What you need to know about our market, from condo sales to inventory.
If you’ve been wondering what’s currently happening in the real estate market, you’re not alone. Today, I want to address this question from two different angles: the condo market and the impact of a significant national real estate lawsuit.
First, let’s talk about the unique challenges we’re seeing in the condo market right now. Many of these older buildings have outdated electrical systems, plumbing, or other infrastructure concerns, which has led some insurance carriers to drop their coverage entirely. This forces the condo associations to seek new insurance, often at a much higher cost. The result? Condo associations may be compelled to raise HOA fees to cover these increased expenses. This is a significant challenge that could affect both current and prospective condo owners.
Next, there’s a major development in the market related to a national real estate lawsuit that could reshape how listing commissions work. Traditionally, as a seller, you would pay your listing agent a commission and also offer a cooperative compensation commission to the buyer’s agent through your listing agent. However, this is set to change.
Under the new model, sellers will only pay their listing agent’s commission, while buyers will be responsible for paying their agent’s commission separately. Buyers might still request that sellers cover these costs as part of the offer, potentially through concessions. This shift could place additional financial pressure on buyers, especially in higher-priced markets, but it also offers a new dynamic in negotiations. Sellers will need to weigh these requests carefully, focusing on what will net them the most money.
While these changes are significant, it’s important to note that we’re entering uncharted territory. The market will likely experience a period of adjustment as best practices evolve in response to these developments.
So what do these changes mean for you? The bottom line is that people are still buying and selling properties. We’ve seen some homes sell for well over the asking price, while others linger on the market due to fluctuating demand. It’s a mixed market—some areas remain hot with multiple offers coming in quickly, while others are slowing down to a more traditional pace.
I hope this gives you a clearer picture of what’s happening in the market right now. Whether you’re buying, selling, or just keeping an eye on the trends, please call or email me if you have any questions. I look forward to hearing from you!
