Why Condo Sellers’ Pain Can Be Buyers’ Gain

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• 00:02

  Here's your Money Briefing for Monday, June 2nd.

• 00:05

  I'm Callum Borschers for The Wall Street Journal.

• 00:13

  Buying real estate is hard.

• 00:15

  You can offer more than the list price and still get beat by someone willing to pay more.

• 00:19

  One type of property is ripe for a bargain, condominiums.

• 00:23

  They seem to be more willing to drop the price than negotiate.

• 00:26

  But opportunities for buyers could mean challenges for sellers.

• 00:30

  You probably can't expect a bidding war.

• 00:32

  You can expect buyers to take longer to make a decision on your condo.

• 00:37

  And you certainly can expect them to ask a lot more questions than they did just a few years ago.

• 00:43

  Wall Street Journal personal finance reporter Veronica Dagger and proud new condo owner Gordon Miller will give us the lowdown on what it takes to close a deal.

• 00:52

  Stick around after the break.

• 01:07

  Condominiums aren't getting much love from homebuyers right now.

• 01:10

  It's common for people to get in bidding wars over single-family houses,

• 01:14

  but most condos are going for less than they're asking prices.

• 01:18

  Buyers are shying away from them because of rising homeowners association dues and special assessments for major projects.

• 01:25

  So who wants a condo?

• 01:27

  Gordon Miller, for one.

• 01:29

  He recently purchased a four-bedroom unit north of Detroit.

• 01:32

  He also happens to be a mortgage broker who knows more than the average person about real estate.

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