Monday Market Report – Hurricanes and Real Estate

In the wake of a hurricane, many things are left hanging in the balance. Life is effectively put on hold until the storm passes through. For some industries, it’s easy to just pick up where they left off. The same, unfortunately, cannot be said for real estate. 

For example: leading up to and until an all clear has been given, insurance companies will hold off on binding new policies for those purchasing a home. This sort of thing could drag out the process of closing on a home longer than originally anticipated. If you are currently in the process of purchasing a home, make sure that your new insurance policy is bound so that this does not affect you.

Another example: there is the threat of actual damage that could occur during a storm. This could have a serious impact – especially on those trying to sell a home. Be sure to take all necessary persuasions to protect your home if you are in the process of trying to sell it when a storm hits. 

Most important to note is that the whole industry is sort of put on hold before and after a hurricane. While people are making preparations for the storm, normal real estate tasks will be put on the back burner and will only resume once the storm has come and gone and normal life resumes again.  

Remember, that this is a stressful time for everyone and to have patience with those you are dealing with, as we all – real estate professionals, home sellers and home buyers alike – have the same goal in mind.   Be smart and stay safe this weekend as Hurricane Dorian approaches. All will be back to normal soon. 

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