Moratorium Eviction Uncertainty
The Centers for Disease Control and Prevention (CDC) just extended the eviction moratorium until October 2021. This leaves landlords and property owners/managers unable to collect rent from tenants in a difficult situation. Some states are filing lawsuits saying it is unconstitutional.
Once these moratoriums are lifted, we expect to see an influx of wrongful eviction claims. Whether or not the eviction was a wrongful one, if it is alleged and without the proper coverage, these landlords and property owners/managers would need to cover the cost to defend these allegations.
Our Property Managers product provides wrongful eviction coverage and would respond for the landlord and property owner/manager.
Download our marketing piece to learn more.
Housing Inventory in State of Flux
According to the National Association of Realtors, pending home sales fell 1.9% in June from May and also one year ago. May 2021 had an increase of 13.1% from May 2020. The slight slowdown in real estate sales is related to the huge spike in home prices.
Additionally, the collapse of the Champlain Towers in Miami has also affected condo sales, causing a decline. There have been other condo buildings in Miami that have also been deemed unsafe, as well as one in Kissimmee, Florida. The tragic Surfside Condo Collapse has given rise to questions about the safety of other condo buildings and will definitely impact the buying/selling in that area.
However, mortgage rates and a shortage of homes are still projected to keep the real estate market very busy. Also, COVID-19 has presented a lot of workers with the opportunity to work from home, and the delta variant is likely to keep the housing market hot.
Download our marketing piece to learn more.
