First time home buyers are faced with a tough market when it comes to affordibility. Peak prices combined with high interest rates have squeezed many first time home buyers out of neighborhoods that have traditionally been popular targets for first time home buyers.
Faced with the affordability challenge, we’re seeing more and more first time home buyers turning to condos as an alternative.
Condo values are typically lower than that of single family homes. And even when you factor in monthly HOA fees, from a monthly payment standpoint condos are a cheaper alternative most of the time.
Here are some examples to illustrate the point.
CONDOS FOR SALE
Set up your own custom search for condos for sale in Macomb Township, Shelby Township, Chesterfield, New Baltimore, Washington Township, Sterling Heights and Clinton Township.
Macomb Twp Condos
Home buyers can expect to pay $210,000 – $280,000 for a 1200-1400 square foot condo.
Macomb Twp Single Family Homes
Home buyers can expect to pay $310,000 – $350,000 for a 1200-1400 square foot single family home.
Shelby Twp Condos
Home buyers can expect to pay $220,000 – $300,000 for a 1200-1400 square foot condo.
Shelby Twp Single Family Homes
Home buyers can expect to pay $270,000 – $350,000 for a 1200-1400 square foot single family home.
Chesterfield Twp Condos
Home buyers can expect to pay $150,000 – $250,000 for a 1200-1400 square foot condo.
Chesterfield Twp Single Family Homes
Home buyers can expect to pay $250,000 – $310,000 for a 1200-1400 square foot single family home.
SCHEDULE A CALL WITH BRIAN
If you’re getting frustrated with buying your first home in today’s market, book a call with Brian to discuss why a condo might be the right answer for you.