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.

Moving to Lakewood Ranch, FL: The 2026 Relocation Guide

Lakewood Ranch is one of the most-searched relocation destinations on Florida's Gulf Coast, and the data shows why. It is a 35,000-plus-acre, 53-square-mile master-planned community spanning Manatee and Sarasota counties, home to more than 80,000 residents across 40-plus villages (Lakewood Ranch Fact Sheet, data as of Mar 31, 2026). In RCLCO's 2025 national ranking it was the #2 top-selling master-planned community in the U.S., with 2,085 new-home sales, and the top-selling multigenerational community (RCLCO, Jan 2026).

Below is a no-hype guide to where it is, what's here, what homes cost, and the ownership costs relocating buyers most often underestimate.

Where Is Lakewood Ranch?

Lakewood Ranch sits east of I-75, with interchanges at University Parkway, State Road 70, State Road 64, and Fruitville Road (LWR Fact Sheet). Part of it is in Manatee County and part is in Sarasota County. That matters, because your county determines your property appraiser, tax rates, and some services. Always confirm the county on a property's tax record before you compare listings.

Lifestyle and Amenities

Three town centers

• Main Street: the original walkable downtown, with about 25 shops, 15 restaurants, a cinema, and year-round events such as Music on Main.

• Waterside Place: a lakefront town center with 15 restaurants and home to the Lakewood Ranch Farmers' Market, named the #1 farmers market in the U.S. in 2025 by American Farmland Trust's Farmers Market Celebration.

• The Green: a 37-acre, grocery-anchored mixed-use center in the northern part of the community.

(All three: LWR Fact Sheet, July 2026)

Trails, parks and open space

Roughly 46% of the community's acreage is open space and recreation, with 150+ miles of trails, 10 community parks, and 3 county parks. Park amenities include pickleball and tennis courts, dog parks, a kayak launch, a splash park, and disc golf (LWR Fact Sheet).

Golf, polo and sports

• Lakewood Ranch Golf & Country Club: 72 holes across four courses (three Arnold Palmer designs), plus 20+ tennis and 20 pickleball courts.

• Sarasota Polo Club: public matches on Sundays, December through April.

• Premier Sports Campus: 23 FIFA-regulation fields, a 3,000+ seat stadium, and 24 pickleball courts, hosting more than 400,000 visitors a year.

(Source: LWR Fact Sheet)

Healthcare

Lakewood Ranch Medical Center is a 180-bed hospital. A $120 million, five-story patient tower that opened in 2026 adds 60 beds. The community also lists outpatient specialty care and freestanding ERs (LWR Fact Sheet).

What Do Homes Cost in Lakewood Ranch?

Product types range from condos and townhomes to villas, single-family homes, and custom estates. The developer lists new-home prices from the high $200,000s to over $2 million, with 19 active builders (LWR Fact Sheet, updated Jul 1, 2026). Note that these are builder prices and change often.

For resale context, here are the most recent county-wide numbers (August 2026 closed sales, released Sep 16, 2026 by the REALTOR® Association of Sarasota and Manatee):

August 2026:

• Single-family median sale price: Manatee County $495,000 (+5.9% YoY); Sarasota County $470,000 (−1.1% YoY)

• Months supply (single-family): Manatee County 3.9; Sarasota County 3.7

• Median days to contract: Manatee County 45; Sarasota County 47

• Condo/townhome median: Manatee County $307,000; Sarasota County $310,000

These are county figures. Lakewood Ranch typically trades at its own price levels by village.

Thinking of selling a home elsewhere to fund your move? Get a free home value estimate so you can plan both sides of the transaction.

The Real Cost of Ownership: What Relocators Underestimate

1. CDD assessments (on top of HOA dues)

Many Lakewood Ranch villages sit inside a Community Development District (CDD) or the Lakewood Ranch Stewardship District. These special districts finance roads, drainage, utilities, and amenities, and they bill owners through non-ad valorem assessments on the annual property tax bill. A typical assessment has a debt-service portion that ends when the bonds are repaid and an ongoing operations and maintenance portion (Lakewood Ranch Stewardship District guide). Two similar homes a mile apart can carry very different totals, so ask for the most recent tax bill on every property you consider.

2. Property taxes in two counties

Florida taxes are levied by the county, school district, and special districts, with rates set annually. Your bill depends on which county the home is in, the assessed value, and whether you qualify for the homestead exemption (up to $50,000 off assessed value for a primary residence, with the second $25,000 not applying to school taxes; apply by March 1 in Manatee, per the Manatee County Property Appraiser). Use the Manatee or Sarasota property appraiser's tools to estimate taxes. Don't assume the seller's current tax bill will be yours: assessments reset to market value after a sale.

