For the most part, I cannot think of any compelling reason to purchase a condo at the present time with one exception…. that is interest rates.
I believe a very large misconception here is that home prices move inversely to interest rate movement in a quick amount of time. In reality that is not true. Home prices move for only one reason, that is that the home does not sell. Now of course when interest rates move up then yes that reduces the buyers pool and essentially less homes will sell. However there is a fundamental lag time involved, generally much longer then people think.
In the end the prices will move.
However if you were to purchase a condo 3-4 weeks ago verses today you would have save about 3/8 of a point on your mortgage rate and that is non trivial.
Let me ask you this… what is your rush? Do you have a family? Are you looking for a good school district? Are you tired of renting? What part of town are you looking at?
