By Stuart Cooke The best way to start a home search is by keeping a top 10 list of essentials and deal breakers. Also, consider your lifestyle, pets, location needs and necessary features, among other things. NEW YORK – Looking for a house to buy can be a daunting task. Buying a home is typically the most significant investment you make in your lifetime. Focusing on what to look for should begin with clearly defining the perfect home. It’s easy to become distracted when looking at houses to buy, so having a list of the must-haves and nice-to-haves is an
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Existing home sales saw the largest monthly increase in a year nationally, NAR said. The median price in the South was $354,200, up 4.1% from last year. WASHINGTON – Existing-home sales climbed in February, according to the National Association of Realtors®. Among the four major U.S. regions, sales jumped in the West, South and Midwest and were unchanged in the Northeast. Year-over-year, sales declined in all regions. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid
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By Cora Lewis Anyone who is self-employed and receiving payments peer-to-peer apps (PayPay, Venmo, etc.) have new tax reporting requirements beginning in the 2024 tax year. NEW YORK — Workers across different industries are increasingly receiving some or all of their income via apps. They include tutors, graphic designers, hair stylists and all kinds of independent and self-employed workers, along with merchants who sell products online through Etsy, eBay, Amazon and other sites. But tax law is still catching up when it comes to how best to report this income. If you’re a freelancer or gig worker who receives payments
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Wealth passed down from one generation to the next provides financial security for children and grandchildren. Buying a house is one step in building generational wealth. NEW YORK – Generational wealth is financial wealth and assets that can be passed down from one generation to the next. Most people plan to pass on their wealth to their children or other designated heirs, giving them the gift of greater financial security. Passing down of wealth through inheritance can have a beneficial multiplier effect, building a “wealth snowball” that grows exponentially over time. Generational wealth can also give your family a financial
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By Alex Veiga After a two-week slide, the average rates on 30-year and 15-year mortgages climbed up again. Rates are still far below the 23-year high in October. LOS ANGELES — The average long-term U.S. mortgage rate climbed back to nearly 7% this week, pushing up borrowing costs for home shoppers with the spring homebuying season underway. The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. The average rate is now just below where it was two weeks ago. Borrowing costs on
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By Amy Connolly Two Realtors from Florida are among the finalists for NAR’s 2024 30-Under-30 class. Voting for the Web Choice Winner opens April 3. ORLANDO – Two Florida young professionals – from Boca Raton and Fort Lauderdale – are among 50 real estate industry rising stars who embody innovation, determination and selflessness, vying for Realtor® Magazine’s 30 Under 30 class of 2024. Antonio Eckert (Royal Palm Estates Realty) from Boca Raton and Jorge Perez (RE/MAX Experience) from Fort Lauderdale are among the large pool of candidates who made the cut as finalists, the National Association of Realtors® said.  All
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By Marla Martin Single-family sales up 2.2% YoY, median price up 5.1% ($415K), condo median up 3.2% ($325K). New listings and inventory up in both property categories. ORLANDO – Florida’s housing market had more new listings, more inventory (active listings) and higher median prices in February compared to a year ago, according to Florida Realtors®’ latest housing data. “Florida’s housing supply continued to improve in February, providing momentum for buyers wanting to enter the market now to hopefully find their Florida dream home during the spring homebuying season,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in
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By Christopher Rugaber The Federal Reserve kept the benchmark interest rate unchanged at its meeting earlier this week on high inflation in January and February. WASHINGTON — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year. For now, the officials kept their benchmark rate unchanged for a fifth straight time. Speaking at a news conference, Chair Jerome Powell said the surprising pickup in inflation in January and February hadn’t fundamentally changed the
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NAR issued a statement following inaccurate media coverage that included the false representation or suggestion the association requires a 6% commission. CHICAGO – The National Association of Realtors® (NAR) does not set commissions – they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero. And other rules throughout the MLS Handbook and NAR policy expressly prohibit MLSs, associations, and brokers from setting or suggesting any such amount that should be included in that field. The text of the current rule
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A study by TD Bank of more than 1,000 first-time homebuyers also found nearly all (97%) have taken the initial steps in the buying process even though they have some concerns about affordability. CHERRY HILL, N.J.— Despite lingering concerns around affordability and interest rates, most first-time homebuyers still feel optimistic about the housing market in 2024 and are ready to spend, according to an annual study from TD Bank. With home prices temporarily edging downward following their all-time high in 2023, according to the January Case-Shiller Index, TD’s Annual First-Time Homebuyer Pulse found that of those looking to buy a
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