Frank Plesko
Posts in category 'Housing Trends'
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25
The New Reality of Buying & Selling Real Estate in America - starts August 2024!
On or about August 17th of this year, the way consumers hire and compensate their individual buying-side and selling-side real estate agents is changing drastically.
Our goal is always to ensure that our selling and buying clients are knowledgeable, and fully prepared to succeed in any type of market environment. These changes impact both buyers and sellers.
Because of a National Association of Realtors (NAR) settlement with the Dept. of Justice (DOJ), there are big changes coming to how real estate agents operate, and how they are compensated.
Starting on or about August 17th of this year (exact date TBD), these changes will take effect in Florida:
- Sellers of real property (all types of residential homes, including land) will no longer be obligated to offer compensation to buying-side agents...
9
Interest rates are higher, so why are central Florida home prices still rising?
In a word? Demand. Despite interest rates continuing to fluctuate between 6.5% and 7.0%, demand for central Florida homes continues to be very strong. For the 15th consecutive year, Florida real estate is the top choice for international buyers, with Canada being the largest group. The other large group of (non-Floridian) buyers have been coming from certain northern and western states that generally have higher taxes (see list below).
Five of the
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Why should I sell my home and buy again only to have a higher mortgage payment?
This brief Q+A may help you decide if NOW is a good time for YOU to sell your current home, then buy your next home!
Q – Won't prices come down because of higher interest rates? Isn't the market going to crash?
A – Rates have been higher since May 2022, and it is NOT happening. For July 2023, prices/values are flat vs. this time last year. It's been that way for about 3-4 months now. Demand for Florida (Orlando-area) housing is very high, with buyers from high-tax states as well as international buyers continuing to drive our market. Instead of prices coming down, savvy sellers and builders are offering interest rate buy-down cash contributions to buyers, which allow buyers to
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What happened to our Real Estate Market in 2022? What's in store for 2023?
What happened to our "seller's market"? Is it now a "buyer's market"? Is this a good time to sell my home? These questions and more are answered in our latest article on the Orlando housing market:
That dreaded "I-word" (inflation) is the cause of everything we consume being more expensive, including housing. When the Federal Reserve started raising the 'federal funds rate' (the rate that banks use to borrow money from each other), that triggered all kinds of interest rate hikes, including mortgage rates. But inflation is largely to blame for higher mortgage rates. Lenders don't make the same level of profit on a loan in this inflationary market, because they know the majority of loans written in 2022 will be refina...
19
What are i-Buyers, and how do they compare with using a Realtor?
(article published 8/19/21: updated 4/14/22)
You've received the postcards in the mail, viewed the TV commercials, and have seen the billboards stating, "We'll buy your home for cash", or "Contact us today for a cash offer on your home". These investor-groups range from very large corporations, to smaller area investors. But they all have one thing in common. They will give you an offer on your home for less than it is worth, then turn around and sell it, making a tidy profit.
How do i-Buyers come up with their offers?
Many of these buyers use AVM (automated valuation models) to base their cash offers on your home. These AVMs can vary wildly, and Realtors generally deem them as an unreliable way to price your home. These companies will give you data to try and convin...
