In 2024, Florida saw 143 million visitors, an increase of 1.7% over 2023. The state has welcomed 41.2 million visitors in the first quarter of 2025.

Unless you're a cash buyer, credit scores are the most important factor lenders consider in a mortgage application. It shows the ability to repay.

The average rate on 30-year mortgages fell to 6.20% from 6.35% last week. A year ago, it was 7.18%. Rates on 15-year mortgages fell to 5.27% from 5.47%.

TALLAHASSEE, Fla. – With less than a month to go before school starts in Florida, the state is helping make school supplies more affordable.

Sales tax for certain items will be suspended during the Florida back-to-school sales tax holiday.

The following items are exempt from sales tax from July 29 to August 11:

Personal computers or personal computer-related accessories purchased for noncommercial home or personal use having a sales price of $1,500 or less:

• Calculators
• Desktops
• Electronic book readers
• Handhelds
• Laptops
• Tablets
• Tower computers
• Personal computer-related accessories, including:
• Keyboards
• Mice
• Modems
• Monitors
• Nonrecreational software
• Other peripheral devices
• Personal digital assistants
• Routers

Items having a sales price of $100 or less per item:

• Clothing
• All footwear, excluding skis, swim fins, roller blades, and skates
• Any article of wearing apparel intended to be worn on or about the human body, excluding watches, watchbands, jewelry, umbrellas, and handkerchiefs

Wallets or bags, including:

• Backpacks
• Diaper bags
• Fanny packs
• Handbags
• Briefcases, suitcases and other garment bags are excluded

School supplies having a sales price of $50 or less per item:

• Binders
• Cellophane tape
• Compasses
• Composition books
• Computer disks
• Construction paper
• Crayons
• Erasers
• Folders
• Glue or paste
• Legal pads
• Lunch boxes
• Markers
• Notebooks
• Notebook filler paper
• Pencils
• Pens
• Poster board
• Poster paper
• Protractors
• Rulers
• Scissors
• Staplers and staples used to secure paper products

Learning aids and jigsaw puzzles having a sales price of $30 or less:

• Flashcards or other learning cards
• Interactive or electronic books and toys intended to teach reading or math skills
• Matching or other memory games
• Puzzle books and search-and-find books
• Stacking or nesting blocks or sets

You can find more information about the sales tax holiday on the Florida Department of Revenue website.

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The Atlantic hurricane season lasts from June 1 through November 30, posing a very real risk of destruction and devastation. The threat is particularly strong in Florida, which has seen 125 recorded hurricanes since 1851. Unlike tornados and other quick-forming storms, you typically have advance warning that a hurricane is approaching. This gives you time and the opportunity to prepare properly for the storm, protect your property, and get your family to a safe location.

Before the Storm

The governor signed a package that includes sales tax holidays and a one-year exemption on residential property and flood insurance premium taxes.

CAPE CANAVERAL, Fla. – Florida is once again giving back some of the tax money it collects to residents.

As usual, the annual "sales tax holidays" are going into effect — periods during which sales tax isn't levied on certain types of spending.

New this year: A one-year elimination of the tax on residential property and flood insurance premiums.

House Bill 7073, signed into law Tuesday by Gov. Ron DeSantis, had support from Democrats and Republicans. No one in the state Senate or the state House of Representatives voted against it.

The total of the tax relief is $1.07 billion, the governor's office said. By contrast, the total state budget as passed by the Legislature totals $117.46 billion, an amount that's likely to come down somewhat when DeSantis acts on the budget for the fiscal year beginning July 1.

He said Tuesday that would happen "probably in the not-too-distant future." He's been using the time since the Legislature passed the budget on March 8 to travel the state and tout his support for popular provisions in the spending plan, generating many days of positive publicity.

On Tuesday, he and others at an event Cape Canaveral in Brevard County talked up this year's version of the annual tax-reduction law. "This tax relief package will provide much-needed relief for Florida's families," DeSantis said.

Provisions include:

— A one-year exemption on taxes on residential property and flood insurance premiums. Florida imposes a 1.75% tax on most Florida insurance premiums, according to a legislative staff analysis. The tax would be waived for 12-month policies with an effective date between Oct. 1, 2024, and Sept. 30, 2025. During the legislative session, the value of the insurance tax cut was estimated to average $60 per homeowner, and $75 for those with flood insurance.

— Disaster preparedness sales tax holidays from June 1-14 and Aug. 24-Sept. 6 for a range of items such as tarps, batteries, flashlights, portable power banks and generators. Pet supplies are also included. The first one coincides with the beginning of the Atlantic hurricane season and the second precedes the Sept. 10 peak of storm season.

