NAR Chief Economist Lawrence Yun, at the 2024 Realtors® Legislative Meetings, said home sales will rise in eight of the next 10 years. WASHINGTON – National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024) – with further gains in eight of the next 10 years – during the Residential Economic Issues & Trends Forum at NAR’s 2024 Realtors® Legislative Meetings. Yun also explained
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By Anthony Man The governor signed a package that includes sales tax holidays and a one-year exemption on residential property and flood insurance premium taxes. CAPE CANAVERAL, Fla. – Florida is once again giving back some of the tax money it collects to residents. As usual, the annual “sales tax holidays” are going into effect — periods during which sales tax isn’t levied on certain types of spending. New this year: A one-year elimination of the tax on residential property and flood insurance premiums. House Bill 7073, signed into law Tuesday by Gov. Ron DeSantis, had support from Democrats and
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By Jim Saunders A lawsuit says a state law restricting property ownership by people from China and six other countries is “based on stereotyped and xenophobic generalizations.” TALLAHASSEE, Fla. — Almost exactly a year after Florida lawmakers and Gov. Ron DeSantis approved a measure to restrict property ownership by people from China and six other countries, housing and real estate groups Monday filed a federal lawsuit alleging it is discriminatory. The lawsuit, filed in Miami, contends that the law violates the federal Fair Housing Act and part of the Florida Constitution. It came after four people and a real estate
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By Melissa Dittman Tracey NAR and other housing groups say it’s a critical step in addressing some of the national real estate market’s biggest challenges. WASHINGTON – A group of lawmakers on Capitol Hill have announced the new Bipartisan Congressional Real Estate Caucus, which will address the lack of housing affordability and inventory nationwide. The National Association of Realtors®, along with the National Association of Home Builders, Mortgage Bankers Association, American Land Title Association and other groups, lauded the move as a step toward creating more policies that could help to resolve some of the housing market’s most pressing issues.
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By Jeff Ostrowski Economists say mortgage rates will remain high through May on stubbornly high inflation. Late-year rate cuts to the mid-6% range remain possible. WASHINGTON – As homebuyers grapple with record prices this spring, mortgage rates have also crept up. On a 30-year fixed loan, the average rate was 7.39% as of May 1, according to Bankrate’s survey of large lenders, marking three straight months of 7% rates. Blame inflation. It’s still stubbornly elevated, rising to 3.5% in March, and that’s led to dialed-back expectations about how quickly the Federal Reserve cuts rates this year, if at all. The
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By Amy Connolly The 2024 Atlantic Hurricane Season begins June 1, and state officials want residents to be prepared. Forecasters predict a busy season. TALLAHASSEE, Fla. – State officials are urging Floridians to prepare for hurricane season, which starts June 1, and use the next weeks to restock disaster supply kits, update disaster plans and stay informed about various weather hazards. Gov. Ron DeSantis proclaimed the first week of May as Florida Hurricane Preparedness Week in conjunction with the National Weather Service Hurricane Preparedness Week, saying now is the perfect time to coordinate with family members and customize a household
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The changes were reviewed by the MLS Emerging Issues and Technology Advisory Board and adopted by the NAR Leadership Team. WASHINGTON –The National Association of Realtors® announced Friday new details regarding the proposed settlement agreement, which received preliminary approval from the court on April 23.  The announcement, shared with Realtor® Magazine, provides important information regarding the practice changes required for NAR members under the settlement agreement; it also establishes Aug. 17 as the effective date for these changes. In a communication distributed to members, NAR Chief Legal Officer and Chief Member Experience Officer Katie Johnson explained the deadline will provide
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By Barbara Ballinger Buying a single-family home for the first time is challenging, but even more so in a time of inventory shortages and affordability issues; help ease anxiety by sharing these useful steps. WASHINGTON – A house is typically the largest investment people make. It keeps some up at night, worrying if they’ve budgeted properly to afford the downpayment and the maintenance of the home on top of their regular expenses like food and transportation. The process is an emotional one. Help potential buyers by walking them through the process and dispelling common myths. One is that many first
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By Jim Saunders The U.S. Army Corps of Engineers is administering the wetlands permitting program to “mitigate any disruption and delay to applicants.” TALLAHASSEE — Federal environmental officials have pushed back against arguments by Florida that a legal fight over wetlands-related permitting has put more than 1,000 permit applications into “regulatory limbo.” Florida last week asked an appeals court to issue a stay of a district judge’s ruling that rejected a 2020 decision by the federal government to shift permitting authority to the state. The stay request — backed late Thursday by major business groups and companies — argued that
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By Melissa Dittmann Tracey Americans say they long for a career as a luxury real estate agent even more than as a social media influencer, according to a new survey. CHICAGO – Tell your kids: Social media influencers like Mr. Beast — who has 255 million subscribers on YouTube — have nothing on you. Those who work in real estate may have the job most people wish they had, even more than being an influencer on YouTube. “Luxury real estate agent” landed on a recent list of “America’s most envied jobs,” ahead of other careers like video game designers, marine
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