After Hurricane Harvey, Houstonians continue to stay strong as we slowly but surely recover from the devastation of those floods. Even while no one knew what was going to happen to the real estate market, Houston recovers quickly and remains strong, just as it did during the market crash of 2008.
8 months later, the real estate investment market is booming, and most of the homes that were affected by floods currently undergo or have already undergone a remodel and are now being put back on the market. This is real estate investors doing their job — keeping properties that go through devastation or neglect from remaining in such a state. Taking responsibility of those homes and restoring them to a point where a family can settle down and grow their families is something they’ve been doing for years. Without them, homes would sit dilapidated and would remain so as neighborhoods deteriorate and sections of the city would just stay ugly and uninhabited.
Over 60,000 people were displaced by Hurricane Harvey, damaging 203,000 homes, of which 12,700 were utterly destroyed. It caused $125 billion dollars in total damage, resulting in new policies and requirements for home elevation, ditches, and drainage maintenance to prevent future issues.
Here’s to the real estate investors in Houston taking on the homes that were devastated in the floods and bringing them back to the market so quickly. In most cases, they’ve bailed out the homeowners who had no insurance coverage and couldn’t otherwise make the repairs needed, so they were able to get out of the mortgage responsibility and move on with their lives. For homeowners that still need to sell their home fast, it’s better to make sure that you move on that quickly before conditions in the market change or the situation with the house worsens. The last thing you want is a building to get worse and have more damage from absorbed water or leaks that can bring the home to a worst case scenario where it’s a tear-down.