Valerie Orca, Florida Realtor & New Home Professional

https://cdn.nar.realtor/sites/default/files/documents/written-buyer-agreements-101-2024-06-12.pdf?_gl=1*17dzlgn*_gcl_au*NjE3MjY1NDMwLjE3MjEyNDUwMTc.

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COMMERCIAL SPACE FOR SALE!!! SOUTH TAMPA, CORNER LOT
4,614 SF
RETAIL BUILDING, RESTAURANT with COMMERCIAL EQUIPMENT
TAMPA, FL 33611
$1,800,000 ($390/SF)
HTTPS://WWW.LOOPNET.COM/LISTING/3616-W-PAXTON-AVE-TAMPA-FL/32173900/ ®

COMMERCIAL SPACE FOR SALE!!! SOUTH TAMPA, CORNER LOT
4,614 SF
RETAIL BUILDING, RESTAURANT with COMMERCIAL EQUIPMENT
TAMPA, FL 33611
$1,800,000 ($390/SF)
HTTPS://WWW.LOOPNET.COM/LISTING/3616-W-PAXTON-AVE-TAMPA-FL/32173900/

SOUTH TAMPA RESTAURANT ON CORNER S DALE MABRY HWY
4,614 SF
RETAIL BUILDING
TAMPA, FL 33611
$1,800,000 ($390/SF)
HTTPS://WWW.LOOPNET.COM/LISTING/3616-W-PAXTON-AVE-TAMPA-FL/32173900/

SOUTH TAMPA RESTAURANT ON CORNER S DALE MABRY HWY
4,614 SF
RETAIL BUILDING
TAMPA, FL 33611
$1,800,000 ($390/SF)
HTTPS://WWW.LOOPNET.COM/LISTING/3616-W-PAXTON-AVE-TAMPA-FL/32173900/

Essentially, a pre-qualification estimates how much money you can borrow to buy a home.

Pre-approval - what Homebuyers make an offer on a home with.

Getting pre-approved for a mortgage loan means you have complete lender verification to purchase a home.

Mortgage Pre-qualification vs. Pre-approval: Which Is Best? New Homebuyers often struggle to understand the difference between mortgage pre-qualification and mortgage pre-approval.

Hello,



We are writing to share that we have updated our FAQ to include additional information and clarity about written buyer agreements. As you know, as a part of our settlement, we have agreed to require MLS participants working with buyers to enter into written agreements with their buyers before touring a home.



We’ve included the latest questions we’ve answered below for your use. These have also been added to our resource hub on www.facts.realtor and are listed as questions 46 through 62 in our regularly updated FAQ page.



We will be releasing additional guidance about the timing of the practice changes required under the settlement in the coming days.



As a reminder, we received preliminary approval of the settlement on April 24, but it is still subject to final court approval. The final approval hearing is scheduled for November 26, 2024. As always, if you have any questions, please don’t hesitate to reach out to me or my team.



Thank you,



Katie

The following Q&A has been developed for NAR Members. Please direct any media inquiries about this to NAR’s communications team.

The practice change requiring written agreements with buyers is triggered by two conditions: it only applies to MLS participants “working with” buyers and is triggered by “touring a home.” What does it mean to be “working with” a buyer?

The “working with” language is intended to distinguish MLS participants who provide brokerage services to a buyer — such as identifying potential properties, arranging for the buyer to tour a property, performing or facilitating negotiations on behalf of the buyer, presenting offers by the buyer, or other services for the buyer —from MLS participants who simply market their services or just talk to a buyer — like at an open house or by providing an unrepresented buyer access to a house they have listed.

If the MLS participant is working only as an agent or subagent of the seller, then the participant is not “working with the buyer.” In that scenario, an agreement is not required because the participant is performing work for the seller and not the buyer.

Authorized dual agents, on the other hand, work with the buyer (and the seller).

How will state laws affect the implementation of the practice change requiring written agreements with buyers?

Written buyer agreements will be required of all MLS participants working with buyers prior to touring a home, unless state law requires a written buyer agreement earlier in time.

What does it mean to tour a home?

Written buyer agreements are required before a buyer tours a home for sale listed on the MLS.

Touring a home means when the buyer and/or the MLS participant, or other agent, at the direction of the MLS participant working with the buyer, enter(s) the house. This includes when the MLS participant or other agent, at the direction of the MLS participant, working with the buyer enters the home to provide a live, virtual tour to a buyer not physically present.

A “home” means a residential property consisting of not less than one nor more than four residential dwelling units.

Does the requirement for a written agreement with buyers mean that MLS participants and buyers must enter into a written agency agreement?

No. MLS participants and buyers will still be able to enter into any type of professional relationship permitted by state law.

NAR policy does not dictate:

What type of relationship the professional has with the potential buyer (e.g., agency, non-agency, subagency, transactional, customer).
The term of the agreement (e.g., one day, one month, one house, one zip code).
The services to be provided (e.g., ministerial acts, a certain number of showings, negotiations, presenting offers).
The compensation charged (e.g., $0, X flat fee, X percent, X hourly rate).
If an MLS participant hosts an open house or provides access to a property, on behalf of the seller only, to an unrepresented buyer, will they be required to enter into a written agreement with those buyers touring the home?

No. The new rule will cover every type of relationship where an MLS participant is working with a buyer.

Are written buyer agreements required when listing agents talk with a buyer on behalf of a seller only or as subagents of the seller?

No. If the MLS participant is working only as an agent or subagent of the seller, then the participant is not working for the buyer. In that scenario, an agreement is not required because the participant is performing work for the seller and not the buyer.

Are written buyer agreements required when MLS participants perform ministerial acts?

Yes. The obligation is triggered once the MLS participant is working with that buyer and has taken them to tour a home, regardless of what other acts the MLS participant performs.

But an MLS participant performing only ministerial acts — without the expectation of being paid for those acts and who has not taken the buyer to tour a home — is not working for the buyer.

Are written buyer agreements required in a dual agency scenario, when a single agent works both for the seller and for the buyer?

Yes. If an MLS participant is working as an agent for a buyer, a written agreement is required.

Are written buyer agreements required in a designated agency scenario, when a single broker works both for the seller and for the buyer, and designates an agent to represent the buyer?

Yes. If an MLS participant is working as an agent for a buyer, a written agreement is required.

MLS participants may not receive compensation for services from any source that exceeds the amount or rate agreed to in the buyer agreement. Does this mean that brokerages can only have one agreement with the buyer?

No. NAR policy does not dictate:

What type of relationship the professional has with the potential buyer (e.g., agency, non-agency, subagency, transactional, customer).
The term of the agreement (e.g., one day, one month, one house, one zip code).
The services to be provided (e.g., ministerial acts, a certain number of showings, negotiations, presenting offers).
The compensation charged (e.g., $0, X flat fee, X percent, X hourly rate).
Compensation continues to be negotiable and should always be negotiated between MLS participants and the buyers with whom they work.

In the buyer agreement, can buyers and buyer brokers agree to a range of compensation?

NAR policy will not dictate the compensation agreed between buyers and buyer brokers (e.g., $0, X flat fee, X percent, X hourly rate).

Under the settlement, any compensation agreed to must be objectively ascertainable and not open-ended. For example, the range cannot be “buyer broker compensation shall be whatever amount the seller is offering to the buyer.”

Should active buyer agreements entered into before the MLS policy change be amended to make sure any compensation is not open-ended and is objectively ascertainable?

Yes. MLS participants working with a buyer after the effective date of the policy should take steps to ensure that the buyer has agreed to the necessary terms required by the settlement agreement.

Should active buyer agreements entered into before the MLS policy change be amended to remove any provision that authorizes the buyer broker to keep any offers of compensation exceeding the amount of compensation agreed with the buyer?

Yes. MLS participants working with a buyer after the effective date of the policy should take steps to ensure that the buyer has agreed to the necessary terms required by the settlement agreement.

Should active listing or buyer agreements entered into before the MLS policy change be amended to include a conspicuous disclosure that compensation is not set by law and is fully negotiable?

MLS participants must make this disclosure, but active agreements do not need to be amended to accomplish this. MLS participants can do a separate disclosure to satisfy the requirement.

