I’m looking to move out and buy a condo. The one i’ve been looking at is a 1 bed, 2.5 bath with a ground floor and basement. There is a good amount of space, so I could set up a 2nd bedroom downstairs for possible roommate, but it’s not listed as 2 because there’s no exit window.
The only downsides are there would be a person above me, and assigned parking instead of garage. I would be fine with these.
I just got a little scared because I saw on Realtor.com that the value of the home increased from 240K to 380K from 2021 to now. Another estimate puts the jump at 280K to 380K from 2021 to now, which is still insane.
My plan right now is to stay in this condo for 5 to 7 years. I’m just worried about the price coming down drastically to what it was a year ago. If I stay for 7 years, do you think such a drop would happen? I’ve always thought that buying would be better than renting, but now I’m worried about losing a lot. It just seems insane that the value jumped so much in a year.
Thanks for your time!