While single family home inventories are significantly low, condos are also still dropping in price. A great sign for buyers, but for sellers? Hmmm…
Median condo prices bottomed out in January at $184,500 and then improved in February to $194,000 but slipped again in March to $190,000 – down 19.1 percent from the year-ago price of $235,000. Condo prices haven’t improved year-to-year since April 2011.
So what’s the deal?
Part of the problem is that many condominium associations have resisted FHA approval for buyers seeking to purchase a home using an FHA loan. This limits the number of qualified buyers who are looking for a first home, or are looking to downsize. This, combined with recent FHA guideline changes that disqualify certain condo and townhome complexes due to several factors, including owner occupancy and amount of delinquencies in the HOA’s.
So what can I do if I want to buy a condo?
There are loan packages available for first time home buyers that can allow them to qualify for a condominium or townhome. Contact me for information on various loan options available to you.
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Toll Free: 800-891-6415