Buying Your First Home in Manatee & Sarasota Counties: The 2026 Guide

Buying your first home is a big step, and in Florida it comes with a few rules and costs that buyers from other states don't always expect. Insurance, HOA and CDD fees, flood zones and the homestead exemption can matter as much as the price.

This guide walks you through the process in Lakewood Ranch, Bradenton, Sarasota, Parrish and Palmetto, step by step, using official sources you can check for yourself.

Step 1: Set a Budget That Fits Florida

Your monthly cost is more than principal and interest. Before you fall in love with a listing, price in:

• Homeowners insurance. Florida's Office of Insurance Regulation reported an average premium, including wind, of $3,181 a year in Manatee County and $3,457 in Sarasota County, based on policies in force on March 31, 2026 (Florida OIR, July 2026). Your quote will depend on the home's age, roof, construction and location.

• Flood insurance, if the home is in a flood zone or you simply want the protection. It's a separate policy from homeowners insurance (more in Step 5).

• Property taxes, which drop once you qualify for the homestead exemption (Step 7).

• HOA dues and CDD assessments. Many newer communities in Lakewood Ranch and Parrish sit inside a Community Development District (CDD). Florida law requires the initial sale contract for a property in a CDD to include a bold disclosure that the district may levy taxes or assessments in addition to county taxes (§190.048, Fla. Stat.). On a resale, ask for the current CDD amount, which is usually shown on the property tax bill, and the HOA budget.

Run your numbers: my calculators include a mortgage payment calculator, "How much home can I afford?", Florida buyer closing costs and homestead savings.

Step 2: Get Pre-Approved and Compare Lenders

A pre-approval tells you what you can borrow and shows sellers you're ready. Gather recent pay stubs, W-2s or tax returns, bank statements and an ID. Then compare written Loan Estimates from more than one lender. Mortgage rates change weekly; you can check the national average on Freddie Mac's weekly survey.

Common first-time options:

• Conventional loans. Fannie Mae allows as little as 3% down through HomeReady (for incomes up to 80% of area median income) and on standard loans when at least one borrower is a first-time buyer (Fannie Mae).

• FHA loans. The minimum investment is 3.5% in most cases (HUD). Since May 25, 2025, FHA financing is limited to U.S. citizens and lawful permanent residents (HUD Mortgagee Letter 2025-09).

• VA and USDA loans may also be options if you're eligible. Ask your lender.

Step 3: Check First-Time Buyer Assistance

Florida has real help for first-time buyers, but every program has rules, and funds can run out. These are the main options as published on official sites in October 2026.

Florida Housing Homebuyer Program

Florida Housing offers 30-year fixed-rate first mortgages through participating lenders. Requirements include: - a minimum 640 credit score - an approved lender - approved homebuyer education - income and purchase price under the county limits - meeting the IRS first-time buyer definition (you haven't owned and lived in a primary residence in the past three years)

Its down payment assistance is only available together with a Florida Housing first mortgage: - Florida Assist: up to $10,000. A 0%, deferred second mortgage that isn't forgivable; it's repaid when you sell, refinance, transfer the property or stop living there. - FL HLP Second Mortgage: $12,500 at 3%, fully amortizing over 30 years. It has a monthly payment. - HFA Preferred / HFA Advantage PLUS: 3%, 4% or 5% of the loan amount as a second mortgage, forgiven at 20% a year over five years. Only available with Florida Housing's conventional first mortgages.

Florida Hometown Heroes (2026)

For first-time, income-qualified buyers who work full time for a Florida-based employer in eligible occupations: health care, school staff, first responders, public safety or court employees and child care workers. Servicemembers, and veterans working full time for a Florida-based employer, also qualify. It provides up to 5% of the first mortgage (minimum $10,000, maximum $35,000). This comes as a 0%, 30-year deferred second mortgage that is not forgivable and becomes due when you sell, refinance, transfer the deed or move out (Florida Housing).

