Real Estate Closings

Buying a luxury home in South Florida is about much more than finding the right location, architectural style, or view. Whether you are considering a waterfront estate, a golf community residence, or a luxury condominium, the purchase price is only one part of the financial picture. Before making an offer, today’s sophisticated buyer should understand the true cost of ownership. Planning ahead can help avoid surprises and ensure that your new home fits comfortably within your long-term lifestyle and financial goals.

1. Insurance Can Be a Significant Expense

Insurance is one of the first expenses luxury buyers should investigate—before the inspection period is over. The cost of homeowners, windstorm and, when applicable, flood insurance can vary dramatically based on a property’s location, age, construction and protective features.The age and condition of the roof, impact-resistant windows and doors, elevation, prior claims history and proximity to the coast can all affect coverage and premiums.

2. Property Taxes – May Differ Signifcantly After the Sale

A common mistake is assuming that the seller’s current property tax bill will be the same after you purchase the home. In Florida, a property’s assessed value and tax benefits can change following a sale. A home may appear to have relatively low property taxes simply because the current owner has benefited from assessment limitations or exemptions that may not transfer to the new owner.

3. Waterfront Living Comes With Additional Responsibilities

There is nothing quite like living on the water in South Florida—but waterfront ownership may involve additional expenses and maintenance.

Depending on the property, buyers may need to budget for the maintenance and eventual replacement of:

• Seawalls
• Docks
• Boat lifts
• Pilings
• Waterfront landscaping
• Irrigation systems
• Pools and outdoor entertainment areas

Before purchasing, it is important to understand the age and condition of these improvements. Replacing or repairing waterfront infrastructure can be a substantial investment.

4. Luxury Homes Require Specialized Maintenance

A larger, more sophisticated home typically comes with more systems to maintain. The true cost of ownership may include regular service for:

• Multiple air-conditioning systems
• Swimming pools and spas
• Generators
• Elevators
• Smart-home technology
• Security and surveillance systems
• Water treatment systems
• Extensive landscaping and outdoor lighting

For a luxury estate, it may also be appropriate to budget for a property manager, housekeeper, pool service or landscaping team.

5. The Inspection Should Go Beyond the Basics

A standard home inspection is important, but a luxury property may warrant additional specialists. Buyers may want specialied inspections of the roof, pool, dock, seawall, elevator, generator, HVAC systems, plumbing, electrical systems and smart-home equipment. Waterfront properties may require particularly careful evaluation of marine structures and drainage.

6. Condominium Buyers Need to Look Beyond Monthly Fees

For luxury condominium buyers, the monthly association fee is only part of the equation. Buyers should carefully review the building’s financial condition, reserves, planned maintenance and any pending or potential special assessments.

7. Climate Resilience Can Affect Both Cost and Value

Today’s South Florida luxury buyer is increasingly focused on how a home is built and protected. Features such as impact glass, a newer roof, a whole-house generator, appropriate drainage and modern construction standards can affect not only day-to-day peace of mind but potentially insurance availability, maintenance costs and future marketability.

The Bottom Line

The right luxury home should enhance your lifestyle—not create unexpected financial surprises.In South Florida’s luxury market, knowledge is a valuable asset. The more thoroughly you understand a property before you buy, the more confidently you can make a decision—and the better prepared you will be to enjoy the exceptional lifestyle that luxury homeownership can offer.

Thinking about buying a luxury home in South Florida? Before you make an offer, let us help you evaluate not only the home itself, but also the factors that can affect its long-term cost, value and enjoyment.

Filed under: 4 Point Inspection, Blog, Boca Raton real estate, CEBA, EBA, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Flood Insurance, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, home automation, Home Buyer Advice, Home Buyers, home Inspections, Home Maintenance, home safety, Homebuyer Advice, Homeowners Insurance, House Closings, Insurance Claims, International Home Buyers, International investors, Mortgage Information, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, second home, smart home, South Florida Real Estate, Termites, vacation home, WDO Inspection by Kim Bregman
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One of the biggest decisions homebuyers face is whether to purchase a brand-new build or an existing home. Each path offers distinct financial, lifestyle, and logistical trade-offs, and the right choice depends on your timeline, budget, and long-term priorities.

