With Harvey just ending and flood waters still in many parts of Houston, the question is how will it effect home sales and prices. The truth is, it's just too soon to tell at this point. One gauge is the 2016 Spring Floods (Tax Day Floods) that occurred in April of 2016. From what we have seen, there has not been a discernible effect. One example from a subdivision in NW Houston, Cypress area where roughly over 50% of the homes had water. The home prices have held and sales have not really slowed. There are a couple of reasons;
Reasons For Homes Sales to Remain on Track after Harvey
- The Spring floods were all over Houston and news stations did not select out particular subdivisions to focus on. Subdivisions did not get known for flooding as they did with tropical Storm Allison. Same with Harvey, all of Houston flooded, no subdivisions became focus points of the news media.
- With homes getting renovated, they got "lots of new stuff" remodeled. These remodeled features did not bring the homes higher prices as they normally would. So buyers enjoyed getting a very updated home at "Un-Updated" prices. In a way, home values dropped but did not effect homes sales. Harvey storm renovations will occur again.
- The Spring Floods were seen as "Rare", "Odd", "Once in a Lifetime" event. Homes that got water, were not expected to get it again. Then just a year or so later, came Harvey. How will this effect home prices? We will have to wait and see..
Houston will rebuild and homes will be renovated, the question will be how soon buyers will forget the effects and the imagery of Harvey Floods. I am an optimist, I feel with the good charitable work done by Harvey volunteers, we will see steady prices and increased sales. Houston showed to be a strong city in the wake of Harvey and national attention focused on how we came together during, and after the 2017 Harvey Floods. This will become a positive impact for relocation to Houston.