Condos: A Strategic Move for Today's Buyers

Condos: A Strategic Move for Today's Buyers

Not every homebuyer is looking for the biggest house on the block. Many are searching for something more affordable, simpler, and easier to maintain—especially in a market where every dollar counts. That's where condos come in.

For first-time buyers, condos can be a smart way to enter homeownership without overextending your budget. For those looking to downsize, they offer less space to maintain while allowing you to stay in a great location. Right now, condos are one of the most buyer-friendly parts of the market.

 More Condo Options Mean Less Competition

 If you're looking for choices, you'll find them in the condo market. According to the National Association of Realtors (NAR), there are 194,000 condos for

 sale nationwide. This is the second-highest level we've seen in the past three years.

 While the exact number of available condos will vary by location, the general trend is clear: there are more options and less competition. This means you have

 the breathing room to be selective and find a home that truly fits your needs, whether you're focused on layout, location, or amenities. This is a big shift from 

 the market frenzy of a few years ago. Compared to early 2022, the current supply of condos has nearly doubled, giving you a chance to be particular without feeling rushed.

Cooling Prices Give Buyers More Leverage

With more condos on the market, many sellers are now more open to negotiation. This can lead to a better price and more favorable terms. As Redfin explains, "condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price."

Condo prices are easing in many markets. According to Intercontinental Exchange (ICE), condo prices dipped by 1.3% in June compared to last year. In fact, over half of the top 100 U.S. metros saw a slight year-over-year drop in condo prices. This doesn't just help with affordability; it also shifts the power dynamic. In many markets, condo buyers are now in a stronger position to negotiate on price and request concessions, such as help with closing costs.

The Bottom Line

A condo isn't just a backup option. In today's market, it can be a highly strategic way to buy a home. With an increased inventory, softening prices, and more room for negotiation, now may be the perfect time to make your move.

Could a condo be the right fit for you? Let's connect to discuss your options and find out.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.