I had the pleasure of being in Miami, and Miami Beach, the weekend of an historic Supreme Court ruling that finally affords LGBT the same legal rights as “traditional couples” when it comes to marriage. And Jack and George finally tied the knot! Does this mean we could see an uptick in home sales as more couples get hitched and buy a place together?
(Or have LGBT couples already been doing just that forever?)
Thirteen states in the U.S., including our’s, banned same-sex marriage, and Friday’s court ruling means these bans are unconstitutional. Of course, that doesn’t stop Ted Cruz from his opine. And Lord knows what Ken Paxton will opine.
By the way, those those states are:
- Arkansas
- Georgia
- Kentucky
- Louisiana
- Michigan
- Mississippi
- Missouri
- Nebraska
- North Dakota
- Ohio
- South Dakota
- Tennessee
- Texas
Of these, Texas, Tennessee (Nashville) and Georgia have the hottest markets.
Brad Inman thinks the new ruling could inspire more home sales — “My take: When discrimination of a class of people is lifted, that group goes mainstream and more of them become homeowners. Stretch? Other connections?”
Certainly when it no longer was a stigma for women to remain single, they started buying homes, because they could obtain mortgages.
Inman lists five things that could happen:
1. Greater financial stability for LGBT which could make them apply for and obtain mortgages. As LGBTs are more accepted in society, they could be more willing to put down roots and buy a home. But then, LGBT’s have traditionally been strong on home ownership. Who DOESN’T believe in the GAYBORHOOD test? If gays buy property in a blighted area, gentrification usually follows.
2. Can Realtors handle the onslaught? After all, inventory is at an all-time low…
3. Could this mean more LGBT couples buying and moving to the suburbs, where the schools are better for the kids?
4. Could this create a problem for, say, ultra conservative sellers when an LGBT couple brings an offer on a home?
5. Could this boost an uptick in the vacation home market as LGBT’s press for more home ownership? After all, without children, they may be the most mobile real estate consumers out there…