— Back-to-school sales tax holiday from July 29-Aug. 11 for school supplies, computers and clothing.

— Tool-time sales tax holiday from Sept. 1-7, for power tools, hand tools, toolboxes, and other items. "Some people are handymen, are in business in this, but other people just have it around their house and that's fine, use it. We really want to do that," DeSantis said.

— "Freedom Month" sales tax holiday from July 1-31, for a range of recreational and time-off pursuits such as pool floats, fishing supplies, outdoor equipment and admissions to museums, theaters state parks.

The sales tax holidays have various limits for different items, such as clothing priced at $100 or less, or computers priced at $1,500 or less during the back-to-school holiday, or manual can openers that cost $15 or less, or generators that cost $3,000 or less for the hurricane sales tax holidays.

Specifics about each holiday are online at floridarevenue.com/SalesTaxHolidays.

The law is crafted in a way that attempts to minimize sales tax breaks for tourists. The holidays don't apply to sales within theme parks, entertainment complexes, public lodging or airports.

Some of the tax reductions go to businesses.

The state will increase the amount it allocates to give tax credits to companies that make charitable contributions to child-welfare organizations and provide a tax credit for employers that operate or support child-care programs for their employees.

Businesses that hire people with disabilities would also get tax money in the form of credits. "If you look at some companies that have done this, like Publix, they're providing opportunities for all these great people that have unique abilities and have certain challenges and these are very productive citizens and they do a great job," DeSantis said.

DeSantis also touted savings for frequent users of toll roads, something that's in the still-unsigned state budget but the governor said on April 1 would go into effect immediately. The provision spends $450 million of state money for a one-year renewal of a program that gives 50% toll discounts to motorists who use the state's toll roads at least 35 times a month.

© 2024 South Florida Sun-Sentinel.  Distributed by Tribune Content Agency, LLC.

"Since the settlement announcement, there have been numerous articles and stories in the media on what this means for buyers and sellers," said Huskey in a statement issued by his company. "Regrettably, most reflect a profound lack of understanding of the real estate business as well as mistaken claims."

The eight assumptions answered by Huskey are as follows (in a verbatim presentation):

1) The settlement forces real estate brokers to reduce their compensation.

False

The settlement in no way establishes any standard or limitation on realtors for what they may charge, nor the services they elect to deliver. Realtor fees have always been fully negotiable and there has never been any collective bargaining or collusion. Realtors may cooperate on transactions toward a common goal yet are fiercely independent and highly competitive with one another. In every market you will find real estate representation at almost every price, and just as many different levels of service and competency. I would argue there is more variation in real estate pricing than in almost any other product or service one will ever purchase. Now there are comparisons to what fees are in the U.S. versus some other countries, yet in many of the countries referenced the real estate professional is an employee with benefits and often salaries with bonuses. The vast majority of real estate professionals in the U.S. are 100% performance paid through commissions.

2) The settlement will, for the first time, allow sellers to no longer pay compensation for an agent bringing the buyer.

False

There has never been any obligation for a seller to pay buyer agent compensation at any time, yet it has been a historical practice that's worked exceedingly well since the advent of modern residential real estate. This merely prohibits any reference of buyer compensation from the seller on association owned MLS systems. The reality is that today, well before the intended settlement date of this coming July, any listing could be displayed on the MLS whether it offered buyer agent compensation or not.

3) The settlement will prohibit sellers from paying a commission to a buyer's agent.

False

The practice of whether to pay a buyer's agent is totally a seller's decision and nothing changes in terms of options. Many of us would suggest that the most important outcome is the successful sale of the property on the seller's terms, and having the greatest incentive to buyers agents to show and sell the home the best way to achieve their goals.

4) The settlement will now relieve sellers of any financial burden of buyer agent fees.

False

Although sellers can elect not to pay any buyer agent compensation, that doesn't mean they will avoid the economics. Buyers may easily write into any offer a contingency requiring that the seller cover the cost, or may request other concessions such as closing cost assistance in the dollar amount they are paying their representative.

5) The settlement ultimately reduces the total cost of transaction services as sellers will no longer pay buyer agent compensation.

False

Should sellers now choose to compensate only the listing agent, it merely means that buyers, rather than sellers, will now have to pay for their own representation if they don't require the seller to pay as a contingency of the contract. Realtor services are not free, nor should they be. Just because two parties may now share the cost of services rather than one doesn't mean the total cost of the transaction has been lowered.