New Construction Homes

The Pros

• Everything is brand new: From the roof and HVAC system to appliances and flooring, new builds require minimal maintenance during the first several years.
• Modern energy efficiency: Newer homes adhere to updated building codes and incorporate modern insulation, high-efficiency windows, and advanced HVAC systems, which can significantly lower monthly utility bills.
• Personalization and customization: Depending on when you purchase during the construction phase, you can often select your floor plan, finishes, cabinetry, countertops, and tech integrations before moving in.
• Builder warranties: Most builders offer structured warranties (often covering cosmetic defects for 1-year, mechanical systems for 2 years, and structural elements for up to 10 years), providing extra peace of mind.
• Financial incentives: Builders frequently partner with preferred lenders to offer rate buy-downs, closing cost credits, or design-center allowances that reduce upfront cash needs.
• Lower initial insurance premiums. Homeowners insurance is generally lower for new builds because all structural elements, roofing, plumbing, and electrical systems are brand-new and built to modern safety and building codes.

The Cons

• Higher price per square foot: New homes usually command a premium over comparable existing homes in the same general area.
• Upgrade costs add up: Model homes feature high-end finishes that aren’t included in the base price. Essential items like window blinds, pools, fencing, and fixtures often have to be paid for out-of-pocket after closing.
• Construction delays & uncertain timelines: Supply chain bottlenecks, weather, or labor shortages can push back your completion date, making it tricky to align lease endings or existing home sales.
• Developing surroundings: You may live in an active construction zone for month, complete with heavy machinery, dust, immature landscaping and a period without amenities.
• Construction phase coverage needs. If you build custom or purchase early in the build process, standard homeowners’ insurance won’t apply until completion, requiring specialized builder’s risk policies during construction.
• Uncertain initial property taxes and HO fees: Property taxes on new builds are initially assessed on the unimproved land value and will increase significantly once the home is fully built and reassessed.  HOA costs ae covered by the developer until such time as it transitions to the Homeowners Association.  Decisions made by the HOA can increase the fees over time.

Existing Homes

The Pros

• Established locations and character: Existing homes are often situated in mature neighborhoods with tree-lined streets, established school districts, and closer proximity to urban centers, dining, and shopping.
• Immediate move-in: Once your mortgage is cleared and escrow closes—typically in 30 to 45 days—you can move right in without construction delays.
• Larger lots and architectural variety: Older neighborhoods frequently offer larger lot sizes, setback distances, and distinct architectural features compared to uniform modern subdivisions.
• Greater negotiation power: Unlike builders who resist lowering base prices to protect neighborhood appraisal values, individual sellers may negotiate on price, request repairs, or grant seller concessions.
• Established claims & risk history. Existing properties have clear, predictable history and records that allow insurance carriers to assess baseline risk quickly.

The Cons

• Maintenance and deferred repairs: Major systems like the roof, plumbing, electrical, or HVAC may be near the end of their lifespan, requiring short-term capital outlay.
• Higher ongoing energy costs: Older insulation, windows, and aged appliances can lead to higher utility bills.
• Costly renovations: Modernizing a floor plan, opening walls, or updating kitchens and baths requires significant time, budget, and oversight.
• Higher premiums & insurability challenges. Older roofs, outdated wiring (like knob-and-tube or aluminum), galvanized plumbing, or aged heating systems can make premiums significantly higher—or require costly mandatory repairs before a carrier agrees to issue coverage.

To narrow down your decision, consider where you fall on these core priorities:

Filed under: Blog, Boca Raton real estate, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Relocation, Retirement, second home, South Florida Real Estate, Uncategorized, vacation home by Kim Bregman
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Real estate scams, including wire fraud, title theft, and fake listings, are increasingly common. Scammers impersonate professionals to steal funds or personal information, often using phishing or spoofed emails to steal closing costs or forge ownership documents. Protect yourself by independently verifying all wire instructions via phone and watching for urgent requests or too-good-to-be-true deals.

