photo credit: Omaha Homes For Sale

The condo market felt the housing crash much worse than the single family home sector did. The condo market fell 20 percent nationally and up to 60 percent in the worst areas of the country. Averages prices of condos remained low nationally in the first quarter as compared to this time last year. There is good news for the condo market on the horizon. Condo sales were up 40 percent from last year offering a glimmer of hope for condo owners.

Part of the reason the market crashed is over development. They were overbuilt to such a degree that the market experienced a surplus of condos, but the bad news of yesterday however, is good news today. Prices are at all time lows, and the choices are many for purchasers. Added to that is the lack of competition for buyers due to the governments loan program becoming more and more strict.

If you are ready to purchase a new home or condo, despite the housing tax credit and the ups and downs it has been experiencing, there are deals out there to be had. There are steeps to take to ready yourself for such a purchase, and there is some background research to perform in the market and into your personal finances before you take the leap. Beth Braverman of CNN Money, offers some tips and things to think about before taking the plunge.

Read full article from CNNMoney

Posted in Real Estate Market Conditions, CAR, Real Estate Industry, Real Estate Industry Trends, Downtown Denver Lofts and Condos

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