County programs (SHIP)

• Manatee County: SHIP purchase assistance of up to $70,000 as a 0% deferred loan, forgiven after 20 years if you meet the terms. It applies to homes in unincorporated Manatee County (including Parrish and the Manatee side of Lakewood Ranch) or the City of Palmetto, with a maximum sales price of $400,000. Income limits apply, and you need a county-certified lender (who submits the application), homebuyer education and an executed contract (2026 limits; program page).

• Sarasota County: up to $75,000 for eligible low-income first-time buyers in unincorporated Sarasota County, which includes the Sarasota County side of Lakewood Ranch. Homes in the City of Sarasota are not eligible. It's a 0% deferred loan forgiven 5% a year over 20 years, and your lender applies after you're pre-approved (Sarasota County HERO).

Never pay a fee to apply. Florida Housing warns that there is no cost to apply for Hometown Heroes, and that upfront "application fees" are a common scam.

Step 4: Sign a Buyer Agreement and Start Your Search

Since August 17, 2024, agents who use the MLS must have a written agreement with you before touring homes, including virtual tours. It must state the agent's compensation, which is negotiable (Florida Realtors). I'll walk you through every line before you sign.

Then let the right homes come to you: set up free listing alerts for your areas, price range and home type.

Step 5: Make an Offer, Inspect and Insure

Your offer sets the price, the escrow deposit, the inspection period, the financing terms and the closing date. During the inspection period:

• Inspect. Get a general home inspection. Insurers often ask for a 4-point inspection (roof, electrical, plumbing, HVAC) and a wind mitigation report.

• Use the wind mitigation report. Florida law requires insurers' rate filings to include discounts or credits for proven windstorm protections such as roof-to-wall connections, roof strength and opening protection (§627.0629, Fla. Stat.), so this report can lower your premium.

• Check the flood zone on FEMA's official map, and read the seller's flood disclosure. Since October 1, 2025, Florida sellers must disclose known flooding, flood insurance claims and federal flood assistance (§689.302, Fla. Stat.).

• Get insurance quotes now, not the week before closing. Standard homeowners policies don't cover flood. New NFIP flood policies usually have a 30-day waiting period, but there's no wait when the coverage is bought in connection with your mortgage and requested by closing (FEMA).

• Review HOA and CDD documents. Look at the budget, rules, rental restrictions and any special assessments.

Step 6: Closing Costs and Closing Day

Florida charges documentary stamp taxes: $0.70 per $100 of the price on the deed and, if you finance, $0.35 per $100 of the loan on the note, plus a 0.2% intangible tax on the mortgage (Florida Department of Revenue). Your contract decides who pays which costs. Lender fees, title insurance, prepaid insurance and escrow deposits for taxes add to the total. The Florida buyer closing cost calculator gives you an estimate.

You must receive your Closing Disclosure at least three business days before closing (CFPB). Compare it line by line with your Loan Estimate.

Step 7: File for Homestead by March 1

If the home is your permanent primary residence, the homestead exemption can reduce its assessed value by up to $50,000. The second $25,000 doesn't apply to school taxes. You must own and live in the home on January 1 and apply by March 1 (Manatee County Property Appraiser). In Sarasota County, you file with the Sarasota County Property Appraiser.

Also on the November 3, 2026 ballot: Amendment 3 would expand the homestead exemption for non-school taxes if approved by 60% of voters (Florida Division of Elections amendment booklet). If you're buying soon, ask a tax professional how the timing could affect you.

Ready to Take the First Step?

Buying your first home should feel exciting, not overwhelming. I'll help you understand the numbers, compare neighborhoods across Manatee and Sarasota counties, and spot insurance, HOA and CDD questions before they become surprises.

• Book a free 15-minute call to talk through your budget, timing and assistance options.

• Get listing alerts for homes that match what you want.

• Use my calculators to estimate your payment, affordability and closing costs.

Want more detail on each stage? Read How to Buy a House in Florida: A Step-by-Step Guide (2026).

