Now is a great time to buy a condo!

Now is a great time to buy a condo for a variety of reasons. Over the past year, many people decided to move from the city to the suburbs in search of more space, outdoor living area, and privacy. This has created a surplus of condo inventory on the market, which in turn, has caused prices to level off. Couple this with the fact that interest rates are still low, making mortgage payments more cost effective than renting. There are also low down payment options reducing the barrier to entry into home ownership. This creates a great opportunity for those who do not need extra bedrooms or space, but want to start building equity instead of paying rent. There is more inventory at a variety of prices, so buyers are at more of an advantage. We are even seeing more condos being sold fully furnished.

If you have a child starting college, it might be a good idea to think about buying a condo.  We have seen nice, affordable condos under $200,000 intown near the major universities in Atlanta, such as Emory, Georgia Tech, SCAD, Georgia State University, Morehouse, Spelman to name a few. Interest may be tax deductible and it is likely to be worth more when they graduate.

What does this mean for sellers? With more competition on the market, sellers need to have their condos in top shape in order to get top dollar. Make repairs and updates on the front end. Paint walls and ceilings neutral colors. Have your systems serviced. Declutter, donate, and deep clean. Taking care of these items before you list may be a pain on the front end, but will lead to a faster sale at a higher price.

For a more information on condos, buying or selling, please reach out. I’d love to be a resource!