6) The settlement will serve to meaningfully lower real estate prices and make homeownership affordable again.

False

General values in real estate are determined by the fundamentals of supply and demand, not realtors. Yes, the commission represents an expense of a transaction, yet these also title fees, closing fees, mortgage related expenses, property taxes, association fees, etc. Should real estate commissions theoretically be reduced by 1% as a result of compression, that $500,000 home will now only cost $495,000. Hardly the difference as to whether someone may afford the home or not. The real reason home ownership is increasingly less affordable is that homes in our market have values have risen dramatically in value in recent years.

7) The settlement is a fantastic win for buyers who will now be able to negotiate the fee for representation.

Highly questionable.

For those who have purchased one or more homes over the years, it is more than likely you were quite happy to have the seller compensate your agent so you didn't have to. For buyers who had to scrape up enough money for the down payment and closing expenses, having the commission paid by seller and incorporated into the price of the home allowed the buyer to finance the amount over time rather than coming up with thousands of additional dollars at closing. The reality is that most mortgages are ultimately sold to Fannie and Freddie, and both have no provisions for commissions to be financed. In fact, the VA loan program expressly prohibits the borrower from paying any form of commission in a real estate transaction. So just how is a veteran who has honorably served his or her country now better off without representation? I don't think so.

8) The settlement will result in significant restitution to real estate consumers who were "harmed" over recent years in their transactions by realtors.

False

The settlement figure is huge, yet when one divides the amount by the number of potentially qualifying consumers it works out to about ten bucks per person. The only people truly profiting are the class action attorneys who have submitted a request to the court for over $80 million in legal fees.

It's down from last week's 7.22% average for a 30-year, fixed-rate loan. Freddie Mac's chief economist says they need to drop more, but it's a "welcome relief."

LOS ANGELES (AP) – Home loan financing costs eased again this week, as the average long-term U.S. mortgage rate slid to its lowest level in four months.

The average rate on a 30-year mortgage dropped to 7.03% from 7.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.

The last time the average rate was lower was in early August, when it was at 6.96%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also declined this week, with the average rate falling to 6.29% from 6.56% last week. A year ago, it averaged 5.67%, Freddie Mac said.

This is the sixth straight weekly drop for rates, echoing a recent pullback in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield, which in mid-October surged to its highest level since 2007, has been falling on hopes that the Federal Reserve may finally be done raising interest rates in its bid to tame lower inflation.

"Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand," said Sam Khater, Freddie Mac's chief economist.

The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. In late October, it reached 7.79%, the highest level on records going back to late 2000.

The recent downward shift in mortgage rates is a welcome development for prospective homebuyers facing a housing market that remains unaffordable to many Americans.

While sales of previously occupied U.S. homes are down 20.2% through the first 10 months of this year, home prices have kept climbing amid a stubbornly low supply of properties on the market. But as mortgage rates ease, they boost borrowers' purchasing power, increasing how much home they can afford.

Still, the average rate on a 30-year home loan remains sharply higher than just two years ago, when it was 3.10%. The large gap between rates now and then is contributing to the low inventory of homes for sale by discouraging homeowners who locked in rock-bottom rates two years ago from selling.

So far, the pullback in rates has spurred a pickup in demand for home loans. Mortgage applications notched their fifth consecutive weekly increase last week, according to the Mortgage Bankers Association.

Several housing economists are projecting that mortgage rates will continue to ease in 2024, though the forecasts call for the average rate on a 30-year home loan to remain above 6%, still about double what the average rate was just two years ago.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Financial benefits

• Build equity: Equity is the difference between the fair market value of your home and the amount you owe on your mortgage. As you pay down your mortgage and as your home value increases, you build equity. Equity can be used to finance home improvements, start a business, or even pay for your child's college education.
• Tax benefits: Homeowners can deduct certain mortgage interest and property taxes from their federal income taxes. This can save you a significant amount of money each year.
• Forced savings: Your monthly mortgage payments are like a forced savings plan. Over time, you will build a significant nest egg in the form of home equity.

Personal benefits

• Stability: Owning a home can provide you with a sense of stability and security. You know that you have a place to call your own, and you don't have to worry about being evicted by a landlord.
• Freedom: As a homeowner, you have the freedom to make your home your own. You can paint the walls, renovate the kitchen, and even add a new deck or patio. You don't have to ask permission from anyone.
• Pride: Owning a home is a major accomplishment. It's a sign that you're financially responsible and that you're building a better future for yourself and your family.

