It is time for your true real estate nine to one to one MIDWEK update with your local real estate pro Lisa True Lisa. We know that we're into a buyer's market, most especially in the condo market, so that presents opportunities for buyers some real challenges for sellers. What should everybody in that conversation be doing?
Yes, Brian, I've been sharing that we've been in a strong buyer's market in condos, with an average of ten months supply of condos, and in some condo buildings it's as high as sixteen to twenty month supply. Now, the reason behind that, we've mentioned insurance, but it's even bigger than that in some buildings. Some buildings have actually made their way into the Fanny May Do Not Lend list.
Now that sounds terrible, however, the reason behind it is most of the buildings that are on that list have an insurance deductible higher than Fannie May is comfortable with. It might and probably will be a temporary issue for the next maybe couple of years, until this all gets maybe softened a little bit with the insurance issue. Now, it's not all lost for buyers. This is actually great news. They can still get a loan a non conforming loan. It's about a half a point higher.
So it's not devastating. However, sellers, because of the market most sellers, if they're smart, are willing to pay to buy down that rate.
This just shows why it's so important to have the expertise of the True Group working for you. These situations can be complex. The truths they understand it, so you don't have to worry about knowing what to do. Get in touch with the truths today call five to six to one nine seven, two eighty three, twenty six, visit True real Estate nine to one one dot com, or just google True Group that's tru Group.