Let’s look at Pre-Hurricane Milton Housing Demand. We are writing this article before Hurricane Milton hits, so we apologize in advance to all those who are affected. We’re praying everyone makes it safe on the other side.
Pre-Hurricane Milton Housing Demand
Before the hurricane hit, housing has been soft with 6,269 single family homes currently on the MLS. We have 1,450 total pending homes which includes both pending and pending contingent. Buyers have been soft citing higher rates, waiting for the election, high insurance costs, etc. This is all indication buyers are less motivated because they have no fear of missing out.
After the Storm
We expect less homes to be on the market next week as some will suffer damage from the storm. If storm surge projections hold true, more home will receive damage than what Helene brought a few weeks ago.
In past hurricanes, a few things happened. First, less homes were on the market because some were damaged. It took people months or years to get their home back to sellable condition. Secondly, many displaced hurricane victims bought another home because their home was damaged. This took inventory down even further.
Damaged Field
There is a field in MLS regarding whether the home is damaged from the storm. I suspect we may be using that field again, so when searching make sure you know how to search on that field. This is something we can setup for you at www.LeeCountyOnline.com. Just e-mail us and ask us as it’s not a standard field available to the public.
New Flood Disclosure
Effective October 1 homeowners must now disclose previous flooding events. The disclosure requires sellers to provide potential buyers with a form that details (if Applicable) any insurance claims the seller made for flood damage, as well as any federal assistance received for those claims.
Buyers want to know the cost of homeowners insurance, flood insurance, and the history of damages. This new disclosure will answer many questions buyers already have. I have a feeling many sellers will have to update this form if we see significant storm surge in the area.
Work With a Professional
Who you hire matters. This is true on the selling side, and the buying side. A good agent can make sure you’re asking the right questions and seeking a bigger picture. More information is better if it doesn’t become analysis paralysis. Your agent should be able to help you sort out all the data so you can make a good decision for your family.
Let our family help your family! Always Call the Ellis Team at Keller Williams Realty 239-489-4042 You can get your home’s value online at www.SWFLhomevalues.com as well.
Be sure to keep up with the SW Florida Real Estate Market at our Blog. Blog.topagent.com Not only will you get today’s market stats and news, but you can also go back in time and see the news and stats from previous years. It’s always fun to see what was happening back when you last bought or sold a property and look it up.
Buckle up, stay safe, and remember to call the Ellis Team with your real estate questions. We’re here to help!