‘Too many weekend warriors.’ How a flood of real estate agents are hurting homebuyers | Florida Trend Real Estate – Florida Trend
‘Too many weekend warriors.’ How a flood of real estate agents are hurting homebuyers
Do too many agents spoil the real estate pot? The Consumer Federation of America thinks so. Roughly 1 million agents and brokers compete for the country’s 5 million to 6 million annual house sales, resulting in high commission rates and poor service, according to a recent report from the consumer group. [Source: Miami Herald]
Several Florida metro areas may see home price declines over next year
While home prices across the United States continued to rise in the CoreLogic Home Price Index, the team behind the numbers said warning signs may be flashing for several areas in Florida. Month-over-month, home prices increased 0.9% nationally and 1.4% year-over-year, CoreLogic reported. The company forecasted a 1% month-over-month gain in May 2024 and a 4.5% gain in prices year-over-year in the same month. [Source: WFTS]
In South Florida real estate, home prices reach new high despite big drop in sales
Prices for homes sold in Miami-Dade County reached a new high in June, despite a sharp drop in sales amid higher interest rates. For would-be homebuyers on the sidelines, real estate experts offered a sour forecast — prices will remain steady or increase. Total home sales fell steeply for the first six months of 2023 compared to the same period in 2022 in Miami-Dade and Broward, according to data from the Miami Association of Realtors. [Source: Miami Herald]
How climate change could cause a home insurance meltdown
Insurance companies in states like Colorado, Louisiana and Florida are paring down business to shield themselves from ballooning losses as climate change fuels more-intense disasters. Earlier this month, the insurance arm of AAA announced it would not renew some “higher exposure” home insurance policies in Florida, and Farmers Insurance announced it will stop offering new home insurance policies in the state and won’t renew thousands of existing ones, in part because of rising losses from hurricanes. [Source: NPR]
Florida’s Chinese land ownership law debated
A federal judge listened to more than two hours of arguments about whether he should block a new Florida law that restricts people from China from owning property in the state. U.S. District Judge Allen Winsor asked numerous questions of attorneys for the state and plaintiffs seeking a preliminary injunction against the law. He said he would make a decision as soon as he can but that a ruling would not be “super imminent.” [Source: CBS Miami]
50 years
The Miami-Dade County Commission has authorized a 50-year lease with a joint venture between Ross’ Related Companies and Soffer’s Fontainebleau Development. The deal is for Related and Fontainebleau to develop a 451-room hotel that county officials expect will bring in roughly $240 million over the life of the lease. [Source: The Real Deal]
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› This Tampa Bay ex-lawmaker thinks he can solve Florida’s housing crisis
In the state of Florida, half of all renters spend more than 30% of their income on rent. Another 945,687 very low-income households spend over 50% of their income on housing. That’s according to research from the Florida Policy Project, a non-partisan think tank started earlier this year by former state senator Jeff Brandes. In June, the group released a report on housing affordability and proposed several solutions for how to tackle the problem in Florida.
› Company’s long-term real estate contract with homeowners draw scrutiny, prompt new laws in Florida, elsewhere
Testimonials on the MV Realty webpage show satisfied customers extolling their positive experience with the company’s ‘Homeowner Benefit program.’ A smiling couple from South Florida talk about the ease of signing up and what they liked about the program. According to the terms, a homeowner agrees in exchange for a cash payment, to allow MV to be their realtor for 40 years, if they ever decide to sell their home.
› Orlando area issues more housing construction permits than other Florida metros. Here’s why.
This year, Central Florida has had more housing construction permits issued than the state’s three other major metro areas. That’s according to ongoing housing data from the U.S. Census Bureau. Below is a chart representing the new private housing unit permits in metro Orlando every month since 1988.
› Gainesville city commissioners vote to increase property taxes by nearly 17% next year
Gainesville city commissioners voted unanimously Thursday to approve a proposal to raise property taxes no more than 17% for the upcoming year. Commissioners agreed to a millage rate of 6.4297 for the upcoming fiscal year, an increase of 0.9297 mills. For a property whose assessed taxable value is $100,000, the millage rate would generate an additional $92.97 over the year prior, according to city officials.
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