Day 7: You talked about inventory being heavier in a few zip codes….What is happening with Condos in Arlington
Inventory- looks like R&B corridor has more inventory than the rest of the Northern Virginia Market, why?
We have been seeing a very interesting phenomena of what we’re referring to as decentralization of folks from the city centers to the suburbs. It really started in about April/May of last year when the work from home was truly “functioning” and folks realized that they could leave to find more space.
Many owners of condos, not just institutional investors are now selling condos, and former renters are now buying with their awesome buying power from the incredible low rates in more suburban areas, and we are seeing more condominiums enter the market, creating an increase in condominium inventory, over single family and townhome inventory. So, should you buy a condo? It depends. What do you need it for?
An income property/ remember day 2/30, can you afford the capital improvements, and what are your needs for your real estate portfolio. What are your lifestyle needs. If a condo works for you, take a look at the present city condominium inventory… It could be for you, inlieu of suburban life.
Know your options and think through all scenarios, while we all navigate the unknowns of being in the pandemic.