Before you buy a townhouse or condo, make sure you check with the homeowners’ association management to find out what percentage of the development is owner occupied. In other words, what percentage of rentals are here? This matters.
Your lender may not want to grant you a loan if the percentage of renters is high, because your target community might be more like an apartment complex than a group of home owners who live there, take pride in owning the home, and protect the value of the property. Renters are transient. Renters bring in some level of uncertainty because they don’t show up as homeowners on record. Renters don’t have the same incentive to protect the property value as owners who live there, and that adds risk. Lenders don’t like risk.
Neither will you, if the first and last weeks of every month bring a parade of moving trucks to block the parking lot and interrupt the peaceful nature of your community. If you buy a townhome or condo in a high rental community, you will never know whom your neighbors are.
These things may not bother you. But be aware. Investors love townhomes and condos, but they do actual damage to property value by filling up these communities with renters. Talk to your real estate agent about this so you can make an informed choice.
I can help. I’m at Premier Advantage Realty,, NC 919-210-6113.
Real estate is local. I’ve said that many times here. But what does that mean?
It means that within your state, numbers might show a median home price of $300,000. But that’s statewide. Within your metropolis, the median might be $550,000. And then within your LOCAL market, even within your subdivision, or the one you want to move to, the median might be $355,000. Okay, so what?
Well, if you look at the statewide median price, you might lock that price in your brain and not be able to afford anything at all in the area you want to move to. Why? Because that price is not your LOCAL price. You see $300,000 when YOUR median price is really 50K higher. Get it? Gotta go local.
Now let’s talk about median. Median is not the MEAN, or average. Median means line up every house in a line and put a price above it, then find the middle of that line. There it is. That’s the median. Median is not average.
How do they come up with the numbers? Just like that: make a list, find the middle. No attention to amenities in the community, no attention to the age of the house, what kind of condition is it in, ‘popularity’ of the area…none of that. And I’m just going to say it: Popularity includes low crime rate. There it is. If you buy in a high crime area, you probably got a lower home price, but you’re going to feel it when you try to sell.
Okay, let’s look at the notorious ‘price per square foot’ check box. If a home has a higher one, it might have a TON of upgrades that you will never be able to afford, or won’t be able to wedge in, later. So that PPSF might be worth it! Note that the reasons for this higher factor is not called out for you; it’s just entered in the data. Lock in on the ‘median’ and you’re gonna miss that special three-seasons room you always dreamed of having. Take a few minutes to find out how much that extra 5 bucks per square foot actually effects your payment (or ask AI) and you might get a pleasant surprise. Don’t miss out on that dream home over 5 bucks a month. Remember, you want to be happy with your home. There’s not much better than that.
There’s so much information out there that it’s overwhelming. We feel like we’re in a sea of it. The important thing is to connect these data points in the way that makes your perfect home stand out for you. That’s why it’s important to have a realtor who knows the market, and who knows how to look for hidden issues while you imagine placing your furniture. Real estate agents do that.
We are in the age of information, but you know…you know…that a lot of it is bogus. Check and recheck. And there’s still nothing like driving by the home to get a feel for the community. How much shade is there for summer heat, how is the topography? Are you in the bottom of the bowl where all of the runoff will end up in a storm? Is construction uniform? That matters! It goes straight to your bottom line, and remember when you buy, you will also need to sell one day.
Do you hate being hand-shake distance from your neighbor? Well don’t look in the middle of the metropolis! Gotta go out into the ‘banished from the kingdom’ areas (my favorite). And even those are becoming impossible to find. Do you want an acre of land in the country? Well you’re going to have a septic tank and well, for you guys who hate them.
Food for thought. If you want to chat (chatting is free), contact me. I’m Brenda with Premier Advantage Realty. 919-210-6113. And I actually like talking. I know, who DOES that?
Have you ever wanted to actually meet this bunny, or were you just waiting for that basket of chocolate goodies? Heck, I never gave this guy a second thought. Until now. Oh, you know how I am. I’ve gotten quite contemplative in my recent years, and more than that, I love a tangent. It’s almost Easter!
The Easter Bunny gives gifts anonymously. Come on, you never see him. So I’m gonna call it anonymous. He never asks for anything in return. He gives you the amazing gift (talking chocolate here) even if you don’t need nor deserve it! He never forgets Easter. He’s always right there.
He loves you! If he didn’t, he’d leave rocks, or scare you awake. He gives you the things you like and even some you didn’t expect. And I think it would be very cozy warm and fuzzy to hug the Easter Bunny, don’t you think?
Yeah, I’d like to meet Mr Bunny. Just to say thanks.
There are so many seniors in the market now, looking to downsize into a more manageable space. Maybe the need is to live on one level, or maybe it is just to have less real estate to manage. Any way you look at it, it is a specialized place to be in life, and it requires a special real estate agent to help you navigate it. Times have changed, laws have changed, real estate and even how to get through it, have changed. And I find that my clients appreciate that I listen to them, that I have empathy for their fears and the sadness they feel when they have to choose what to take with them and what to leave. And importantly, I find that my clients love that I do not rush them. These kinds of late-in-life decisions are weighty and they deserve thinking through.
One of my specialties is working with seniors. I am one. I know how it feels to enact dramatic changes later in life, and I’m really good at helping my seasoned clients navigate through. The most important thing for them is to focus on the excitement they will encounter in finding that new home, getting to incorporate some of the things maybe they didn’t have in their last, long term home. Eventually, all of my clients settle in, embrace and even love their new life. That’s what you want. And that’s what I want for you.
I work very hard and with love for my seniors on this journey. I hope you will call me so I can be of service. I am Brenda, with Premier Advantage Realty, at 919-210-6113.
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