Understanding Buyer Broker Agreements: What You Need to Know
Understanding Buyer Broker Agreements: What You Need to Know
Understanding Buyer Broker Agreements: What You Need To Know
Buying a home is a major life decision, and at RE/MAX Heritage, we believe that you should feel supported throughout the process. One of the ways we ensure this is through a Buyer Broker Agreement (BBA). This agreement helps clarify your relationship with your agent and guarantees that you receive the best possible guidance and support.
Why a Buyer Broker Agreement Matters
A Buyer Broker Agreement (BBA) is a straightforward contract between you and your RE/MAX Heritage agent. It confirms that your agent is working exclusively for you, ensuring that they are fully committed to helping you find the right property, negotiate effectively, and navigate the buying process smoothly. Without a BBA, there’s a chance that an agent’s responsibilities might be unclear, or they could represent both the buyer and the seller, which could create conflicts of interest. By signing a BBA, you make sure that your agent is focused solely on your interests.
Why a BBA is Especially Important in Today's Market
The real estate market can be unpredictable. Prices fluctuate, there’s strong competition for properties, and legal requirements are more detailed than they used to be. A Buyer Broker Agreement ensures you’re protected in this fast-moving environment. Recent changes in the industry, such as the National Association of Realtors (NAR) settlement, have made it even more important for buyers and sellers to be clear about their rights and responsibilities. At RE/MAX Heritage, we make sure you understand exactly how your agent will work for you by having this agreement in place.
The Benefits of a Buyer Broker Agreement at RE/MAX Heritage
When you sign a BBA with us, you’re not just agreeing to work with an agent—you’re securing several key advantages:
1. Clear Commitment
2. With a BBA, your agent is legally required to represent your interests. This ensures
that they’re fully focused on getting the best results for you.
3. Transparency
The agreement spells out exactly how your agent will be compensated and what their
responsibilities are. This way, there are no surprises along the way.
4. Guidance Throughout the Process
The home-buying process can be complex, but your RE/MAX Heritage agent will be there to
guide you every step of the way. From finding listings to negotiating prices, you’ll have
support when it matters most.
5. Stronger Negotiation Power
Your agent, committed to your interests through the BBA, will work hard to negotiate the
best terms for you, ensuring that you’re well-positioned in the market.
What Happens Without a BBA?
Without a Buyer Broker Agreement, your agent’s role may not be as clearly defined. This could lead to misunderstandings or missed opportunities. For example, if your agent is also representing the seller, their loyalties could be divided, potentially leaving you with less effective support. At RE/MAX Heritage, we believe in keeping things clear and simple. A BBA ensures that you know your agent is working for you, reducing any risk of confusion or unexpected costs.
Why the BBA Works for You at RE/MAX Heritage
At RE/MAX Heritage, we don’t just show homes—we work closely with you to make sure the buying process goes smoothly. The Buyer Broker Agreement is part of this commitment. It helps us create a clear plan so that you can move forward with confidence, knowing that your agent is always on your side. This agreement guarantees that you’re getting professional support, honest advice, and dedicated service from the start of your search all the way to the closing of your new home.
Ending note:
As we approach the end of another year, we are reminded that real estate isn’t just about transactions—it’s about building a life, creating a home, and connecting with our community. The market will continue to shift and change, but what remains constant is the importance of making thoughtful decisions that reflect where you are and where you want to go.
At ReMax Heritage, Bardell Real Estate team, our goal is to support you in more than just buying or selling a property—we’re here to help you navigate life’s transitions, big or small. Whether you’re considering your next move or simply looking to strengthen your place in this community, know that we’re here for you, with guidance, understanding, and the experience to help you move forward.
Whatever the rest of 2024 holds for you, let’s make the most of it—together, with purpose.
July Real Estate Home Sales Show Positive Shift
July Real Estate Home Sales Show Positive Shift
July Real Estate Home Sales Show Positive Shift
July marked a positive turn for existing-home sales, breaking a four-month streak of declines, according to the National Association of REALTORS®. Three out of the four major U.S. regions experienced an increase in sales, while the Midwest held steady. Year-over-year, sales rose in the Northeast and West but saw declines in the Midwest and South.
Key Highlights:
-
Overall Sales Growth: Total existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—increased by 1.3% from June, reaching a seasonally adjusted annual rate of 3.95 million in July. However, this is a 2.5% decrease compared to July 2023, when sales stood at 4.05 million.
