Many First-time Buyers Waiting Until 2025
While some types of sales have actually increased in the weeks before a presidential election, others haven't...and unfortunately, this includes homes.
A Redfin survey found that 23% of respondents who are planning to buy a home in the next 12 months are going to wait until after the November election results are in. Some are waiting to see which candidate's housing affordability plan goes into effect, although these may not be immediately available.
Elections aren't the biggest reason cited for delaying a home purchase. The most common reason mentioned was that respondents preferred to stay on track with financial strategies to buy in 2025. The second-most common reason: waiting until 2025 worked better for respondents and their co-borrowers and/or families.1
How To Sell a Haunted House
If you're thinking this article is a Halloween joke, think again...depending on your listing's state, you may have to discuss this and similar topics with potential buyers.
If a former occupant of a home died under certain circumstances, this is sometimes legally described as a "stigmatizing event". For example, your seller may have to disclose if there was a suicide or murder in a home. Some states require disclosures of recent deaths within a home.
In addition, four states require that sellers inform potential buyers of one or more current occupants...in other words, if their house may be haunted. While only four states' real estate disclosure laws mention paranormal activity—Massachusetts, Minnesota, New Jersey and New York—a seller should be ready to provide details, especially if the home has a local reputation, or if paranormal investigators have visited.2
Dealing With Unplanned, Unwanted Tenants
Hopefully, you or a client will never confront a squatter...but it's becoming more common. Recent data found that big cities such as Dallas and Atlanta, and Florida's Orange County, are having increasing problems with squatters moving into vacant properties.
If you're wondering why a squatter isn't called a trespasser, here's how to tell one from the other:
Squatters often move in with knowledge of the laws that apply to them. If they're able to stay in an abandoned property for a certain number of years, they may be able to claim the right to stay through adverse possession laws.
Squatters look for houses that appear abandoned and don't try to disguise what they're doing. They may even begin to pay property taxes so they can increase their chances of claiming ownership.
Trespassers rarely have plans to stay in a property long-term and are generally unaware of their state's squatter laws. Legally, a trespasser may be removed by the property owner or law enforcement.
While you may have to eventually issue an eviction notice and additional legal documentation, the first recommended action is to call your county sheriff's office or local law enforcement and ask them to interview the home's occupants. Doing this yourself could be potentially dangerous.3
More Veterans Ready to Buy
A survey conducted earlier this year found that more military veterans and those still in active service are ready to enter the housing market. Survey respondents said that they were optimistic about their own personal financial outlook as well as the national economy.
The survey showed that veterans and service members are particularly optimistic, with 74% planning to buy a home within the next year, compared to 69% of civilians. This newfound optimism comes as financial confidence also improves.
In addition, fewer plan to postpone their purchase until after the November 5 elections.
If any of your prospective buyers want to check out the advantages of the VA's loan program, refer them to me for assistance.4
Ship Up to Boston for NAR NXT
Choose from a variety of hotels, many walking distance from the event, and all with NAR attendee rates.5
Sources: 1redfin.com, 2cnbc.com, 3theclose.com, 4mpamag.com, 5narnxt.realtor
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