Why It’s a Good Time To Buy D.C. Condos
Why now is a great time to buy a condo in D.C. for investors and buyers.
Is now a good time to buy a D.C. condo? Condo prices have not followed the same trajectory as home prices over the last two years. In some areas, they’ve been consistent since 2018. This means that condos are relatively affordable compared to houses, but there are a few more reasons why a condo might be a good buy, whether you plan on living there or renting it out.
Interest rates are still low. After they rose quickly at the start of the year, they’ve come down a bit. It’s a good opportunity to take advantage of these low rates because they won’t be here forever. We also recently had a good amount of condos come onto the market. That means you have more options and leverage in negotiations.
"Condo prices won’t stay low for very long."
If you’re considering investing in condos, rents have gone up since the pandemic, and they are expected to continue rising. D.C. is supposed to add around 90,000 jobs over the next year, so there will be more potential renters.
Condo prices shouldn’t stay low for very long. They will likely creep up throughout this year, so now is a good time to buy. If you miss this opportunity, the next best time will be late fall when we usually see high inventory. The only problem with waiting until then is that we don’t know what interest rates will do.
Specifically, smaller units, like studios and one-bedroom condos, are more affordable. The closer to downtown, the better the availability and negotiating leverage.
If you have any questions about D.C. condos or our market in general, feel free to call or email me. I’d love to talk to you.