Issue 24
You may recall in last week's article, we took a look at supply and pricing trends in Seattle around single family detached homes and a new bucket of product that includes the following for-ownership product:
- Condoized detached ADUs and cottages
- Condoized attached ADUs and multi-family units (2-6 units)
- Condos (traditional condos in a building)
- Townhomes
We had a great conversation about this at ENCORE this last week - about whether buyers have the knowledge to start their search looking at condos vs townhomes and whether NWMLS should make some changes regarding statistics, or adjust definitions to improve the home search and reporting factors around these different types of housing. The market around housing supply and demand in Seattle is definitely changing and we can expect these changes will not be contained to the Seattle market in the coming years.
In fact, we recommend having something in your buyer package that addresses different ownership types and types of properties they might see in the market and how features might be a better way to search for a home rather than starting with a definition of condos or townhomes.
We also just wrote a Club Zebra article this month on condo vs fee simple ownership. Club Zebra members should download this one and add to their buyer package for sure!
The 7 features that we predict will take center stage during the home search are:
