Understanding Buyer Broker Agreements: What You Need to Know

by Marketing | Oct 2, 2024 | Blog, Buyers, Homeowners, Real Estate News, Renters, Sellers

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.

Buyer’s Journey

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

by Marketing | Sep 2, 2024 | Blog, Homeowners, Homes, Villas and Condos, News, Real Estate Components, Real Estate News

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 Sales Report May 2024

by Elsa Soto | Jul 10, 2024 | Blog, Buyers, Homeowners, News, Real Estate News, Renters, Sellers

Real Estate Sales Report May 2024

Existing-home sales slightly declined in May while the median sales price reached a record high, as reported by the National Association of REALTORS® (NAR). Sales fell month-over-month in the South but remained stable in the Northeast, Midwest, and West. Year-over-year, the Midwest saw a rise in sales, whereas the Northeast, South, and West experienced declines.

Total existing-home sales, encompassing single-family homes, townhomes, condominiums, and co-ops, decreased by 0.7% from April, reaching a seasonally adjusted annual rate of 4.11 million in May. Compared to last year, sales dropped by 2.8% from 4.23 million in May 2023.

The NAR Chief Economist, Lawrence Yun, stated that more inventory will eventually help boost home sales and tame home price gains in the upcoming months. Increased housing supply is expected to benefit consumers who want to see more properties before making purchasing decisions.

Total housing inventory at the end of May was 1.28 million units, marking a 6.7% increase from April and an 18.5% increase from one year ago (1.08 million). The unsold inventory is at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing-home price for all housing types in May was $419,300, the highest ever recorded, up 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.

Yun noted that home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Despite this, first-time buyers in the market understand the long-term benefits of owning.

REALTORS® Confidence Index According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.

First-time buyers accounted for 31% of sales in May, down from 33% in April but up from 28% in May 2023. NAR’s 2023 Profile of Home Buyers and Sellers, released in November 2023, indicated that the annual share of first-time buyers was 32%.

All-cash sales made up 28% of transactions in May, unchanged from April but up from 25% a year ago. Individual investors or second-home buyers, who comprise many cash sales, purchased 16% of homes in May, the same as in April and up from 15% in May 2023. Distressed sales – foreclosures and short sales – represented 2% of sales in May, unchanged from both last month and the previous year.

Mortgage Rates According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from 6.95% the previous week but up from 6.67% a year ago.

Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and 2.1% from the previous year. The median existing single-family home price was $424,500 in May, up 5.7% from May 2023. Existing condominium and co-op sales were unchanged from April, at a seasonally adjusted annual rate of 400,000 units in May, but down 9.1% from one year ago (440,000 units). The median existing condo price was $371,300 in May, up 5.1% from the previous year ($353,300).

Regional Breakdown

Northeast: Existing-home sales were unchanged from April at an annual rate of 480,000, a 4% decline from May 2023. The median price was $479,200, up 9.2% from the previous year.
Midwest: Existing-home sales remained steady from April at an annual rate of 1 million, a 1% increase from a year ago. The median price was $317,100, up 6.4% from May 2023.
South: Sales fell 1.6% from April to an annual rate of 1.87 million in May, down 5.1% from the previous year. The median price was $374,300, up 3.6% from last year.
West: Sales in May were unchanged from April at an annual rate of 760,000, a 1.3% decrease from one year earlier. The median price was $632,900, up 5.5% from May 2023.

About the National Association of REALTORS® The National Association of REALTORS® is the largest trade association in America, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark identifying a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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.

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

by Elsa Soto | Jun 27, 2024 | Blog, Homeowners, Long Term Rental, News, Property Management, Real Estate Components, Real Estate News, Renters, Sellers

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

Located in the vibrant Four Corners area near Orlando, REMAX Heritage understands that advice on the best times to buy or sell property is readily available. But what if your goal isn’t to sell? What if you’re looking to rent out your single-family home or an apartment within your complex? Knowing the optimal time to list your rental property can significantly enhance your chances of finding tenants.

Why Spring Is the Optimal Time to List Your Rental

Spring emerges as the prime season to market your rental property for several compelling reasons, paralleling some of the logic behind property sales:

1) Aligning with the School Calendar: Families prefer moving during the summer to avoid disrupting the school year. Listing in spring caters to these potential tenants, helping them plan their relocation right after the school term ends.

2) Advantageous Weather: Generally, more people are inclined to move during spring and summer, favored by milder weather. This makes not only property viewing but also the physical move smoother and more pleasant.

3) Enhanced Property Aesthetics: Properties tend to showcase their best look in spring, with blooming flowers, lush greenery, and vibrant landscapes. Enhancing your property’s curb appeal with fresh landscaping or colorful planters can make a significant difference.

4) Financial Boost from Tax Refunds: The influx of tax refunds during spring provides many renters with extra funds, which they might use for moving expenses, making it a financially opportune time to seek new living arrangements.

While spring stands out as the ideal time to list, REMAX Heritage offers strategies to effectively market your rental during other seasons:

Seasonal Rental Listing Tips

Summer: Highlight features like pools, air conditioning, and proximity to outdoor activities. Be ready to inform about local school timelines, reassuring families they can settle before the academic year starts.
Fall: Utilize autumnal decor to create a cozy, inviting atmosphere. Emphasize the natural scenery and plant seasonal blooms like chrysanthemums to maintain an appealing exterior.
Winter: Ensure your property feels warm and welcoming. Preheat the space before showings, utilize seasonal scents, and maximize natural lighting to counteract the shorter days.

By adapting your strategy to each season, you can attract tenants year-round, maintaining a successful rental venture even during traditionally slower months.