Scammers might use deepfake-generated audio or video to impersonate buyers, sellers, real estate agents, real estate lawyers, title agents or other professionals.

Common Real Estate Scams

• Wire Fraud: Fraudsters hack emails or spoof agents/title companies to send fake wiring instructions for closing costs and down payments.
• Title/Deed Fraud: Scammers forge documents to transfer ownership of a property into their name, often targeting vacant lots or rental properties.
• Rental/Vacant Land Scams: Fraudsters list homes or land they do not own for rent or sale, collecting deposits from unsuspecting victims.
• Foreclosure Relief: Scammers charge upfront fees promising to save homes from foreclosure, but do not provide any real help.
• Loan-flipping Scam: Scammers often target seniors by convincing homeowners to refinance their mortgage repeatedly. Each time they refinance, the borrower is charged elevated fees, a high interest rate, and expensive closing costs.
• Seller/Buyer Impersonation: Criminals pose as legitimate sellers (often via email only) to sell property quickly or pose as buyers to gather personal information.

Warning Signs and Prevention

• Verify Independently: Always call your escrow agent or attorney to verify wiring instructions using a trusted, independent phone number before sending money.
• Be Skeptical: Be wary of urgent, last-minute changes to financial instructions.
• Check Property Ownership: Contact your local county recorder’s office to confirm the seller is the legal owner.
• Inspect In-Person: Do not purchase or rent a property you have not seen in person.
• Beware of “Too Good to Be True”: Extremely low prices or demanding quick, high-dollar payments are major red flags.
• Work with trusted, licensed professionals. Always partner with real estate agents and lenders who are licensed and have strong reputations. If someone reaches out unexpectedly, take the time to verify their credentials before sharing any information or moving forward.

If you become a victim, report the fraud to the FBI’s Internet Crime Complaint Center (IC3) immediately, along with your bank and local law enforcement.

Filed under: Blog, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Homebuyer Advice, House Closings, International Home Buyers, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Scam, South Florida Real Estate by Kim Bregman
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When purchasing a home with smart home technology, it is import for your Realtor to include a list of every item that conveys with the sale of the property in the sales contract. This includes everything from motorized shades to pool equipment and everything in between. Brand and models should be identified and any exclusions listed in detail to avoid any unexpected surprises at walk-through.

Some common devices include:

• Motorized shades/blinds (confirm number of units)
• Smart thermostats (e.g., Nest, Ecobee)
• Smart lighting systems (e.g., Philips Hue, Contol4, Lutron)
• Smart speakers (e.g., Sonos, Amazon Echo, Google Home)
• Smart doorbells (e.g., Ring, Nest)
• Smart security cameras (confirm number of units)
• Smart locks (ensure all keypads and physical keys are included)
• Smart garage door openers
• Pool equipment with smart features like automated cleaners, heaters, lighting, and more

Account Transfers and App Setup:

Once a smart home is sold, the new owner will need to take over the existing devices by linking them to their own accounts. Before closing, the seller should:

• Remove their accounts from all smart devices
• Reset all devices to factory settings
• Provide transfer instructions or QR codes to easily link the devices to the new owner’s accounts
• Release control of any associated apps (e.g., for smart speakers, doorbells, security systems, and pool equipment)

This step ensures that the buyer can smoothly take control of the home’s systems without relying on the previous owner’s settings or subscriptions.

It would be nice if the Sellers transfer any manuals and instructions. but in today’s world, everything is online and very little printed materials convey anymore. UTube is an excellent “how to” resource as well.

No devices ccan be set-up until you have internet and WIFI access. Make sure this is one of the first appointments you schedule post-closing.

Device Warranties & Service Contracts:

A smart home can come with long-term service agreements and warranties that should be transferred to the new owner. Sellers should:

• Transfer any active warranties or service contracts for smart devices and pool equipment to the buyer.
• Provide details on any subscriptions or paid services (e.g., security monitoring, cloud storage for cameras, or pool maintenance) and confirm when they expire or transfer.

