After being asked many times about Realtor general opinion on the realty market as a result of the effects of Hurricane Harvey, I have listened, read, opined, and learned from other Realtors and articles on potential impacts and I've summarized below opinions, stats, and predictions that may help provide some insight. One thing is certain, there will be short and long term effects. What those will be is difficult to say with absolute certainty but the experience and stats from similar events may help us predict the next few months.
Those affected will likely need approx 2-3 months to work out insurance and figure out what to do next (rebuild, repair, or move) so 4Q2017 will likely be a bad one for the market.
We mustn't forget this wasn't a flood that hit a few homes in a neighborhood or limited to flood zones like previous storms, the effects of this hurricane wiped out entire neighborhoods across the city and damage was increased by the controlled release of water from the reservoir on Houston's west side. Many of those neighborhoods had never experienced rising water before, and even though it may be difficult to rationalize we must remember those homes were sacrificed to reduce the imminent risk of greater catastrophic destruction across the city, and potential loss of life.
Please contact me if you'd like to buy or sell a Houston area home, or if you'd like more information on your own market area.
If you enjoyed this post, please consider sharing it with others.