I saw this article today on boston.com entitled Condos Losing there affordability. It makes some good points but also misses a few things that are adding to the rising interest and cost of condominium units.
It is true that first time home buyers and downsizing babyboomers are competing for these units. I believe the increase in the rental market is also pushing many buyers that were on the brink and fearing the negative news about the market into buying mode.
Also, many of the the Seller’s of these units looking to upgrade to single families are in a better equity possition with the market rebound.
As in all cases, Buyers that have their financing in place are a step ahead, but many of the first time home buying programs like FHA and MassHousing also need to approve the complex before they will lend on them. Asking the right questions up-front can save a buyer time and aggrevation
Selllers Should Prepare Too…
The strengh of your condo association can be a big factor when it comes time to pricing your unit. Having healthy reserves, and trustees that are willing to work to get the bank the documents and information needed will speed up the process and enhance the size of the pool of potential buyers. If you are considering making a move and would like to meet to evaluate the strength of your association, contact me to set up a convenient time.
The North Shore Condo Market is very healthy and competitive. It is truly an inbetween market that will allow for either Buyers or Sellers to benefit based on the specific property.