Sales Shift from Condo’s to Single Family Homes

Choosing where and what type home to buy for your family as property sales shift in the market.

Condo or single family home?

The Condo Choice can be for many reasons, Most often in our area it will be because of affordability near the oceanfront or a single person who does not want anything to do with maintaining a home.

Condo’s took a hard hit in pricing the past few years, having a lot to do with the rental ratios and the ability to obtain financing.

When interest rates and prices were higher the fee on a condo played less of a roll, where as now the fee equates heavily into buying power.  That being said Condos are again becoming more popular due to busy lifestyles and location. In Virginia Beach if you want to live near the Oceanfront or on the Bay a condo is often your best answer based on affordability. Families who want to live near the beach are generally more interested in going to the beach on the weekend as opposed to yard work. Again we are talking budget you could get a house near the beach and hire a landscaper.

Choosing the Single Family Home always has and always will be the American Dream for most families. With nice yards for the Children and Pets, Garage space for the cars, boats or toys and mostly personal space.

Today with low interest rates not having a maintenance fee associated with a condo increases the buying power for a single family home.

I guess the biggest reason for the choosing a single family home over a condo is simple NO RULES you may have a neighborhood association with a few rules for the outside appearance of your home, but not a no pet or 30 pound limit on the type dog you can own. We like to spoil our pets and don’t want to put them on diets so they can stay in a condo:)

Is there a right or wrong answer when choosing a home ……………………….  Is Single Family right and Condo wrong or vice versa …………. No!

It is a lifestyle choice to be made by the home buyer not the Realtor. It is important however to understand the differences when making the choice.

Also keep in mind Location, Location, Location, Take the time to check and understand the walk score of a neighborhood before you buy. Again this is a Lifestyle choice not a Realtor Choice.

Some people will want the highest possible walk score for the walkability of there social life, Others will want the lowest possible walk score because they want to live in a small quiet place away from everything. Neither choice is a bad choice it is all about personal preferences.

By: Don Maclary