The Internal Revenue Service is working on guidance that would clarify the deductibility of expenses for client meals under the new tax law, The Wall Street Journal reports. According to the report, this guidance is expected to say that the cost of business meals will be 50 percent deductible, even when those meals are purchased at events defined as entertainment, such as ballgames, as long as the cost of the food is documented separately fr
Sales of newly built single-family homes eked out an increase in August, but not enough to impress economists or make up for big shortfalls in housing. Sales for new homes increased 3.5 percent in August to a seasonally adjusted annual rate of 629,000 units, but the uptick was off of significantly revised downwardly reports from June and July, the U.S. Commerce Department reported Wednesday. The revised reports indicate a soft patch overall in ne
The Federal Reserve on Wednesday voted to raise its benchmark interest rate by a quarter of a point to the highest point in more than a decade, and the housing market is now bracing for impact.The Fed lifted its rate to range between 2 percent and 2.25 percent. This is the third time in a year the Fed has raised its rate. The committee points to an upbeat economy that is “healthy and moving forward.”“These rates remain low,” Federal Reser
Pending home sales continued to fall last month, marking the eighth consecutive month for annual decreases, the National Association of REALTORS® reported Thursday. The drop in contracts may be a sign of a growing number of buyers who are being priced out of the market, economists warn.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—fell 1.8 percent to a reading of 104.2 in August. Contract signings ar
Sen. Elizabeth Warren, D-Mass., has proposed a bill that sets out to make homes more affordable for low-income and middle-class Americans. The American Housing and Economic Mobility Act of 2018 calls for construction of new homes and more renovations of existing ones by removing some red tape for builders on regulatory costs and offering more incentives for them to build more affordable homes.For example, the bill proposes giving local government
Seventy-seven percent of consumers say they believe now is a good time to sell a house—a record high. That's according to new findings from the National Association of REALTORS®’ second quarter Housing Opportunities and Market Experience survey.Fifty-three percent of survey respondents say they believe home prices will continue to increase in their communities over the next six months. Survey respondents in the West were the most upbeat ab
In the aftermath of Hurricane Florence, a new problem is surfacing: The shrinking number of households that have flood insurance.Flood damage is not included in a standard homeowners’ insurance policy. So if a mortgage lender does not require a borrower to obtain it, the onus falls on the homeowner to seek it out. For some, the extra money to do so may make this unlikely. As of April 2017, the average annual premium for a policy through the Na
A housing market defined by rapidly rising home prices, bidding wars, a lack of inventory, and sellers with the upper hand in negotiations may be changing. “The signs are pointing to a market that’s shifting toward buyers,” says Danielle Hale, realtor.com®’s chief economist. “But in most places, we’re still a long way from a full reversal.”After all, home sales aren’t exactly tanking. Prices for existing homes were up 4.6 percen
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If you give clients a list of inspectors to contact, be sure all of those inspectors are qualified. Your buyer and the seller have a signed contract and now the inspection process begins. You tell your buyer she needs a general property inspection and her first question is, “Whom do you recommend?” It’s a good practice to give her three choices if you decide to offer that help. She picks an inspector, the inspection proceeds, and the transa
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