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Relief in Sight For Condo Buyers?

By January 12, 2018

Market Report

Is some relief in sight condo buyers as apartment rents fall and vacancy rises?

Condo buyers have it tough. Condo inventory is at an all time low.

As of this writing, there are only 33 condos in all of Seattle under $500k.

For buyers looking to buy their first condo to live in, they compete against not only other buyers like themselves but also more affluent buyers looking for investment condos. Fortunately for buyers intending to owner occupy, as rents fall, it becomes harder for these investors to cashflow perhaps leading them to invest their money elsewhere.

For investors, is now a bad time to invest in a condo? Perhaps. For the last several years, investors in condos rentals have had to compete with shiny new apartments, and the competition will only get more fierce as the vacancy rates rise at those apartments and they offer more incentives to renters. Incentives that amateur condo investor landlords might be hard pressed to match. However, for condo investors looking at unique condos, unlike any of the apartments out there, they’ll have an edge.

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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