Condo buyers are this week's marketing story. Redfin estimates there were 123% more condo sellers than buyers nationwide in September, the widest gap in its records dating to 2013, with condo buyers at an estimated 88,460, the lowest level in at least 13 years. The median condo sold for about $339,000, down 0.8% from a year earlier, and about 37% of condos that sold in September had a price cut. The surplus runs widest in San Antonio, Houston, Miami and Austin. A buyer who can negotiate on price is a buyer worth reaching now, and the message writes itself as long as it stays on what Redfin actually measured.
The rate context keeps the payment reasonable to talk about. Bankrate's 30-year fixed reads 7.20% for a third straight day, 2 bps above its 30-day low of 7.18% and inside a 90-day range of 6.67% to 7.57%. On a $305,100 loan, 10% down on the $339,000 median condo, that is about $2,071 a month in principal and interest, before HOA dues, taxes and insurance. For your refinance list, a borrower at 7.75% on a $400K loan pays about $150 a month more in principal and interest than today's 7.20%. The CPI window opens Tuesday, Nov. 10, so any rate-sensitive message you plan to send this week reads better written now and sent after the number lands.
The tactical move is a pre-offer condo check. A condo buyer's leverage on price does not help a file that stalls in project review, so build your condo content around getting the HOA budget, the project questionnaire and the dues into your hands before the offer. Fannie Mae's condo reserve minimum rises to 15% for applications on or after Jan. 4, 2027, which gives you a dated reason to say "let's look at the building first." And before any of this goes out by phone or text, mind the list: National Mortgage News counts seven more origination shops sued since August under the Telephone Consumer Protection Act in Do Not Call Registry cases, where two or more unwanted calls in 12 months to a registered number can carry $500 to $1,500 per call for a willful and knowing violation.
record a 30-second "thinking about a condo?" video built on Redfin's two-sellers-per-buyer figure and your offer to review the building before the offer, and schedule it for Thursday.