Many people are faced with this question. Following the devastation caused by Hurricane Irma, many homes were ruined by flood waters or winds. The question for some people is not about what homeowner’s insurance will cover but will it be possible to sell now that Irma has passed?
Plenty of people were in the middle of escrow when the storm hit. Inevitably, it took a toll on many deals. Buyers decided to back out at the last minute, fearful of setting foot in such dangerous, hurricane-prone territory. They did not mind losing their deposits so long as they could move to someplace safer like a state located inland.
Still, other homeowners were about to complete the sale of their homes only for escrow to be held up due to the damage was done by Hurricane Irma. The cash that these people were counting on perhaps to buy another property became held up in hurricane limbo.
Lenders made many inspections go through following the storm. Any home that had damage had to undergo a re-inspection to make sure it was habitable and suitable for being mortgaged.
The biggest problem for any house that did not have damage is those of delays. The real estate market is taking a slowdown in areas most affected by storm damage. But, insurers will also be quick to raise rates on both single-family homes and condominiums. “Higher insurance rates might make these properties less desirable to purchase,” said the owner of http://www.wolfwantshouses.com. A real estate investment company who buys houses in Florida.
Many real estate professionals are hopeful about there being few problems down the road for the market. As the damages get repaired, the market will rebound. People still want to live in areas like Florida especially in places like Palm Beach. The lull in sales will not last forever.
In fact, similar things occurred to the market after past hurricanes. Once the storm passed, a few months went by and properties began going back up on the market in perfect condition. One thing people might notice with buyers in the near future is that they may be more discerning about the types of properties they purchase in hurricane-prone areas.
They will look for properties that have been built to the latest and strictest codes. They will look for properties that have the latest storm shutters installed and things like that. Places like Florida were getting extremely expensive to own property in but with the storm passing the prices took a dip. There are always going to be buyers that want a deal but will look more carefully for those deals mostly by paying attention to a home’s hurricane-proof features.
There are also buyers that will forego buying a home in Florida but will not pass up a deal on a condominium. These properties are much easier to get ready for a hurricane. For people who spend half their time in Florida and half of their time in another state, they may not be dissuaded from buying a condominium at all.
The real estate market will rebound just as it always has following a severe hurricane. A seller should not immediately assume that all hope is lost with regard to getting a property sold. There may be more delays or more insurance involved in closing the deal. But, these factors should not kill a deal altogether.
With patience and persistence sellers will be able to sell their properties after Hurricane Irma. The best thing is to get as much information about the home’s condition with the help of a local realtor or mortgage broker and do whatever is necessary to get the property ready for the best offer possible.