Home prices are up. For Black families, is selling Grandma's house the right choice?
There's a racial gap in homeowning, too. In 2019, the rate of white homeownership was nearly 74%, while the Black homeownership rate was 30 points lower. Experts say there are a few strategies to ensure the value of a family home doesn't disappear. Number one is not selling it to an investor who comes calling unsolicited, offering cash. Realtors say properties typically sell for more when they're sold on the open market. And for homeowners who want to ensure that there's a plan for the property, a will is crucial, and a trust is even better. Danaya Wright, a law professor at the University of Florida, studied what happened to properties when the owners did or did not have wills.
Wright, Danaya C., "Home prices are up. For Black families, is selling Grandma's house the right choice?" (2021). Media Appearances. 1.