The Kink Team
Local Realtors answer questions about trends and offer tips to home buyers and sellers considering buying or selling a home in or around Tomball and Magnolia.
How have inventory trends in the region changed after Hurricane Harvey?
Surprisingly, inventory wasn’t drastically affected by Harvey. We did see a drop in inventory in December across many price points, but it was mainly due to an increase in expired listings, which is common due to the holiday season. Home sales from September to December were actually up over 12 percent, which is great news. Inventory has declined slightly since Harvey, but this is likely due to typical seasonal fluctuations and stronger sales this year.
Have you seen a rise in homeowners looking to relocate from flood-prone areas?
We have seen some but fewer than anticipated. While we did see a small bump in home sales shortly after Harvey, the rental market [nearby]peaked in September as displaced homeowners looked for temporary housing after the storm. Many are still waiting on insurance claim payouts to repair damages, while others are rebuilding. Either of these scenarios could take up to two years to sort out, so it is still too early to tell what impact they will have moving forward.
What flooding-related questions should homebuyers ask before purchasing a home?
Has the home had any flooding on or in the property during Hurricane Harvey, the Memorial Day, Tax Day, or Tropical Storm Allison floods? If so, how many inches, and were inspections done to certify that it is mold-free?