F
rom multiple hurricanes making landfall here in Southwest Florida to a historic presidential election, 2024 has been quite a year to remember — and the real estate market is no exception. The big news of the day can have a significant impact on new home construction, the resale market, interest rates and more.
Aprile Osborne from Call It Closed International Realty joined ABC7 to provide a quick look back at the year's biggest real estate stories, with an eye on what awaits in 2025. Back in the summer, there was a lot of market uncertainty amid the presidential election campaign. However, now that the election is over, early signs suggest the market will bounce back in 2025.
The S&P 500 stock market index rallied to a record high the day after the presidential vote, and the Federal Reserve recently cut interest rates by a quarter-percent. These developments can lead to investor confidence, making for a more robust economy. One of 2024's other big stories involves significant changes to the real estate transaction process.
The National Association of Realtors settled a class-action lawsuit over how agents' commissions are calculated. Properties listed in the Multiple Listing Service database will no longer include offers of compensation to buyer's agents, requiring homebuyers to sign a written agreement with an agent before touring any home. Sellers can still offer to pay for both commissions, but it would be part of negotiations.
The condo market is also seeing consequences from recent changes, particularly after the 2021 collapse of a 12-story condo building in Surfside. New condo inspection laws require engineering inspections of all condos three stories or higher once they reach 30 years of age and again every 10 years thereafter. If the building is within three miles of the coast, that inspection could be required after 25 years.
As a result, condo owners are facing sizable special assessments and increases in monthly maintenance fees. For more information, visit Aprile online at CallItClosed.com.
