Episode 26: What You Need To Know About the Fort Worth Condo Market with Mary Margaret Davis

In this episode, Reside Broker/Owner Brady Bridges sits down with Mary Margaret Davis from Mary Margaret Davis Real Estate Team to talk all things condos: the importance of doing your homework, changes in the market, and sharing advice for both agents and buyers. 

Watch the video below or listen at anchor.fm/residedfw, and don’t forget to subscribe to be notified of new updates. 

Buying a condo is a different process than buying a single family home, and finding an agent who knows that market is key. A good agent will already be familiar with the options available and able to steer you in the right direction based on your goals and their knowledge of the amenities and restrictions at each property. For example, Mary Margaret mentioned that some require owner occupancy for a year before they can be leased to anyone else - not ideal for an investor who's looking to rent their property to a tenant immediately. Short term rentals like Airbnbs are generally not allowed in Fort Worth and property HOAs may have additional restrictions in place.

Mary Margaret says it's especially important to do your homework and review all of the property's documents before making an offer. This includes asking for the resale certificate, information about ongoing lawsuits, the budget and balance sheet, and "going through the rules and regulations, just to be sure you can do what it is that you want to do with the bylaws," says Mary Margaret. Besides your realtor, it helps to work with lenders, inspectors, and insurance agents who are familiar with the condo process as well, she said, to make the whole process work more smoothly.

Fort Worth currently doesn't have new condo developments in the works, Mary Margaret said. Many developers have shifted to building townhomes because there are less restrictions on the planning and development side, and it's easier for buyers to get a mortgage for a single family home. She was expecting people to leave downtown and move to the country during Covid and that largely didn't happen. Mary Margaret said there's currently less urban inventory available than at any point she knows of since 2006 - and that when a unit does come up for sale, "they're selling really fast - so the prices are kicking up and there's nothing to replace the product."

For those interested in buying a condo, Mary Margaret suggested reviewing your budget carefully since buyers will need to qualify for a loan based on purchase price plus HOA dues, and there may be upfront dues or fees to be paid into the building's capital reserves at closing. It's also important to know if the seller was receiving any property tax exemptions - for example, if they are over 65 or have a disability - your tax bill will be much higher if you don't qualify for the same exemptions. Out of state buyers also need to be prepared for property taxes to be different than where they're moving from to balance out the lack of income tax in Texas.

Real estate agents need to be building their skills and learning all the time, Mary Margaret said. Brady said that one of the things he loves about working with her is that she's a knowledge broker and always so willing to share information and resources with other agents to help them grow. She attributes that to "the fact of plenty, rather than the theory of lack, always makes a difference. If you're generous with people, then they remember you."

Mary Margaret can be reached at 817-925-1740 or [email protected].

There's much more in the full episode - listen at anchor.fm/residedfw or search Real Talk with Reside Real Estate on SpotifyGoogle PodcastsiHeartRadioStitcherPandora, and more. 

Reside Real Estate represents the region's finest properties with exceptional skill using the most innovative technologies currently available. Reside Real Estate offers ultimate privacy and security, speed, and efficiency. Their years of full-time experience have given them a clear understanding of the mindset of home buyers and sellers and a thorough understanding of the regional marketplace.

A local Fort Worth, Texas real estate agent is ready to help you find your dream home!

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