Other benefits

• Sense of community: Homeowners are more likely to get involved in their communities than renters. They may volunteer their time to local organizations or attend neighborhood events. This can lead to a stronger sense of community and belonging.
• Better schools: Homeowners in good school districts often have higher property values. This is because many parents are willing to pay a premium to live in a neighborhood with good schools.
• Lower crime rates: Studies have shown that crime rates are lower in neighborhoods with a high percentage of homeowners. This is because homeowners are more invested in their communities and are more likely to keep an eye out for suspicious activity.

Conclusion

Homeownership is a major decision, but it's one that can be very rewarding. If you're financially prepared and you're ready to settle down in one place, then homeownership may be the right choice for you.

Here are some additional tips for potential homeowners:

• Get pre-approved for a mortgage before you start shopping for homes. This will give you an idea of how much you can afford to spend and will make you a more attractive buyer to sellers.
• Work with a qualified real estate agent who can help you find the right home for your needs and budget.
• Be prepared to negotiate on price. Most sellers are willing to negotiate, so don't be afraid to ask for a lower price or for other concessions.
• Take your time and don't feel pressured to make an offer on the first home you see. There are many great homes out there, so you don't want to rush into a decision.

Homeownership is a big step, but it's one that can be very rewarding. By following these tips, you can increase your chances of finding the right home for you and your family.

Some discouraged buyers should stop looking for their "forever home" and start looking for their "get my foot in the door to start building equity" home.

NEW YORK – The average rate on the standard 30-year fixed mortgage rose to 7.09%, according to Freddie Mac's latest weekly survey. Some experts say that's close to an expected high and predict that they'll drop at least a bit by the end of the year.

But some expect rates to remain high for a longer time.

Financial advisers say homebuyers shouldn't bet on future rates and try to time the market because no source can accurately predict what will happen. Instead of trying to bet on the direction of rates, potential homebuyers should focus on what they can control, such as their budgets and choice of property.

As rates rise, potential buyers may need to adjust their price range downward, if they have not done so already. It also helps to be flexible and willing to make compromises, such as forgoing a third bathroom or buying outside of a preferred location, says Aniva Hinduja, general manager of home and mortgage at Credit Karma.

"Your house doesn't have to be your 'forever home,'"  adds financial adviser Brian Seay. He says buyers can settle for their best option now and plan to trade up later.

Buyers should also focus on the monthly payments. Financing a $440,000 home with a 20% down payment at a 7% mortgage rate would mean a monthly mortgage payment of approximately $2,300, while a 6% mortgage rate would save a buyer about $200 a month. Some buyers who initially balked at the idea of a 7% mortgage may realize the difference in their monthly payment compared with a 6% mortgage they also ignored because they thought it was too high.

If that 7% rate is manageable but, say, a 7.5% rate is not, it's likely best to buy now, especially if they have a stay-in-place timeline of at least five years and an option to either move up or refinance sometime down the road.

Source: Wall Street Journal (08/16/23) Dagher, Veronica

© Copyright 2023 INFORMATION INC., Bethesda, MD (301) 215-4688

1. Boost Curb Appeal

First impressions matter, and the exterior of your home is the first thing buyers will see. Enhance your home's curb appeal by tidying up the yard, mowing the lawn, trimming shrubs, and adding fresh flowers or potted plants. A well-maintained and inviting exterior will attract more visitors.

2. Clean and Declutter

A clean and clutter-free home is more appealing to buyers. Prior to the open house, thoroughly clean every room, including windows, floors, and countertops. Remove personal items, excessive furniture, and clutter to create a sense of space and allow visitors to envision themselves in the home.

3. Stage for Success

Consider staging your home to showcase its best features. Arrange furniture in an appealing manner, add tasteful decor, and strategically place mirrors to enhance natural light and make rooms appear larger. Professional staging can help create a welcoming and attractive atmosphere.

4. Create a Welcoming Atmosphere

During the open house, create a warm and inviting atmosphere. Play soft background music, set the lighting to a comfortable level, and consider using air fresheners or scented candles to create a pleasant aroma. Offer refreshments such as water, coffee, or light snacks to make visitors feel welcome.

5. Highlight Key Features

Prepare a list of the home's key features and upgrades to showcase during the open house. Create visually appealing brochures or flyers with high-quality photos and detailed descriptions. Ensure these materials are readily available for visitors to take home as a reminder of the property.

6. Be an Informative Host

As the host, be knowledgeable about the property and its surrounding neighborhood. Familiarize yourself with local amenities, schools, parks, and transportation options. Answer questions confidently and provide insights that highlight the benefits of living in the area.

