South Texas REALTORS Facing EPIC Challenges
As a REALTOR who went through the ravages of Hurricane Ike many years ago, these types of disasters affect the real estate industry in a unique way. Obviously, the loss of life along with the loss of hundreds of thousands of homes is devastating. What happens however, after the flood waters recede and the clean up begins?
Realtors are faced with not only losing their own home but perhaps their entire inventory of listings. For many agents, they will not only lose their personal belongings, many will also lose their real estate business entirely. After Ike, many agents in the Houston area were unable to stay in the field.
The South Texas areas that have been affected are many! Along our Gulf coast and all the way up to Conroe, there are so many needs. This a huge area!
Here are the main issues facing south Texas agents right now:
- Loss of inventory.
- Current and future real estate business will no doubt be disrupted for many, many months.
- Once homes are repaired, pricing is now all over the place. Homes that may have commanded a cetain price pre-Harvey will now be facing an entirely new pricing structure.
- Neighborhoods that experienced flooding will also go through a re-assessment valuation. Knowing which homes flooded and the ones that did not will be critical information to know.
- Not enough housing right now for displaced people.
- Rental rates increasing due to demand.
As fellow real estate professionals, our Texas Association of Realtors has created a resource page just for our fellow agents. Many of our fellow agents need our help. Check out the link for excellent ways to help out.
Thank you for all of you who have reached out to help! The love and support from all over has been so heart-warming to witness. When we stand together we can take on anything!