Will the Same Sex Marriage Ruling Affect the Housing Economy?
You have probably been bombarded over the last few days on social media and with news stories about the Supreme Court's Gay Marriage decision and lawmaker's proposal to remove from the House all items bearing the Confederate battle flag so you are probably not interested in hearing from me about any of it but I feel it's important to talk particularly about how Supreme Court Declaring Same-Sex Marriage Legal In All 50 States affects housing.
Putting your political and religious beliefs aside, let's talk about how this Supreme Court's Gay Marriage decision will affect housing.
The bottom line is that this ruling is GOOD FOR HOUSING.
For home sellers, the decision opens up the market to a wider array of potential buyers!
2015 LGBT Home Buyer and Seller Survey, 73% of LGBTs are strongly concerned about some aspect of housing discrimination, either in purchasing a home or renting. The concerns include discrimination by real estate agents, home sellers, landlords and neighbors.
That's BAD (and illegal!). These concerns could keep LGBT buyers away but it doesn't have to be that way. Real Estate professionals, whether they are part of the LGBT community or not, should educate themselves and their clients on Fair Housing, advertise to all communities equally and be respectful in their correspondence.
For neighborhoods, values may increase when LGBT homeowners move in! Why? 53% of LGBT homeowners completed some type of home renovation in the past five years, with 34% indicating a more significant full or partial remodel.
So what will they be looking for? The same as a lot of other buyers; According to the survey, LGBTs interested in purchasing a home value a safe neighborhood most (88%), as well as access to parks (49%). Outdoor living space and an open concept living area are the strongest priorities. For gay men, a chef kitchen is also a higher priority.