How Will Hurricane Irma Affect SWFL Real Estate?
In the wake of Hurricane Irma, Florida residents are left to deal with significant storm damage. It’s inevitable that after a natural disaster, the real estate market will take a noticeable hit while buying and selling homes takes a backseat to hurricane cleanup. But don’t worry – the market is expected to recover quickly, so if your plans include a move to or from SWFL, you won’t have to wait long for the local real estate market to bounce back.
Hurricane Irma And Real Estate Values
Just like with any other commodity, home prices are driven by supply and demand. Naples and Fort Myers are such popular places to live that the market is not likely to be affected for long. Values will certainly drop in the short term as we deal with the storm damage, but this area is still very desirable, so home prices are expected to bounce back quickly.
It helps that Florida is well prepared to deal with hurricanes. After the enormous destruction of Hurricane Andrew in 1992, local building codes were updated to make sure our buildings would be able to withstand another major hurricane. That foresight means that the damage caused by Irma is nowhere near what it might have been, so repairs and recovery won’t take as long as they did after Andrew, and houses in the area will be market-ready before long.
It also helps that the Naples area real estate market has been very healthy all year. According to the Naples Area Board of REALTORS®, sales, inventory, and prices have all increased steadily as compared to statistics from 2016.This is solid evidence that our real estate market won’t be down for long.
What To Do If Your Home Was Damaged
Whether you were planning to sell your home or not, you’ll still need to repair any damage that Irma caused. The first thing to do, if you haven’t already, is to review your insurance policies. Find out exactly what is covered and the amount of your deductible so that you’re fully informed when you file your claim.
If your house was flooded but you don’t have flood insurance, FEMA can help with the repair costs. They might also be able to cover the costs of other repairs on your home that exceed what your insurance will cover.
In the meantime, take pictures of all the damage on your property, including items inside your house that were ruined by water damage. This way you’ll have documentation for the insurance company and they’ll be able to reimburse you correctly. You can never have too many photos! It’s also important to keep all of your receipts. If you have someone do a quick fix on a broken pipe or remove waterlogged drywall, for example, save a copy of all purchase orders and receipts for your insurance company.
And speaking of hiring contractors, be sure that the contractors you hire are properly licensed by checking with the Florida Department of Business & Professional Regulation.
The Link Team Knows SWFL Real Estate
If you have your eye on real estate in Naples or Fort Myers, contact the Link Team through our website or by calling (239) 357-5058. We’ll monitor the market and help you decide when the time is right to buy or sell. Hurricane Irma won’t keep us down for long!