The housing market has become challenging due to high mortgage rates, rising home prices, and low inventory, affecting both buyers and sellers. Sellers are moving towards delisting their homes rather than making concessions like price cuts. Special assessments are one-time fees charged by homeowners associations (HOAs) for major repairs or improvements, becoming more prevalent as properties require more upkeep. Who pays these assessments depends on various factors, including the timeline of approval and specifics in the purchase agreement.
High mortgage rates, soaring home prices, and low inventory have challenged homebuyers, while sellers are increasingly choosing to delist rather than reduce profits.
Special assessments are one-time fees imposed by an HOA for major repairs or improvements when reserves are inadequate, becoming more common as properties age.
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