Hurricane Irma’s Impact on Local Real Estate Market

Real Estate Hurricane Impact

 

 

 

 

 

Prior to the arrival of Hurricane Irma, the North Central Florida real estate market was on a consistent rise. After Hurricane Irma?… surprisingly our North Florida market is still on the rise. While no one wishes to benefit from another’s misfortune, there might not be a better opportunity to be a buyer/seller in North Central Florida. This boom has brought about an influx of South and Central Floridians who previously were not looking to relocate, now preparing to head north. So, while fellow Florida markets are taking a hit ours is remaining as sturdy and strong as the oak trees that surround us.

Shaking up more than our shores…

Not quite all is well again in our local housing market despite its resilience. These are two factors you should keep in mind if you are planning to buy or sell.

  1. Any pending transactions that were not closed before the arrival of Irma now have to be re-assessed by an appraiser. This is to insure that the appraised property did not receive any storm damage that would have impacted the value. This has overloaded the appraisers and caused a delay in the appraisal process.
  1. A Presidential Edict has stated that any foreclosure properties located in a disaster area can now not be auctioned off and sold until December 12, 2017. This is to allow FEMA to assess these properties for damages as well. Most judges are signing motions to cancel these sales based on these reasons.

Real Estate Flood Impact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A good lesson that can be learned from Irma is that it is always important to ask your agent to check elevation and flood zones on any properties that you are interested in buying. This information also lets you know if you will be required to purchase flood insurance in addition to your homeowner’s policy. Even though storms like Irma don’t happen often, it is important to know if your property is at risk of flooding when they do.