If you've been trying to decide how to finally own your home, buying a condo can be a good first step out of renting and into home ownership. There’s good news about condos right now, too. The National Association of Home Builders reports that the production of condominiums and apartments is at an all time high, since tracking began in 2003.
The latest Multifamily Production Index (or MPI) released in late August showed an increase to 61. The MPI is a measurement of builder and developer feelings about the conditions of the apartment and condominium market. It’s measured on a scale of 0 to 100 where a score over 50 shows that a majority of respondents report conditions in the market improving. Three elements are measured by the MPI: construction of low-rent units, market-rate rental units, and for-sale units, or condominiums. The for-sale component scored 58, which is the highest score since 2005, indicating that choice in is available when looking for a condo as your home.
Consumer demand for condos is increasing and builders are answering that demand by building. There was a dearth of new units being built during the housing downturn. With the increase in production, there are more options for people looking at buying condos.
If you want to own property but don’t want to deal with yard work or maintenance tasks and would like to keep your payments low, a condo may be the perfect choice for you! You may be surprised at the many options available for buying a condo locally and I'd love to help you discover them!