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The ever-evolving world of real estate adapts to market swings and rule changes with resilience. Even in the face of significant appreciation, homeowners were kept grounded by a “lock-in effect”, consequently leading to record low inventory in 2023. We have a unique situation in Florida during 2024. Albeit with home sales down slightly from a year ago and inventory up; the home prices however are holding steady.
U.S. News and World Report ranked Florida #1 for its economy and education quality. The state’s median average home sales price year-over-year in May was $426,581, an increase of 1.6%. By the end of June, further gains were realized to lift the median average to $427,000. A rising tide in Marion County saw an 11% increase in sales year-over-year for May, as well. As we entered summer when typically, seasonal sales taper off, the Median Sales Price of $290,000 remained steady from last year. Quite often, when the listed price of a home takes a decrease, there is a good chance that the original price was over-inflated to begin with, and it then comes into balance to be competitive in the market. Analysts are predicting that prices will increase nationwide should the interest rates dip towards the end of the year.
Real estate is a highly regulated industry designed to protect the public’s interests. You may have heard about a recent settlement by the National Association of Realtors (NAR) involving MLS Antitrust Compliance policies that have brought immediate changes to the way Realtors conduct business with buyers of residential properties. NAR has proposed implementing a requirement that a buyer and their agent enter into a written agreement before an agent begins searching, presenting and showing homes (either in person or virtually).
Buyer/Broker Representation Agreements have been used extensively in other states. Now required on a national level, it can pertain to a single property, a property type, or a specific locale; and should spell out a comfortable time frame for all parties. Above all, using an agreement will ensure that my buyers’ best interests are being represented in our working relationship by outlining my duties and responsibilities while I am serving them.
Having the ability to negotiate purchasing terms is key. A seller seeking to make their property more appealing to a wider range of buyers, could elect to offer financial concessions which could be used for items like paying for a buyer’s closing costs or towards the commission due to the buyer’s agent. In some cases, it may be appropriate and necessary for the buyer to ask for concessions as part of the terms when offering to purchase a property.
If you would like to discuss your residential or investment needs, or if you have any questions, please reach out to me. I also look forward to helping you with a market analysis of your home; or any property that you might be considering to purchase.
Have a wonderful summer. Very truly yours, Julie
