The Impact of the Houston Floods:
The flooding in Houston will have serious impacts on the real estate sector for years to come. The floods have already shown their influence on real estate prices and for many, have rendered America’s fourth largest city a less desirable place to live. With the destruction of so many properties, the supply of available apartments and housing has dropped substantially. Will this be a positive or negative for real estate values?
Most professionals agree that the floods are more likely to drive up rents and home prices in Houston. Most of the renters and buyers who were displaced will have to compete for properties that are very limited. Houston has been a booming metropolitan area in the United States for many decades prior to the hurricane with one of the driving factors being affordable housing.
The median price of homes in Houston was approximately $230,000 in July. Rents and home prices are expected to shoot up dramatically after the floods especially due to the many homeowners who were displaced by the floods. In New Orleans, the situation was the same and after the floods, some neighborhoods were unable to recover from the effects of the floods.
There are approximately 240,000 homes around the area that experienced floods in Houston. Most sellers who were not affected by the floods have already began cashing in on their properties. A new bedroom ranch is believed to rise up by approximately $82,000. This statistic was established by a recent study that was conducted in Houston.
Houses which were not affected by the floods are now worth a lot more than they previously cost. Most of the homeowners who were affected by the floods didn’t have flood insurance. This puts them in a very difficult situation and the fact that most banks are not extending grace to borrowers makes the situation even more difficult. Many homeowners will deal with insurance issues and of those, many will need to hire a lawyer to represent them in recovering damages. The Hastings Law Firm in Houston is a top law office helping individuals receive the compensation they deserve. You can contact them at Hastings Law Firm 5100 Westheimer Road Suite 200, Houston, TX 77056 713-543-8063
However, it is worth noting down that most of the investors in the real estate sector are sensing an opportunity to buy most of the flooded homes. These homes are cheaper and that’s why many real estate agents are receiving many calls from various investors.
The Tough Rental Market
The rental apartments are also affected by the floods and most rentals are currently not affordable. Before the floods, there were very many luxury units that were available for approximately $1500. The loss of many rental apartments will definitely push up the prices.
Most of the residents in this city will also compete with construction and insurance workers to get affordable apartments. The workers are set to reside in Houston to help in the rebuilding process of the city.
Effect of Floods On Supplies
Most homeowners can expect to pay much more for supplies as they try to repair some of their homes affected by the floods. The building materials will be very expensive as homeowners will compete with builders to get them.
However, for homeowners who are not looking to rebuild their homes, the Federal Housing Administration has offered loans to help them ease their burden. Homeowners now have something to smile about and the loans will definitely play a major role in the rebuilding process.
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