Seniors are Competing with First Time Home Buyers!

Seniors are Competing with First Time Home Buyers!

Every day seniors compete with first time home buyers to buy small one story condos where they can settle in and enjoy their future. Whether they are building a family or enjoying retirement they both really like ground floor units! The seniors enjoy not having any stairs to climb and the first time home buyers like the extra space a ground level patio affords for kids, pets and entertaining. Rents continue to skyrocket, both in apartments and in retirement communities. Being able to lock in your monthly payments by buying makes it nearly imperative to buy a small condo to lock in your future.

In today’s market these small highly-efficient condos are relatively inexpensive and sell fast! I don’t mean a little fast, I mean very fast. They sell in a matter of days, not even lasting on the market for more than a week or two. These buyers, both young and old, are trying to lock in their monthly expenses to protect themselves from ever increasing rents in Clairemont.

One recent call to Clairemont Realty provides a glimpse into the motivation of seniors. This elderly couple found themselves renting a 2 bedroom apartment for $2600 per month! They are both professionals and know rents will continue to climb. With his VA eligibility and their combined incomes from his pension and her working they could readily qualify for one of these efficient condos and immediately save themselves $600 per month, forever! Best part is they would never face another rent raise again!

Of course HOA fees can and do go up from time to time, in fact I can’t recall ever hearing about them going down! But isolating yourself from rent increases is a huge benefit that outweighs the relatively small and controlled increases a home owners association might vote upon themselves from time to time. It makes sense to a lot of people, which is why these particular condos are selling like hotcakes.

If you would like help buying a Clairemont Condo give me a call or email me. I will be glad to help.

Steve Innis, Broker
Clairemont Realty

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