Can buyers and buyer brokers rely on an offer of compensation that was on the MLS prior to the effective date of the MLS policy changes?

If the sales contract is signed before the MLS policy change, the buyer broker should be able to rely upon the offer of compensation even if closing occurs after the date of the policy change.

But if the sales contract is not signed before the date the participant’s MLS implements the policy changes, the offer on the MLS will not be valid and buyers and buyer brokers may wish to protect themselves in writing with the listing broker or seller through a broker agreement or by including the offer of compensation in the sales contract.

Does the settlement agreement’s requirement of “objectively ascertainable” and “not open-ended” apply to listing agreements or the compensation sellers pay listing brokers?

No. Unlike the settlement agreement’s requirements that compensation in buyer agreements be objectively ascertainable and not open-ended, listing agreements can be structured however the seller and listing broker agree, so long as the listing agreement complies with the law, pre-existing MLS policy, and “specifies the amount or rate of any payment” from the seller to the listing broker.

Should active listing agreements entered into before the MLS policy change be amended to address the settlement agreement’s prohibition on offers of compensation being communicated on the MLS?

If the listing agreement instructs the listing broker to make an offer of compensation without reference to the MLS, no change to the listing agreement is needed, as the listing broker can comply with that instruction without violating the MLS policy change.

But if the listing agreement specifies that offers of compensation be made “on the MLS,” then the listing broker should work with the seller to amend the listing agreement before the MLS policy change is implemented, to make it clear the listing broker will not make an offer of compensation on the MLS and will not be violating the listing agreement by failing to make an offer of compensation on the MLS.

The Facts for REALTORS® A central resource for updates and materials about NAR’s steadfast commitment to strengthen the association, defend REALTORS® and their immense value, and look to the future. ​​​​​

https://www.nar.realtor/competition-in-real-estate?narmail=SettlementAgreementFollowup&date=03-25-2024&user=3269826&itid=9384963

Fostering Consumer-Friendly Real Estate Marketplaces Learn how NAR makes efficient, transparent, and accessible marketplaces possible, serving consumers and advancing homeownership.

MARCH 20, 2024

When’s the Best Time to Buy?
By Addy Bink
https://www.floridarealtors.org/news-media/news-articles/2024/03/whens-best-time-buy?utm_campaign=3-21-24+Florida+Realtors+News&utm_medium=email&utm_source=iPost

Consumers weighing options between renting and buying should consider all factors, including the costs and returns. One expert said there’s no "perfect time" in real estate.

NEW YORK — If you've spent the last few years watching the housing market heat up from your rented apartment or childhood bedroom or any other space that isn't your own, it can feel a bit like you've missed out.

Amidst the COVID pandemic, the U.S. saw 30-year fixed mortgage rates drop to historic lows, including a stretch between late 2020 and into 2021 in which rates fell below 3%. Those low rates helped fuel one of the hottest housing markets on record.

But, if you've been paying attention, you also know what happened as those rates plummeted: Houses were going fast, despite high prices, and mortgage rates began to climb toward the end of 2021.

Pending home sales have since dropped, but the average 30-year mortgage rate recently hit 6.9%, the highest level since mid-December.

The situation isn't much better for renters. In its latest rent report, Zillow noted current asking rate rents are up nearly 30% since the start of the pandemic, as demand remains strong.

So how do you know when it's time to resign your lease or start looking for a Realtor?

"There is no 'perfect time' in real estate," Chris Varsek, the lead real estate agent with The Varsek Team in Illinois, told Nexstar via email.

Sure, there are some obvious benefits to both. With a home, you can customize the space, cash in on some tax benefits and build equity. As a renter, your landlord (usually) takes care of maintenance problems, your monthly housing costs are more predictable, and you have the flexibility to move on when your lease ends.

However, it may be most important to consider the finances of it all, Varsek says.

Unless you're flush with cash, buying a home also comes with the burden of a mortgage. Even if you're renting, you're still, in a way, paying a mortgage — except it's the landlord's mortgage, Varsek explains.

There are calculators available online that can help you determine whether it'd be cheaper to keep renting where you are or buy a home.

