Expert: Owners to Rebuild After Storms
Florida Realtors chief economist said storms never seem to leave a statewide impact on the housing market. Rather, they cause a temporary lull in sales.
Information to Help in the Aftermath of Hurricanes Helene & Milton
FORT LAUDERDALE, Fla. – Despite an uptick in some current homeowners selling their property following Hurricanes Helene and Milton, real estate professionals say the Florida housing markets are set for a rebound as communities rebuild and new single-family homes and condominium developments emerge.
Dr. Brad O'Connor, chief economist for Florida Realtors®, said it's too early for data to show the degree to which the Gulf Coast area housing stock was damaged by Milton beyond repair, or whether buyers are moving into other regions of the state.
He added that in the past, "[t]he general trend we found is that there never seems to be a statewide impact in the market." He added that there is a "temporary lull in sales" or "bump in the road" in zones hit by storms.
O'Connor said, "Usually we see within a couple of months the same number of sales as before." Even with a slight increase in distressed properties following the hurricanes, most experts do not foresee huge home price declines in the state.
Average daily sales in Miami-Fort Lauderdale-Pompano Beach dropped 12% during the storm and 25% immediately after, but spending on accommodations increased 39%, according to Fiserv, a Milwaukee-based financial technology and payments firm. In luxury areas, many homeowners are relying on personal resources to rebuild or repair their damaged homes. O'Connor added that homeowners "all learned their lesson during the past episode there. You definitely saw a rise in delinquencies during Irma. But the foreclosure rate did not go up."
Others note that some coastal homeowners may seek out more affordable, inland homes.
Source: South Florida Sun Sentinel (10/21/24) Lyons, David
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