Florida Homeowners: Key Real Estate Updates for 2025

Mortgage Rates: A Key Market Indicator

Mortgage rates are a critical factor for both buyers and sellers, and 2025 is starting with a slight upward trend. According to Freddie Mac:

• Dec. 26, 2024: The average rate for a 30-year fixed mortgage rose to 6.85%, up from 6.72% the previous week. Rates for 15-year fixed mortgages also climbed, reaching 6% from 5.92%.
• Jan. 2, 2025: Rates edged higher again, with 30-year loans averaging 6.91% and 15-year loans at 6.13%.

For homeowners, these shifts underscore the importance of timing. Higher mortgage rates can reduce buyer affordability, but they also indicate a market where serious, qualified buyers are actively looking for homes. Listing your property now, before rates potentially climb further, could position you to attract motivated buyers.

New Condo Rules: What Sellers Should Know

If you’re planning to sell a condo in 2025, be aware of new regulations effective Jan. 1. Florida law now requires condo sale contracts to include disclosures about:

• Milestone inspections
• Turnover reports
• Structural integrity reserve studies

These updates aim to improve transparency and safety for buyers but also mean sellers should ensure their documentation is in order. Consulting with a real estate professional familiar with these new requirements can streamline your selling process and help you avoid potential delays.

Homestead Exemption Adjustments

Florida homeowners with a homestead exemption will benefit from an annual inflation adjustment starting this year, thanks to Amendment 5. Approved by voters in November, this adjustment ensures your property taxes stay aligned with current economic conditions. If you’re considering selling, highlighting these tax benefits can be a selling point for prospective buyers seeking long-term affordability.

Funding for Disaster Repairs: SBA Loan Program

The Small Business Administration (SBA) has received new funding for its Disaster Loan Program. While primarily aimed at disaster recovery, this program also supports homeowners needing to repair or rebuild damaged property. Applications for this program are open through Jan. 7. If your home has been affected by recent storms or other disasters, these resources could enhance your property’s marketability. order. Consulting with a real estate professional familiar with these new requirements can streamline your selling process and help you avoid potential delays.

Insights on Home Inspections

The National Association of Realtors® (NAR) has released an updated Consumer Guide focused on home inspections. This guide is a valuable resource for both buyers and sellers, offering clarity on what to expect during the inspection process. Sellers can use this information to prepare their homes, address potential issues proactively, and ensure smoother transactions.

Corporate Transparency Act: Does It Affect You?

For Florida homeowners with property held under an LLC, PA, or PLLC, the Corporate Transparency Act requires initial Beneficial Ownership Information reports to be filed by Jan. 13, 2025. Ensuring compliance is crucial to avoid penalties. If you’re unsure about your obligations, consult a qualified professional.