You said, “I want to sell my flooded home in Houston ?” We can help. Most estimates say Harvey ruined over 100,000 homes in Houston alone with its rising waters. Those who were rescued by boat or whatever have only begun their trek. Many are wondering what’s next. Whether to return to their damaged homes at all. With this turmoil many homeowners need to make rational decisions under duress. If you’re among the beleaguered property owners out there, Heritage Home Buyers is here to help you.
I want to sell my flooded home in Houston. Motivation?
Is the motivation financial or emotional? Either is a valid reason to sell, but it’s good to recognize emotions. Think through your options. For most, moving from a home means far more than just selling a flooded house. New friends, new schools, or leaving behind an old life. Harvey may have temporarily displaced your family, but if you have strong ties to your neighborhood you might find it difficult relocating. Will you be satisfied in another home in the same community? On the financial side, what is the housing market? Will your same friends and neighbors stay put in their homes? Can you afford a comparable neighborhood? If you are nearing retirement, has Harvey made you consider relocating?
Property Values After a Flood
If you want to get maximum economic value from your home, you have other considerations. What’s your flooded home worth? If you can see into that crystal ball, you’re way ahead. No one knows where home values will land post-Harvey for areas all over the city. Some say flooded homes could lose anywhere from 10 to 40 percent of their market value. We believe this from our experience.
With so many flood displaced homeowners Houstonians in search of new homes, your neighborhood’s Harvey experience will be a big factor on your property value after the flood. Homes which flooded the first time with Harvey could still command a good price. Alternatively, if a home was the only surviving house in a neighborhood, it could still suffer a big discount. And finally, homes which flooded with either/both of the Memorial Day or Tax Day Floods could now be reduced to lot value.
This one is tough. Slow down, and ask yourself a few critical questions.
Do you have flood insurance? If you do, take the time to begin the claims process. Your flood insurance will pay up to $250,000 toward repairs, and maybe more for contents depending on your policy. But the process for flood insurance is moving like a glacier. It can take up two weeks to get insurance adjuster to schedule you to assess damage, then three to five more weeks before the adjustor comes to do a quote. Patience is needed. After your claim is filed, if you decide to sell your flooded house, be sure to work with a company or broker that fully understands the claims process. Like Heritage Home Buyers, who has a flood insurance specialist on call at all hours.
What about equity? Your equity is the difference between the market value of your home and the amount you still owe on it. Your equity took a hit in this storm. But the more equity you have, the more options you still have. Maybe a home equity loan is available to you for needed repairs. But taking on additional debt along with losing market value can be quite a financial blow. Many homeowners with a lot of equity in their home can better sell it AS-IS rather than go through the long negotiations with flood insurance companies. It comes down to choosing between the total cost of restoring a home vs. selling a flooded home at a discount.
With flooded homeowners recovering and relocating, challenging and lasting decisions remain to be made about where to go from here. Take a breath. Take your time. And when you’re ready, contact Heritage Home Buyers with your questions. In the spirit of the times in Houston, we’re here to help. And if you’re ready to sell my flooded home in Houston , give us a call today! 281-737-3898.