FORT WAYNE, Ind. (WANE) — A federal freeze on evictions is set to expire at the end of this month. The freeze has kept thousands of tenants in their homes during the pandemic. But what happens when the moratorium is over?
The Centers for Disease Control and Prevention set a moratorium last year preventing landlords from evicting tenants during the pandemic. The measure expires August 1st and a spike in evictions is expected to follow.
Jeff Vaughan is a realtor who’s worked in the Fort Wayne housing market for 35 years. He has some advice for landlords and tenants.
“In an eviction, everyone loses,” Fort Wayne realtor Jeff Vaughan said. “There are no winners. So it’s not as if landlords are going to rush out and throw people out of their house. That is a loss for the landlord and to replace it there a pool of replacement will be evicted people. So deal with the people that you got.”
An increase in evictions could lead to an increase in available homes.
According to Vaughan, there are only 330 houses for sale in Allen County. Back in 2010, he says that would have been closer to 3,200 homes.
When looking to buy a house, Northwestern Mutal Wealth Advisor Rob Hayworth says one of the first things you should do is compare loan rates to make sure you’re getting the lowest rate possible. Online calculators won’t always give you the correct rate.
Also, prepare for additional costs that will pop up during the buying process as well as once the property is in your name.
“There’s a lot of additional costs that go into purchasing a home, then renting a home,” Northwest Mutal Private Wealth Advisor Rob Hayworth said. You know, there’s upfront costs, like, you know, origination fees. And there are ongoing costs, like landscaping and maintenance. And so you really want to make sure that you don’t overextend yourself when you’re getting that new home.”
Hayworth also warns to plan for ongoing costs like landscaping and maintenance. He advises not to overextend yourself when it comes to getting a new home.