Whether you own a home or looking to buy or sell one, here are the latest Good To Know articles for when you're ready to take the next step in finding your Forever Home. [Agent - Email Signature]

TRENDS, NEWS, FINANCE, HOMEBUYERS, HOME SELLERS

Is the Housing Market Turning?

The U.S. avoided a recession in 2023, and some say it will have a soft landing in 2024. Inflation has hovered in the 3% range for many months-higher than the central bank would prefer, but at 2.6% for personal consumption expenditures (PCE), it's closer to the target range of 2% and far from the double-digit highs since the pandemic began. Most sources cite the "core" PCE, which excludes volatile energy and food prices which sat at 3.2% by year's end-the lowest level since March 2021.

Meanwhile, existing home sales volume began to edge higher by the end of 2023, and prices rose 4.0% year over year to a median of $387,600. Mortgage interest rates ended the year at 6.61% for a benchmark 30-year fixed-rate conventional home loan. Existing housing inventory remains tight with approximately 3.5-months' supply on hand at the current sales pace.

Due to the improvement in market conditions and higher consumer confidence, Realtor.com's research finds that two factors will drive housing sales in 2024-relative affordability in the Midwest and Northeast and the 2023 dip in western home prices. Areas like Oxnard, Riverside, Bakersfield, San Diego, and Sacramento in California; Las Vegas, Nevada; Toledo, Ohio; and Springfield, Massachusetts could get double-digit sales growth in 2024. Toledo, for example, offers housing 51% below the national median with low unemployment.

These improvements should encourage more homebuyers to make the leap to homeownership. Ask your Berkshire Hathaway HomeServices network professional to update you on the latest market conditions in your area.

TRENDS, INTERIOR DESIGN, HOME IMPROVEMENT

Lavastone: Better Than Granite for Countertops?

Granite has ruled the luxury kitchen design world for decades, its popularity surpassing marble, quartz, limestone, soapstone, and other luxury materials quarried from the earth. The whites, grays, blacks, beiges, and browns of stone bring an attractive earthiness to interior design, giving a designer look to any kitchen and bath. But stone has its drawbacks. Most stone must be resealed periodically and cleaned only with compatible products. Some stone is soft and subject to chips and scratches.

One stone stands above the rest in performance: lavastone. While most igneous stones are formed underground, lava is molten rock spewed from a volcanic eruption onto the surface of the earth. As the lava cools, it hardens into lavastone, which can then be "extracted, custom-cut for each order, and glazed with enamel at heat in excess of 1,300 degrees Fahrenheit (1000 Celsius)." Because lavastone is mined from ancient lava eruptions, availability is limited. Consequently, lavastone is the most expensive stone for countertops at approximately $250 to $300 or more per square foot.

Lavastone is known to be more durable than other stones. Once it's fabricated into a countertop, it can withstand chipping, hot pans, stains, abrasion from cleaners, and the UV rays of the sun.

Any pigment that can be added to ceramics is suitable for lavastone countertops, for a universe of colors. Once the ceramic cools, the smooth, non-porous glaze crackles into distinctive patterns as individual as snowflakes. Choose your color wisely, as your countertops will last for decades.

HOMEBUYERS, RURAL REAL ESTATE, FUN FACTS

Private Lands in U.S. National Parks: What You Need to Know

Believe it or not, there are over four million acres of private land in U.S. national parks, about three percent of total public lands. Grandfathered in are homesteads established generations ago by the Homestead Act of 1862 when the country was young and settlers were willing to cross the country enduring numerous perils to claim farm and ranch land. As national parks were established, homesteaders were allowed to keep their lands, or they could sell their properties back to the government.

Private properties within national park boundaries are called inholdings, and their owners have the same rights as all private property owners, including the right to sell their homes to whomever they wish. Homeowners may be subject to Federal agency regulations"regarding access to their homes and use of their lands by their Federal agency neighbors." Under the Eastern Wilderness Act, public agencies are allowed to seize wilderness inholdings if the homeowners don't manage the land to the standards of the Federal agency. They are also mandated to provide access to roads to inholders.

The Boondockersbible.com cautions that RVers, hikers and campers may not be aware of private property boundaries-even though Federal regulations prevent park visitors from crossing into privately held land, trespassing still occurs.

Inholdings are highly coveted and expensive because of their rarity and stunningly beautiful locations. Chances are that homebuyers seeking in inholding would be bidding against non-profit land conservation trust funds that intend to purchase the land and then donate it back to the government.

HOME SELLERS, TAXES, SELLING A HOME

Tax Tips for Selling a Residence

According to the Internal Revenue Service, the primary residence you sold in 2023 may have federal tax benefits that can help you avoid capital gains on the sale, if you meet certain criteria for ownership and use of the home.

To claim a tax exclusion, you must have owned the home for at least two years and lived in the home for at least two out of no more than five years of ownership. The tax gain exclusion that's available is $250,000 if you're single, or $500,000 if you're married and use a joint tax return. If you sell at a loss, such as a short sale, you can't deduct the loss from your income, likely because of the many homeownership benefits subsidized by the government, including loan programs, first-time and low-income homebuyer grants, energy star appliance credits, and so on. Tax exclusions are also subsidized by the government.

To maximize your gain and lessen your tax bill, you can adjust the basis of the home you sold. The basis is the price you paid for the home, including closing costs and settlement fees. The adjusted basis, explains Smart Asset, factors in capital improvements that you made to the home, such as replacing the roof or the HVAC, adding a second story, or laying utility lines to the home. You can also adjust for casualty losses, like restoring your home after a fire or water damage.

The higher your adjusted basis is, the lower your capital gains are.