Realty experts say everybody is bracing for the worst with unknown and unforeseen ripple effects in housing following Hurricane Harvey. Both flooded and unflooded homes will be affected in the housing market post Harvey. The inventory is low and demand is high.
DoorHomes dot com's Alex Doubet (do-BAY) says there's tens of billions of dollars of uninsured losses following Harvey.
“The homes that were not affected by Hurricane Harvey are now going to be selling at a premium are now going to be selling at a premium compared to what they were selling for before Harvey,” said Doubet. “There’s already a shortage of construction labor in Texas, so we can expect that construction prices are going to go up, which means new homes are going to be more expensive in the coming months, as well.”
Doubet said homes for sales increased their prices as much as 20 percent.
Real Estate and Foreclosure Attorney Rachel Khirallah said there's a lot of prey out there and buyers need to beware. Many folks didn’t have flood insurance
She said to do your due diligence, don't be taken and get an attorney if necessary.
“There are a lot of investors and flippers that are already keeping an eye out for buying properties that are either abandoned or being sold at pennies on the dollar,” said Khirallah.
She added we're chartering unknown territories right now. The sprawl to outer areas will be increasing.
“TFor months to come, even up to a year, we'll be slowly finding out how much Harvey will play a role in the housing market in the Houston area. Doubet said it will be interesting to find out if Houstonians are now going to be moving to Dallas and Austin.