Before delving into those, it's important to consider what's best for you. Generally speaking, experts say you should spend no more than 30% of your gross income on housing, including rent or mortgage, home association fees and utilities, according to the National Foundation for Credit Counseling. That's in line with the U.S. Department of Housing and Urban Development's definition of affordable housing.

Once you feel comfortable with your budget, you can try out those calculators.

You may want to start with one by Realtor.com, which helps you determine how much you can afford to spend on housing. You'll need to enter your income as well as your debt, which mortgage lenders will also review. This calculator will then produce your buying power, giving three price ranges dubbed "affordable," "stretch," and "difficult." Using those calculations, you can then turn to other calculators that will determine whether it's more affordable to keep renting or buying a home.

Take, for example, the Realtor.com "rent or buy calculator." This allows you to enter various variables, including your ZIP code, your desired home price and monthly rent, down payments, additional fees, and the rate of return on investments. Zillow has a similar calculator, which assumes that, if you continue renting, you instead invest your down payment. Both calculators also take into account the occasionally overlooked costs of maintenance and upkeep.

If you still want to be a homeowner, but the math points to renting as being a better fit for your budget, don't give up hope just yet.

Varsek recommends clearing as much debt as you can before shopping around for homes. Lenders often consider your debt-to-income ratio, or DTI. You can calculate this by dividing your monthly debt (think auto loans, student debt, credit card payments, child support or other recurring payments you owe each month) by your gross monthly income. Experts recommend having a DTI of 36% or less.

You'll also want to ensure your credit score is in a good place. Varsek says homebuyers should aim for a minimum credit score of 650.

In addition to tackling your debt and credit score, Varsek encourages buyers to have at least a 5% down payment, though he notes that a mortgage broker can educate you on your choices.

It isn't just your finances you'll want to have in check before becoming a homebuyer.

"In this market, education is critical. Find a trusted local realtor that can walk you through the entire purchasing process," Varsek explains. "A great agent should be able to field all of your questions. As they say, knowing is half the battle!"

While renting costs are still high, Zillow's rent report shows prices are softening slightly. It could be improving in some cities more than others.

Late last year, Zumper released its annual analysis of the nation's rental market and predicted rent prices will keep "softening," at least through the start of this year. The company pointed to an increase in supply as new apartment buildings and complexes continue to open in fast-growing cities like Denver and Salt Lake City. Sun Belt cities, from Phoenix to Austin to Orlando, have also seen rent drop, which could be a promising sign for renters in 2024.

The same report, however, warned that if interest rates come down this year, some well-off renters could opt to become homebuyers. There could be a catch to that, too.

"As a professional living this daily, I expect the mortgage rates to be pretty consistent this year, especially with this being an election year," Varsek tells Nexstar. "But remember, when rates go down, more buyers will enter the market. More buyers will likely drive prices even higher than where they are today. It's all about supply and demand."

In a report released Monday, Zillow noted there has been an influx of sellers, with new listings of existing homes jumping 21% compared to February of last year. That could be especially promising for potential first-time home buyers, the report explains.

Experts say that while the housing market could be better this year compared to 2023, don't expect to see the low rates we saw in 2020 and 2021.

© 2024 WCMH, Nexstar Broadcasting, Inc. All rights reserved.

Consumers

When’s the Best Time to Buy? Consumers weighing options between renting and buying should consider all factors, including the costs and returns. One expert said there’s no "perfect time" in real estate.

https://www.floridarealtors.org/news-media/news-articles/2024/03/boost-sales-value-these-home-upgrades?utm_campaign=3-21-24+Florida+Realtors+News&utm_medium=email&utm_source=iPost

MARCH 20, 2024

Boost Sales Value with These Home Upgrades

Home upgrades – like updated fixtures and new appliances – can help make a home move-in ready and more appealing to buyers.

NEW YORK – While you're living in your home, you may find its value is tied to the memories created with the ones you love.

As soon as you list your home for sale, the meaning of "home value" immediately changes. It's time to pack up those memories – along with your dishes, lamps, and sofas – and focus on all the ways to make your home appeal to as many buyers as possible.

It can be overwhelming deciding where to start on improvements before a move. So, here are nine spots to focus on for value-adding updates that are sure to be big wins – helping make your home the move-in-ready listing today's buyers are looking for.

