We had a client email us asking about changes in the market due to Hurricane Sandy & his accountant's opinion on the changes in the market value........ here is my reply:
I have seen no examples of major price changes in the market as of yet, except a few storm damaged properties are now on the market in "as is" condition. These properties have been placed on the market for the seller's perceived
After Hurricanes Fran (1996) & Floyd (1999) North Carolina saw only an average 7.5% drop (and only temporarily) in prices. Your accountant's estimate of almost 20% seems excessive considering those areas affected by Sandy are more affluent and more people here have flood insurance than in North Carolina. Sales have not closed to prove mine nor your accountant's position but the current market condition and the economy closely matches the late 90's.
It is my opinion and that of several professionals in the area, that prices will remain close to the same, with a minimal drop but the numbers of sale will slow significantly (like 2007) and in the long run prices will quickly increase in about 18 months. This opinion also reflects the history of what happens after most storms of this nature, after the rebuilding commences. The houses in the affected areas will be better with newer, flooring, appliances, etc and homes damaged beyond 50% of their value will be rebuilt to current code.
Now is very much the time to jump on the market here as history shows prices have in the past jumped considerably about 2 years after an incident like Sandy. Call The Murphy-Lee Team today @ 800-594-3315 with your questions or better yet to schedule to see some of the deals here at the Jersey Shore.
value of the land and it appears they may be over priced for the conditions and terms.
It is my opinion and that of several professionals in the area, that prices will remain close to the same, with a minimal drop but the numbers of sale will slow significantly (like 2007) and in the long run prices will quickly increase in about 18 months. This opinion also reflects the history of what happens after most storms of this nature, after the rebuilding commences. The houses in the affected areas will be better with newer, flooring, appliances, etc and homes damaged beyond 50% of their value will be rebuilt to current code.
Now is very much the time to jump on the market here as history shows prices have in the past jumped considerably about 2 years after an incident like Sandy. Call The Murphy-Lee Team today @ 800-594-3315 with your questions or better yet to schedule to see some of the deals here at the Jersey Shore.
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