By ensuring these contracts are smoothly handed over, the buyer will have peace of mind knowing that their new devices are fully supported.

Final Walkthrough: Test & Handover:

Before the sale is finalized, the seller or their listing agent should demonstrate how key smart devices work during the final walkthrough. This includes:

• Demonstrating how to control motorized shades, cameras, and audio systems
• Testing pool equipment, such as heaters, lighting, or automated cleaners
• Handing over physical remotes, control panels, and keypads related to smart systems

A hands-on demonstration is the best way to ensure that buyers feel confident using their new smart home features.

Filed under: apps, Blog, Boca Raton real estate, contracts, EBA, Energy efficiency, Energy efficient homes, First Time Homebuyers, Florida Exclusive Buyer Agent, Florida Real Estate, home automation, Home Buyer Advice, Home Buyers, Homebuyer Advice, House Closings, Moving Apps, new home construction, Real Estate, Real Estate Closings, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Florida Consumer Sentiment Climbs Again

Economic sentiment rose 3.1 points to 84.1 in June, with all five index components improving. The biggest gains were in views of personal finances.

Two New Property Insurers Approved

Two more property insurers have been approved to operate in Florida, bringing the total to 14 since recent reforms. Officials say the market is stabilizing.

Florida Sees Surge in Commercial Real Estate

Fueled by population gains, tax advantages and a strong economy, commercial real estate investment is rising across the state, experts say.

Florida Leads in International Home Sales

International buyers purchased 78,100 U.S. homes over 12 months, reflecting a 33.2% jump from the year before and the first increase since 2017.

Luxury Market Stronger Than Ever

Industry leaders say the high-end market, particularly for homes priced above $10M, is continuing to gain strength, with all-cash deals the norm.

Florida Sees Shift in New-Home Prices

Florida is among the top states seeing new construction price declines, creating potential opportunities for buyers as builders adjust to market conditions.

Florida Ranks High Among 2025 Movers

Florida continues to attract new residents, particularly Baby Boomers, in 2025, thanks to warm weather, no income tax and affordability.

Mortgage Giants to Count Crypto as Asset

Homebuyers may soon be able to use crypto as part of their mortgage qualifications, under a new order for federally backed loan programs.

Insurance Reforms Stabilizing Florida Market

A Florida consumer group says recent reforms have reduced litigation, lowered Citizens’ policies and attracted new insurers, helping stabilize the market.

Rate, Home Price Growth Forecasts Lowered

Fannie Mae now sees slower home price growth and slightly lower mortgage rates through 2026, with modest gains expected in overall home sales.

U.S. Home Prices Down 0.2% in May

The FHFA said prices are up 2.8% from last year across the United States. In the South Atlantic census division, which includes Florida, home prices increased 1.4%.

U.S. Consumer Confidence Improves in July

Americans remain concerned about tariffs, but confidence rose two points to 97.2 in July, up from 95.2 the previous month.

Filed under: Blog, Boca Raton real estate, COVID-19, Exclusive Buyer Agency, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyers, Home Maintenance, Homebuyer Advice, Interior Design, Real Estate Closings, Refinancing by Kim Bregman
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It’s important to understand when buying new construction,  that the builder’s agent is primarily focused on securing the best deal for the builder, often at the expense of the homebuyer. Their role is to persuade you to purchase their homes at the highest price with minimal concessions. In contrast, as your Exclusive Buyer Agent, Optima Properties is dedicated to leveling the playing field.

Our mission is to advocate for your best interests, ensuring that you receive the best possible terms for your home purchase. We are here to negotiate on your behalf, providing you with the knowledge and strategies necessary to navigate this complex process with confidence. While the builder’s agent is legally bound to represent the builder, we prioritize your needs and work tirelessly to make your home buying experience smooth and enjoyable.

