Monthly Archives December 2023

RE Q&A: Can Condo Owners Sell a Parking Spot?

By Gary M. Singer One condo owner offered to buy an additional parking spot from their neighbor who had two spots. Is that legal? And if so, is it smart? FORT LAUDERDALE, Fla. – Question: I live in a condominium where every apartment has two assigned parking spots. Since it is just me, one of my neighbors asked me if I would sell him one of my spots. Since I am not using it and times are tight, the extra money would help. Am I allowed to do this? – Ted Answer: To get to the bottom of this, you
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Tenant-on-Tenant Discrimination also Impacts Landlords

Getty Images/Mikhail Seleznev By Kerry Smith A rental housing provider is paying $300K to settle HUD fair housing allegations – not because they directly discriminated, but because tenants harassed other tenants, the landlord failed to stop them, and an order to vacate included the complaining parties. WASHINGTON – The Fair Housing Act doesn’t simply create rules landlords must follow to avoid charges of discrimination – it also seeks to create a safe environment for all residents. And if one or more tenants illegally harass other tenants, the landlord has an obligation to step in if they know about it. Last
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Code of Ethics and Arbitration Manual: 2024 Changes

By Shannon Allen The Code of Ethics is a dynamic document, evolving and adapting along with the real estate industry for over 100 years now. Updates usually go into effect at the beginning of each year. Here’s what’s new in 2024. ORLANDO, Fla. – Dear Shannon: I serve as our local association Professional Standards Administrator, and some say I’m a bit of a professional standards geek. Which, frankly, I’m proud of. I know that the Code of Ethics has been around for over 100 years; I know the Code of Ethics and Arbitration Manual isn’t a static document and changes
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Average Long-Term U.S. Mortgage Rate Dips Below 7%

By Alex Veiga The mortgage rate now stands at its lowest level since early August, signaling good news for prospective homebuyers. LOS ANGELES (AP) — The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale. The average rate on a 30-year mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31%. Borrowing costs on 15-year fixed-rate mortgages, popular
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NAR’s Chief Economist Forecasts 4.71M Existing-Home Sales in 2024

Lawrence Yun also said the housing market will improve for buyers next year. WASHINGTON – NAR Chief Economist Lawrence Yun forecasts 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas, will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association’s forecast yesterday during NAR’s fifth annual year-end Real Estate Forecast Summit: The Year Ahead. Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this
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Buy a House or Have a Wedding? It Can Be Both

By Taylor Getler Experts say couples can have a wedding and a house if they budget and set priorities. NEW YORK (AP) – Planning a wedding and buying a home are two expensive milestones in adult life. Couples with both of these goals may wonder just how they’ll pay for it all. While some couples may be fine keeping the wedding small (or skipping it altogether) in order to save for a house, others have their hearts set on something grander and will need to find a way to make the most of their budget. When deciding whether to prioritize
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What Small Businesses Need to Know About 2024 Regulations

Small businesses should register with the Financial Crimes Enforcement Network and understand Florida’s minimum wage increase, among other things. NEW YORK (AP) — Regulations are a double-edged sword. They’re created to improve business dealings, discourage unfair or illegal business activity, and protect workers. But, for small business owners, they often mean more red tape, higher costs and possible penalties for failing to comply. ″For a small business, you have a higher cost per employee when it comes to complying with regulations than your larger business competitors,” said Tom Sullivan, vice president of small business policy for the U.S. Chamber of
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Federal Reserve Holds Interest Rates, Possible Cuts in 2024

By Christopher Rugaber Fed policymakers indicated they may make three quarter-point cuts to their benchmark interest rate beginning in the second half of 2024. WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation. The Fed’s policymakers also signaled that they expect to make three quarter-point cuts to their benchmark interest rate next year, fewer than the five envisioned by financial markets and some economists. The relatively
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Will the Commercial Market Hit the Reset Button in 2024?

By Melissa Dittmann Tracey A new report finds innovation and adaptation are key to shaping “a resilient real estate landscape for the future.” NEW YORK – As the real estate market adjusts to new norms in a post-pandemic world, the commercial and investment property sectors are shifting. A retail rebound, changing investor sentiment about climate risks and eroding affordability are among the top trends commercial real estate professionals are contending with, according to the “Emerging Trends in Real Estate 2024” report from the Urban Land Institute and PwC. “It is clear that the real estate industry is entering a new
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Money Ranks 3 Fla. Cities ‘Best Places to Live’

By Katlyn Brieskorn Tampa, Altamonte Springs and Sarasota make Money.com’s top 50 “Best Places to Live in the U.S.” for 2022-23. TAMPA, Fla. — Three Florida cities were recently ranked among the best places to live in the United States, according to a new list from Money.com. Money said it looked at economic opportunities, quality of life, diversity, and where the best futures lie to come up with the top 50 cities in America. The report ranked Atlanta as the best place to live because of its “booming jobs market and eye on equality.” Three Florida cities made the list:
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