3. Amendment 3 on the November 3, 2026 ballot

Florida voters will decide Amendment 3, which would raise the homestead exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028 and cut the annual assessment cap on non-homestead property from 10% to 5%. It needs 60% voter approval. One provision matters for relocators: people who are not Florida residents on December 31, 2026 would receive the existing exemption first, with the increased exemption starting in their fifth year of exemption (Florida Division of Elections amendment booklet, updated Sep 3, 2026; Ballotpedia summary). The outcome isn't known yet. Talk with a tax professional about how timing could affect you.

4. Homeowners and flood insurance

Florida's Office of Insurance Regulation reports average homeowners premiums (including wind) of $3,181 in Manatee County and $3,457 in Sarasota County, based on policies in force as of March 31, 2026 (OIR Property Insurance Stability Report, Jul 1, 2026). Your quote will depend on roof age, construction, wind-mitigation features, and deductibles. Flood is a separate policy. Since October 1, 2025, Florida sellers must give buyers a written flood disclosure covering known flooding, flood insurance claims, and federal flood assistance (§689.302, Fla. Stat.). Get insurance quotes during your inspection period, not after.

A Relocation Checklist

1. Define your must-haves (commute, amenities, home type, budget for HOA + CDD).

2. Get pre-approved with a lender who knows Florida insurance and escrow requirements.

3. Pull tax bills, HOA docs, and CDD details for every finalist home.

4. Check the FEMA flood zone at msc.fema.gov and request any elevation certificate.

5. Quote insurance early, using the seller's 4-point and wind-mitigation reports if they're available.

6. File for homestead by March 1 after you close and move in.

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.

Already know you'll want an income property alongside your home? See investor services.

Get the Lakewood Ranch Relocation Kit

A village-by-village amenity map, step-by-step CDD lookup instructions, and an insurance-ready offer checklist, plus a 20-minute virtual tour call with Luis. Se habla español.

Request the Relocation Kit → · What's my current home worth? → · Investor? Start here →

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

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

Buying a Multifamily Property in Bradenton: The 2026 Investor Guide (Duplex to Fourplex)

Small multifamily, meaning two to four units, sits in a sweet spot for investors in Bradenton and greater Manatee County. You can finance it with residential mortgage programs, live in one unit while tenants help cover the payment, and later keep it as a full rental. This guide covers the 2026 financing limits, rent benchmarks, operating-cost realities, and a due-diligence checklist so you can underwrite deals with real numbers instead of hype.

Why Small Multifamily in Bradenton?

• Residential financing for 2–4 units. Properties with five or more units generally move into commercial lending. Two-to-four-unit properties can use FHA, conventional, and VA loans with owner-occupancy options.

• Measurable rent benchmarks. HUD's FY2026 Fair Market Rents for the North Port-Bradenton-Sarasota metro are $1,686 (1-BR), $1,958 (2-BR), and $2,537 (3-BR) per month, effective Oct 1, 2025 (HUD FY2026 FMR schedule). FMRs are government benchmarks that include utilities, not a rent quote, but they give you a defensible starting point.

• A market with more choice than a year ago on the listing side. In September 2026, the metro had 6,905 active listings (−14.5% year over year) and a median list price of $457,450 (−3.7% YoY). Pending listings were up 10.3% YoY (Realtor.com Research, Sep 2026 metro data).

Financing Options in 2026

FHA (owner-occupied, 2–4 units)

FHA's minimum investment is 3.5% in most cases (HUD, "FHA Myths vs. Facts," Jun 2025), and you must live in one of the units. The 2026 FHA loan limits for Manatee County are:

• 2 (duplex): $700,750

• 3 (triplex): $847,050

• 4 (fourplex): $1,052,700

Sources: HUD Mortgagee Letter 2025-23 (2026 limits); county table via LendingTree; verify on HUD's limit lookup.

Two FHA details to know: 1. Residency: since May 25, 2025, FHA financing is limited to U.S. citizens and lawful permanent residents. Non-permanent residents are no longer eligible (HUD ML 2025-09). 2. Self-sufficiency test (3–4 units): for triplexes and fourplexes, FHA generally requires that 75% of the projected rents cover the full mortgage payment. This test often knocks out thin deals (BiggerPockets explainer). Have your lender run it before you write an offer.