Benefits of Using an Exclusive Buyer Agent for New Construction:

1.  Compare and evaluate builders’ reputations and history of their construction quality and service
2. Help you compare and evaluate advantages and disadvantages of new construction homes vs. resale homes
3. Provide information about the community and compare and contrast with other new construction communities
4. Help buyer evaluate which options should be done by the developer during construction and which are more affordable to be done by an outside vendor post-closing.
5. Assist with design and structural selections that will optimize future resale value and livability.
6. Assist buyer evaluate the selection of a building lot and options. Lot location and certain options have a direct correlation to resale value.
7. Truly negotiate on behalf of the buyer. Many builders are offering “free” options and upgrades, but some are also making additional price concessions.
8. Review the Agreement of Sale (PA) prior to buyer signing. This is not a legal review (only an attorney can do that), but an experienced agent will be able to spot terms and conditions that are atypical and of potential concern to the buyer. The agent may then be able to negotiate terms and conditions that are more favorable to the buyer but still acceptable to the builder. Keep in mind most new construction contracts are written by attorneys that represent the developer and these contracts are therefore heavily weighted in favor of the builder.
9. Recommend a real estate attorney for final contract, title commitment and to hold your escrow funds.
10. A buyer’s agent serves as an extra set of ears as a witness at court or arbitration – When the builders sales representative is familiar with all rules, features and prices and it’s all new to buyer – it is good to have experienced person on buyer’s side listening with buyer and taking notes, a lot of information is verbalized in short period of time.
11. Attend the signing of the Agreement of Sale
12. Assist with the buyer’s financing and review financing paperwork. This is especially important if the builder is tying “free” options and upgrades to the use of a builder-affiliated lender.
13. Check on the property during construction and keep a photo record at different stages.
14. Be your leverage with the builder as problems arise during construction
15. Keep everything in writing – Sometimes even the very nicest builder makes verbal promises that later become a point of contention. An experienced buyer’s agent is conditioned and trained to “put it in writing” even though at the time it doesn’t seem necessary.
16. Arrange for a final inspection with a license building inspector and generate a “punch list” to be completed before final closing.
17. Document and help resolve any issues with construction, financing, title, etc. throughout the process.
18. Attend a pre-settlement walkthrough with the buyer to make sure that all items are satisfactorily completed or that a proper punch list is established to assure completion after settlement
19. Obtain and review a preliminary HUD-1 settlement statement to be sure it is accurate and advise the buyer of the amount needed for settlement.
20. Assist buyer with utilities, insurance, security and HOA requirements, decorators, service professionals, schools, et. al.
21. Attend final walk-through and settlement with the buyer.
22. A buyer’s agent will be there even after the home closes. It is routine for issues to arise during the first year of a new home. Site agents tend to forget a buyer’s name after the contract is signed.

But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your home buying journey.

Filed under: Blog, Boca Raton real estate, contracts, COVID-19, Down Sizing, EBA, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HELOC deductions, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, Interior Design, Mortgage Interest Deductions, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Refinancing, Relocation, second home, South Florida Real Estate, Tax deductions by Kim Bregman
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An exclusive buyer’s agent (EBA)is hired to help you with a big monetary decision, which is also a big personal decision. There is a wide variety in the quality of that fiduciary (financial) advice you will get, depending on the agent you choose.

An EBA is required to help their client get the best price and the best terms for the property that they want to buy. They are bound to help protect their client’s financial interests throughout the buying process.

How does buyer brokerage work? 

The company – traditional offices:

An agent who works with a buyer — and has a contract to give that buyer representation — is a buyer’s agent. The vast majority of buyer’s agents work in companies alongside other agents who represent sellers. In those companies, most work with both buyers and sellers. Whenever a buyer puts in an offer for a house listed by that company, the head of that office is a dual agent. Both agents want the highest price for the Seller …they are sub-agents of the Seller.

The company – exclusive buyer brokerage:

That’s why exclusive buyer brokerages are different. They are a small number of companies who don’t help sellers get the highest price for their house or condo. Instead, exclusive buyer’s agents (EBAs) work in firms that only help buyers buy properties. Exclusive buyer’s agents have no colleagues in the office who are trying to sell any particular house or condo. They are not invested in you buying any particular home; they want you to use your money to get what works best for you.

How do exclusive buyers agents help buyers?

