Upsides in the Condo Market
You may have some questions about the condo market since, for the first time in years, there is hope and an increase in condo sales. In March sales were up 40% from the previous year, which may imply a soon-to-come increase in pricing as well. Does this mean now is the time to jump on condos? There are a few things to think about before making a final decision. Currently, prices and mortgages are low and there are many condos to choose from. In addition, the new government-backed loans with tighter financing rules and regulations offer less competition to qualified buyers.
The most efficient way to find out if you should buy is to ask an experienced condo realtor in your desired neighborhood about the direction of costs and whether or not inventory is rising or falling. Solid pricing alongside a shrinking supply indicates the condo market is at or close to being very low, and it would be smart to make a move.
If possible, narrow your condo searches to finished developments where at least 80% of all units are occupied. If you’re interested in a condo that is currently under construction at the time of purchase, check with your realtor to find out if you will get charged w/ any additional maintenance fees. If you have any doubt about the financial status of a complex, it’s OK to walk away. There is still a wide scope of options to choose from.