WSJ Your Money Briefing Why Condo Sellers’ Pain Can Be Buyers’ Gain
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Jun 2, 2025 Condominium owners are struggling with rising HOA fees and special assessments, making it tough to sell. Buyers can seize this moment for potential bargains, but must be savvy about the property’s financial obligations. A mortgage broker shares valuable insights on navigating the buying process, emphasizing the importance of understanding condo regulations. The market is seeing increased repair costs and new regulations, particularly after incidents like building collapses. The landscape is shifting, requiring sellers to invest in property enhancements to attract interested buyers.
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Gordon Miller's Condo Choice
- Gordon Miller, a mortgage broker, shared why he chose a condo near family in Michigan.
- He valued no upkeep and practical location over traditional homeownership challenges.
Vet Condo Association Details
- Carefully review the condo association rules, dues, and potential special assessments.
- Confirm the condo's mortgageability and insurance to avoid costly surprises.
Negotiating a Condo Price
- Gordon identified a relisted condo by checking its sales history online.
- He successfully negotiated about $100,000 off the original price by acting strategically.