|
Looking to BUY a condo?
More inventory means buyers can afford to be selective. Beyond the purchase price, buyers are taking a much closer look at HOA dues, association financials and reserves, insurance costs, special assessments, and rental history.
A condo that appears to be a great value based on price alone may look very different once those additional costs are considered. On the other hand, increased inventory can create some excellent opportunities for buyers who understand the numbers and are prepared to negotiate.
If you're in the market for a condo, I can put together an estimated investment analysis for any property to help you evaluate potential cash flow, return on investment and cash-on-cash return.
Looking to SELL a condo?
With buyers comparing more properties, pricing is especially important. Buyers aren't just comparing one condo to another; they're comparing the total cost of ownership. Strong rental history, reasonable HOA fees, healthy association finances, recent updates and the absence of major assessments can all help a property stand out. If a condo has challenges, pricing needs to reflect them.
Looking to BUY a single-family home?
The conversation is somewhat different. Buyers are generally focused more on location, condition, insurance and flood costs, age of the roof and major systems, and overall value. With homes taking longer to sell than they did a year ago, buyers are taking more time to make a decision and, depending on the property, more opportunity to negotiate price, repairs or other terms.
Looking to SELL a single-family home?
More homes are selling this year, which is encouraging, but buyers remain value-conscious. Homes that are well maintained, show well and are priced appropriately have an advantage. Pricing too high can be particularly costly in a market where buyers have alternatives and can easily compare competing properties.
The Bottom Line
There are opportunities on both sides of market. Buyers have more choices and negotiating power, while sellers are benefiting from increased sales activity.
More than ever, success depends on understanding the specific property, knowing the competition and setting realistic goals.
A beachfront investment condo in Gulf Shores and a home in Foley shouldn't be evaluated the same way - and that's where knowing the local market really matters.
Whether you're thinking about buying or selling, I'm here to help!
| 
