August 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor
Enjoy the month of August 2024 as Real Estate has undertaken a major change! You can look all you want online at listings, UNTIL YOU ARE FINALLY READY TO PURCHASE A PROPERTY..... Now, there is a NEW CHANGE. Changes occur all of the time in Real Estate. For a Buyer or Seller, I am available to provide you this new service and will make the transaction as seamless as possible. After 19 years in this Business I am quite used to the multiple changes in the real estate industry.
No longer is the commission displayed to the Buyers Agent on the Multiple Listing Service from the Sellers Agent. The multiple listing service has been around for over 100 years and has been there to provide cooperation among the Realtors. As of August 13, 2024, the multiple listing service took out the amount of commission for all listings. This is the New Real Estate Process and we will get through the change. This does not mean the Sellers Agent will not provide a commission, it means as a Buyers Agent, if you are a Buyer, which is now termed consumer, I need to ask on behalf of my client, what the commission is that the Seller's agent is providing, ahead of scheduling a showing. I also am required to send a commission form to the listing agent before viewing a property.
Now that you are READY, before you buy a home in the United States, (This is for all 50 States in the United States) and before you even go look at a new place, you’ll be signing paperwork. You will sign a written agreement with me as your agent before touring a home. As a buyer, you first need to supply your pre-approval letter or proof of funds. If you need a mortgage consultant to help with a pre-approval letter, I am happy to provide you this service. Pre-touring paperwork involves signing either a pre-touring agreement, a showing agreement, or a buyer’s broker agreement which states the buyer will pay the buyer's broker compensation. Yes, the buyer is now responsible for the Buyer's agents commission. In Florida, Realtors are usually considered transaction brokers. There is an Exclusive Buyer Brokerage Agreement, Consent to Transition to Transaction Broker which needs a buyer's signature before we start pre-viewing properties. The buyer is now considered the consumer and this language will appear.
For my Brokerage, London Foster * AS OF AUGUST 15th, IT IS REQUIRED TO HAVE A BUYER AGREEMENT SUBMITTED TO OUR NEW BACK OFFICE BEFORE SHOWING A PROPERTY THAT YOU ARE NOT LISTING. *
There is other paperwork to be signed such as the above mentioned Exclusive Buyer Brokerage Agreement and there are modifications to compensation agreements. The Buyer agent's will call the listing agent and ask if the seller will pay the buyer's broker a commission and find out what the amount is. If the Seller's agent says 2.5% for example is the Buyer agents commission and the Seller's Agent has signed and sent the compensation agreement back to the Buyer'sAgent, that paperwork will wipe out what the Buyers agreed to pay and the Buyer is back to Business as Usual. Yes, the New Buying a home process is performed with more forms. If the Seller does not agree to pay a commission we can always locate another property. I am here to help you. The commission is private in place of being in the public eye, due to the NAR lawsuit and the department of justice.
I have a Gorgeous Luxury Listing For Sale in The Landings of Weston FL. Click the link for the Virtual Tour. This prestigious Custom Pool Residence offers 5 Bedrooms, 3 Full Baths and 2 Half Baths. This meticulous santuary extends from the open living areas to the resort style backyard. The versatile space seamlessly merges indoor and outdoor. The gourmet kitchen features Sub Zero and Thermadore Appliances, with a wine cooler and refrigeration drawers.
Where are The Mortgage Rates for August 2024
30-year conforming 6.442%
30-year jumbo 6.915%
30-year FHA 6.274%
30-year VA 5.940%
30-year USDA 6.342%
15-year conforming 5.595%
