Every few months my husband Ed will ask me "are you ready to move to a condo yet"? The topic usually comes up after I have picked weeds all day, or when I'm cleaning our house before or after a huge party. Of course, for him, it's when a huge gas or electric bill comes. Although we're not quite ready to downsize and move into a condo, there comes a time when that decision may need to be made.
When to Choose Condo Living?
Some people choose a condominium so they can travel more, some to escape outside maintenance, some simply because they like the lifestyle. Here in Michigan, we see many retirees choose condo living when they become too old to care for their home or they become "snowbirds." Of course, there are tons of snowbirds that keep their home here in the north and go south and buy a condo, allowing them to lock and leave.
Several years ago, when the market was buzzing, and building was hopping in Macomb County, we saw many younger people opting for condos. Mostly because they could purchase a brand new condo in an area where they couldn't afford a home. At that time the builders included granite, appliances and tons of upgrades making it even more desirable. In many of the warmer states when the market was buzzing, they saw loads of baby boomers buying condos to make a quick profit by flipping them in a few months. Here’s more Information about Condominiums.
Is it Harder to Buy a Condo Now?
Well, let's just say the lenders are more cautious when it comes to condos. One reason is because when the housing market fell, it left tons of foreclosures in several condo complexes, along with many unpaid association fees. This caused some associations to go belly up with many more raising fees. This also opened the door for loads of investors to move in and turn the units into rentals. Something that is frowned upon by lenders.
Here in Macomb County the condos for sale seem to have hit bottom and are headed back up. However, we have a long way to go since we fell so hard. Unlike the southern states like Florida, Arizona, and Nevada, we did not see double-digit prices going up, but we lost huge percentages coming down.