Conventional (Fannie Mae), 5% down owner-occupied

Since November 18, 2023, Fannie Mae has allowed 5% down on owner-occupied 2–4 unit purchases, down from 15–25%, and it doesn't use FHA's self-sufficiency test. Lenders typically require cash reserves (Mortgage Research Center). Fannie Mae's 2026 baseline loan limits are $1,066,250 (2 units), $1,288,800 (3 units), and $1,601,750 (4 units) (Fannie Mae loan limits).

Pure investment (non-owner-occupied)

If you won't live there, expect larger down payments and different pricing, or a DSCR-style loan that qualifies on the property's rent. Get current non-owner-occupied terms in writing from at least two lenders.

Rates right now: Freddie Mac's 30-year fixed average was 7.28% for the week of Oct 1, 2026, up from 6.34% a year earlier (Freddie Mac PMMS). That benchmark covers conventional single-family loans, so multifamily and FHA quotes will differ.

Run the Numbers: A Simple Underwriting Framework

Hypothetical illustration only, not a listing or a market price: a $500,000 duplex bought with FHA's 3.5% minimum gives a base loan of $482,500. At 7.28% over 30 years, principal and interest alone come to about $3,301/month, before FHA mortgage insurance, taxes, insurance, and reserves. Two 2-bedroom units at HUD's $1,958 FMR total $3,916/month in gross benchmark rent. Applying the same 75% factor FHA uses in its 3–4 unit self-sufficiency test as a conservative haircut gives about $2,937. Even before taxes and insurance, the illustrated deal doesn't cover itself on rent alone. That's a common outcome at today's rates, and it's why purchase price, actual rent comps, and owner-occupancy strategy matter so much.

Underwrite every deal with: 1. Gross scheduled rent: actual leases plus current rent comps by unit type. 2. Vacancy and credit loss: budget for turnover. 3. Operating expenses: taxes, insurance, utilities the owner pays, lawn/pest, repairs, capital reserves (roof, HVAC, water heaters), and management (even if you self-manage, price your time). 4. Debt service: principal, interest, and mortgage insurance at a real lender quote. 5. Cash flow, cash-on-cash return, and DSCR, plus a downside case (one unit vacant for two months).

Want this built for a specific property? Send it over through Luis's investor intake.

Operating Costs Bradenton Investors Underestimate

Insurance

Florida OIR reports an average homeowners premium (including wind) of $3,181 in Manatee County, based on policies in force as of Mar 31, 2026. The same report notes that rate filings have trended down since 2024, with 44 companies requesting decreases (OIR Property Insurance Stability Report, Jul 1, 2026). Multifamily and landlord (dwelling) policies price differently, so quote the specific building during your inspection period and ask for 4-point and wind-mitigation reports.

Property taxes

Non-homestead property in Florida is currently subject to a 10% annual cap on assessment increases (excluding school taxes), and it resets to market value after a sale. Amendment 3 on the Nov 3, 2026 ballot would lower that cap to 5% starting Jan 1, 2027 if 60% of voters approve (FL Division of Elections booklet). If you live in one unit, homestead generally applies only to your portion. Confirm with the Manatee County Property Appraiser.

Short-term rental taxes

Rentals of six months or less in Manatee County carry 13% in total taxes: a 6% Tourist Development Tax plus 7% Florida sales tax. Owners must register with the county tax collector, the Florida Department of Revenue, and DBPR, plus the City of Bradenton for a business tax receipt. Booking platforms do not remit the county tax for you (Manatee County Tax Collector). Long-term leases avoid this, but check zoning and HOA rules either way.

Landlord rules

Florida's Residential Landlord and Tenant Act (Chapter 83) governs deposits, notices, and evictions. For example, after a tenant moves out, a landlord has 15 days to return a deposit or 30 days to send written notice of a claim (§83.49, Fla. Stat.). Screen every applicant with the same written criteria to stay compliant with fair-housing law.

Multifamily Due-Diligence Checklist

• Rent roll, leases, deposit ledger, and estoppel letters from tenants

• 12–24 months of utility bills (who pays what?) and separate meters?

• Permits and legal unit count (confirm with the city/county and the property appraiser record)

• Roof age, 4-point, wind-mitigation, and electrical panel type

• FEMA flood zone (msc.fema.gov) and the seller's flood disclosure (§689.302, Fla. Stat.)

• Zoning and HOA restrictions on rentals or short-term stays

• Insurance quote and lender's DSCR/self-sufficiency calculation before the inspection period ends

Already Own Property? Use Your Equity

If you own a home in Manatee or Sarasota, its equity may be your down payment. Start with a free home value estimate, then we can map out whether to sell, keep it as a rental, or refinance.

