 1,555 sq ft
The decrease in median price is not the same as a decrease in home values.
Selling a home quickly in a shifting market requires a strategic approach and an in-depth understanding of what buyers want.
Don’t wait until you have to deal with more competition and higher prices.
Let’s do the math together to see if buying a home makes sense for you now or sometime soon.
If you wait for rates to drop more, you’ll have to deal with more competition and higher prices
Don’t let myths keep you from the expert guidance you deserve.
If you want help weighing your options and thinking through how the current market factors in, let’s connect.
You’ve got questions and we can’t wait to answer them.