When buying a home, it’s easy to get caught up in square footage, kitchen upgrades, or that dream backyard. But one of the most important considerations often gets overlooked: affordability. A common rule of thumb is to keep your housing costs—including mortgage, insurance, and property taxes—at no more than 28% of your monthly income. This guideline, known as the 28% rule, is a smart move that helps...
In recent news, many financial analysts are predicting that the Federal Reserve (FED) will cut mortgage rates by 50 basis points during their upcoming meeting in September. This potential mortgage rate cut could provide a much-needed boost for homebuyers and investors who have been navigating the market amid high rates. A reduction in mortgage rates not only makes home buying more affordable but also opens...
Discover essential tax benefits for real estate investors, including key deductions and strategies to maximize your investment returns. Investing in real estate isn’t just about generating income—it’s also a great way to reduce your tax bill. Let’s break down some of the major tax benefits that can help boost your bottom line. 1. Depreciation: A Hidden Gem Depreciation allows you to deduct the...
In recent years, there has been a significant shift in the real estate market towards eco-friendly homes. This trend is driven by a growing awareness of environmental issues, advancements in sustainable building technologies, and a rising demand from homebuyers who prioritize sustainability. What Are Eco-Friendly Homes? Eco-friendly homes, also known as green homes, are designed to have minimal...
In an encouraging turn for prospective homebuyers, mortgage rates have recently decreased from 7.03% to 6.82%. This seemingly small decline can significantly impact the housing market, potentially making homeownership more attainable for many. Here's a closer look at what this rate drop means and how it translates into tangible savings for borrowers. Understanding the Impact Mortgage rates play a crucial...
The housing market in Volusia County, Florida, has experienced notable shifts over the past year, reflecting broader trends in the real estate sector. By examining key metrics such as the number of listings, sales, average list and sales prices, and days on market, we can gain insights into the current market dynamics. Key Metrics Metric May 2024 June 2023 June 2024 YoY % Change # of...
The commercial real estate market is facing tough times. Imagine you own a big office building, but many of your tenants have left due to the pandemic, and it's been hard to find new ones. This means you're not making enough money to pay off your mortgage. Banks that gave you the mortgage are getting worried because if you can't pay, they'll lose money. To avoid bigger losses, some banks are deciding to...
Affordable housing can be difficult to come by. In the past decade alone, the number of homes for purchase under $200,000 went from half of all sales to 21% of all home sales, according to a recent report. At the same time, the national median listing price on homes has increased nearly 40% since 2019. For the roughly two-thirds of Americans who do own homes, location is a major determinant of their...
Housing markets on Florida's west coast are cooling faster than anywhere else in the U.S. due to a construction boom, natural disasters, and high insurance costs. This surge in supply is reducing competition at a time when high housing costs and insurance premiums are already discouraging buyers. Rapid Cooling in Western Florida: North Port, Tampa, and Cape Coral are experiencing the fastest...
Many anticipated a strong spring home-buying season, but the reality has proven challenging for hopeful buyers. Home sales stagnated last month as mortgage rates and home prices continued to rise. However, an increase in resale inventory may help moderate home price growth somewhat. Experts believe the market will regain momentum only when mortgage rates drop sufficiently to make homes more affordable....