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

Program terms, limits and data come from the linked official sources as of October 2026 and can change at any time. Confirm current terms with the program administrator or an approved lender. This article is general information, not legal, tax, insurance or lending advice. Equal Housing Opportunity.

How to Buy a House in Florida: A Step-by-Step Guide (2026)

Buying a home in Florida has its own playbook: state closing taxes, hurricane-driven insurance, a valuable homestead exemption, and even a state law that limits certain purchases by some foreign buyers. This guide walks through every step with official, current data for Manatee and Sarasota counties: Lakewood Ranch, Bradenton, Sarasota, Parrish and Palmetto.

Step 1: Know the Market and Your Real Budget

In August 2026, the median single-family sale price was $495,000 in Manatee County (+5.9% year over year) and $470,000 in Sarasota County (−1.1%). Condo and townhome medians were $307,000 and $310,000 (REALTOR® Association of Sarasota and Manatee, released Sep 16, 2026).

Your budget is more than the mortgage payment. In Florida, also plan for: - Property taxes, which depend on the county and on whether you qualify for the homestead exemption (Step 7). - Homeowners insurance. The average premium including wind was $3,181 a year in Manatee and $3,457 in Sarasota, based on policies in force on March 31, 2026 (Florida Office of Insurance Regulation, Jul 1, 2026). - HOA dues and, in many newer communities, CDD assessments (Community Development District), which appear on the property tax bill.

Step 2: Get Pre-Approved and Know Your Loan Options

The 30-year fixed-rate average was 7.28% for the week of October 1, 2026 (Freddie Mac PMMS). Your actual rate depends on credit, down payment and loan type. The most common options:

Conventional loans

Fannie Mae allows 3% down through HomeReady (for incomes up to 80% of area median income; you don't need to be a first-time buyer) and on standard loans when at least one borrower is a first-time buyer (Fannie Mae 97% LTV options; HomeReady).

FHA loans

The minimum investment is 3.5% in most cases (HUD, Jun 2025). Important: since May 25, 2025, FHA financing is limited to U.S. citizens and lawful permanent residents. Non-permanent residents no longer qualify (HUD Mortgagee Letter 2025-09).

ITIN loans

Some private lenders offer mortgages to borrowers who file taxes with an ITIN instead of a Social Security number. These are not FHA loans, and requirements (down payment, rate, documentation) vary widely by lender. Compare several written offers.

Down payment assistance

Florida's Hometown Heroes 2026 program offers up to 5% of the first mortgage (minimum $10,000, maximum $35,000). It comes as a 0%, 30-year deferred, non-forgivable second mortgage for income-qualified first-time buyers who work full time in eligible occupations, including health care, school staff, first responders, child care, servicemembers and veterans (Florida Housing). See other statewide options at Florida Housing. Never pay a fee to "apply" for assistance. Florida Housing warns that this is a common scam tactic.

Step 3: Choose Your Agent and Sign a Buyer Agreement

Since August 17, 2024, agents who use the MLS must have a written agreement with a buyer before touring homes, including virtual tours. The agreement must state the agent's compensation and that it is negotiable (Florida Realtors; NAR consumer guide). Ask your agent to walk you through every clause before you sign.

Step 4: Search, Compare and Make an Offer

In Manatee County, single-family homes took a median of 45 days to go under contract, and sellers received a median 95.6% of original list price in August 2026 (RASM). In practice, there is often room to negotiate on price or closing costs, but well-located, well-priced homes still move faster.

A typical offer includes: - An escrow deposit, held by a title company or attorney. - An inspection period, during which you inspect, get insurance quotes and, depending on the contract, can cancel. - A financing contingency and a closing date.

Step 5: Inspections, Insurance and Flood Risk

• General home inspection, plus a 4-point inspection (roof, electrical, plumbing, HVAC) and a wind-mitigation report. Insurers often ask for both, and they can lower your premium.

