by Robin Roshkind, Esquire, West Palm Beach, Florida
For most married couples, the marital residence is their biggest purchase, the most expensive liability and their biggest asset. That was very true prior to the housing crash of 2007. Since that time and until very recently, many couples saw their real estate investment dwindle away. But if they managed to stay put, these couples realize now that the value of their home is coming back; with more homes no longer under water, that means the house is more of an asset than a liability. That is why the divorce rate is now going back up. Divorcing couples have an asset to sell and split the net proceeds, where before, the home was just a debt. So there were sexless marriages, domestic violence, lots of fighting and divorce was on hold.
In late May, 2013, two new housing reports came out. One was from the National Association of Home Builders/Wells Fargo Housing Market Index. The index is a survey or homebuilders and current sales, prospective buyer traffic and future sales expectations. Looking at supply and demand, the survey report indicated that future sales of homes recently hit a five year high. Existing home sales jumped more than 9% in 2012. The conclusion was a signal to investors that the housing market will continue to go up causing more demand.
Regarding supply, a new Commerce Department report, also issued in late May, 2013, revealed that housing starts of new construction of homes dipped, but that permits for future construction increased. What this means is that demand will outstrip supply in the near future, signaling it is now time for those wanting to sell, divorce and get out. With a currently low inventory of homes on the market, it is a good time to list the house and get on with your life.
Talk to any realtor who works your neighborhood. The consensus of opinion is that there is no inventory for buyers to choose from. So if you have been putting off that divorce because of the sale of your home, it is now time to take action. For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSKIND, P.A. at 561 835 9091 or click on the Firm’s web site at www.familylawwpb.com for more information.