-
Market Conditions: NAR Chief Economist Lawrence Yun noted, “Although the gain is modest, home sales continue to face challenges. However, buyers are seeing more options, and affordability is improving thanks to lower interest rates.”
-
Inventory Levels: Total housing inventory at the end of July was 1.33 million units, marking a 0.8% increase from June and a substantial 19.8% rise from a year ago (1.11 million). Unsold inventory is currently at a 4.0-month supply, down slightly from 4.1 months in June but up from 3.3 months in July 2023.
-
Home Prices: The median existing-home price for all housing types in July was $422,600, a 4.2% increase from one year ago ($405,600). All four U.S. regions reported price increases.
REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index:
- Time on Market: Properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
- First-Time Buyers: First-time buyers accounted for 29% of sales in July, consistent with June but slightly down from 30% in July 2023.
- All-Cash Sales: All-cash sales made up 27% of transactions in July, slightly down from 28% in June but an increase from 26% a year ago.
- Investor Activity: Individual investors or second-home buyers, who often make cash purchases, bought 13% of homes in July, down from 16% in both June 2024 and July 2023.
- Distressed Sales: Distressed sales, including foreclosures and short sales, represented 1% of sales in July, virtually unchanged from the previous month and the prior year.
Mortgage Rates
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.49% as of August 15, slightly up from 6.47% the previous week but down from 7.09% one year ago.
Single-Family and Condo/Co-op Sales
-
Single-Family Homes: Sales rose by 1.4% to a seasonally adjusted annual rate of 3.57 million in July, a 1.4% decrease from the previous year. The median existing single-family home price was $428,500 in July, up 4.2% from July 2023.
-
Condominiums and Co-ops: Sales remained steady from June at a seasonally adjusted annual rate of 380,000 units, but this represents an 11.6% decline from a year ago (430,000 units). The median existing condo price was $367,500 in July, up 2.7% from the prior year ($357,900).
Yun commented, “The median home price for condominiums is lower, but the condominium market continues to underperform compared to the single-family market. Rising maintenance and insurance costs have diminished the appeal of condominiums.”
Regional Breakdown
-
Northeast: Existing-home sales increased by 4.3% from June to an annual rate of 490,000 in July, a 2.1% rise from July 2023. The median price in the Northeast was $505,100, an 8.3% increase from last year.
-
Midwest: Existing-home sales remained unchanged in July at an annual rate of 920,000, though this represents a 5.2% decline from the previous year. The median price in the Midwest was $321,300, up 4.5% from July 2023.
-
South: Existing-home sales grew by 1.1% from June to an annual rate of 1.79 million in July, but this is a 3.8% decrease from one year ago. The median price in the South was $372,500, a 2.3% increase from the previous year.
-
West: The West saw existing-home sales rise by 1.4% in July, reaching an annual rate of 750,000, which is also a 1.4% increase from a year ago. The median price in the West was $629,500, a 3.4% increase from July 2023.
Why Choose RE/MAX Heritage – A Bardell Real Estate Company
At RE/MAX Heritage, we are Florida Property Specialists, offering unparalleled expertise in new and resale vacation homes, investment properties, retirement homes, residential properties, and long-term property management/leasing services. Serving the Orlando area, we are your gateway to buying and selling real estate with confidence.
Legacy of Excellence
Established as Bardell Real Estate in 1989, we have been a trusted name in Central Florida for over 30 years. Our decision to join the RE/MAX family in December 2021 enhances our ability to deliver top-tier service by combining our deep-rooted values of honesty, integrity, and respect with RE/MAX’s global resources.
Full-Service Real Estate Expertise
As a full-service real estate office, RE/MAX Heritage is committed to meeting all your real estate needs—whether you’re buying, selling, or seeking long-term leasing services. We operate in full compliance with the Fair Housing Act, the Fair Credit Reporting Act, and all relevant laws to ensure the highest standards of service.
Our Commitment
Our product is service, and our tools are people and property. We are dedicated to delivering a warm, friendly experience focused on helping you achieve your real estate goals, coupled with the highest level of professionalism to solve your needs better than anyone else.
Motto: “WHEN ONLY A PROFESSIONAL WILL DO.”