• Flood zone: check FEMA's official map at msc.fema.gov. Flood insurance is a separate policy.

• Flood disclosure: since October 1, 2025, Florida sellers must disclose in writing, at or before contract signing, any known flooding, flood insurance claims, and federal flood assistance (such as FEMA) related to the property (§689.302, Fla. Stat.).

Tip: get insurance quotes during the inspection period. Your lender will require a bound policy before closing.

Step 6: Title and Closing

A title company or attorney confirms the property has clear title, prepares documents and coordinates closing. Florida charges specific taxes (Florida Department of Revenue): - Documentary stamp tax on the deed: $0.70 per $100 of the price. - If you finance: documentary stamp tax on the note and mortgage of $0.35 per $100 of the loan, plus the nonrecurring intangible tax of 0.2% (2 mills) on the recorded mortgage.

Who pays each cost is set by your contract. By law, you must receive your Closing Disclosure at least three business days before closing (CFPB). Use that time to compare it with your Loan Estimate.

Step 7: File for Homestead (by March 1)

If the home is your permanent, primary residence, the homestead exemption can reduce its assessed value by up to $50,000. The first $25,000 applies to all taxes, and the second $25,000 does not apply to school taxes. You must own and live in the home on January 1 and apply by March 1 (Manatee County Property Appraiser).

November 3, 2026 ballot: Amendment 3 would raise the exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, and it needs 60% voter approval. If it passes, people who are not Florida residents on December 31, 2026 would first receive the existing exemption, with the larger exemption starting in their fifth year (official amendment booklet, updated Sep 3, 2026). Ask a tax professional how timing applies to you.

Buying From Abroad? What Florida's SB 264 Says

Florida's SB 264 (2023) restricts property purchases by "foreign principals" connected to China, Russia, Iran, North Korea, Cuba, the Venezuelan regime of Nicolás Maduro, and Syria (Florida Senate). The definition includes people domiciled in those countries who are not U.S. citizens or lawful permanent residents. These buyers may not acquire property within 10 miles of a military installation or critical infrastructure. A limited exception allows one residential property of up to 2 acres that is more than 5 miles from a military installation, if the buyer holds a current non-tourist visa or asylum documentation (enrolled bill text). Some purchases require a sworn affidavit at closing. If this could apply to you, talk with a Florida real estate attorney before you make an offer.

Why Work With Luis

Luis Odon is a REALTOR® with Keller Williams Coastal Living II, serving buyers, sellers and investors across Lakewood Ranch, Bradenton, Sarasota, Parrish and Palmetto. Se habla español: I'm happy to help in Spanish.

Already own a home? Get a free home value estimate. Interested in rental property? Start here.

Get the Florida Buyer Roadmap

A step-by-step checklist, a pre-approval document list, questions to ask your lender and insurance agent, and key dates (homestead by March 1), plus a free consultation with Luis.

Get the roadmap and book a call → · What's my home worth? → · Investors →

Luis Odon, REALTOR® · Keller Williams Coastal Living II · (941) 993-8311 · LuisfjosRealtor@gmail.com

Data is from the linked sources as of the dates shown and may change. This article is general information, not legal, tax, insurance or lending advice. Equal Housing Opportunity.

The Fed Cuts Again: Year-End Moves for Manatee & Sarasota Homebuyers

On Wednesday, the Federal Reserve cut interest rates for the third meeting in a row. With the holidays here and 2026 just around the corner, a lot of buyers in Manatee and Sarasota are asking the same thing: Should I buy now or wait? Here's what this week's decision means, plus a few year-end deadlines that could save you real money.

What the Fed Did on December 10

The Federal Open Market Committee lowered the federal funds target range by a quarter point to 3.50%–3.75%. That follows cuts in September and October. The vote wasn't unanimous. One member wanted a bigger half-point cut, and two preferred to hold rates steady. That split tells you how uncertain the outlook is.

