How Hurricane Harvey will Affect the Texas Housing Market; Buy Now Before Property Prices Increase
Hurricane Harvey left many homes devastated throughout the Texas real estate market. According to experts the short term effects will slow home sales to a crawl and affect pricing; in the short term. While this may seem like dire circumstances, the extensive rebuild that is set to take place will create a unique opportunity that real estate experts predict will create a huge bounce back effect for the future real estate market. In fact the Federal Reserve Bank of Dallas has reported that typical hurricanes raise real home prices for years. And one thing that holds true in the great state of Texas is that Texans will regroup, survive and come back stronger than before!
Hurricane Disaster Recovery; Rebuilding After Harvey
According to state officials as many as 55,000 apartments sustained flood damage leaving vacancy rates virtually nonexistent in the immediate future; and it could stay that way while repairs, remodels and in some cases complete rebuilds are completed. But now that the recovery has already begun, areas along the Gulf coast and cities hit by Hurricane Harvey will soon see an economic boom. Out of state investors have already begun to swoop in to acquire damaged homes to repair and sell or rent.
Buy Now Before Property Prices in Housing Market Begin to Increase
Economists are reevaluating their forecasts for the next year based on the level of destruction caused by hurricane Harvey and the expected period of recovery. It has been estimated that 185,000 single family homes were damaged or destroyed due to high winds, rain and extensive flooding. According to financial experts house prices may soon increase due to the housing shortage. In fact early models indicate that now may be the time to buy before property prices begin to increase. Investors keen to take advantage of the rebuild and the unique opportunities for financial growth are also following real estate auctions closely and according to the knowledgeable experts at Central Texas Auction and Realty, real estate auctions are often untapped resources for finding better deals on properties than other purchasing avenues.
Housing Market & Real Estate Sector is Important to the Economy
State officials anticipate that the Gross Domestic Product (GDP) will be greater than it would have been before the storm damage with early estimates suggesting that over $100 billion will be pumped into the economy to assist with the rebuild efforts. Experts predict that many of the areas affected by flooding and storm damage will see economic growth in employment and many other areas. The affordability of real estate as well as changes in rental prices have a direct impact on the wealth of property owners and tenants and their consumer spending. Almost 100,000 residents in areas of Texas were displaced and while some of these residents will leave, most will return.
Buying & Selling Real Estate at Auction in Belton, Waco, Killeen, Temple & Central Texas
For more information regarding real estate auctions in the great State of Texas, contact the knowledgeable experts at Central Texas Auction and Realty today!
