By Jennifer Torres The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities. MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2. However, in Florida, it took much less than a decade for home prices to achieve a twofold increase. Average home values across Florida have undergone a seismic transformation,
Read More

By Christopher Rugaber One economist said gas prices likely contributed to the decline in consumers’ outlook. Most expect consumer spending to remain healthy on a strong job market WASHINGTON — Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 77.9 this month, down from March’s figure of 79.4. Sentiment is about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages. The survey has been conducted
Read More

By Christopher Rugaber If inflation continues, long-anticipated interest rate cuts may not happen this year, the Federal Reserve chair said. Interest rates influence mortgage rates. WASHINGTON — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.
Read More

By Amy Connolly Fannie Mae and Freddie Mac issued guidance regarding allowable interested-party contributions in light of the proposed Sitzer-Burnett verdict settlement agreement.   WASHINGTON – Fannie Mae and Freddie Mac said Monday they will not count buyer agent commissions as part of allowable interested party contributions (IPCs). The government-sponsored agencies (GSEs) said their guidance was not an update to their selling guidelines but a clarification to the treatment of seller-paid real estate agent fees. “Buyer agent fees have historically been fees customarily paid by the property seller or property seller’s real estate agent, and, as such, they are currently
Read More

By Amy Connolly New home construction starts fell 14.7% in March and overall permits are down by 4.3%. Headwinds will likely persist through April, analysts said. WASHINGTON – New single-family home construction and permits fell in March on higher-than-expected interest rates and stubborn inflation readings, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Builders have also been stymied by higher supply-side costs and tighter lending conditions, the National Association of Home Builders (NAHB) said. “Builders are grappling on several fronts as the inflation fight continues,” said Carl Harris, NAHB chairman
Read More

By Jon Dulin Homebuyers are increasingly using gift cards as a substitute for credit cards or cash, including when saving for a down payment. NEW YORK – In an era defined by skyrocketing housing prices and innovative financial strategies, a surprising trend is emerging: the use of gift cards as a means to navigate the landscape of homeownership. Traditionally reserved for birthdays and holidays, gift cards are now finding a new role as unconventional tools to help save for down payments. They’re also a creative alternative to traditional banking methods for managing one’s finances. These unconventional approaches reflect the ingenuity
Read More

By Elena Cox Data from Niche shows counties in the northern Florida and the Panhandle lead the state in affordability related to cost of living. MIAMI – While inflation has fallen from 2022 peaks, high prices are still eating into household budgets. Many Americans are paying keen attention to their finances and finding ways to reduce spending. Home prices, rent, and food inflation, as well as higher prices for gas in the last couple of years, are making it so that each dollar earned has even less purchasing power than before. In the first two months of 2024, Americans were
Read More

Creating a ‘know-like-trust’ relationship with clients takes effort but it allows clients to move forward with confidence, real estate pro Jimmy Burgess said. NEW YORK – In real estate, people have to know, like and trust you. This ‘know-like-trust’ process creates strong bonds between real estate pros and their clients. To generate trust with potential buyers, real estate professionals should ask previous clients to review the firm online with quality feedback that others can trust, Jimmy Burgess, CEO for Berkshire Hathaway HomeServices Beach Properties of Florida, said in Inman. Pros should seek additional reviews on platforms that would help generate
Read More

A cut in the state’s commercial lease sales tax, from 4.5% to 2.0%, will begin on June 1, weeks earlier than originally expected. TALLAHASSEE, Fla. — Business owners will see an earlier-than-anticipated reduction to the state’s lease tax, beginning in June rather than July, state leaders said. Florida’s commercial lease sales tax rate, also known as the Business Rent Tax, will be reduced from 4.5% to 2.0%, providing Florida employers with at least an estimated $1 billion in tax relief beginning June 1, FloridaCommerce said. The 2.5% reduction was originally slated to begin July 1. “By slashing Florida’s commercial lease
Read More

By Alex Veiga Today’s average rate on a 30-year home loan is just under 7%, not far from the historical average. Still, some homebuyers say they’re waiting for rates to drop. LOS ANGELES — Shop for a home now or hold out for the possibility of lower mortgage rates? That question is confronting many home shoppers this spring homebuying season. Lower rates give home shoppers more financial breathing room, so holding out for a more attractive rate can make a big difference, especially for first-time homebuyers who often struggle to find an affordable home. However, there’s a potential downside to
Read More