Have you heard about the changes to how everyone in America buys or sells real estate? If you’re planning on buying a home anytime in the future after August 17th, 2024, you need to listen to this. There is a lot of misinformation out there, so I’m going to give you the truth, read the contracts to you, and explain how this whole thing works. So make sure you stay to the very end. Knowing about these changes and how to navigate them could save you from paying a ton of money to a real estate agent.

The Old Way: How Real Estate Commissions Were Handled

Previously, when a seller listed a house with a real estate agent, if the seller chose to offer compensation to a potential buyer’s agent, that amount was entered into the MLS for all agents to see…

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Hey, it's Andy with the Mandel team and I'm here to bring you your July 2024 housing market update.

As always, we're going to be talking about single family homes only. So no condos, no townhouses.

We're going to be primarily focusing on Boca, Parkland, and Coral Springs. That's the area where our team does the predominant amount of our business.

So when we talk about these areas, we're talking about no country clubs, no 55 and overs, we want to give you the leading indicator showing you what happened in the real estate market last month, so you know where the market is headed, not where it's been.

A lot of times when you hear these stats from the media, you're hearing about you know, closed sales price, which is really indicative of…

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In May 2024, U.S. home prices rose by just 0.3% from the previous month, marking the smallest increase since January 2023. This slow growth is attributed to a slight rise in new listings, providing buyers with more options amidst high mortgage rates. Despite a 7.2% year-over-year increase, the pace is plateauing, suggesting a cooling market.

The Redfin Home Price Index (RHPI) indicates this trend, which uses repeat-sales pricing to measure changes in single-family home prices. While the housing shortage remains severe, it's easing compared to last year, with new listings increasing gradually. This slight increase in supply has alleviated some pressure on sale prices.

Chen Zhao, Redfin’s Economics Research Lead, noted that cooling inflation could…

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As we navigate through 2024, the U.S. housing market presents a compelling narrative shaped by robust job growth and significant homeowner equity gains. This dual perspective offers a deeper understanding of the market dynamics influencing both homeowners and potential buyers.

Big Job Growth in May 2024

In May 2024, the U.S. economy added 272,000 jobs, much more than expected. This strong job growth is helping the economy and making life better for workers, who are now seeing their wages grow faster than inflation.

Even though job growth is strong, the unemployment rate went up a bit to 4%, ending a 27-month period of very low unemployment. This shows that even in a strong job market, there are still challenges to face.

Key Highlights:

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Governor Ron DeSantis has recently enacted a bill aimed at curbing controversial enforcement practices by homeowner associations (HOAs) and enhancing their transparency. This new legislation, set to take effect on July 1, introduces a variety of measures designed to protect homeowners and ensure fair treatment.

Key Provisions of the New Law

Restrictions on Fines

HOAs can no longer fine homeowners for not bringing in a trash can within 24 hours before or after collection time. Additionally, holiday decoration fines can only be issued if a written notice is provided first.

Transparency and Accountability

Homeowners must receive a 14-day written notice of their right to a hearing to contest violation notices. Post-hearing, the HOA must notify…

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Are home prices finally beginning to cool off? Recent data suggests that we might be seeing the first signs of a shift in the market, as more sellers are now willing to reduce their asking prices compared to any time last year.

According to a recent report from Redfin, 6.4 percent of sellers across the country cut their asking prices during the four-week period ending May 26. This is the highest percentage of price reductions since November 2022. Additionally, the median asking price dropped by approximately $3,000 last week, bringing the national median to $416,623. While this figure remains high, the decline is notable given that it's the first drop in six months.

Several other indicators point towards a potential slowdown in price growth. For…

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Downtown Fort Lauderdale, FL, is a vibrant area known for its beautiful beaches, dynamic nightlife, and top-notch dining options. Whether you're visiting for a vacation or considering making this sunny city your new home, knowing the best places to eat and drink can enhance your experience. Here's a comprehensive guide to some of the best restaurants and bars downtown Fort Lauderdale has to offer, complete with addresses, contact information, and links to their websites for your convenience.

Beach and Beach Bars

Downtown Fort Lauderdale's beaches are a major attraction, and the beach bars provide the perfect spots to enjoy the ocean breeze with a refreshing drink in hand.

Blondies

- **Address:** 229 S Fort Lauderdale Beach Blvd, Fort…

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The demand for housing remains high in Palm Beach County, with home values rising across the board last year in all 39 cities, towns, and villages. According to the property appraiser’s estimates released Wednesday, countywide taxable property values increased by 9.12%, factoring in new construction, and every municipality saw its overall home value rise.

Key Highlights:

  • Highest Increase: Westlake saw the highest increase in taxable value at 40.50%.
  • Lowest Increase: Atlantis had the lowest increase in taxable value at 4.99%.
  • Highest Median Sales Price: The Town of Palm Beach had the highest median home sale price at $13 million.
  • Lowest Median Sales Price: South Bay had the lowest median home sale price at $200,000.

Detailed…

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Property values have surged significantly across Broward County, with both major cities and smaller communities experiencing notable increases. According to the latest figures from the Broward Property Appraiser, taxable values have risen by an average of 8.77% countywide, based on sales from January 1, 2023, to December 31, 2023.

Key Highlights:

  • Highest Increase: Sea Ranch Lakes saw the highest increase in taxable value at 17.26%.
  • Lowest Increase: Lazy Lake had the lowest increase in taxable value at 4.36%.
  • Highest Median Sales Price: Sea Ranch Lakes also had the highest median home sale price at $2,900,000.
  • Lowest Median Sales Price: Pembroke Park had the lowest median home sale price at $260,000.

Factors Contributing to Property…

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I'm here to bring you your May, 2024 South Florida Housing Market Update.

As always, for the purposes of these videos, we're going to be talking about single family homes only in Boca, Parkland and Coral Springs. That's where our team does the predominant amount of our business.

So we're talking single family only no condos, no townhouses. Those are definitely different markets. And we're not talking about anything

When we give you these stats, we're trying to give you the leading indicator showing you what happened last month in the market. So you know where the market is headed. Not where it's been.

A lot of times when you hear these stats from the media, they're talking about closed sales price, which is really indicative of what…

598 Views, 0 Comments