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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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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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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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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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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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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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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By Amy Connolly Experts said the growth is encouraging for homebuyers but other factors, including AI and green energy, will play a role. WASHINGTON – A panel of national housing experts expect U.S. home prices to continue to grow through 2025, denoting “an encouraging consensus” as the new year ticks closer, a new Fannie Mae survey showed. Fannie Mae’s Home Price Expectations Home Survey (HPES), conducted by Pulsenomics, found an annual national home price growth of 2.4% in 2024 and 2.7% in 2025. The HPES polls more than 100 experts across the housing and mortgage sectors and academia for forecasts
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EnergyRe, a startup backed by real estate executives, is working to shore-up the country’s electrical grid. NEW YORK – EnergyRe, launched by executives at real-estate company Related Cos., said it raised $1.2 billion from a group of European investors to build more transmission lines across the United States. The deal comes as the Biden administration is pushing to modernize the national power grid, which is not equipped to handle the increasing amounts of renewable energy that the country is hoping to produce. Already, surging electricity demand has strained the grid and led to more frequent outages in recent years. “If
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