As housing prices in Miami are expected to rise during the summer months, potential homebuyers are advised to make their purchases before the market heats up. The National Association of Real Estate Agents has announced that starting in July, sellers and agents will no longer be required to cover the commission fees, leading to increased costs for buyers in South Florida.
Previously, sellers and agents would typically list a 6% commission on the Multiple Listing Service (MLS) portal, but with the new changes, buyers and sellers will need to negotiate how to divide this cost. This adjustment comes after a $418 million settlement addressing concerns about fair representation for buyers, ultimately shifting the responsibility of commission expenses.
Jack McCabe, owner of Jack McCabe Expert Services, noted that sellers may question why they should have to pay a 6% commission, further complicating the already challenging affordability issues in Florida. With the median home price in Miami-Dade standing at $630,000 USD, buyers could be facing an additional 3% cost on top of the purchase price.
As the market adapts to these changes, it is essential for buyers to be aware of the potential impact on their homebuying process and finances.