The devastation of Hurricane Ian is still continuing to make a large impact on Florida. It may be out of the current headlines but the clean-up is still continuing and will for an unforeseen amount of time. There is a lot of reconstruction and rehabilitation to be completed.
You may think this would have a negative impact on the real estate market, however, homebuyers and investors are making quick moves to purchase for a deal in the region. The market demand is high from those who are current locals and those looking to move from out of town. Many are still interested in relocating to the sunshine state. This may be shocking information because of the costs to repair or remain insured due to flood or weather damage are high and you would think there would be a surge to move out of Florida, but that is far from the case.
Post-Hurricane Ian cash investors are lined up to snag a great deal on a Florida home. They are looking for distressed waterfront homes or commercial properties to purchase and sometimes this is before they even repair their own primary residence.
While some are seeking a property purchase with this mindset, others are on the opposite end of the spectrum. There are investors who are concerned with owning a home or investment property in the hurricane area because of the imminent fact that hurricanes do happen and Florida is where it happens. The storm damage is said to be between 40-70 billion dollars and when you look at these vast amounts, you can definitely be deterred from purchasing property there.
With all of the uncertainty of the aftermath of Hurricane Ian, it is suspected that the housing prices and housing market in Florida will be very up and down and somewhat unpredictable. This can vary by area and how the area was affected. Despite this and the difference in mindset from investors, Florida is still a desired hot spot for many that are looking to move out of their home state. There will be a lack in supply with the current devastation which will drive the prices up.
This is tricky to decipher and there are a lot of opinions, however, Florida is a wonderful state full of so many opportunities for families, fun, jobs, and the desired life full of sunshine. Although there is devastation due to Hurricane Ian, the coastal areas and affected places will rebuild and come back from this natural disaster.
For more information on the current Florida real estate market or to purchase or sell a home, contact us!
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