If you’re planning to buy a home in Miami, do it before summer. This is the reason

If you live in Miami, Florida, and are planning on buying a home soon, you should do so before the summer. Because Experts predict that housing prices will increase in that state of the country during the hottest months of the year.

The National Association of Real Estate Agents commented on this topic. Its executives confirmed that from next July both sellers and agents will no longer be obliged to cover commissions.

It was common for agents to post commissions on the Multiple Listing Service (MLS) portal, with some regularity. This is a website where you can see what is for sale at a certain time.

To make it easier to understand, sellers and real estate agents charge a typical 6% commission of the price seen on the Internet by buyers and their representatives. From now on, both the buyer and the seller have to negotiate how to split the commission.

high potency concerns

It’s no secret that affordability concerns remain high in Florida. The new provision adds another cost for South Florida buyers.

The change follows a $418 million settlement in which the association fought concerns about fair representation of buyers. Since the 1990s, sellers and real estate agents have set commission expenses, but everything changed in 2019.

“We knew this was going to happen. It was just a matter of time,” confirmed Jack McCabe, owner of Jack McCabe Expert Services, a Deerfield Beach real estate and economic research firm. “Sellers will think: why do I have to pay 6% commission”?

The current market is affected by such situation. For example, the average home price in Miami-Dade is $630,000 USD. In this case, the buyer can pay $18,900 USD, which is 3% more than the asking price plus down payment.

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