We are officially under a storm watch going into the weekend, and the homeowners who have just started to recover from Harvey, are probably holding their breath over the potential threat of a hurricane entering the Gulf. Communities that flooded from Harvey are still recovering from the financial blow to home values, and surrounding homes that didn’t flood have felt the impact as well.
How did Harvey change our market in Houston? Flooded homes in established neighborhoods have been remodeled to look like new, or in some cases remodeled poorly by investors that wanted to turn the house for a quick profit. After sitting on the market for over a year in some cases, some investors have now let these homes go back to the lenders, and although they are not in a “foreclosed” state, the prices are being slashed for a quick sale. If you have a home in the same area that didn’t flood but you have not remodeled, how do you compete with a fully remodeled home that is priced 10-20% less?
Buyer’s expectations have changed in this market, and they are looking for homes that are not only remodeled on trend but floor plans that are more open. Many homes in established neighborhoods have not been remodeled, and it is becoming a struggle to sell these homes to today’s buyer. There are some areas that are an exception to the rule, like homes in Spring Branch that are built in the 1960s and 1970s yet are still highly sought after for the schools.
Harvey isn’t the only event that shifted buyer’s expectations-HGTV has created the image of the dream home that every buyer is looking for. Today’s trend of the dream home is open and neutral with wood floors and white cabinets. Buyers expect bathrooms and kitchens to be updated, and surprisingly, that includes the secondary bathrooms. Today’s buyer is not giving the seller any slack! Selling a home today is like selling a car–make it look like new, or the buyers will think your home is worth a lot less.
Energy Realty agents are equipped to guide you and offer advice as well as contractor options to help you sell your home for the best price. Read the attached article what buyers want in a home as well as an update on mortgage rates. It is a great time to buy a home in Houston with low-interest rates and increasing inventory.