Real estate experts chime in on Irma’s market effect

Real estate experts said the housing market is bound to be a bit busier after Hurricane Irma than it was before the storm hit South Florida.

"Volatility creates momentum in the marketplace both good and bad," Hernando Perez, of Franklin Street, said.

In the short term, there is no doubt among many experts that the market will take a hit.

"Overall we will see September look about 25 to 50 percent down in pending closings," Christina Pappas, of Miami Association of Realtors, said. "Basically, (this is) because we took a two-week vacation."

But now that the storm has passed and things are getting back to normal, people want to get on with their lives.

"We tend to see people expedite their situation, expedite their decision making," Pappas said. "A seller on the fence is going to jump off the fence. A buyer on the fence is going to say, 'You know what, maybe not the time for me or you know what this is actually a great time.' There is a lot of opportunity out there I am ready to make the move."

Danielle Dilenge has been a realtor for nine years. She said most people buying in South Florida know the risks of storms and that Irma was simply a reminder.

"If you are in the evacuation zone your property is likely on the water, you have a boat or you want to be close to boating and the beach and that is why you live here," Dilenge said. "You live in South Florida because you want that life style. You are willing to take that risk."

A storm gives certain upgrades a higher priority to buyers.

"Typically we do see an uptick in people looking for those hurricane features after a hurricane occurs," Pappas said.

Things like impact windows and a whole home generator become very attractive selling features. 

This BBSNews article was syndicated from News | WPLG, and written by News | WPLG. Read the original article here.