Understanding Dual Agency in Florida

Understanding Dual Agency in Florida

If you’re in the process of buying or selling a home in Florida, you’ve likely heard the term "dual agency." While it’s a common practice in many states, it’s important to understand that dual agency is illegal in Florida. This is for good reason—it poses a number of conflicts that can impact both buyers and sellers. In this blog, we’ll walk you through what dual agency is, why it’s illegal in Florida, and the alternatives you need to know about when navigating the Florida real estate market.

What is Dual Agency?

Dual agency occurs when a single real estate agent represents both the buyer and the seller in a transaction. In states where this is allowed, one agent handles all aspects of the sale for both…

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Central Florida Real Estate Recap of August 2024

August’s interest rate was the lowest that interest rates have been since August 2022

State of the Market

  • August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
  • Homes spent an average of 57 days on the market (DOM) in August – up from 55 in July.
    • In August 2023, homes spent an average of 41 days on the market.
  • Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015.
    • Inventory in August 2024 was 88.2% higher than in August 2023.
      • …

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Why Are HOA Fees So High in Florida?

 

Homeowners’ Association (HOA) fees are a necessary part of maintaining the quality and functionality of many communities, particularly in Florida where these fees fund everything from essential services like utilities to amenities like pools and landscaping. But recently, homeowners have been hit with significant increases in these fees, raising the question: why are HOA fees so high in Florida? Over the past five years, HOA fees in some areas, such as South Florida, have skyrocketed. For example, in Miami-Dade County, the median monthly condo association fee jumped nearly 60%, from $567 in 2019 to $900 in 2023. Broward County saw a similar trend, with fees rising more than 56% during the same period. 

This…

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What To Know About Realtor Fees in Florida [2024]

 What To Know About Realtor Fees in Florida [2024]

As the real estate industry evolves, understanding the changes in realtor fees in Florida is more important than ever. These fees, which have long been a staple of real estate transactions, are about to undergo significant changes due to new regulations taking effect in August 2024. These changes stem from a federal lawsuit that challenged the longstanding practices of the National Association of Realtors (NAR) and several major brokerages. The result? A shift in how realtor fees are negotiated and paid, which could have a direct impact on how you sell your home.

Let’s dive into what these changes mean and how they could affect your next real estate transaction.

What Are Realtor Fees? An…

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What is the Average Square Footage of a 3-Bedroom House

What Is the Average Square Footage of a 3-Bedroom House

Three-bedroom houses are quite popular among a variety of homebuyers, from small families to young professionals to people easing into retirement. A 3-bedroom home has enough space for a young, growing family to raise children in, while saving for more space in the future. First-time homebuyers are also drawn to 3-bedroom homes for their versatility and space to share with roommates, family, visitors, and even a designated office space. Folks entering into retirement may want an additional room for visiting family and grandchildren. No matter what your reason, finding 3-bedroom homes for sale in Winter Haven, Fl, with enough square footage is an important aspect of the home buying process to…

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Central Florida Real Estate Recap of July 2024

July represented another strong month in the housing market as many families worked to squeeze in their moves before the start of the new school year

State of the Market

  • July’s interest rate was recorded at 6.6%, down from 6.7% in June.
    • In ORRA’s new survey of Orlando REALTORS, 52% of respondents cited interest rates as the top challenge for buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
  • The median home price for July was recorded at $390,000, down from $395,000 in June. June was the highest monthly median home price on record in the Orlando area.
    • Home prices were cited as the second biggest…

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Best Tips for Home Sellers in 2024

Best Tips for Home Sellers in 2024

As we navigate through 2024, the housing market is showcasing several notable trends that are shaping the buying and selling landscape. With remote work becoming a mainstay, more buyers are seeking homes that accommodate this lifestyle shift. Interest rates, while fluctuating, remain a significant factor influencing buyer decisions. Understanding these trends can help you set realistic expectations and strategically prepare your home for sale. Let’s dive into the best tips for home sellers this 2024. 

Embrace Smart Home Technology to Increase Property Value

Integrating smart home technology into your property can significantly boost its appeal to modern buyers. In 2024, features such as energy-efficient…

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ANNOUNCING THE WINNER OF The 2024 SAVE THE EVERGLADES SCHOLARSHIP!

Save the Everglades 2024 Winner At Florida Realty Marketplace, we not only specialize in helping people buy and sell homes, but we're also strong advocates for environmental preservation. As part of our commitment to protecting the unique ecosystem of the Florida Everglades, we established the Save the Everglades Scholarship, a $500 award for students in the Science or Legal field. Today, we are excited to announce the winner of our scholarship award, Daniela Torres!

Meet our Scholarship Winner: Daniela Torres

Daniela is a dedicated and passionate student from the Bay Area who is gearing up for her freshman year at the University of Texas at San Antonio. However, she has already accepted an offer to…

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Central Florida Real Estate Recap of June 2024

June 2024 had the Highest monthly median home price on record in the Orlando area

State of the Market

  • The median home price for June was recorded at $395,000, up from $385,000 in May. This is the highest monthly median home price on record in the Orlando area. This is the second time in 2024 the record has been broken.
  • Inventory for June was recorded at 10,796, up 5.0% from May when inventory was recorded at 10,282. This is the sixth month in a row inventory has risen. The last time inventory was this high was November 2015.
  • Overall sales fell 10.6% from May to June. There were 2,601 sales in June, down from 2,909 sales in May. This breaks a four-month…

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Why Disney's Residential Community Is a Bad Buy

why_disneys_residential_community_is_a_bad_buy

The magical allure of living in a Disney-themed community can be irresistible for fans dreaming of a fairytale lifestyle. Disney's new venture, Storyliving, promises to deliver an enchanting experience complete with distinctively designed spaces and unique amenities. However, before deciding to live happily ever after in one of these communities, it's crucial to consider the potential drawbacks that might disrupt the magic. This blog explores why investing in Disney's residential communities may not be as enchanting as it appears.

The High Cost of Fairytales: Potential Downsides of Disney's Residential Communities

Disney's Storyliving communities, such as the upcoming Asteria in North Carolina…

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