How the Hurricane Changed the Market

The hurricane changed the real estate landscape, but this hot market won’t last forever. Here’s what you need to know.

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We recently had a chance to see how the hurricane affected our Wilmington market.

When the hurricane hit, 800 homes went off the market, but they still haven’t come back on yet. Though we had an incredibly slow market after the storms, January and February were the best months we’ve had in six years—the market is incredibly hot now.

Though there are buyers out there looking in all price ranges and areas, there’s simply not enough to choose from. Much of this is because those 800 homes haven’t been relisted yet. Once they do come back on the market, however, many of them will have upgraded features, such as new roofs, new HVAC systems, and more. Insurance had to fix damages, so a lot of homes will be like brand new.

If you’re waiting until summertime to sell your home, you shouldn’t: When more of these homes begin coming onto the market, you’ll start having to deal with a lot of extra competition. While neighborhoods normally have dozens of homes for sale, we've only had around one or two lately, and they've gone under contract quickly. We’re experiencing more multiple-offer situations than we’ve seen in many years.

On top of this, it’s unlikely there will be any new home construction in the area anytime soon—we’re simply running out of land. And buyers don’t want to gamble by waiting around.

By selling now, you’ll get the highest price possible and be able to negotiate the best terms. If you want to know how much your home could sell for, have any questions, or need further information, feel free to reach out to us. We’d love to help you throughout the selling process, and we look forward to hearing from you soon.

 

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