Nominations Open for the 2023 SRES® Outstanding Service Award

Nominations are now being accepted for the SRES® Outstanding Service Award (OSA). Nominate yourself or a colleague to recognize their dedication to serving the 50+ community using their SRES® designation. OSA winners receive extensive recognition in RISMedia Real Estate Magazine, The SRES® Professional, and at the NAR NXT, the REALTOR® Experience, an engraved award, and a special SRES® OSA pin. All submissions must be received by July 31, 2023.

8 Strategies for Maintaining a Home as an Asset

The Federal Deposit Insurance Corporation takeover of Silicon Valley and First Republic banks is a reminder of how critical it is to manage assets strategically. Homeowners also must manage their assets strategically to ensure long-term sustainability. Methods for good stewardship of a home include: 

• Conducting routine maintenance and increasing its value through renovations and upgrades
• Evaluating insurance coverage to be sure the property is adequately covered for replacement costs
• Tracking changes—local market conditions, interest rates, and property taxes—that affect the value 

As Some Families Learn the Hard Way, Dementia Can Take a Toll on Financial Health

Angela Reynolds discovered her mother's worsening cognitive decline when she untangled her finances and found unpaid bills, unusual cash withdrawals, and a refinanced mortgage at a higher interest rate. Financial problems, impulse buying, and giving away large sums of money can be warning signs of neurological disorders like Alzheimer's. Though she can't prove it, Reynolds suspects someone had been financially exploiting her mom, who lost her house to foreclosure. Many Americans are dealing with the financial consequences of cognitive decline, which makes older adults vulnerable to scams and economic exploitation and endangers their financial stability. Still, the financial industry has been slow to address such risks and put in place policies to protect vulnerable people.

Households Now Owe More Than Canada's Entire GDP

Canadian households have accumulated more debt than the entire GDP of Canada, says a Canada Mortgage and Housing Corporation (CMHC) report. With household debt reaching 107% of GDP, Canada has the highest household debt levels among G7 countries. Such debt makes the country's economy vulnerable to global economic crises. Also, three-quarters of that debt is tied to mortgages, and CMHC noted the importance of addressing housing affordability to reduce rising household debt.

Personal Savings a Priority as Two-thirds of Americans Brace for Recession

Some U.S. baby boomers, bracing for a possible recession, are putting off buying a new home to boost retirement savings, says Northwestern Mutual's 2023 Planning & Progress Study. It explores Americans' attitudes and behaviors toward their finances. Others have delayed a job search, decided not to start a business, and put off marriage because of economic uncertainty. Across the generations, Americans are trying to cut costs to build up savings and are cutting back on non-necessities and postponing large expenses until they think the economy is more stable. 

Hate Taxes? This is For You: IRS Boosts HSA Limits for 2024 by Record Amount

The IRS has announced an increase in the maximum contribution limits to health savings accounts (HSAs) for 2024. To combat inflation, the maximum HSA contribution for 2024 will be $8,300 for a family and $4,150 for an individual, up from $7,750 and $3,850 in 2023. Participants aged 55 and older can contribute an additional $1,000. Since contributions are tax-deductible, growth is tax-free, and qualified medical expense withdrawals are tax-free, HSAs offer triple tax advantages. 

Check Out CRD's Upcoming Live Virtual Courses

The Center for REALTOR® Development (CRD) has three live virtual courses that are currently open for registration:

Real Estate Investing: Build Wealth Representing Investors and Becoming One Yourself

Tuesday, June 27

Resort and Second-Home Property Specialist (RSPS) Certification Course

Tuesday, July 11

Accredited Buyer's Representative (ABR®) Designation Course

Thursday, Oct. 5 - Friday, Oct. 6