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A Deep Dive in the Condo Market w/Tim Parent and Jessica Bravo:: Ep 14 Mortgage Wise with Mike Wise
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A Deep Dive in the Condo Market w/Tim Parent and Jessica Bravo:: Ep 14 Mortgage Wise with Mike Wise
In this episode, we focus on the evolving condo market, particularly the challenges around affordability and insurance. We discuss the pressure on Fannie and Freddie to make condos more accessible for first-time homebuyers, while also managing the risks associated with aging condo infrastructure and rising insurance costs.
A key issue we talk about is the increase in HOA fees due to skyrocketing insurance premiums, which is negatively impacting affordability.
The discussion provides guidance for real estate agents on the critical information to gather when listing or showing a condo property, such as the HOA budget, master insurance policy, and any special assessments or structural issues. We also talk about the importance of understanding the condo's insurance coverage, including deductibles and peril endorsements, to assess the overall health of the project.
Our chat also covers the differences between condos and planned unit developments (PUDs), highlighting that PUDs are often viewed as less risky by lenders due to the individual lot ownership structure. However, some PUD communities may still function similarly to condos in terms of HOA maintenance and insurance.
Highlights:
Insurance Challenges and HOA Decisions (4:08)
Differences Between Condos and PUDs (21:57)
Importance of HOA Information for Real Estate Agents (28:13)
Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.
Follow along at www.mortgagewisewithmikewise.com
This podcast is produced by Jim McCarthy and ItsYourShow.co
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