Exploring Opportunities in the Off-Season

What strategies do you consider effective for listing your rental property outside the peak season? At REMAX Heritage, we’re always looking for innovative ideas to serve our clients better and keep occupancy rates high throughout the year.

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.

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Strategies to Maximize Your Home’s Selling Price

by Elsa Soto | Apr 30, 2024 | Blog, Real Estate News, Sellers

Strategies to Maximize Your Home’s Selling Price

Even in a seller’s market as competitive as Orlando’s Four Corners area, where inventory is low and bidding wars are common, there are key steps you can take to ensure your home sells for top dollar. Partnering with a skilled real estate agent who knows the local market inside and out is paramount. According to data from the National Association of Realtors, homes sold with the assistance of a Realtor typically command higher prices, emphasizing the importance of finding the right agent for you.

Here are ten invaluable tips, endorsed by Realtors, to set your home apart from the competition and maximize its selling price:

1) Engage a Local Real Estate Expert: A knowledgeable local agent can expedite your sale and increase your profit margin. Interview multiple agents to find the best fit for your needs and objectives.

2) Invest in High-Value Improvements: Prioritize home improvements that offer the highest return on investment, such as minor kitchen and bathroom updates. These areas are often focal points for buyers and can significantly boost your home’s appeal.

3) Enhance Curb Appeal: First impressions matter. Ensure your home’s exterior is inviting by tidying up landscaping, applying fresh paint, and adding welcoming touches like potted plants or stylish mailbox.

4) Consider a Pre-Listing Inspection: Identifying and addressing potential issues upfront can prevent surprises during negotiations and instill confidence in prospective buyers.

5) Showcase with Professional Photography: High-quality photos can make your listing stand out online and attract more potential buyers. Leave some aspects to the imagination to spark curiosity and encourage in-person viewings.

6) Stage for Success: Less is more when it comes to staging. Decluttering and depersonalizing your space can help buyers envision themselves living in your home. Consider professional staging for optimal presentation.

7) Price Strategically: Trust your agent to set a competitive yet attractive price that generates interest without deterring potential buyers. Click HERE to find how much your home is worth

8) Minimize Personalization: Remove personal items to allow buyers to envision the space as their own. This helps create a neutral canvas that appeals to a wider audience.

9) Be Prepared to Act Quickly: Once your home is listed, be ready to respond promptly to inquiries and offers. Organize necessary documents and information to streamline the process.

10) Maintain Objectivity: Selling your home can be emotional, but it’s essential to approach negotiations with a clear head. Assess buyer requests objectively and consider the bigger picture to secure a successful sale.

Ready to embark on your home-selling journey in Orlando’s Four Corners area? Trust RE/MAX Heritage to guide you through every step of the process with expertise and dedication. Contact us today to learn more about how we can help you achieve your real estate goals. Click HERE to find out your home value

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.

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Must Do’s After Buying a Home from RE/MAX Heritage

by Elsa Soto | Apr 29, 2024 | Blog, Buyers, News, Real Estate News

Must Do’s After Buying a Home from RE/MAX Heritage

At RE/MAX Heritage, conveniently located in the Four Corners area of Orlando, we understand the excitement and the challenges that come with purchasing a new home. Congratulations on your recent home purchase! Successfully navigating today’s real estate market and becoming a homeowner is an achievement worth celebrating.

However, the journey doesn’t end with receiving your keys. As you transition into homeownership, there are immediate steps you should take to ensure a smooth and successful start in your new residence. Here are some essential actions to consider right after buying your home:

Essential Steps After Buying a Home

1) Set Up Utilities: Before moving day, make sure your water, gas, and electricity services are set up. This is crucial for a seamless move and to avoid any inconvenience like unpacking in the dark.

Pro tip: Contact local service providers early as setting up utilities might require certain verifications and scheduling.

2) Enhance Home Security: Change all exterior locks, update garage codes, and secure any other access points immediately before you settle in. You never want previous owners or strangers to have access.

Pro tip: Inspect around your home for hidden spare keys which previous occupants may have left behind.

3) Inspect Smoke and Carbon Monoxide Detectors: Ensure your safety by checking that all detectors are functional, possibly replacing batteries or the units themselves.

Pro tip: Install detectors in key areas like near bedrooms, kitchens, and on each floor for optimal safety coverage.

4) Review or Purchase a Home Warranty: If a warranty was provided, understand what it covers. If not, consider buying one to protect major appliances and systems.

Pro tip: Customize your warranty plan to cover essential and costly items, adjusting for your specific needs and climate.

5) Familiarize Yourself with Your Home’s Essentials: Locate and label the circuit breaker and main water shut-off valve. Gather all appliance manuals for future reference.

Pro tip: Organize all house-related documents and manuals for easy access during emergencies or routine checks.

6) Refresh Paint and Flooring: Painting and floor refurbishing are more manageable in an empty house and can dramatically enhance your home’s feel and value.

Pro tip: Negotiate with contractors for potential discounts when working in unoccupied spaces, potentially saving money and time.

7) Utilize Your Inspection Report: Address any pending issues highlighted in your home inspection report to avoid future complications.

Pro tip: Prioritize repairs and maintenance from the report to keep your home in prime condition and prevent costly future repairs.

8) Establish a Maintenance Schedule: Regular home upkeep is crucial. Plan for periodic tasks like filter changes and gutter cleaning.

Pro tip: Set aside a budget for maintenance and unexpected repairs—typically at least 1% of your home’s purchase price annually.

By taking these steps, you not only protect your investment but also enjoy your new home with peace of mind and security. Welcome to homeownership, and welcome to the community at RE/MAX Heritage!

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.

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