According to The Tacoma News Tribune the local condo market is making a comeback. If you are considering purchasing a condo there are some things to consider prior to signing on the dotted line. While you may find the ease of outdoor maintenance free home ownership enticing, the maintenance normally comes with monthly dues that can be increased at any given time by the Home Owners Association. These dues should be considered into your overall budget when placing an offer on a condo. There are other concerns when purchasing a condo such as percentage of rentals in the complex and the HOA debt that could prohibit your lender from being able to provide you with the required financing.

 

 “If practice makes perfect, how can you excel at buying a condominium unit when you'll probably do it fewer than a half dozen times in your life? What about the first time you buy? You'll be working without any condo practice at all! Since condo prices start in the tens of thousands of dollars and head into the millions, gaining practice as a buyer can involve some very expensive lessons.”

 

Read the entire article here: http://realtytimes.com/consumeradvice/buyersadvice1/item/26824-20131210-avoid-six-way-too-common-condo-buyer-mistakes

 

 

Pierce County Statistics:

 

Homes for sale in Spanaway: Homes For Sale January 2014: 166. Down 2.9% compared to the last month. Homes Sold January 2014: 62. Down 15.1% compared to the  last month. January 2014 was a Seller’s Market.

Homes for sale in Tacoma: Homes For Sale January 2014: 848. Down 6.1% compared to the last month. Homes Sold January 2014: 173. Down 33.7% compared to the last month.  January 2014 was a Neutral Market.

Homes for sale in Lakewood: Homes For Sale January 2014: 135. Down 1.5% compared to the last month. Homes Sold January 2014: 20. Down 42.9% compared to the last month.  January 2014 was a Buyer’s Market.

Homes for sale in Fife: Homes For Sale January 2014: 23. Down 8% compared to the last month. Homes Sold January 2014: 10. Down 23.1% compared to the last month. January 2014 was a Seller’s Market.

Homes for sale in Milton: Homes For Sale January 2014: 15. Down 28.6% compared to the last month. Homes Sold January 2014: 3. Up 50% compared to the last month. January 2014 was a Neutral Market.

Homes for sale in Edgewood: Homes For Sale January 2014: 43. Up 4.9% compared to the last month. Homes Sold January 2014: 1. Down 90% compared to the last month. January 2014 was a Buyer’s Market.

Homes for sale in University Place: Homes For Sale January 2014: 78. Down 3.7% compared to the last month. Homes Sold January 2014: 25. Up 38.9% compared to the last month. January 2014 was a Neutral Market.

Homes for sale in Fircrest: Homes For Sale January 2014: 16. Down 27.3% compared to the last month. Homes Sold January 2014: 6. Up 200% compared to the last month. January 2014 was a Seller’s Market.

Homes for sale in Dupont: Homes For Sale January 2014: 26. Up 18.2% compared to the last month. Homes Sold January 2014: 5. Down 37.5% compared to the last month. January 2014 was a Neutral Market.

Homes for sale in Puyallup: Homes For Sale January 2014: 405. Up 2% compared to the last month. Homes Sold January 2014: 99. Down 26.1% compared to the last month. January 2014 was a Neutral Market.

 

*Buyer's market: more than 6 months of inventory based on closed sales
 Seller's market: less than 3 months of inventory based on closed sales
 Neutral market: 3 - 6 months of inventory based on closed sales