August 9th, 2024 12:55 PM by Linda Holley
Period of comparison: July 2024 vs. July 2023 (Date source Stellar MLS)
Single family homes: (279 sold in July) sales down 12.3%; median sale price: $500,000--down 9%; Inventory = 1,333--up 83%; Days on the market: 57, up 50%. months of supply: 4.35--up 90%; and 67% of homes sold for over 95% of list price.
Condominiums: (128 sold). Sales were up 32%; median sale price: $315,000--down 3%; Inventory = 772, up 76%; Days on the market: 74--up 76%; months of supply: 5.79%--up 73%; 55% of homes sold for over 95% of list price.
What the National Association of Realtors (NAR) settlement means to buyers:
Buyers Brokerage Agreement: Buyers will sign a written agreement with their agent before touring a home. Terms are negotiable. Buyers: understand the services and value provided by the agent--and for HOW MUCH!
The four components of the buyer agreement are: 1. Disclosure of amount or rate of compensation the agent will receive or how this amount will be determined; 2. Compensation that is objective ($0, flat fee, x percent, x hourly) and not open ended; 3. Prohibitions: Agent cannot receive compensation from any source that exceeds the amount or rate agreed to in the agreement with the buyer. 4. Conspicuous statement that broker fees and commissions are fully negotiable and not set by law.
Written agreements apply to both in-person and live virtual home tours.
Buyers do not need a written agreement if they are just speaking with an agent at an open house or asking them about their services.
The seller may agree to offer compensation to the buyer's agent but the offer cannot be shared on the Multiple Listing Service (MLS). These are the local marketplaces used by buyer brokers and listing brokers to share information about properties for sale.
Thank you for reading my blog, and please let me know if I can assist you with your Sarasota, real estate needs or homebuying on Siesta Key Beach.
Most sincerely yours,
Linda Holley, Realtor, GRI, SRES, CIPS, Sales Agent, William Raveis Real Estate, 6021 Midnight Pass Road, Siesta Key, FL 34242; mobile: 941-952-8086; office 941-404-9334
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