1. Give your landscaping some love

It's not just what's on the inside that counts. First impressions make or break a home sale, and increasing your curb appeal goes a long way towards boosting that initial impression. Tend to your garden by mulching, cleaning up your edges, and pulling the weeds. Remember that low maintenance landscaping is often most appealing to buyers, whereas complicated topiary and finicky plants can scare them away. Even if your would-be garden space is small, planting some easy-to-maintain perennials can really spruce up the outside.

2. Update fixtures

Sconces, chandeliers, and pendant lights are opportunities to modernize and change the feel of your home without undertaking a huge project. Simple, classic designs in timeless metal finishes are great choices because of their mass appeal, and small pops of color or unique pieces can add lots of character if used sparingly throughout the home.

3. Invest in appliances

Updating your home doesn't just apply to design – it applies to ease of use and lack of future maintenance, too. Equipping your home with modern appliances is a must-do if you're thinking about a potential home sale. They help underscore a turnkey experience for buyers, and they can be well worth the cost of investment.

4. Make needed repairs

Don't overlook the non-glamorous updates and deferred maintenance if you're hoping to maximize on your investment with your home sale. Potential buyers need to have confidence in all facets of your home or they will not be able to envision themselves living there. That means everything needs to work the way it should: faucets that don't leak, decks that don't sag, doors that open according to code, etc. Start by checking up on your roof and HVAC system and move your way down the list in search of necessary repairs.

5. Finish unfinished spaces

If you've been waiting for a reason to finish your basement, before selling is a great time. If you have a space in your home that doesn't serve a specific purpose or function, it can be a red flag in the eyes of a buyer. Your home value may skyrocket just by clearly defining each space throughout the property. Try converting that catch-all room to an extra bedroom or home office and transform an unfinished basement into a family den.

6. Focus on your kitchen

Kitchens, without a doubt, are the heart of the home. That means that they are typically the first space potential buyers consider when evaluating a home purchase, and kitchen investments are some of the best kinds you can make to increase your home value. First, ask yourself:

Is my kitchen functional?
Is my kitchen spacious?
Is my kitchen sleek?
Next, focus on the areas of improvement that will maximize your home's value. If your kitchen is relatively new, consider smaller upgrades like fresh hardware. On the other hand, if your kitchen is dated, in need of love, or under-functional, you should seriously consider a kitchen renovation to help your home compete with new builds and win the hearts and minds of buyers.

7. Open your floor plan

A spacious, open living area is a desired feature in today's real estate market. Floor plans with lots of walls and too many separate rooms tend to inhibit a communal feeling and often lack natural light, which can be detractors from your home's value. Consider opening or removing some of the non-load-bearing walls in your home to form an open floorplan within your living space.

8. Create an outdoor experience

If your backyard is just a patch of grass, that means it's full of potential opportunity to increase home value. A covered patio, pergola, fire pit, or an outdoor eating area are all great ways to set the scene for an experiential outdoor lounge space – and appeal to buyers. Who doesn't want a place to roast s'mores, stargaze, and grill out?

9. Transform your bathroom into a spa

Self-care is in, and that means buyers are looking for bathrooms that emulate a spa. Incorporating spa-like finishes will help your bathroom feel luxurious, relaxing, and indulgent. That could entail adding sleek finishes, a soaking tub, and a light, airy color palette.

Now that you're informed on what updates to complete before listing your home, it's time to get started!

© Copyright 2024 TAP into LLC, All rights reserved.

Boost Sales Value with These Home Upgrades Home upgrades – like updated fixtures and new appliances – can help make a home move-in ready and more appealing to buyers.

NEWS & MEDIA

MARCH 20, 2024

NAR Corrects the Record About Commissions

NAR issued a statement following inaccurate media coverage that included the false representation or suggestion the association requires a 6% commission.

CHICAGO – The National Association of Realtors® (NAR) does not set commissions – they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero. And other rules throughout the MLS Handbook and NAR policy expressly prohibit MLSs, associations, and brokers from setting or suggesting any such amount that should be included in that field.