Because EBAs don’t list properties for sale, they become buyer experts. They work only in the financial interests of buyers, so they can think clearly about how to get the best place for the best price.

They become experts in what are typical good points and bad points of local housing stock and neighborhoods. They can tell you whether the house you like is typical in your price range or if it is really special. They are free to share negatives, too, to help you avoid problems later.

In order to be fiduciary advisors, EBAs provide a buyer-centered view of the current value of a property you might want to buy. EBAs provide a comparative market analysis to give you an idea of what the property is worth before you decide on a price. Based on the market analysis, and the potential competition for the property, and how much you like it, an EBA will help you decide on a negotiation plan.

Because EBAs work only with buyers, they develop a reputation in the real estate market for having exceptionally prepared buyers.

Because EBAs work with buyers only, they develop a network of lenders who get your mortgage done on time at a competitive price, inspectors who look long and hard for defects in the property, and attorneys who will protect your rights.

What should a buyer ask an agent before hiring them?

• In the past year, how many sellers have you represented? How many buyers have you represented?
• If you run into an unusual situation, who do you go to for advice?
• Tell me about a recent success.
• Tell me about a recent problem with a house and how you handled it.
• Can I have three references?

Filed under: 2024 real estate, Blog, Boca Raton real estate, CEBA, EBA, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, NAR, NAR Legislation, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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The Department of Justice, in its regulatory capacity, has recently intervened to reshape commission structures, a move that will trigger a multitude of changes, especially for home buyers.

The National Association of Realtors ( NAR) settlement has not yet been accepted. It is proposed to go into effect at the end of June to mid-July.

The results of the NAR Settlement means that:

1.    NAR owned multiple listing services ( MLS) are prohibited from sharing offers of compensation to Buyers.

2.   MLS members are required to enter into written agreements with the buyers disclosing how they will be paid and by whom before showing a property.

What are Multiple Listing Services (MLS)? They are database platforms that agents and brokers pay to subscribe to. The agents and brokers use it to share information about properties for sale. Subscribers agree to rules about cooperating with and compensating all brokers who subscribe to it. If you are seeing listings on other sites (like Zillow), chances are, those sites are getting a feed from their local MLS.

Since the beginning of buyer agency, the buyer broker’s commission has been built into the sale price of the property. The buyer paid for the house and the seller paid outstanding bills, then collected their profit. Responsible seller’s brokers used a form called a “net sheet” to show sellers what their final profit was. Broker fees were deducted from the sale price along with taxes, water bills, or other costs of the sale.

The MLS system built commissions into the price. The seller, through their broker, published their offered commission to buyer’s broker on the MLS.

If the settlement is accepted and all offers of compensation are removed from the MLS system, we need ways that buyers can continue to pay our fees without undo burden.

1.   Include the Buyer Broker Fee in the Offer and request that it be included in the Sales price. This creates a way that the buyer broker commission is paid for in a mortgage, as part of the house purchase. Functionally, this is exactly the same as it has been. The buyer pays for the house, and the buyer’s broker fee is subtracted from the seller’s profit at closing.

2.   Lenders are seeking ways to create financing options for buyers, so that they can finance the buyer broker commission, if it is not included in the sale price.

3.   Buyers to pay the Buyer Broker fee outside of Closing or as a disbursement at Closing, though not reflected in the sales price. This is de minimis for cash Buyer but requires that a Buyer getting a loan have more cash to close.

Home Buyers will no longer have representation costs built into the real estate transaction when a property is listed through the MLS system and represents a property for sale by a licensed real estate agent, but Sellers will.

Buyers or their agents will have to approach Seller and ask permission to include the cost of representation within the transaction. Sellers have all the power to withhold their permission for the Buyer to do so. Seller’s representation costs, however, will continue to be included in the transaction, using the Buyer’s funds to pay for them.

Every Buyer will be obligated to sign an Exclusive Buyer Agreement in advance of being shown homes that specifies payment terms when seeing a home that is listed by a real estate agent, EVEN IF THE REAL ESTATE AGENT SHOWING THE HOME IS THE LISTING AGENT. THIS IS DUAL AGENCY!

