South Florida Real Estate News - nar

Do You Need a Buyer Agreement to Tour a Home in Florida?

Do You Have to Sign a Buyer Agreement Before a Realtor Shows You a Home in Florida?

In most private-showing situations, yes. If an MLS participant is working with you as a buyer, a written buyer agreement generally must be in place before an in-person or live virtual residential tour. The agreement does not have to be exclusive, statewide, or long-term. Its scope, services, duration, and compensation are negotiable.

The August 2024 change was an MLS practice requirement arising from the National Association of Realtors settlement—not a new Florida law requiring everyone who enters a home to sign the same contract. Florida law separately regulates brokerage relationships and disclosures. Understanding both layers prevents confusion.

Key…

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Housing Market Predictions for the rest of 2024

Real Estate Market Predictions for 2024: When Will Home Prices Become Affordable Again?

The real estate market has been a hot topic of conversation for several years now. The pandemic, coupled with fluctuating mortgage rates and a tight housing inventory, has led to significant price increases across the U.S. As 2024 approaches, potential buyers and sellers are asking the million-dollar question: When will home prices become affordable again? Here, we break down the housing market predictions for 2024 and 2025, discuss the factors influencing home prices, and provide expert tips to navigate this competitive market.

The State of the Housing Market: A Cooling Period?

The housing market has yet to fully heat up this year, but changes are on the…

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NAR Settlement and Real Estate Industry Changes: What Homebuyers Need to Know About Commissions

Real Estate Commissions: What You Need to Know

I'm sure you're aware of the recent changes in how real estate transactions are handled in the United States. If you're planning to buy a home after August 17, 2024, it's crucial to understand these updates. There's a lot of misinformation circulating, so let's cut through the noise and dive into the facts. Understanding these changes could save you from paying unnecessary fees to a real estate agent.

The Old Way: Understanding Traditional Real Estate Commissions

In the past, when a home seller listed a property with a real estate agent, they could choose to offer a commission to a potential buyer's agent. This commission was displayed on the MLS (Multiple Listing Service) and visible on popular real…

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Overvalued Isn't The Same As A Housing Bubble

Properties coming to the market are being priced at record highs. Experts watching the economy state that these prices are not indicators of another market crash on the horizon. The term “housing bubble” is a scary one, but that is not what is happening today.

CoreLogic reports that two times as many urban markets are overvalued. This means that prices are inflated compared to the incomes of people looking to buy in these areas. This is a comparison between the second and first quarter numbers of this year. The values on these homes are not expected to fall anytime soon, which is the opposite of what a bubble is. Bubbles eventually burst. These home prices are high because there is limited inventory in desirable areas. Not because of sketchy selling…

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