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Posted by
Orian Caldwell

Due to the large number of flooded homes in 2017, due to Harvey, what are anticipated appraisal values of homes flooded

And remodeled , once, twice or three times in the last three years compared to homes that were not flooded?

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REALTORS®
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Due to the large number of flooded homes in 2017, due to Harvey, what are anticipated appraisal values of homes flooded

By Orian Caldwell   
Posted on Jan 01, 2018 in Topic: Realtor Only
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And remodeled , once, twice or three times in the last three years compared to homes that were not flooded?
Status: Open
Viewed: 545
Asked by: REALTORS®
Posted: 4 months ago
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Silver
Eboni Taylor
about 4 months ago
Hello,
Every home's appraisal value can vary per home , per subdivision, and per affected areas. Some houses that have flooded, but have been repaired to like new or better could, maintain or increase its pre-Harvey value, while others may decrease dramatically. If the home is not completed and is being sold as is with repairs needed, this could negatively affect the price because the buyer would have to budget for repairs, plus market value. If the neighborhood has been declared a flood zone prior to Harvey and a home has been or not been repaired the market value would run accordingly with appraisers being well aware of the flood zones before hand. If you or anyone you know are not familiar with Harris County and surrounding county flood plains sellers and especially buyers should look into consulting a Realtor. We educate ourselves on the market, neighborhoods, their faults, their features, and facts. It normally cost buyers $0 to hire a Realtor, I personally don't have any fees for a buyer to hire me. As a seller Realtors will know who to market your home to in order to get it sold for the maximum dollar per the market and in the shortest time to alleviate current cost like mortgage, taxes, utilities, HOA dues, ect.

Hope this helps,
Eboni Taylor
Keller Williams Realty
832-453-7440
Emtaylor@kw.com



about 4 months ago
Bronze
Chaoyang Fu
about 4 months ago
First, the flood caused damage to the improvement. As a result, the improvement value will be adjusted significantly lower. Second, people become reluctant to buy house in flooded area, which will have an negative impact on the lot value.


about 4 months ago
Platinum
Christopher Dayanand
about 4 months ago
My investor friend was saying that one time flood brought the property value down by 20% and more than once by 40%. Again this is how they buy houses and I don't know what impact it will really have or value will be once someone really tries to sell it after rehabbing the house. It will be interesting to see what city government will be appraising the flooded houses at.

Chris
832-859-8698
ChrisRealEstatePro.com


about 4 months ago
Silver
Pamela Bratcher
about 2 months ago
Hi Orian, You've received several great answers. I'll add one suggestion. You may already have had this idea, but you could call an appraiser and ask them. Although they couldn't give you an answer on a specific home, they could possibly give you a general idea of how flooding has affected appraisal values. I hope this helps.


about 2 months ago
Silver
Carel Bosman
about 2 months ago
Some great information. Time will tell and there is no rushing. Many people are testing the market but it is as always, supply and demand. It matters more what people are willing to pay to make the deal, and then there is always the appraiser.


about 2 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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