The text of the current rule is linked here and excerpted below, the text of our MLS Antitrust Compliance Policy is linked here and excerpted below and a notice included in NAR’s MLS Handbook is below.

Again, the current rule that has been the subject of litigation does not set commissions.

As reflected in our release about the proposed settlement agreement, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. Commissions remain negotiable, as they have been.

Excerpt from Handbook on Multiple Listing Policy – Commission/Cooperative Compensation Offers, Section 1: Information Specifying the Compensation on Each Listing Filed with a Multiple Listing Service of an Association of Realtors

In filing property with the multiple listing service, participants make blanket unilateral offers of compensation to the other MLS participants and shall therefore specify on each listing filed with the service the compensation being offered by the listing broker to the other MLS participants. This is necessary because cooperating participants have the right to know what their compensation will be prior to commencing their efforts to sell.

The listing broker retains the right to determine the amount of compensation offered to subagents, buyer agents, or to brokers acting in other agency or nonagency capacities, which may be the same or different.

Excerpt from Handbook on Multiple Listing Policy – MLS Antitrust Compliance Policy

The purpose of multiple listing is the orderly correlation and dissemination of listing information to participants so they may better serve the buying and selling public. Boards and associations of REALTORS® and their multiple listing services shall not enact or enforce any rule which restricts, limits, or interferes with participants in their relations with each other, in their broker/client relationships, or in the conduct of their business in the following areas.

Boards and associations of Realtors and their MLSs shall not:

Fix, control, recommend, or suggest the commissions or fees charged for real estate brokerage services (Interpretation 14).
Fix, control, recommend, or suggest the cooperative compensation offered by listing brokers to potential cooperating brokers.
Excerpt from Handbook on Multiple Listing Policy – Notice to Association Members

Under the long-established policy of this association, the (state) association of Realtors, and the National Association of Realtors:

The broker’s compensation for services rendered in respect to any listing is solely a matter of negotiation between the broker and his or her client, and is not fixed, controlled, recommended, or maintained by any persons not a party to the listing agreement.
The compensation paid by a listing broker to a cooperating broker in respect to any listing is established by the listing broker and is not fixed, controlled, recommended, or maintained by any persons other than the lister broker. (Amended 4/92)
National Association of REALTORS®

Earlier this month, the Hillsborough County Board of County Commissioners adopted Ordinance #24-1 following its second and final public hearing which can be viewed at HCLF.GOV/VapingOrdinance. Specifically, the regulation provides for a temporary moratorium on the establishment of va**ng retail shops within 500 feet of any public or private elementary, middle, and secondary school in unincorporated Hillsborough County through mid-July of this
year.
Contact us at [email protected] or (813) 272-7400 ext. 36004 with any questions.

hclf.gov

Rhodesia said the rollout of this new mandatory disclosure will help determine if its actually an effective tool for helping Floridians choose less flood-prone places to live. The bill says the disclosure must be provided to a seller “at or before the sales contract is executed,” which leaves wiggle room.

The best-case scenario, Rhode said, is that buyers see this form as early as possible and it sparks more questions about what kind of flooding they could expect in their new home.

“Over the next year or so we’re really going to see an uptick of folks actually understanding and really looking into the flood risk of their property,” she said. “It’s the first step to getting Florida used to a flood disclosure.”

© 2024 Miami Herald. Distributed by Tribune Content Agency, LLC.

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Buyers Could Be Alerted to Flooding Before Purchase Through the state’s first flooding disclosure bill, buyers could learn if the property they’re considering has been the focus of any flood insurance claims or flood-damage federal aid.

Backyard Digester Program
City of Tampa Backyard Digester Program Application
Applications are open now through Saturday, March 23rd.
This program aims to provide City of Tampa residents, that are committed to diverting their kitchen waste, the opportunity to receive a backyard digester. Food waste contains important nutrients that can be repurposed instead of being thrown out. Please read all sections of this application carefully to learn whether this program is right for you.

Backyard Digester Program City of Tampa Backyard Digester Program Application Applications are open now through Saturday, March 23rd. This program aims to provide City of Tampa residents, that are committed to diverting their kitchen waste, the opportunity to receive a backyard digester. Food waste contains important nutrien...