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
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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
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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
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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
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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
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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
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The April NAHB/Wells Fargo HMI survey showed that 22% of builders cut home prices in April, down from 24% in March and 36% in December 2023. WASHINGTON – Builder confidence in the market for newly built single-family homes remained unchanged in April from the previous month when it hit its highest level since July 2023, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The builder confidence index remains at 51, breaking a four-month period of gains. The HMI, nonetheless, remains above the key breakeven point of 50. At the same time mortgage rates have
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The Florida Department of Agriculture’s finalized rules regarding foreign-buyer registration for agricultural property ownership took effect April 4. ORLANDO, Fla. – The Florida Department of Agriculture and Consumer Affairs Division of Consumer Services finalized its rules that prohibit certain foreign principals from owning, having a controlling interest in or acquiring more than a de minimis indirect interest in Florida land classified as agricultural by the property appraiser for tax assessment purposes as defined by s. 193.461, F.S. The rules, which became effective on April 4, relate to the 2023 Florida law “Conveyances to Foreign Entities” in Florida Statutes Chapter 692.
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Potential flippers should understand the process of home flipping before jumping in. Some of the common unknowns include the tax benefits. NEW YORK — In recent years, home sellers have experienced record profits as the value of real estate has risen dramatically. Bankrate indicates the median home price across the United States is around $486,000. Flipping homes gained popularity prior to the spike in real estate prices, but that increase has led some novices to consider flipping more closely. Though it’s true the chances at turning a large profit are substantial in a market where high prices are the norm,
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Clint Strauch, president of Florida Peninsula Insurance, says the 2% average rate decrease shows the property insurance market is stabilizing. TALLAHASSEE, Fla. – Pointing to changes made by state lawmakers, Florida Peninsula Insurance Co. on Thursday announced a 2% average reduction in property insurance rates for homeowners. The Boca Raton-based insurer said the reduction will take effect July 15 for new customers and Aug. 1 for customers renewing coverage. Florida lawmakers during the past two years made a series of changes to try to bolster the property insurance market as carriers dropped customers and increased rates because of financial problems.
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