It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
An upcoming book, "Financially Lit!", discusses financial success and its challenges. The author realized the pressure to buy a home isn't always suitable and highlights the importance of understanding your own values and lifestyle before making such decisions. The American dream may be redefining as younger generations face financial hurdles, making it less accessible than in the past.
Mortgage rates have slightly increased to 7.34%, but their future direction depends on the labor market. Rising homeownership costs also include increasing insurance and taxes, especially in areas prone to natural disasters. While the housing inventory is improving, concerns have been raised about a change in commission arrangements for real estate agents, which may affect home sales.
Due to a lawsuit, the National Association of Realtors is changing its commission rules. Home sellers will now pay less, while buyers may pay more for agent services. The lawsuit and settlement challenge NAR's traditional commission structure, paving the way for new models like flat fees. This could disrupt the industry, leading to new competitors and potential changes in how real estate agents are compensated.
Homeowners in 2023 are benefiting from a surprising shift in tax laws. Single homeowners can shield up to $250,000 and married couples can protect up to $500,000 of their profits from capital gains taxes when selling their primary residence, provided they meet specific IRS criteria. This exemption encourages homeownership and can save homeowners a significant amount in taxes.
Aspiring homeowners face challenges in affording a home due to rising living costs, insufficient income, and mortgage rates. Over half struggle to save for down payments. Credit card and student loan debt further hinder the path to homeownership. Individuals must consider long-term financial implications, including repairs and upgrades, to avoid becoming "house poor." Unexpected events and interest rate fluctuations add uncertainty to homeownership timelines. To overcome these challenges, individuals should assess their financial situation, prioritize goals, and plan accordingly.