Choose RE/MAX Heritage to experience a perfect blend of heritage, expertise, and global reach, ensuring your real estate journey is nothing short of exceptional.
Ready to make a Move?
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
REAL ESTATE NEWS! Why moving after retirement can be for YOU!!!
REAL ESTATE NEWS! Why moving after retirement can be for YOU!!!
If you’re contemplating retirement or have recently retired, now is an opportune moment to assess if your current residence aligns with the next chapter of your life.
Luckily, you might be more ready for a change than you think. Consider the following factors when determining whether selling and moving are the right decisions for you.
Duration of Residence: Reflect on how long you’ve resided in your current home. In the period from 1985 to 2008, homeowners typically stayed in their homes for an average of six years. However, recent trends, as reported by the National Association of Realtors (NAR), suggest that homeowners are now staying in their houses for longer durations.
Living in a home for an extended period often corresponds with experiencing various life changes and milestones. Over time, your needs may evolve, prompting a reassessment of your living situation. If your current home no longer aligns with your current requirements, there might be more favorable alternatives available to you.
Consider the amount of equity you’ve accumulated during your tenure in the house. If you’ve been a homeowner for several years, it’s probable that you’ve built up substantial equity. This equity can serve as valuable leverage for your next housing move, as prolonged homeownership often leads to an increase in property value through home price appreciation.
Ready to make a Move?
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.
[formlift id=”36911″]
Orlando $10 Tuesday
Orlando $10 Tuesday
Orlando $10 Tuesdays
Here at ReMax Heritage , we would love to give you options of the wonderful, immersive city that Orlando has to offer. Here you get budget friendly options of things to do in the Orlando area for $10.
1. Visit Lake Eola: Enjoy a leeisurely stroll around the beautiful lake in the heart of the city. There, you are able to feed swans, enjoy snacks, and rent a paddleboat. On Sundays, they feature a local Farmer’s Market where you are abble to go and enjoy local vendors from the Orlando area.
2. Explore Harry P. Leu Gardens: Discover the stunning botanical gardens at Harry P. Leu Gardens. Admission is under $10 and features the wonders of tropical rainforests and a butterfly garden as well.
3. Orlando Science Center: On select Sunday’s, admission for the Orlando Science Center is $10 where you can explore interactive exhibits, catch a planetarium show, or particiate in hands-on experiments.
4. Club Lake Plantation Apopka Corn Maze: Open now through October 31. The beautiful autumn decor on this sprawling property makes it one of the most scenic fall events in the Orlando area, where the whole family can have a blast.
Tickets: $7.95 per person on Thursdays and Fridays.
5. Sip n Dips Donuts: Do you have a sweet tooth that’s begging for a delightful treat? Look no further than Sip n Dip Donuts, a hidden gem for donut lovers in Kissimmee. Join us on a mouthwatering journey as we explore this charming donut shop that’s sure to satisfy your cravings and leave you craving for more. As you step inside, you’ll be greeted by the intoxicating aroma of freshly baked donuts that will instantly put a smile on your face. The warm and inviting ambiance makes it the perfect spot to unwind, catch up with friends, or simply treat yourself to something special!
Some dining options for $10!
Although prices can be subject to change, here are some Orlando favs that are top knotch!
Black Bean Deli: This Cuban eatery serves delicous an affordable dishes like Cuban sandwiches, empanadas, and plantains.
The Gnarly Barley: This gastropub offers a range of gourmet hot dogs, burgers, and sandwichs, all priced under $10.
Hawkers Asian Street Fare: Hawkers is known for it’s diverse menu of Asian street food, with small plates and bowls priced under $10, allowing you to try a variety of dishes.
Pig Floyd’s: The Big Floyd, priced at $9.95, is a substantial sandwich featuring a combination of beef brisket, sausage, pulled pork, citrus peanut slaw, and French fries, all served on a Hawaiian-style roll.
Daily Events!
Pioneer Village at Shingle Creek, Kissimmee: Calling all history buffs! Take a trip back in time and explore Pioneer Village at Shingle Creek. Admission to the Pioneer Village is only $8 for adults and $4 for children. The village is open seven days a week from 10:00 a.m. to 4:00 p.m. You are welcome to take a self-guided tour at any time during these hours, or you can call 407-396-8644, ext. 1, for guided tour availability.
Ready to make a Move?
Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.