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There are two pending listings, 8742 (2,338sf) was listed at $679,990 (originally $718,000) and is slated to close today, and 9637 (2,106sf) was listed at $399,990 (originally $575,000) and should close on 5th June. There were five new listings in April; 99415 (1,698sf) at $449,000, 9944 (1,485sf) at $389,900, 9824 (1,485sf) at $397,000, 9026 (1,595sf) at $448,000 and 9923 (2,106sf) at $448,900. There was one sale recorded in April, 9931 (1,915sf) closed for $430,000 yesterday; that’s three this year and only four over the past twelve months. It’s getting to a stage where I think it’s becoming very attractive to wait – some of these discounts to recent market levels more than fully recognise the “Citizens” problem. In recent economic comment, Florida Realtors recently commented that consumer sentiment for the next five years among Floridians ticked up 1.3 points in April to 73.3 from March’s revised figure of 72: and at the end of March, expectations for three rate cuts in 2024 were dashed by April’s stubborn inflation figures.
Post the NAR Settlement in March, 2024, buyers will be required to enter an Exclusive Buyer Broker Agreement (EBBA), which, like the seller’s Listing Agreement, should provide clarity to the buyer/broker relationship and define the level of compensation payable to the buyer’s broker at closing. Commission splits will no longer be entered onto listings on Stellar MLS; the buyer will be responsible to pay the broker the amount agreed to in the EBBA, but it will be the buyer’s broker’s duty to seek compensation from the seller through the listing broker. If the seller agrees to pay at a lower rate than the agreed level in the EBBA, then the buyer will pay the difference at closing. Transparency is the desired result, although, in my opinion, this settlement has only led to misinformation and confusion. Please go to my About Me tab to read my 15th April Blog “National Association of Realtors Class Action Settlement”. The two articles I’ve linked there will give some clarity to the situation.
