Emails, Texts, Calls, Complaints, and Profound Thoughts from the Readers

As always, real questions but the names have been changed to protect our loyal curious-minded inquirers.

Bluto: How is the market?

Jeff: It has cooled but it’s complicated with lots of “if then” possibilities to contemplate. Granted, August and September are always the slowest months. But we’ve seen a downturn for 5 consecutive weeks. Mortgage rates are the #1 culprit. The war, end of cheap labor, and the tariffs have taken a toll. In March when rates hit 5.99% the market was on fire. Inventory is still low which is an advantage for sellers at the moment. Rates might go even higher as tariffs are not going away and neither is the war any time soon. With pesky inflation getting higher and unemployment low, it’s just reality to see the Fed move rates up. Lots of economists already think 4 hikes are built into the Treasury spread. If you contemplate waiting for better mortgage rates, I think that would be a mistake. Remember, you can always refinance if rates go down. I believe there is a much better chance of seeing 7.5/8% rates than 6% in the near future. Plus, homes are not going up in real world valuation with the rate of inflation. This means that as a buyer you are getting a better buy even if prices stand still. However, lots of the rate hikes could reverse some if the war just ended.

As stated before, if you are selling, inventory is still low which gives you an advantage at the moment. Inventory will rise if the war doesn’t end by season. The wild card is Amendment 3. If Amendment 3 passes expect to see a purchasing frenzy in November. Anyone who’s not a Florida resident will need to become one by years end or risk waiting 5 years to capture the new $150,000 in 2027 and $250,000 of homestead exemption each year after. If you are thinking of selling, you need to be talking to your friendly ECHO neighborhood Realtor now. You must get ahead of this market to be ready for different scenarios. Waiting past November could put you in a complete disadvantage and knee jerk reaction mode. Furthermore, the possible leverage will be gone before New Years. Check out all the current market stats by county here.

Dean Wormer: Hi, Jeff. If you are going to be a trusted professional, please be aware of proper English. It is “my wife and I,” not me and my wife were…. Thanks, from an older gal.

Jeff: All I remembered in school was I before E except after C. Mrs. Bostrom, my 5^th grade teacher tried in vain as well.

Flounder: Do you have to reveal if you are an agent in buying or selling a home?

Jeff: You bet. A real estate agent owes a client 9 different duties. There is a current alleged case of a broker owner who bought a home locally and then put the house in an LLC. The allegation is that the buyer disguised themselves as the purchaser(s) of the LLC. If the broker/owner knowingly undervalued the property and then turned around to put on at double the value, then it could be fraudulent as well as a license forfeiture.

The 9 Duties of a Single Agent

1. Dealing honestly and fairly: Treat all parties with honesty, integrity, and fair play without deception.

2. Loyalty: Put the principal’s best interests above all others, including the agent’s own interests.

3. Confidentiality: Protect and keep the principal’s private and personal information secret, even after the relationship ends.

4. Obedience: Follow all lawful and proper instructions given by the principal regarding the transaction.

5. Full disclosure: Share all information and material facts that could influence the principal’s decisions.

6. Accounting for all funds: Keep a precise and safe record of all money, deposits, or property handled for the principal.

7. Skill, care, and diligence: Handle the transaction with professional competence, attention, and reasonable care.

8. Presenting all offers and counteroffers: Deliver every offer and counteroffer to the principal quickly, unless told otherwise in writing.

9. Disclosing material facts: Tell the buyer or seller about any hidden or non-observable facts that affect the value of the property.

Otis: Hi Jeff, Just a quick reply… loved your email. I have a dog, so I can relate and smiled. Thank you, all the best.

Jeff: I’ve gotten many of these emails from you. People who see Chloe in person tell us that she has aged beautifully and looks half her age. I am proud of these compliments although it’s not my genes. Is feeling good about your dog’s good looks vain?

Otter: Jeff, you missed Animal House!

Jeff: Impossible to get all the best movies about homes but I completely forgot about frat houses. I could have also included my son’s Sam’s bedroom growing up that looked a lot like Delta Tau Chi.