South Florida Real Estate

Business Rent Tax Reduction Set for June

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 … Read more

Realtor Magazine Shares Proposed Settlement Facts

Read a special digital supplement of Realtor Magazine with important content that dispels misinformation and myths about the proposed settlement. CHICAGO – Realtor® Magazine, the magazine of the National Association of Realtors®, announced a 16-page digital supplement with valuable resources that help separate facts from fiction about the proposed $418 million settlement agreement to the … Read more

Property Insurer to Trim Rates

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 … Read more

What is PITI in a Mortgage Payment

Many new homeowners don’t realize the monthly payments on fixed-rate mortgages can go up and down depending on PITI – principal, interest, taxes and insurance. MIAMI – If you have a fixed-rate mortgage, your payments will always stay the same, right? Wrong. Maybe you’ve heard the term PITI, which stands for the main components of … Read more

New VA Program to Provide 2.5% Home Loans

Thousands of veterans are facing foreclosure as pandemic-era forbearances end. The new loan program is only available to eligible veterans WASHINGTON – The Department of Veterans Affairs announced a last-resort program that provides 2.5% interest rate home loans to more than 40,000 veterans who are facing foreclosure. Through the Veterans Affairs Servicing Purchase (VASP) program, … Read more

Buyers Getting Creative for Home Purchases

More hopeful buyers are partnering with family or friends or renting rooms to achieve the goal of homeownership. Analysts say more homes need to be built in the U.S. NEW YORK – Home shoppers today need to make more than $106,000 to comfortably afford a home, a new Zillow analysis finds. That is 80% more … Read more

Fannie Mae: Consumers Adjust to Higher Rates

One economist said consumers appear to be adjusting their expectations for the housing market to better accommodate higher mortgage rates and home pricing. WASHINGTON – While a growing number of consumers think mortgage rates will increase in the coming year, their optimism about the home buying and selling market ticked up, according to Fannie Mae’s … Read more

Appeals Court Allows DOJ to Reopen NAR Inquiry

A federal appeals court granted the U.S. Department of Justice authority to reopen an antitrust investigation against the National Association of Realtors.  WASHINGTON – The U.S. Circuit Court of Appeals in Washington, D.C., ruled Friday that the Department of Justice is not barred from re-opening its investigation into the National Association of Realtors. That probe … Read more

‘Very, Very Busy’ Hurricane Season Eyed

Forecasters project 23 named storms this year. Sales tax holidays this year – June 1-14 and Aug. 24-Sept. 6 – eliminate taxes on some disaster-preparedness supplies. TALLAHASSEE, Fla. – Floridians received a second reminder Thursday to brace for a busy 2024 hurricane season, as Colorado State University researchers issued a forecast pointing to warm Atlantic … Read more

3 Tips for First-Time Home Buyers

To successfully navigate the market, first-time buyers should expect to move quickly and make an offer if they see a home they like. They should also seek mortgage preapproval. NEW YORK – Real estate has garnered considerable attention since 2020, and for good reason. Though speculators and real estate professionals may point to several variables … Read more