What do you think Harveys impact will be on Houstons Real Estate Market?

I believe people will begin to take a closer look at a homes flood record. More people will shy away from homes that have flooded at all. They will move to areas that Harvey didn't flood. Others may buy if the home only flooded during Harvey. This will affect the number of rental properties on the market also. Many homeowners of flooded homes will decide to rent out their home and buy on higher land. Over time though, provided we don't get repeats of Harvey, this will slowly fade off of the minds of the general public. A ton of investors are buying these flooded homes. They will rent them out for 5-20 years and sell them at a much higher price when the time is right.

Harvey will have a long lasting impact on Houston's real Estate Market.
People can still only guess what the repercussions of this disaster on the real estate market.

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Dominik Szabo
Brockway Realty
(832) 844 1724
DominikRealtor.com
The Doctor of Real Estate in Houston Texas
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About 130,000 homes was flooded in Houston and surrounding areas. Only about 20% of tbe home owners had flood insurance. So Harvey will force some to rebuild out of pocket slowly. Others will just want to walk away. But all of them families still need a place to call home. And we faced a home shortage before Havey. So with the right team and flood insurance investors can really help families get back to a sense of normallitu.

HI Cynthia,
It's a little early to say but, to say it that it won't have a major impact on the market may be pushing it. I think that is buyers and investors alike look at this as an opportunity more so than a down side hen they could find some grateful deals. If theyou have the money to invest and repair he issues and replace items then they would essentially be selling or buying a fully new house or a partially new home.

As with anything supply & demand determines the price. After Harvey the demand is very high and available real estate very low. Initial the prices will go up a little. Lenders apprisers will keep prices in check. Greed will have less than the greedy would think they could get away with. We do have price gouging laws. In a few months the flooded properties will be back available fixed updated nice and pretty . Retail buyers buy their homes as much on emotions as anything. In the beginning they will shy away from any house that flooded and especially those that flooded previously more than once. Flooded houses will take some price hit. Houses flooding more than once are more likely to have flood insurance and will be update to the top allowing the emotional buyer to make offers. Those not having flood insurance or choosing not to update to the tee for lack of spending the necessary monies will see less in price and longer days on the market. In 2 years Houston real estate will return to mostly normal. Harvey being a history maker there will be forevermore buyers with the sense to avoid homes in the flood pronged areas. Making it some hard to sell those houses and the prices will be effected, however people have short memories and the EMOTIONS will effect their decisions. Many investors will buy fix up and rent then in a few years sell at a nice profit.

I agree with Doris. From being in Texas through many storms and hurricanes I have seen the devastation on the economy. Many are still trying to bounce back from the layoffs due to the oil situation from last year. Jobs, financial situations and credit has been affected. As a result obtaining loans will present a problem. Rebuilding the job stability from the massive job cuts and layoffs will take time. The flooding of 2001 homes were dirt cheap because people could not afford repairs because a lot for them did not have no insurance especially not flood because places flooded that were not in flood planes. 2007 to 2009 the mortgage crisis hit and another problem for families. Some industries could not obtain loans because of their occupations. many investors came in and were able to get properties, the foreclosure cleanup business was developed and moved rapidly. As a tax professional i saw an increase in clients that were still laid off and no income still losing homes and having a hard time even obtaining leases over the past few years. This hurricane is the worst ever and the entire state was affected in a way that is going to take a few years to rebuild from. According to news reports we have families that are still trying to rebuild that had not moved back in their homes from last year tax season flooding. Waiting it out at least until the beginning of 2018 i think for investors would be a great idea unless these investors are willing to purchase and place them in the rental market due to what will be a shortage of homes to lease. Insurance companies will be paying for families to stay in properties equivalent to what they have while repairs are being done so this will increase the need for more rentals. Fear about purchasing and moving in any area right now is a major fear. Purchase some homes, rehab and rental market is the way to go right now.

It will have a huge impact. Big losses for some, but opportunities for others. Many homes flooded are in very popular areas that have never flooded and will likely never flood again. This was an "800" or "1,000" year storm and likely not to be seen again in our lifetime, but the flooding will likely cause values in these popular areas to drop...for awhile. And if your home or area did not flood despite 50 inches or rain, your values should go up. The high vacancy rate in apartments will vanish as many look for temporary housing while their homes are repaired. This might push private rental prices higher. Those construction workers that went north after Hurricane Sandy may come back to Houston and southeast Texas and in turn, help the local builders who were facing shortages of labor. Buyers will be nervous, Sellers will be nervous....Realtors will have to be the steady hand that guides one and all...as always.

Mark McNitt
www.MarkKnowsHouston.com
Bernstein Realty
832-567-4357

People will avoid areas that are near bayous, rivers, reservoirs, major lakes. Prices will rise in dry areas, investors will purchase distressed homes. Many that can only afford housing in flood prone areas will rebuild. Builders will reduce their inventory that has been languishing. Sales will be slower throughout the beginning 2018, as many will be without paychecks, until businesses recover. The shock of such an unprecedented event, will hurt retail sales as people will not be in a shopping mood. Sales of supplies needed in cleaning up and rebuilding will help those selling these types of goods. Prices on lumber, drywall, flooding will rise. We will see more credit card debt, as people buy beds, furniture, etc. Apartments wii have low vacancy rates as victims need housing. Closings will be delayed waiting on re-inspections.

I know the 2016 floods weren't quite as bad as hurricane Harvey, but they were still terrible. Business resumed as normal. I personally think people are going to need homes, I think it should pick up very quite a bit into the next few months!

Hi Cynthia,

I think the opposite will be true. There is already a housing shortage in Houston and now with so many displaced, this will only compound the shortage. Investors who rehab for rental will do very well.

Michael Jobin
C&K Properties
713.545.2314