3 Reasons to Consider Condos in Your Philly Home Search
1. Considering Condos Could Give You More Options Within Your Budget & Desired Location
In Philadelphia, you’ll find a lot of condos located in Center City neighborhoods like Rittenhouse Square, Logan Square, Avenue of the Arts, etc. However, you can find condos in almost every neighborhood in the city. Condos give you the opportunity to live in your preferred location and could be a more affordable option compared to single family homes. Also, Philadelphia has many condo conversions. That means they’re homes with beautiful brownstone facades that have the look and feel of a townhome or single family home but been converted into multiple units inside. Condos can give you more options than you might think. Condos are typically smaller in terms of square footage compared to single-family homes. However, that means they can be a more affordable option. According to realtor.com, condo buyers paid about 7% less for their home than buyers of other types of homes did last year. As mortgage rates and home prices continue to rise, affordability is a struggle for many buyers. Expanding your search to include condos could be your solution. Don’t forget that that owning any type of home is building equity and wealth. Real estate is one of the best long term investments that you can make. This doesn’t have to be your forever home. As you continue to build equity, you will have the potential to search for other homes in the future that might check off more of your wish list items.
2. Condo Living Comes with Convenience
Purchasing a condo is a lifestyle choice. They typically require minimal upkeep and much less maintenance compared to a single-family home. If the roof is leaking or the path outside needs to be shoveled after snow, the condo association will likely take care of that. They also typically include amenities, which could be a gym, pool, security and concierge services, parking, shared common spaces, etc. Keep in mind that having those amenities likely means there will be condos dues in addition to your mortgage payment. Some buildings have extremely high condo dues, so you'll want to keep an eye on that during your home search. Your real estate agent can help you compare and contrast different buildings.
3. Home Inventory is Increasing, but It’s Still Relatively Low
Home inventory in Philadelphia has steadily been increasing since the beginning of 2022. For years, there has been record low inventory. Simply put there just weren’t enough houses on the market to meet the demand. Inventory has been steadily increasing for the past several months, but it’s still relatively low compared to previous years pre-pandemic. Many homebuyers focus their search on single family homes and townhouses, but in the current market, it’s important to at least consider a condo as an option. If you add condos to your list of criteria, it will give you more home options to look at. Buyers are also having more leverage in this market since the demand has decreased and inventory is increasing. It’s a good time to start the conversation about your home buying goals with a real estate professional.