Real estate expert Andrew Shader discusses the implications of Hurricane Ian on recent home prices in Florida’s real estate market.
FORT LAUDERDALE, FLORIDA, UNITED STATES, November 21, 2022 /EINPresswire.com/ — When a disaster on the scale of Hurricane Ian hits Florida’s Gulf Coast, many people are impacted. The most immediate focus goes to the businesses and homeowners who have lost their homes and livelihoods. However, storms impact all area homeowners, whether they suffered property damage or not. Along with rising insurance costs, they may now see the value of their homes falling sharply. Andrew Shader has some key advice for dealing with that.
In the time period immediately after such a destructive event as a hurricane, it’s important to remain calm and pay close attention to the history of the Florida real estate market. Yes, hurricanes are often followed by a drop in demand for real estate in the region. This may certainly impact those people who were hoping to sell right away.
Homeowners who have planned to sell in the intermediate term may need to make some adjustments. These modifications to their plans may include waiting to put their home on the market or lowering the price. This is, unfortunately, the harsh reality that goes with owning coastal property in Florida.
However, there’s better news for people who plan to hold onto their property, at least for a little longer. The reality is that property value that falls immediately after a hurricane is recovered reasonably soon. That’s because the drop in demand for real estate tends to correct itself fairly quickly.
According to Andrew Shader, Florida is ultimately an attractive destination for many people. Demand will increase again, and property values will go back to normal. This has been true in the past following other hurricanes and tropical storms.
Shader also cautions against panic selling. This creates a risk that people will flood the market with homes in an effort to avoid experiencing future storms. This sudden activity will drive prices down, albeit temporarily. Homeowners who are absolutely sure they want to sell and move should still avoid rushing to market too hastily.
About Andrew Shader
Andrew Shader is a real estate investor, expert, and entrepreneur. He came into the real estate industry after several years of success in the health insurance industry. As an investor, Andrew seeks out value-added properties, then strategically works to increase their monetary worth.
A graduate of Florida State University, he enjoys playing sports, reading, and socializing with his friends.
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