How Natural Disasters Affect Your Real Estate
From torrential rain storms, golf ball sized hail or even forest fires - did you know that these unexpected things could have an impact on your real estate opportunities? This doesn't just affect your ability to sell, but also to buy as well, so it's important to know what to expect as you go into a real estate market where these types of weather changes have occurred.
The Mike MacGuire team makes you and your home a priority - so no matter what your involvement is, we will help you find the perfect buyers or sellers. Here are a few things to remember as you are hunting for a Colorado Springs home, or selling Colorado Springs real estate.
Buyers
As a buyer in the position of house hunting before, during, or after a natural disaster, there are a few things you need to know. Not only to make your real estate purchase smooth but to also get exactly what you need. My team of real estate agents in Colorado Springs can help you not only make educated decisions but help you know what to do if you had already put in a contract.
Expect Things to Take a Little Longer
If a home has been involved in any sort of natural disaster, you will have to realize that things can take longer. If you are still in the house hunting process, you'll have to look a lot closer at homes on the market and learn if they were affected or not. If you had already chosen a home and it was under contract, there will now need to be new steps taken to make sure you are still getting what you originally expected. This can com in the form of new home inspections, working with the buyers, and learning what the insurance companies will take care of.
Be Flexible
Now that there are some unexpected delays in your purchase of a home, you will need to be flexible with the sellers and your choice of home. There could be several homes taken off the market because of un-repairable damage, there could be homes that are repairable - but you'll have to wait, or there could be homes that escaped damage, but they could sell quickly in this new market change.
Know What You Want
Finally, know what your "must have's" are and what you can make exceptions on. When you're looking for a home, you'll have to know these anyway, but they could change a bit after natural disasters. If you had your heart set on a home with extensive hail damage to the roof, you don't have to give up and find a different home. You do, however, have to make sure you're educated in the necessary steps and be willing for things to take longer as you figure out what's next.
Sellers
Being a seller involved in an unexpected natural disaster can be disappointing. There was nothing you could do to protect your home more than you had already done, and now things could take longer as the inspectors make their way around. Of course, if your home miraculously made it out without being affected, you should be aware that you are now prime real estate and things could go quickly. Here are a few things to keep in mind as you traverse this new path.
Assess the Damage
It's important to have an inspector come out and look at your home. You will want to know exactly what was damaged, the types of repairs that will need to be made, and how those repairs will be paid for. Depending on the insurance on your home, you will now be working closely with your insurance agent to get this taken care of - and your real estate agent will be right there with you helping you make the best steps for your sale.
Know What Your Insurance Covers
It's important to work with your insurance agents and realize that they will probably be just as busy at the home inspectors. You will also want to know exactly what your policy covers and who will be paying for the damages to your home. While you have spent countless hours preparing your home for the market, you will have to make a few more repairs now to get it back up to par.
Learn About Your Next Best Step
Finally, as a seller, you will want to know what is the best thing for you to do in your home selling journey. If your home wasn't affected, you could see an increase in potential buyers. If you had minimal damage, you may find that you still have quite a few people wanting to see your home, but you may have to bring the price down a bit or make certain repairs. If you had extensive damage, don't count it all as a loss right away. You may not be able to sell it as quickly, or you may be able to adjust the price and still see a sale in the future.
Colorado Springs Real Estate
Whether you're buying or selling, the Mike MacGuire team is ready to help you make the best decisions for your situation. Natural disasters can make a huge impact on the housing market, and we can represent you and assist you through the process. Don't try to go at this alone, count on a real estate agent who can use 25 years of experience to help you achieve your real estate goals.
The Mike MacGuire team makes you and your home a priority - so no matter what your involvement is, we will help you find the perfect buyers or sellers. Here are a few things to remember as you are hunting for a Colorado Springs home, or selling Colorado Springs real estate.
As a buyer in the position of house hunting before, during, or after a natural disaster, there are a few things you need to know. Not only to make your real estate purchase smooth but to also get exactly what you need. My team of real estate agents in Colorado Springs can help you not only make educated decisions but help you know what to do if you had already put in a contract.
Expect Things to Take a Little Longer
If a home has been involved in any sort of natural disaster, you will have to realize that things can take longer. If you are still in the house hunting process, you'll have to look a lot closer at homes on the market and learn if they were affected or not. If you had already chosen a home and it was under contract, there will now need to be new steps taken to make sure you are still getting what you originally expected. This can com in the form of new home inspections, working with the buyers, and learning what the insurance companies will take care of.
Be Flexible
Now that there are some unexpected delays in your purchase of a home, you will need to be flexible with the sellers and your choice of home. There could be several homes taken off the market because of un-repairable damage, there could be homes that are repairable - but you'll have to wait, or there could be homes that escaped damage, but they could sell quickly in this new market change.
Know What You Want
Finally, know what your "must have's" are and what you can make exceptions on. When you're looking for a home, you'll have to know these anyway, but they could change a bit after natural disasters. If you had your heart set on a home with extensive hail damage to the roof, you don't have to give up and find a different home. You do, however, have to make sure you're educated in the necessary steps and be willing for things to take longer as you figure out what's next.
Sellers
Being a seller involved in an unexpected natural disaster can be disappointing. There was nothing you could do to protect your home more than you had already done, and now things could take longer as the inspectors make their way around. Of course, if your home miraculously made it out without being affected, you should be aware that you are now prime real estate and things could go quickly. Here are a few things to keep in mind as you traverse this new path.
Assess the Damage
It's important to have an inspector come out and look at your home. You will want to know exactly what was damaged, the types of repairs that will need to be made, and how those repairs will be paid for. Depending on the insurance on your home, you will now be working closely with your insurance agent to get this taken care of - and your real estate agent will be right there with you helping you make the best steps for your sale.
It's important to work with your insurance agents and realize that they will probably be just as busy at the home inspectors. You will also want to know exactly what your policy covers and who will be paying for the damages to your home. While you have spent countless hours preparing your home for the market, you will have to make a few more repairs now to get it back up to par.
Learn About Your Next Best Step
Finally, as a seller, you will want to know what is the best thing for you to do in your home selling journey. If your home wasn't affected, you could see an increase in potential buyers. If you had minimal damage, you may find that you still have quite a few people wanting to see your home, but you may have to bring the price down a bit or make certain repairs. If you had extensive damage, don't count it all as a loss right away. You may not be able to sell it as quickly, or you may be able to adjust the price and still see a sale in the future.
Colorado Springs Real Estate
Whether you're buying or selling, the Mike MacGuire team is ready to help you make the best decisions for your situation. Natural disasters can make a huge impact on the housing market, and we can represent you and assist you through the process. Don't try to go at this alone, count on a real estate agent who can use 25 years of experience to help you achieve your real estate goals.
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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