It is now almost one year since Hurricane Harvey poured 51 inches of rain to Houston, paralyzing the city for about one week. The Houston real estate market suffered for that week as the clients put the closings on pause. Some of the deals were never to happen again. A lot of realtors lost revenues and clients, especially those that had properties on the flooded areas. For the whole week, Hurricane Harvey brought Houston’s real estate market to a near halt.
Impact of Hurricane Harvey on Real Estate
For the one week that the rain poured in Houston, the real estate sales dropped by about 96 percent for almost ten days. But after the hurricane, the prices for properties returned to a near normal. Most of the buyers who proceeded to buy property in the areas hit by the hurricane already knew of the risks, and hence they decided to remain true to their contracts.
The State of Real Estate Market One Year After the Storm
The property sales have stabilized, and the real estate market is booming with possibilities. Most of the investors are considering putting up high-rises since they are in demand. Homeowners, on the other hand, are renovating their homes to stay prepared in case nature decides to surprise them again.
Many of the potential buyers are still concerned about flooding. The neighborhoods that experienced the most flooding have recorded decreased property sales in the last one year. Areas that experienced less flooding are still having a boom.
A majority of the people buying property in Houston are drawn to areas that are easily accessible. If you are purchasing property for resale, then these are the prime areas to go for. On the other hand, investors have nearly doubled the existing inventory for condos. Currently, there is an oversupply, but with time the market will stabilize.
Purchasing A Home in Houston One Year After Hurricane Harvey
After the hurricane hit the city last year, most of the houses were either condemned or declared unfit to stay in. But since then, most of the homeowners have renovated their houses, and they are back to the market. If you are considering purchasing property in Houston, then I would recommend the use of a knowledgeable realtor or insurance agent.
Besides seeking the help of an experienced realtor, it is also wise to purchase a flood insurance policy to cover your home in case the storm hits again. Before settling for a particular house, it is essential to ensure that the house has a water-resistant flooring, adequate gutters and proper drainage on all the sides of the home.
The state of Houston rentals one year after the storm
When the storm hit last year, it turned most of the homeowners into renters. All the affected people sought temporary housing in the few rental properties. As a result, the cost of renting property in Houston shot up while homeowners rebuilt their houses. Contractors were also in short supply as most of them engaged in rebuilding houses for homeowners.