Real estate expert Andrew Shader discusses the implications of Hurricane Ian on recent home prices in the Florida real estate market.
FORT LAUDERDALE, FLORIDA, USA, November 21, 2022 /EINPresswire.com/ — When a disaster the magnitude of Hurricane Ian hits the Gulf Coast of Florida, many people are affected. The most immediate attention goes to businesses and owners who have lost their homes and livelihoods. However, storms affect all homeowners in the region, whether or not they have suffered property damage. Along with rising insurance costs, they could now see the value of their home drop sharply. Andrew Shader has some key tips for dealing with it.
In the immediate aftermath of an event as destructive as a hurricane, it is 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 real estate demand in the area. This can definitely impact people who were hoping to sell right away.
Owners who have planned to sell in the medium term may need to make some adjustments. These changes to their plans may include waiting to put their home on the market or lowering the price. This is unfortunately the harsh reality that comes with owning coastal property in Florida.
However, there is better news for people who plan to hold on to their property, at least a little longer. The reality is that property values that drop immediately after a hurricane recover quite quickly. Indeed, the decline in real estate demand tends to correct itself quite quickly.
According to Andrew Shader, Florida is ultimately an attractive destination for many people. Demand will increase again and property values will return to normal. This has been true in the past following other hurricanes and tropical storms.
Shader also warns against panic selling. This creates a risk of people flooding the market with homes in an attempt to avoid future storms. This sudden activity will lower prices, 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 entered the real estate business after several successful years in the health insurance industry. As an investor, Andrew seeks out value-added properties and then works strategically to increase their monetary value.
A graduate of Florida State University, he enjoys playing sports, reading, and socializing with his friends.
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