7. Utilize Technology

Leverage technology to maximize exposure and attract potential buyers. Promote the open house through various channels such as social media, online listings, and email marketing. Consider using virtual tours or live video streams to reach a wider audience, especially in situations where in-person visits may be limited.

8. Follow Up with Interested Buyers

After the open house, promptly follow up with potential buyers who expressed interest. Gather their contact information and send personalized emails or make phone calls to answer any further questions they may have. Being proactive and responsive can help maintain their interest and move them closer to making an offer.

By implementing these tips, you can greatly enhance the success of your open house. Creating a positive and memorable experience for potential buyers will increase the likelihood of receiving offers and ultimately selling your home. Remember to focus on presentation, hospitality, and effective communication to make the most of this valuable marketing opportunity.

1. Determine your budget: Before you start looking at homes, it's essential to know how much you can afford. Consider your income, expenses, and how much you can put down as a down payment. Use a mortgage calculator to get an estimate of what you can afford.

2. Get pre-approved for a mortgage: A pre-approval from a lender can give you a clear idea of what you can afford and will make the process smoother when you make an offer.

3. Find the right real estate agent: A good agent can guide you through the home-buying process, answer your questions, and negotiate on your behalf. Ask for referrals from family and friends or do research online to find a reputable agent.

4. Make a list of must-haves: Determine what you're looking for in a home, including the number of bedrooms and bathrooms, location, and any other amenities you want.

5. Visit neighborhoods you're interested in: Take a tour of the neighborhoods you're considering and get a feel for the area. Visit at different times of the day to see what the traffic and noise levels are like.

6. Attend open houses: Attend open houses to see what's available in your price range and get a better sense of what you're looking for in a home.

7. Hire a home inspector: Before closing on a home, hire a home inspector to assess the condition of the property and identify any issues that need to be addressed.

8. Be prepared for closing costs: Closing costs can add up quickly and include fees such as appraisal fees, title insurance, and property taxes. Make sure you're prepared to pay for these expenses.

9. Don't rush: Buying a home is a big decision, so take your time and don't rush into a purchase. Make sure you're comfortable with the home and the area before making an offer.

10. Be ready to negotiate: Negotiation is a crucial part of the home-buying process. Be prepared to make counter-offers and work with your agent to negotiate the best deal possible.

In conclusion, buying your first home is an exciting and significant milestone. By following these ten tips, you can make the process smoother and more enjoyable. Good luck!

What is a 203(k) loan?

The 203(k) loan program is a type of FHA loan that enables borrowers to finance both the purchase or refinancing of a home and the cost of repairs or renovations in a single loan. This loan is intended for homes that need significant repairs or renovations, such as a roof replacement, kitchen remodel, or major structural repairs. The loan is designed to help borrowers who may not qualify for a traditional home improvement loan or who may not have the cash on hand to pay for repairs upfront.

There are two types of 203(k) loans: the standard 203(k) loan and the limited 203(k) loan. The standard 203(k) loan is intended for homes that need significant repairs, while the limited 203(k) loan is intended for homes that need minor repairs or renovations.

How does the 203(k) loan program work?

The 203(k) loan program works by combining the cost of the home purchase or refinance with the cost of repairs or renovations. The loan amount is based on the value of the property after the repairs or renovations have been completed. This means that borrowers can finance the cost of the repairs or renovations without having to pay for them upfront.

Once the loan is approved, the funds are disbursed to the borrower in stages as the work is completed. The borrower will work with a contractor to develop a detailed renovation plan that outlines the scope of work and the estimated cost. The contractor will then be paid in installments as the work is completed.

What are the benefits of a 203(k) loan?

One of the main benefits of a 203(k) loan is that it enables borrowers to finance both the purchase or refinance of a home and the cost of repairs or renovations in a single loan. This can be especially helpful for borrowers who may not have the cash on hand to pay for repairs upfront.

Another benefit of a 203(k) loan is that it can be easier to qualify for than a traditional home improvement loan. Because the loan is backed by the FHA, lenders may be more willing to lend to borrowers who have lower credit scores or who may not qualify for a traditional loan.

Finally, a 203(k) loan can be a good way to build equity in a property. By financing repairs or renovations, borrowers can increase the value of their home, which can make it easier to sell or refinance in the future.

The 203(k) loan program is a great option for borrowers who need to finance the purchase or refinance of a home as well as the cost of repairs or renovations. With the help of a 203(k) loan, borrowers can turn a fixer-upper into their dream home. If you're interested in a 203(k) loan, be sure to work with a lender who is experienced in these types of loans and who can guide you through the process.