It’s quite normal for property prices to rise after a natural disaster occurs. Most natural disasters affect how the supply chain works and harm the potential of new home construction. Construction usually comes to a halt and prices and insurance costs rise as well. This happens even to home prices in areas not affected by natural disasters.
Hurricane Ian wasn’t any different. It’s been concluded to be quite normal for home prices to rise temporarily after hurricanes. While there might not be any major changes to who the potential buyers might be such as the racial, ethnic or gender profiles of buyers, prices can go up very fast. Companies like 239junk.com/cape-coral-junk-removal that serve the Cape Coral community with all types of junk removal have been doing quite a good job after Ian hit.
After Ian hit and cleaning up was complete in Cape Coral, real estate prices shot to the roof. According to multiple market prices studies, property values similar to other storm-ravaged regions, Cape Coral local real estate prices have historically risen following the disaster and are still expected to rise.
Will people still want to live in Cape Coral?
One of the most asked questions is whether people will still want to live in an area struck by a natural disaster. Similar to any other disaster-stricken area, many people in Cape Coral still want to live there with the majority showing their unwillingness to move. This is often the biggest factor in rising prices. After hurricane Ian, there’s been predicted hikes to homeowners insurance policies. The insurance report in June 2022 showed a rise in the average cost of insuring a home.
While things like recreational activities and finding new jobs and housing recreation might be a challenge for a while after cleaning up Cape Coral, it’s believed that there’s still a way out through this difficult time. Sales might have gone down sharply during and in the days just after the storm, but the rate of newly penned sales has increased. It’s quite common for real estate markets to come back at a surprising rate after a disaster passes. But, the rate at which real estate sales recover will vary depending on the specific geographical area.
Is affordable housing still available?
Affordable housing is hard to find and a disaster like hurricane Ian doesn’t make things better. But, it might be a challenge to find the right price for a house in a competitive market. Cape Coral which faced a shortage of affordable housing way before Ian happened still has the same problem. With the massive devastation and destruction caused by the hurricane, the problem was exasperated beyond comprehension.
Many people who lived in Cape Coral and other neighbourhoods, such as Harlem Heights, were overwhelmed by the surge. Ian not only destroyed people’s dwellings but disrupted thousands of businesses in Cape Coral. It displaced many residents leaving them out in the cold and helpless. Relief funds were set up to help those without food and shelter.
Most people could afford mobile homes but these types of homes also got trashed by Ian. This doesn’t mean that affordable housing won’t be available but it will take time to put things in order. While the housing crisis might turn into a housing chaos there’s still hope that things will improve with time.
