Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:
“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”
That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need.
Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):
In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.
Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.
Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.
Bottom Line
It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in our area.
The Local Mortgage/Sales Numbers
Escambia County
Escambia
Month | Closed Sales | % Change Year Over Year |
Jan 2023 | 304 | -28.0 |
Dec 2023 | 375 | -31.7 |
Nov 2022 | 321 | -31.1% |
Oct 2022 | 438 | -15.8% |
Sep 2022 | 459 | -13.1 |
Aug 2022 | 518 | -2.1% |
Jul 2022 | 505 | -9.8% |
Jun 2022 | 592 | -3.6% |
May 2022 | 583 | 16.8% |
Apr 2022 | 522 | 0.2% |
Mar 2022 | 565 | 2.5% |
Feb 2022 | 446 | 14.4% |
Information from Florida Realtors
Santa Rosa County
Santa Rosa County
Month | Closed Sales | % Change Year Over Year |
Jan 2023 | 228 | -27.2% |
Dec 2023 | 330 | -30.2% |
Nov 2022 | 281 | -31.3% |
Oct 2022 | 331 | -34.5% |
Sep 2022 | 373 | -20.1% |
Aug 2022 | 427 | -15.3% |
Jul 2022 | 410 | -20.1% |
Jun 2022 | 492 | -11.5% |
May 2022 | 447 | -4.1% |
Apr 2022 | 421 | -7.9% |
Mar 2022 | 460 | -0.4% |
Feb 2022 | 400 | 9.6% |
Information from Florida Realtors
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Skip Geiser LLC. 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. Skip Geiser LLC. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.