The Fed's latest economic projections show a median expectation of 3.4% for the federal funds rate at the end of 2026. That suggests officials, on average, expect only about one more quarter-point cut next year. Projections aren't promises, and they change with the data.

Where Mortgage Rates Stand

Remember, the Fed doesn't set mortgage rates directly. Those follow the bond market and expectations about inflation and the economy. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed average at 6.22% for the week of December 11, 2025, down from 6.60% a year earlier.

On a $400,000 loan, a rate difference of that size works out to roughly $100 a month in principal and interest. That's meaningful, but probably not the kind of drop that makes waiting a sure bet. If you find the right home, lock a rate you can live with. If rates fall meaningfully later, refinancing may be an option, though it has costs, so talk it through with your lender.

Bigger Loan Limits for 2026

Good news for buyers in higher price ranges and for small multifamily investors: the Federal Housing Finance Agency raised conforming loan limits for 2026. The baseline limit for a one-unit home rises to $832,750, up 3.26%. According to FHFA's county-by-county list, the 2026 limits for both Manatee and Sarasota counties are:

| Units | 2026 conforming loan limit | |---|---| | 1 unit | $832,750 | | 2 units | $1,066,250 | | 3 units | $1,288,800 | | 4 units | $1,601,750 |

Loans above these amounts are "jumbo" loans, which often come with stricter requirements. If you're shopping near the old limit in Lakewood Ranch or west of the Trail in Sarasota, the higher limit may give you more room to use conventional financing. The same goes for a duplex or fourplex in Bradenton.

Year-End Homestead Deadlines

This is the one I want every buyer to know. In Florida, the homestead exemption depends on what's true on January 1.

• Own it and live in it by January 1, 2026. According to the Manatee County Property Appraiser's 2026 homestead packet, you must have permanent Florida residency as of January 1 to qualify for the 2026 tax year.

• File by March 1, 2026. Missing the deadline generally means waiving the exemption for the year. Manatee homeowners file with the Manatee County Property Appraiser. Sarasota homeowners file with the Sarasota County Property Appraiser.

• Know what it's worth. Florida's homestead exemption takes $25,000 off assessed value for all taxing authorities. It takes an additional $25,000 off assessed value between $50,000 and $75,000 for non-school taxes. Homestead also brings the Save Our Homes cap on annual assessment increases.

• Moving from another Florida homestead? If you had a Florida homestead in 2023, 2024 or 2025, you may be able to transfer part of your Save Our Homes benefit to your new home. The Florida Constitution caps that transfer at $500,000. You'll need to file form DR-501T by March 1.

If you're under contract now with a closing date in early January, talk with me and your lender about whether closing before the new year is realistic. For a primary residence, it can mean a full year of homestead savings sooner.

What This Means for Sellers

Buyers who want to close before January 1 tend to be motivated. If you're thinking about listing, a well-priced home can still attract serious attention during the holidays. And with rates lower than a year ago, more buyers can qualify than could last winter.

For Investors

Higher conforming limits for two- to four-unit properties can make small multifamily financing easier. Remember that the homestead exemption applies only to your primary residence. Rentals and second homes are taxed differently, so build realistic tax and insurance figures into your numbers.

Let's Plan Your 2026 Move

Whether you want to close before the new year or start the spring market ahead of everyone else, I'm here to help you run the numbers and plan your timing. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not tax, legal or financial advice. Confirm exemption eligibility with your county property appraiser and loan details with a licensed lender. Equal Housing Opportunity.

Florida's Condo Safety Deadline Is December 31: What Buyers and Sellers Need to Know

If you own, sell or are thinking about buying a condo in Sarasota, Bradenton or anywhere along our coast, December 31, 2024 is a date to know. It's the deadline for many Florida condominium associations to finish two safety requirements created after the 2021 Surfside collapse: the milestone inspection and the structural integrity reserve study (SIRS). Add this week's Federal Reserve decision, and there's a lot for condo buyers and sellers to think about heading into 2025.

