What You Should Know About Buying a Condo

SOURCE: Freddie Mac

As you explore your homebuying options, you may find that a condo is the perfect fit for your lifestyle, budget and homeownership goals. But what exactly is a condo, and how does it differ from other property types? Here is everything you need to know before buying a condo.

A condo is an individual unit within a larger residential development in which residents own their units rather than rent them. A condo can be any architectural style: garden-style, a townhouse, a high-rise, or a detached home.

For some buyers, condos combine the benefits of apartment living, such as convenient amenities and fewer maintenance responsibilities, with wealth-building opportunities and the stability of homeownership. Condos can also be more energy-efficient, saving you money on utility bills.

Things to Consider Before Buying a Condo

There are a few important things to keep in mind when exploring the idea of a condo purchase.

• Condo association: Most condos have a condo association, which is similar to a homeowner’s association (HOA), that oversees the financial management and the upkeep and maintenance of shared areas.

• Condo association fees: Fees will vary depending on what services and amenities are included. Make sure you factor this cost into your homebuying budget.

• Rules and regulations: In addition to maintenance, the condo association is also responsible for enforcing any rules and regulations that property owners must follow.

• Long-term plans: Even if you plan to live in the condo for a long period of time, it’s a good idea to think ahead about your options when you are ready to move out. Will you keep it as a rental property? Will you sell it? What improvements can you make to increase the property value?

The Buying Process

• Mortgage pre-approval: Before you buy, you’ll want to compare several mortgage lenders and choose one you’d like to work with. Your lender will help you complete a loan application, determine if you qualify for a loan, and issue a pre-approval letter detailing the amount of money they are willing to lend you. This is an important step as it will help you determine the price range for your search.

• Finding the right condo: Once you know what you can afford, work with your real estate agent to discover available properties that match your housing needs. Do your research on the property to make sure you have a full picture of what you’re buying.

• Making an offer: When you’ve found the right place, your real estate agent will help you determine an offer amount, submit and negotiate your offer, and finalize the contract.

• Review the resale package: Once you make an offer, check to see if a Resale Disclosure Package is available. The information contained in the package will help you to determine if the condo is financially sound.

• Inspection and due diligence: An inspection and appraisal will help ensure the amount you pay is aligned with the home’s value.

• Closing the sale: The final step in securing your new condo is closing. On closing day, you’ll pay closing costs and sign documents to make the sale official and get the keys to your new home.

Depending on your situation, purchasing a condo could be the right choice as you explore your next homebuying opportunity. If you are in the market for a condo, building a trusted homebuying team and exploring available resources can help you navigate the process with confidence.

SOURCE: Freddie Mac

March 27, 2024 Weekly Market Watch with Chris Doucet

Active and listings that went pending remained stable while the number of sold listings declined from the week prior in King County. The median active and median list price remained stable as the number of days on market declined slightly as buyer activity continues to remain stable along with new listings. Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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March 20, 2024 Weekly Market Watch with Chris Doucet

Active inventory, sold listings, and pending listings remained stable last week compared to the week prior in King County. As showing's decreased slightly, activity continued to support a stable median active and sold price driving the days on market down. Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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CURATED • MARCH 2024 HOMES ACROSS THE STATES WITH CHRIS DOUCET

MARCH 2024 Welcome to Compass Curated, a collection of our most prestigious properties across the country, delivered to your inbox each month.

FEATURED PROPERTY 21 Strand Beach Dr, Dana Point, CA View Property

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Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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March 13, 2024 Weekly Market Watch with Chris Doucet

Active inventory remained stable while the number of sold listings decreased, and listings that went pending rose significantly last week week in King County to a new 15 week high of activity. As a result, the days on market decreased by 21.0% and the median sale price rose. Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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