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Home and Real Estate News

Home and Real Estate News

Mortgage Rates Fall for Fourth Straight Week

At 6.09%, the 30-year, fixed-rate loan moved even closer to 5%. It’s down from last week’s 6.13% and almost a point lower than highs of 7.08% reached in Oct. WASHINGTON – The average long-term U.S. mortgage rate declined for the fourth week in a row, a sign of relative stability that could potentially open the door for some prospective homebuyers to get back in the market. Mortgage buyer Freddie Mac reported Thursday…

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Home and Real Estate News

Renting a Room Can Hurt Homestead Tax Exemptions

Some Fla. homeowners with homestead property-tax exemptions are finding that the exemption is at risk if they rent out part of the home or run a small business. SARASOTA, Fla. – When Dan Graue read a letter from the Sarasota County Property Appraiser that notified him he had been dodging taxes on his homesteaded property and now owed more than $64,000 in fines and back taxes, he thought there must have been…

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Home and Real Estate News

The Federal Insurance Office wants details about climate change’s impact on insurance costs and availability, though industry and state regulators object.

WASHINGTON – The Biden administration wants to collect detailed information from insurance companies to analyze how climate change is affecting the cost and availability of property coverage. The study would be undertaken by the Federal Insurance Office (FIO), an arm of the U.S. Treasury Department established under the 2010 Dodd-Frank financial overhaul, to monitor the insurance industry. The goal, supported by numerous environmental and consumer groups, is to assess the impact of…

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Home and Real Estate News

Florida Has 9 of 21 Top Overpriced Rental Markets

FAU: Fort Myers metro renters pay 18.05% above long-term trends, along with Miami, North Port, Jacksonville and five Central Fla. metro areas. TAMPA, Fla. – The rent cost is high, and has been for a while, especially in Florida. As housing costs remain a significant driver of overall inflation, a new study by Florida Atlantic University (FAU) dives into why rent costs are so high in the Sunshine State, especially compared to…

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Home and Real Estate News

Fla. Releases County-by-County Property Ins. Report

Hernando County is #4 for the lowest cost of home insurance in Florida! An Office of Insurance Regulation report on property-market stability found the lowest single-family costs in Sumter ($1,533) and the highest in Monroe ($7,162). TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023 last week. On a county-by-county basis, it found that Sumter County has the lowest average cost for single-family…

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Home and Real Estate News

The Fatal Pricing Mistake Home Sellers Are Making Right Now: Is This You?

You still see the hope in their eyes.” When Atlanta-based real estate agent Maura Neill agreed to sell a home this fall, she knew she faced an uphill battle. For one, the housing market had cooled significantly. But worse, these home sellers weren’t quite willing to accept this new reality and drop their price. Several months earlier, these sellers had listed their house with another agent for $525,000. When this failed to bring in…

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Home and Real Estate News

Planning to Retire? It Could Be Time To Make a Move.

If disaster happens, homeowners need property insurance. Cost is a big challenge for many, but there are ways to lower costs without nixing it altogether. MIAMI – Florida Gov. Ron DeSantis last week signed into law a property insurance bill aimed at lowering the state’s skyrocketing homeowners insurance costs and staving off a looming crisis. But some homeowners are already “going bare” in response to big policy renewal price increases, choosing to…

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Home and Real Estate News

New Year’s Resolution: Invest in Real Estate

Stocks mainly pay when they appreciate and bonds via coupons, but real estate offers five profit centers, such as income, tax savings and principal paydown. NEW YORK – If you invest in stocks or bonds, you may be more accustomed to one way of getting paid. For stocks, typically you’ll only get paid from stock price appreciation. For bonds, you’ll typically only get paid from the coupon payments (similar to net rental…

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Home and Real Estate News

2023: 4.78M Existing Home Sales, Stable Prices

NAR Chief Economist Yun’s forecast represents a drop of about 6.8% from this year’s sales; he expects the median home price to rise just 0.3% from this year to $385.8K. WASHINGTON – Lawrence Yun, NAR chief economist and senior vice president of research for the National Association of Realtors® (NAR), forecasts that 4.78 million existing homes will be sold, prices will remain stable and Atlanta will be the top real estate market to…

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Home and Real Estate News

Legislature Unveils Property Insurance Proposals

A lot can change as bills wind their way through the Florida Legislature, but proposals announced Friday show where discussions shall begin. TALLAHASSEE, Fla. – With a special legislative session now underway, the Florida House and Senate late Friday released proposals that, if enacted in current form, would make far-reaching changes in the state’s troubled property-insurance system. The bills (HB 1A and SB 2A) would take steps to reduce litigation costs, move policies out…

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