Here's a plain-English rundown of what the law requires and what it means for you in Manatee and Sarasota counties.

Milestone Inspections: Who Needs One and When

Under section 553.899, Florida Statutes, condominium and cooperative buildings three stories or more need a milestone inspection by December 31 of the year the building turns 30, then every 10 years after that. Buildings that reached 30 years of age before July 1, 2022 must have their inspection done before December 31, 2024.

The inspection is performed by a licensed architect or engineer and looks at the building's structural condition. If problems turn up, a more detailed second phase may be required. The inspector also prepares a summary of the report, and that summary matters for buyers (more on that below).

SIRS: The Reserve Study That Changes Budgets

The SIRS requirement is in section 718.112(2)(g), Florida Statutes. It applies to residential condo buildings three stories or higher. Associations that existed on or before July 1, 2022 and are controlled by unit owners must complete a SIRS by December 31, 2024.

The study must cover major building components, including:

• Roof

• Structure and load-bearing walls

• Fireproofing and fire protection systems

• Plumbing and electrical systems

• Waterproofing and exterior painting

• Windows and exterior doors

• Other items with a deferred maintenance expense or replacement cost over $10,000 that affect the items above

The biggest change for owners is this: for budgets adopted on or after December 31, 2024, the owners of an association that must have a SIRS can no longer vote to waive or reduce reserves for those items. For buildings that have relied on waivers for years, that can mean higher monthly dues, special assessments or both.

What Buyers Should Ask For

If you're shopping for a condo in a building three stories or taller, add these to your due-diligence list:

1. The milestone inspection summary, if one was required. Under section 718.503, Florida Statutes, a resale buyer is entitled, at the seller's expense, to the inspector-prepared summary of the milestone report, if applicable.

2. The SIRS, or a statement that the association hasn't completed one.

3. The current budget and financial statement. Look at the reserve line items and ask whether any waivers were used.

4. Minutes and notices that mention planned assessments, loans or major repairs.

Starting with contracts signed after December 31, 2024, each condo sale contract must state in conspicuous type whether the association is required to have a milestone inspection or SIRS and whether it has completed them. Florida resale contracts also give you a short review period for key association documents, generally 3 business days, so read them promptly.

What Sellers Should Do Now

If you're planning to list a condo in 2025, get ahead of buyers' questions:

• Ask your association for copies of the SIRS and milestone summary, or the status of each.

• Find out whether the 2025 budget includes higher reserve contributions and what your new monthly dues will be.

• Ask whether any special assessments have been approved or are being discussed.

Buyers and their lenders will be asking, and a seller who has answers ready looks more credible and can avoid delays.

For Investors

Condo rentals can still pencil out, but your numbers have to include realistic dues. Reserve funding that used to be optional for some buildings is now mandatory for SIRS items, so last year's HOA figure may be too low. Build in a cushion for assessments, and check the building's rental rules while you're at it.

The Fed Cut Rates Again on December 18

On Wednesday the Federal Reserve lowered its benchmark rate by a quarter point, to a target range of 4.25%–4.50%. That's the third cut since September. Mortgage rates don't follow the Fed one-for-one, though. Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed averaging 6.72% for the week of December 19, 2024. For condo buyers, that makes the monthly picture a combination of rate, dues and insurance. Run all three before you make an offer.

Let's Look at the Building Together

Not every condo is affected the same way. Buildings under three stories aren't covered by these requirements, and some associations are already well funded. The key is knowing which situation you're walking into. If you're buying or selling a condo in Manatee or Sarasota, I'll help you get the right documents and understand what they say. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not legal or financial advice. Condominium laws are complex and change often; consult a Florida attorney or your association's professionals about your specific building. Equal Housing Opportunity.