Payment can be made directly by the buyer outside of the transaction, included in an offer to the seller requesting a credit to cover the expense, or through a commission offered by the listing agent. However, commissions won’t be advertised as part of the transaction on the Multiple Listing. Fee arrangements with the client may include an hourly fee, a lump sum fee, or a percentage-based commission.

This is a particular disservice to homebuyers requiring a loan. Buyers will have to pay their own agent out of pocket, on top of a down payment and other closing costs. Finding thousands of dollars to pay an agent could be a challenge, especially for first-time buyers, who typically have limited funds and also the greatest need for an agent’s guidance. VA Loans currently prohit paying a Buyers Agent directly by the Buyer.

The trickle effect resulting from this barrier to entry for first time homebuyers or move up home buyers will likely affect the economy negatively in the near term. Home buying and construction drives jobs, manufacturing, retail and more.

Removing the buyer’s representation cost from the transaction but leaving the seller’s representation cost in is extremely one sided and unfair.

Florida has more real estate agents than any state in the US and over 99.9% of agents in Florida are transactional agents who don’t represent the buyer or seller in a fiduciary capacity. According to Florida statutes, unless an agent establishes a single agent or no brokerage relationship with a customer in writing, they are by default considered transaction brokers.

The Florida Legislature some time back rewrote a law to say that if you’re a fiduciary agent, you have to disclose that, but if you’re transactional broker, you don’t have to. Why is transactional brokerage so attractive to the agents? It is because you don’t have the legal liability, you don’t have the responsibility that a fiduciary agent has.”

Optima Properties is a member of the National Association of Exclusive Buyer Agents

(NAEBA.org) and never represent Sellers. Optima Properties does not list or sell houses and never practice Dual agency. Optima Properties will never ask homebuyers (clients) to sign a “consent form” asking them to switch to another “Designated Buyers Agent or Dual Agent” within the team or same real estate brokerage in the middle of a real estate transaction because the buyer is interested in making an offer on one of their company’s real estate listings.

Click Here for a list of

“100 Services Provided to Home Buyers”

by Optima Properties

Filed under: 2022 Real Estate, 2024 real estate, Blog, Boca Raton real estate, Buyer Compemsation, closing costs, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, NAR, NAR Legislation, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Seller Financing, South Florida Real Estate, yer by Kim Bregman
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NAR economist Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year. “Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region.”

Yun expects rent prices to calm down further in 2024, which will hold down the consumer price index. He predicts foreclosure rates will stay at historically low levels in 2024, comprising less than 1% of all mortgages.

Yun forecasts the U.S. GDP will grow by 1.5%, avoiding a recession, with net new job additions slowing to 1.7 million in 2024 compared to 2.7 million in 2023, and 4.8 million in 2022. After eclipsing 8% in late 2023, he expects the 30-year fixed mortgage rate to average 6.3% and for the Fed to cut rates four times – calming inflationary conditions – in response to slower economic activity.

Yun also foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily.

Florida is home to over 22+ million people—a number that is growing every day. In fact, Florida is the fastest-growing state in the country, adding an average of 1,000 people per day. These new residents are congregated in just a handful of counties. According to an analysis by the Tampa Bay Times, a third of Florida’s new residents wound up in just five counties: Orange, Hillsborough, Lee, Polk, and Palm Beach. These five counties are all located in the state’s southeastern region, known for its warm weather and beaches.

Florida’s growth is largely fueled by migration. Over the last two years, 616,000 new residents have come to Florida from other parts of the country, and 175,000 from other countries. In fact, without migration, Florida would not have grown at all. Its 567,881 deaths exceeded its 478,834 births. And according to projections, by 2030 Florida will have more than 25 million residents.

Florida’s statistics will be greatly influenced by available inventory for sale. The South Florida real estate market still has a significant shortfall or inventory relative the the migration to the area and demand for housing.  Southeast Florida’s housing market is poised for a rebound in sales and sustained price appreciation in 2024.

Filed under: 2024 real estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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