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Houston real estate bounces back after Hurricane Harvey flooding

The catastrophic flooding that came after Hurricane Harvey made landfall in Houston,Texas hasn’t deterred buyers from snapping up real estate in the city.

Redfin, the online real estate brokerage, says more 45 home buyers are ready to snap up homes in the area where the storm hit. Just eight buyers backed out of transactions after the storm, while requests for showings increased just one week after.

One couple, Sue and Roger Powell, told the New York Times that they’d been trying to sell their 7,100 square foot home in the Houston suburb Katy for six months prior to Harvey making landfall, without any luck. However within days of Harvey, a buyer suddenly came forward with an offer, even though the home suffered damage and is currently undergoing repairs.

“I was really surprised,” Roger Powell told The New York Times. “I didn’t think anyone would be interested for years.”

Economists say the impact of the flooding is still likely to affect home prices in the area. The average price of undamaged homes will likely increase sharply as demand outpaces supply, according to the New York Times. It adds that tens of thousands of homes were damaged by Harvey, which dumped 50 inches of rain on some areas.

Some homeowners who’re trying to sell their homes are trying to capitalize on the fact they made it through Harvey unscathed. Report say that homeowners whose properties were undamaged are putting up signs next to their For Sale signs that say “Did Not Flood”.

Before Harvey slammed into Houston, it was said that the metro area’s population was growing by around 400 people per day, with builders adding 40,000 new homes each year. That makes Houston the nation’s largest market for new homes, and economists say that Harvey is unlikely to have much impact on this rate of growth.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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