Why is affordable housing such a big topic for the year 2020?
Of all the homes that sold in 2019, 26% were condos or townhomes. Those are becoming the new mainstream properties simply because people can afford them more easily. It’s also interesting to note that the median price of townhomes and condos are expected to increase more than the price of single-family homes.
Here are a few points to keep in mind as you consider this trend for the long-term:
1. If you’re getting letters in the mail from your city asking you to approve a particular townhome, condo, or apartment project, instead of rejecting the idea outright, consider that this is an opportunity for you to orchestrate and vote on something that will affect your friends, family, children, and community. Since townhomes and condos are the new entry-level homes, we have to at least consider creating new opportunities for future generations.
2. If you don’t have a portfolio of properties, consider that buying entry-level properties and leasing them out are very good opportunities to consider in this market.
3. Be smart about what you purchase. That something is affordable doesn’t make it the best decision.
In the end, there’s no reason for you to be paying off your landlord’s mortgage. If there’s a good property on the market that makes sense to purchase, don’t write it off as an option moving forward. If you need any help deciding what would be a smart purchase in our market or you have questions about buying a home, don’t hesitate to give us a call or send an email. We’re here to assist you with any details you need, and we look forward to serving you soon.