New Buyer Agreement Rules: What the August 17 Changes Mean in Manatee & Sarasota

If you've been house hunting in Bradenton, Lakewood Ranch or Sarasota this summer, you may have seen headlines about "new real estate rules." As of Saturday, August 17, 2024, those rules are in effect. They came out of the National Association of REALTORS® settlement, and they change some of the paperwork and conversations at the start of a home search.

The short version: you can still tour homes, make offers and get great representation. You'll just sign a clear, written agreement with your agent first. Here's what changed and what it means for buyers and sellers here in Manatee and Sarasota counties.

What Changed on August 17

According to Florida Realtors' summary of the practice changes, two big changes took effect nationwide:

1. A written agreement before touring. An MLS participant working with a buyer must have a written agreement with that buyer before touring a home. That includes in-person showings and live virtual tours.

2. No offers of buyer-agent compensation on the MLS. Listings in the MLS can no longer show an offer of compensation to the buyer's broker. Sellers can still offer compensation to a buyer's agent; that conversation just happens off the MLS. Sellers can also still offer buyer concessions on the MLS, such as help with closing costs.

NAR's own consumer guide to the settlement is worth reading too. It stresses that commissions have always been negotiable and still are.

What Goes Into a Buyer Agreement

Under the new rules, a written buyer agreement must:

• State the agent's compensation clearly. It must be objective, such as a flat fee, a percentage or an hourly rate. It can't be open-ended, like "whatever the seller offers."

• Cap what the agent can receive. Your agent can't receive more from any source than the amount you agreed to.

• Say plainly that fees are negotiable. The agreement must state that broker fees are fully negotiable and not set by law.

Florida Realtors has updated its standard forms to reflect these requirements, so the paperwork you'll see is designed around the new rules.

What This Means for Buyers in Manatee & Sarasota

Expect the agreement conversation up front. Before we tour that pool home in Parrish or that condo near downtown Sarasota, we'll sit down (or hop on a call) and go over the agreement together. That way you'll know exactly what services you're getting and what they cost before you fall in love with a house.

You don't need an agreement just to talk. Chatting with an agent at an open house or asking about their services doesn't require a signed agreement. The requirement applies before touring. NAR's guidance also encourages buyers to ask agents about their services, compensation and agreement terms before signing. I welcome those questions.

Know who pays. In many cases the seller may still agree to pay some or all of the buyer's agent fee, or offer concessions you can put toward costs. If the seller doesn't cover it, the buyer is responsible under the agreement. That's why it matters to talk through your budget and offer strategy together. Asking the seller for a contribution can be part of your offer.

Rates are helping a little. On the financing side, Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed average at 6.49% for the week of August 15, 2024, down from 7.09% a year earlier. That's a meaningful improvement in monthly payments.

What This Means for Sellers

If you're selling in Bradenton, Palmetto or Sarasota, you have choices to make with your listing agent:

• Whether to offer buyer-agent compensation. You can still offer it; it just can't appear in the MLS.

• Whether to offer concessions. Closing-cost help can still be advertised on the MLS, and it can make your home stand out to buyers stretching to afford today's prices and insurance costs.

• How to compare offers. An offer that asks you to cover the buyer's agent fee isn't automatically weaker than one that doesn't. What matters is your net proceeds and how strong the terms are. Your listing agent should walk you through the numbers side by side.

What This Means for Investors

For investors buying duplexes, small multifamily or rentals, the rules work the same way: sign the agreement before touring. If you buy often, consider an agreement written to fit your strategy and timeline rather than signing a new one for every property. And build any buyer-agent fee into your numbers from the start, the same as closing costs, inspections and reserves.

My Take

These changes add some paperwork, but they also add clarity. My job hasn't changed: help you find the right property in Manatee or Sarasota, negotiate hard and get you to closing with no surprises.

Have questions about the new buyer agreements or how they'd work for your purchase or sale? Call or text me at (941) 993-8311 or reach out through my contact page. I work with clients in English and Spanish.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is for general information only and is not legal or financial advice. Rules and forms may change; consult a qualified professional about your situation. Equal Housing Opportunity.