If you own a condo apartment in Sylvan Lake right now...you have about an 8% chance of selling it. This is odd considering that Sylvan Lake is YOUNG; 54% of the population is under the age of 35. It seems like the perfect fit when you step back and consider the advantages of a condo...low entry price point, no maintenance, and amenities (pools, gyms, rec rooms, movie theaters, etc.). Even if you aren't a first time home buyer - the condo lifestyle is a great fit for:
Single People: for a single person a full home or even half duplex may not be very practical; a condo can offer all of the benefits of home ownership! Also...you might just meet that special someone considering all of the opportunities to socialize with neighbors in the community <3
Young Families: if you're expecting, already have a baby, or even have young children - you can enjoy home ownership, focus on what's important, and not worry about cutting grass, shoveling snow, or replacing shingles!
Senior / Retired: if you've already spent a few decades in a single family home it's a great opportunity to downsize...and not worry about cutting grass, shoveling snow, or replacing shingles!! There are lots of buildings that have minimum age restrictions and are tailored specifically to the 45/50+ community
So what's the problem?
It's not that the value of a condo isn't great...it's that the value of a single family home is undeniably better, right now! The average price of a condo in Sylvan Lake is $221,000. Reasonable, right? That's a mortgage payment of about $1,036 + around $300 for condo fees makes it $1,336.
Consider this: you can buy a new single family home for just $300,000 (see some examples here)! The $80,000 may seem like a huge spread but that monthly cost difference is only $114 ...
There's no denying that this is one of the hottest markets to buy real estate. If you already own real estate...buy more! With such a high inventory of homes to choose from - the ball is in your court. It's not unheard of to get $10,000 up to $30,000 off of an asking price...
So maybe it's not a market worth writing home about...but you CAN win! It's important to understand that in order to sell in a high inventory market - you need to be the best deal on the street. If you're moving up in price you may still come out with a smile on your face; whatever discount you give on your home you will likely get back (and then some) when you move up. Downsizing...not so much! It all boils down to what your motivation and equity position is.
If you're one of those people who has no idea of what your home would sell for today ... you can reach out to me any time!