The First-Ever TBD Report

Tampa Bay Real Estate News

The National Association of Realtors (NAR) has recently implemented its practice changes. The new actions that are required by the NAR include:

• Offers of compensation are prohibited on multiple listing services (MLS)
• Agents working with a buyer must enter into a written agreement before touring a home.

NAR does not dictate the terms of buyer’s agreements, that is for the customer and agent to agree on. For some states, this is not a new practice. Many states have already been requiring a written agreement with a real estate agent. In Florida, this was not required, until now.

There will be many different brokerage firms guessing on how these new rules will play out in our industry, but the truth is no one knows how these practices will fall into place.

I’m personally optimistic, as I believe it will demand a more serious approach to a home search, now hiring an agent on retainer, like a relationship with an attorney. It will also give a real estate agent a good chance to pitch the value they bring to a buyer agency relationship beyond simply showing a home.

For prospective buyers, expect your agent to pull out a written agreement very early on in the home buying process. Let them tell you the value they will provide and pick an agent that understands what their obligations are in your relationship with them.

The Tampa Market

STALE. Tampa has had an explosion of population in recent years, particularly since the pandemic. Our local market grievances, like high insurance costs, are exacerbated by national markers, like high interest rates. Combine this with the overinflated pandemic pricing and you have sellers asking unrealistic numbers that misalign with demand. Because of this, the gap between sellers and buyers is wider than it has been in years, leading to a softer market.

All of this in combination with the looming presidential election, and you’ve got the recipe for a stale market. WHAT TO DO? If you’re a seller, focus on separating your property from the other available inventory. Spend extra to improve cosmetics and make your property more enticing to a buyer. If you are the buyer, understand that the great properties still have higher demand, don’t get comfortable with low balls. Get outside the open market and identify properties unlisted, or expired in the last 18 months to find your next deal.

TBD POD Highlights

• August 23rd – Mayor Jane Castor, City of Tampa
• August 16th – Santiago Corrada, CEO of Visit Tampa Bay – Dissecting Tampa’s Economic Powerhouse
• August 9th – Joshua Purdue, Partner at GNP Development Partners – Building A $250 Million Portfolio
• August 2nd – Jeff Speck, Partner at Speck Dempsey – The Resurgence of the Walkable American Downtown
• July 26th – Walt Chancey, Managing Partner at Chancey Design – Architectural Approach to Exceptional Living

Check out some of our short formats that you might enjoy:

• 4 out of 6 most dangerous places to be an American pedestrian are in Florida

• After more than 60 years, Ybor City will have a a bricked 7th Avenue

• How good design and architecture can solve affordable housing crisis