What Does the Houston Market Look Like Post-Harvey?

Houston Real Estate Podcast with Mike Gray

What does the Houston real estate market look like post-Harvey? I’ll explain today.

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Instead of doing my regular monthly update, I wanted to spend some time talking about the real estate market in general here in Houston after Harvey. First, I want to send out my true sorrow for those who have lost anything (or everything) in the flood. We’ve been helping people clean out their homes for the last week and the destruction and devastation is just unbelievable.

There’s a lot of work still left to do, but I’ve been starting to get a lot of questions about how the flooding is going to affect property values. I think, at least for the time being, properties will fall into one of three buckets:

1. Those that have never flooded
2. Those that only flooded during Harvey
3. Those that have flooded multiple times

Properties will fall into one of three categories.

I’ve also been getting a lot of questions about rebuilding. While it’s still uncertain how flood insurance claims are going to work and what FEMA’s role is, I will say this. If you are planning to repair and sell, you need to look at that home as an investment. You want to fix it up and bring its value back in line with the neighborhood. You don’t want to over- or underdo it though. You want to get as much money back as possible.

If you have any questions about the kinds of repairs you should make or any other question about the post-Harvey real estate market, don’t hesitate to give me a call or send me an email. I would love to hear from you.