|First and foremost, for all of you that were impacted by Irma directly, I sincerely hope you and your loved ones are safe in the aftermath of Hurricane Irma. As the initial clean-up of our beautiful community is well underway, it is encouraging to see the community as a whole come together and provide assistance to all of those in need. If there is anything I can do to help you and your family, please do not hesitate to ask.
So, the question I have been receiving the most over the last week is how will the storm impact our local real estate market. At the end of the day, Southwest Florida with its beautiful beaches, weather, culture and overall way of life here will always be an attraction. Overall, Florida in general, and its real estate market will most likely suffer only a short-lived impact from the hurricane.
For a brief period, it will affect home closings. Most homes being sold with a loan that has already had an appraisal will require another physical appraisal inspection to assess any damage before it closes. This is required on federally backed loans in counties designated as FEMA Disaster areas. Expect some backlogs for these inspections to take place which may result in additional delays for closings.
Some short-term market trends that may occur based on history:
Bottom line, we have experienced a very balanced market here in Southwest Florida for most of 2017 and we do not anticipate that to change. While we do anticipate some price fluctuations in the short-term, the expectation is that these fluctuations will diminish within a couple of months. Fortunately for most of Southwest Florida, the damage was limited to screens, pool cages, roof tiles, other parts of the roof structure, and downed trees. All of this attests to the solidity of the construction in the homes in the area. For the BUYERS, be realistic about pricing as only a small number of sellers will panic, most will wait for things to settle rather than selling at a significant discount. For SELLERS, don’t panic, stay the course, be firm with negotiations, buyers will get the message and any reduction in the number of interested buyers will be short-lived…people still want to live here!
As always, I am here to help and assist in any way possible. Please email me if you would like updates or information about specific areas here in the area.