(Important Real Estate Data in This 3-Minute Read)
There’s a lot going on in the national real estate industry this month. The same goes for the Delray Beach real estate market.
In today’s essay I share more on the NAR Settlement and how before August 17th, the way buyers, sellers and their agents work together changes in an instant. Some of the 1.5 million agents in the US could face challenges. They call this new approach to conducting business, “consumer-centric.” Our hope is that everyone wins.
My favored topic on Delray Beach real estate supply is getting interesting again. Put the news below in your bonnet.
NAR Settlement Begins THIS Week – Here’s What To Expect
Everything is negotiable. Real estate transactions have always been like that for price, terms, concessions…
* And commissions, too. Starting this week, compensation will be written into the forms. Even though Multiple Listing Services (MLS) will no longer disclose the buyer agency compensation, it can still be negotiated in your sales contract. This is true even if the seller isn’t proactively offering compensation.
* Home buyers will need an agreement with your buyer agent, but it doesn’t have to be exclusive or long-term. Negotiate the terms and shop for an agent you trust *before* shopping for a home. Consider this: in an independent survey, 90% of recent buyers found their real estate agent to be a very useful information source. Let their skills work for you.
* Don’t forgo representation just to avoid fees – it could cost you in the long run. A skillful buyer agent knows your market and can not only negotiate a deal for you that makes sense, but also help with due diligence tasks that may keep you from making costly errors in your transaction.
Florida Housing Supply is UP, But…
As you can see in the US map below, Florida leads the nation in rising housing supply. It’s up over 71% from one year ago.
As I write about often, you need to look locally where you plan to sell or buy in order to make sound business decisions.
Delray Beach Real Estate Supply Surprise
With that, look at the 2nd graph here…
This graph shows Active Delray Beach real estate Listings. You can see supply rose over 83% from last August until this March. But, over the past four months, supply is flat-to-down. And when I look at surrounding cities like Fort Lauderdale, Boca Raton, or West Palm Beach, the graph is almost identical.
It’s too early to say a new trend is forming. But, if price drops begin slowing (lessening) and this easing supply trend continues, sellers could become firmer on their asking prices and less willing to negotiate as they have this year.
So as interest rate have fallen back to the 6.55% range, demand is spiking up. We still have about 75 days left in Florida’s Hurricane Season. And the Delray Beach real estate market is posed to capitalize on continued strength and popularity. This is your opportunity to buy before the crowds return and competition rises. For more on that, you may want to read my thoughts about this, here.
In my August Delray Beach Real Estate Market Update I go into more detail about these and other important data points.
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*** This week is perhaps the best week to share what my customers think of my service. This is not for me, but for you, if you’re thinking or selling or buying anytime soon. It’s humbling to read what they say…
*** Did you know In the first full year of the Inflation Reduction Act (IRA), 3.4 million homeowners grabbed $8 billion in fed incentives to green up their homes. You can get caught up right here
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*** South Florida’s Surging Supply Update ***
* This morning’s Inventory is 48,468 *
That’s a 80 unit increase in one week
Since August 1, 2023, supply is up 78%
Delray Beach Real Estate Market Supply it up 78% in the last 12 months
