October 2024 South East Florida Real Estate Market Report by Susan J Penn Realtor
Happy Halloween!
The real estate market is remaining calm. Having more housing choices available to Buyers due to an increase in South Florida's inventory, and mortgage rate levels expected to fall further, these two factors are leaving buyers taking their time. Buyers are sitting on their homes with very low mortgage rates, usually at 3%, due to the pandemic, so they do not have the drive and ambition to purchase a home with a mortgage at twice the mortgage rate price of 6%. 2025 is expected to bring lower mortgage rates along with economic improvement especially in the Luxury market. On November 7, 2024 another 25 basis points rate cut is predicted. Looking at Broward County for August 2024, Closed Sales were down 1.4% from The previous year of 2023. There's currently 8.3 months of townhouse and condo supply in Broward County Real Estate, compared to 4.5 months of single-family home supply.
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Currently, Sellers will need to be patient and flexible with the sale of their home. Homes are staying in the market longer unless they are at a price range of $800,000.00 and lower. Homes that are well maintained and have great curb appeal, feature newer roofs and offer contemporary updates with modern finishes tend to sell faster. This is more work and expense for the Seller, although those updates sell homes quicker. The newest counter tops are quartz and the modern cabinets are glossy without handles. People love the glass barn door shower doors. The updated style for shower floors in walk-in showers no longer features a large step down. Large tile sizes such as 24 x 48 and 48 x 48 without all of the grout lines showing are being used to remodel homes.
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What is Needed to Purchase a Home Today?
1) Pre-Approval Letter
2) Proof of Funds
3) Signed Buyer Brokerage Agreement
What is a signed Buyer Brokerage Agreement?
The NAR Settlement had the commission removed from MLS. The signed Buyer Brokerage agreement agrees for the Buyer to pay commission to their Real Estate Agent. Now, the agent asks ahead of showing a property what or if their commission is. The Sellers commission will usually wipe away the Buyer paying their agent a commission. Another form is filled out for the commission.
There is paperwork involved so please follow #1 and #2. Yes, I am happy to give you a very qualified mortgage consultant.
