Southwest Florida Real Estate Blog

The recent NAR settlement brings transformative changes for sellers of real property by removing the obligation to compensate buyer's agents through MLS and allowing for more flexible, individualized commission negotiations. Set to take effect in mid-July 2024, these adjustments grant sellers greater control over their transaction costs and require a more strategic approach to property listings and sales.

For buyers navigating the complex landscape of real estate, the recent settlement by the National Association of Realtors (NAR), effective mid-July 2024, heralds significant changes. This shift in commission structures and the push for greater transparency promise to reshape the home-buying process nationwide. This overview highlights the pivotal adjustments and their implications, underscoring the importance for buyers to stay informed and seek expert advice to confidently embrace these changes.

In a landmark move, the National Association of REALTORS® (NAR) and plaintiffs have agreed to a tentative settlement aimed at resolving a series of lawsuits concerning the traditional structure of broker commissions. This agreement, expected to take effect in mid-July 2024, has piqued the interest of both industry insiders and the general public, as it represents a pivotal shift in the real estate sector.

The registration deadline for Florida Senate Bill 264 (SB 264), which places restrictions and registration requirements on the ownership and interests of real property in the state of Florida by individuals or entities from certain foreign countries is approaching. The deadline to register real property held by individuals or entities purchased before July 1st, 2023 in Florida that fall under SB 264 is December 31st, 2023.

Citizens Property Insurance is continuing its efforts to move policies to private insurance companies in order to reduce exposure to risk, as the state-backed Florida insurer was never intended to carry the number of policies it currently holds.

A surge of residents from the Miami metropolitan area are breaking away from the hustle of the metropolis and finding solace in the residential havens of Lee County – Cape Coral, Fort Myers, and Lehigh Acres. Lee County, with its spacious living, affordable housing, and welcoming communities, offers a refreshing alternative.

The concept of seller financing isn't new but it has become a hot topic in rapidly growing and competitive real estate markets like ours in Southwest Florida. In the simplest terms, seller financing happens when the seller acts as a lender, extending credit to the buyer to cover a part or all the purchase price of the home.

The 2023 Florida Legislature has extended the Hometown Heroes program with an additional $100 million, effective from July 1, 2023, expanding eligibility and increasing the maximum loan amount. Eligible first-time homebuyers with a minimum credit score of 640 and earnings less than 150% of their area's median income can apply for the program to receive up to $35,000 in down payment assistance.

US consumer prices rose 0.1% in May, signaling eased inflation. Yet, with a year-over-year inflation rate at 4% and high core prices, Fed officials remain cautious. Despite dropping gas and grocery prices, high rental and used car costs continue to pressure the economy.

Florida's Senate Bill 264, the "Interests of Foreign Countries" law, passed with overwhelming support. It restricts certain foreign individuals/entities from buying Florida properties, based on specified conditions. It bars foreign principals from acquiring agricultural land or having significant indirect interests.