Get the Bradenton Multifamily Deal Analyzer

A plug-and-play spreadsheet with FHA and conventional scenarios, the 75% rent test, insurance and tax lines, and a downside case. You'll also get alerts for new and coming-soon 2–4 unit listings that match your criteria.

Send me the Deal Analyzer → · Book an investor strategy call → · What's my home worth? →

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

Figures are from the linked sources as of the dates shown and change frequently. The example above is hypothetical and is not a projection of returns. This article is general information, not financial, legal, tax, or lending advice. Consult your lender, CPA, and attorney. Equal Housing Opportunity.

The Fed Holds, Rates Bounce and Citizens Cuts Premiums: Your Spring 2026 Market Update

Spring is usually the busiest season for real estate in Manatee and Sarasota, and 2026 started with some welcome news. Mortgage rates briefly dipped below 6% in late February. Since then they've bounced back up, and on Wednesday the Federal Reserve held rates steady. Meanwhile, Citizens Property Insurance announced rate cuts that will reach many local homeowners this summer. Here's how it all fits together for buyers, sellers and investors.

The Fed Holds Steady on March 18

The Federal Open Market Committee kept the federal funds target range at 3.50%–3.75%, the same level since December. The statement noted that "the implications of developments in the Middle East for the U.S. economy are uncertain." One member dissented in favor of a quarter-point cut.

The Fed's updated projections still show a median federal funds rate of 3.4% at the end of 2026, about one cut this year. But officials raised their median estimate for 2026 PCE inflation to 2.7%, up from 2.4% in December. Higher expected inflation is one reason markets aren't counting on a fast string of cuts.

Mortgage Rates: A Dip, Then a Bounce

According to Freddie Mac's Primary Mortgage Market Survey:

• The 30-year fixed averaged 5.98% for the week of February 26, 2026, the lowest since September 2022.

• By the week of March 19, it was back up to 6.22%.

• A year ago, the average was 6.67%.

So rates are higher than a few weeks ago but still well below last spring. On a $400,000 loan, the difference between 6.67% and 6.22% is roughly $120 a month in principal and interest.

What I tell buyers: Don't try to time the bottom. The 30-year average sat below 6% for just one week. If you're pre-approved and find the right home, focus on a payment you're comfortable with, and ask your lender about lock options and possible float-down features.

Citizens Insurance Rates Are Coming Down

On March 4, Citizens Property Insurance announced that regulators had approved statewide rate decreases for 2026:

• An average 8.8% decrease for homeowners multiperil policies and 5.5% for wind-only policies

• Every personal-lines policyholder gets at least a 2% decrease

• Changes take effect for new policies on July 1, 2026, and for existing policies at renewal after that

Citizens also reported its policy count had fallen to about 336,000, down 76% from 1.41 million in October 2023.

Here's what Citizens' county-by-county breakdown shows for our area:

| County | All personal lines (avg. rate change) | HO-3 homeowners (avg. rate change) | HO-3 avg. premium, current → approved | |---|---|---|---| | Manatee | −3.1% | −4.8% | $2,888 → $2,748 | | Sarasota | −5.5% | −7.4% | $3,134 → $2,901 |

Those are averages for Citizens policies only. Your premium depends on your home and coverage, and private carriers set their own rates. Still, it's another sign that Florida's insurance market is stabilizing.

What This Means for Buyers

• Get pre-approved now. Whether you're looking in Lakewood Ranch, Parrish or Sarasota, a solid pre-approval lets you act quickly when the right home appears.

• Shop insurance early. Get quotes from several carriers, and if a Citizens policy is part of the picture, ask how the July changes may apply.

• Run the full payment. Principal, interest, taxes, insurance, and HOA or CDD fees together tell you what you can truly afford.

What This Means for Sellers

Buyers are watching rates closely. Price your home in line with current comparable sales, make it easy to insure (have your roof information and wind mitigation report ready), and consider whether a concession toward a buyer's rate buydown or closing costs could widen your buyer pool.

What This Means for Investors

Lower Citizens rates help, but remember that non-primary properties are rated differently. Get a property-specific insurance quote before you write an offer. With rates moving week to week, stress-test your cash flow at a rate a bit higher than today's.

Let's Talk About Your Spring Plans

Whether you're buying your first home, moving up, selling or adding a rental property, I'll help you sort through rates, insurance and pricing so you can make a confident decision. 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 financial, insurance or legal advice. Rates and premiums vary; consult a licensed lender and insurance agent about your situation. 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.