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Millennials Are Increasing the Demand for Condos in Charlotte

Millennials Are Increasing the Demand for Condos in Charlotte

When shopping for homes, there are a multitude of options out there for homebuyers. Depending upon your needs, budget, and in many cases, the desired maintenance level, your choices are narrowed. For many millennials, their choice is really to buy a condominium.

Charlotte Millennials and condo home purchasing

According to CoreLogic, about 43% of all condo home-purchase mortgage applications were submitted by first-time homebuyers in 2018. As well, the data show condos were more popular with young homebuyers and empty nesters.

Millennials are buying condos instead of a single-family house because prices are still somewhat affordable in the condo market, compared to single family housing. Hence, the demand for condos has been increasing.

Younger Millennials by the number

*Data, Photo above and graphic provided by KCM (Keeping Current Matters)

 

Despite the data, I still do caution millennial buyers that single family homes may be a little higher in price than condos but, condo homeowners’ associations (HOA) are more likely to have high monthly fees. Be sure that you factor in the HOA dues when speaking with a lender for pre-approval.

 

Bottom Line

If you are a millennial considering buying a home, understand that there are many options available. A condo may wind up becoming your first home but, let’s discuss the options together. Let’s evaluate your options and review which type of home best fits your needs. Call or text (704) 491-3310 and let’s get started!

 

SEARCH CHARLOTTE CONDOS FOR SALE

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Millennials Are Increasing the Demand for Condos in Charlotte

Originally posted at http://athomescharlotte.com/realestate/home-buyers-guide/millennials-are-increasing-the-demand-for-condos-in-charlotte/ 

The Maxwell House Group Charlotte NC

 

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Debe Maxwell, Realtor®/Broker/CRS

RE/MAX Executive

CharlotteBroker@icloud.com
Direct:  (704) 491-3310

 

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Comment balloon 13 commentsDebe Maxwell, CRS • July 10 2019 11:21AM

Comments

The increased millenial population of Charlote is certainly driving demand! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 4 months ago

Good morning, Debe Maxwell, CRS that's good news and a great prediction for the future health and stability for the condo market.... I remember the birth of the condo and the rush to secure a unit or two....one to live in and one to rent .... condos were my first investment.... I did condo conversions with multifamily homes.... they flew off the shelves!!

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 4 months ago

Good morning Debe. Except for those with extremely high income, condos may be the only option in downtown Chicago. Enjoy your day 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 4 months ago

Condos are a good choice for many first time home buyers. 

Have a most productive July.

Posted by Roy Kelley (Realty Group Referrals) 4 months ago

Hello Debe Maxwell,  It is always great to see them start somewhere to invest their money.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 4 months ago

Hi Debe Maxwell, CRS - HOA dues and fees are an important area to consider when purchasing a condo for Millenials. I don't see any young buyers looking in Sedona. Most of the Verde Valley is pushing the price point out of reach.

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 4 months ago

Good morning Debe Maxwell, CRS -  with so many types of condos this is a good start to build equity.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 4 months ago

Debe that is good advice on the condo fees.  Once you add in the condo fees, the total monthly payment for a condo is usually higher then the monthly payment for a similar priced house.  In fact around here you can usually purchase a house listed at $20,000 to $30,000 higher for about the same total monthly payment.

However, the convenience of no maintenance is attractive.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 4 months ago

Thanks for the update Debe, all the best to you as you get many of these properties listed and sold.

 

Posted by Sally Crane, Woodland appraisal support. (WMS) 4 months ago

Morning Debe.

We don't have many of those in my area.  You have either an apartment, duplex, or a single family.   There are only 27 for sale in my county

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 4 months ago

Debe, we are seeing this here too, but condo association fees are getting so high, some are opting for a single family home.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 4 months ago

Debe... very valid point on how the condo fee could tremendously increase the monthly total payment for the property. 

Excellent lesson 101 for the buyers.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) 4 months ago

A lot to consider, whether buying a condo or single family home in Charlotte.  Thanks for the guidance Debe.

Posted by Marie Haydock, Simplifying Real Estate (Evergreen Global Homes & Land | RSVP Real Estate) 4 months ago

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