In today's market, haunted houses aren't so bad
Today's housing market is so tight that 67% of prospective buyers would settle for a haunted house, so long as it were affordable or had other appeal, a Zillow survey found.
What's happening: In Zillow's survey of prospective buyers, 35% said they could be convinced to buy a haunted house if it were priced lower than the rest of the market.
- 32% would buy if the location was right.
- 40% would buy for key features such as a big backyard, pool or a two-car garage.
Why it matters: Zillow's latest monthly market report shows that home values have been slipping slightly nationwide, but in Miami, they rose 0.5% from August to September.
- They increased 5.7% from September 2022 to September 2023.
- Zillow reports that the typical home in Miami was $473,552 as of September.
Driving the news: A separate Zillow analysis found that buyers need a six-figure income to comfortably afford a typical home, with a 10% down payment.
Zoom out: Rumors of a home being haunted can affect its resale value, the Wall Street Journal reports.
- Miami Shores-based agent Wes Pearce told the Journal that claims of hauntings are impossible to prove, "and such subjective claims could unfairly tarnish perfectly good properties."
- Three states have laws specifying that such claims do not need to be disclosed to potential buyers. In New York, for example, if a seller has publicized that a home is haunted, it must be disclosed.
Yes, but: In all states, sellers and agents must represent the home's history truthfully if asked.
What they're saying: "The combination of high prices, limited inventory and rising interest rates is creating a witches' brew of trouble for would-be homeowners," Manny Garcia, a senior population scientist at Zillow, said in a statement.
- "Despite these chilling conditions, life events like job changes, coupling up and having children still drive households to buy," he said.
More Miami stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Miami.