Speaker 1: It is done for your true real estate nine to
Speaker 1: one one mid week update with your local real estate
Speaker 1: pro Lisa True. Lisa, we know that markets change, times change,
Speaker 1: and that means that in this case, the types of
Speaker 1: distressed properties that are out there have changed. Tell us
Speaker 1: about it.
Speaker 2: Right now. We are seeing a new type of distress
Speaker 2: caused by things like student loans, condo fees, AHOA fees increasing,
Speaker 2: and here's a big one, insurance increasing. Many people are
Speaker 2: really struggling with affordability now in their monthly payment. And
Speaker 2: the good news compared to last time is many of
Speaker 2: those people do have equity, not all of them, but
Speaker 2: many of them do. But they're struggling and they really
Speaker 2: need to look at the options and look at can
Speaker 2: they afford that property with all of these changes that
Speaker 2: have been going on.
Speaker 1: What is it that people should be doing. If they're
Speaker 1: beginning to struggle making those monthly payments, I think they need.
Speaker 2: To look at is it a short term or is
Speaker 2: it a long term issue? Has the affordability just changed
Speaker 2: due to insurance increases, condo fees. Many people that have
Speaker 2: even owned condos generationally can no longer afford those and
Speaker 2: no longer makes sense. I believe the first one out
Speaker 2: does the best, and you really need to kind of
Speaker 2: be proactive on that. The other thing that's causing distress
Speaker 2: unfortunately is divorce. We're seeing income household incomes being divided,
Speaker 2: but expenses remaining the same. So you really have to
Speaker 2: look at is a short term long term. If it's
Speaker 2: a short term thing, you can probably hang in there,
Speaker 2: keep your equity, keep your low interest loan. If it's
Speaker 2: long term, you should deal with it sooner than later.
Speaker 1: And speaking of sooner than later, if you have some challenges,
Speaker 1: if you have questions, get in touch with the truth
Speaker 1: sooner than later. They can help. Call five six one, nine, seven,
Speaker 1: two eighty three, twenty six, visit True real Estate nine
Speaker 1: one one dot com or just google True group that's
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