Will Hurricane Harvey affect my home value?

If your home gets flooded, you can expect a depreciation in its value. The main difference between Harvey and previous hurricanes that hit Houston, is 80 percent of the houses that were flooded did not lie in a flood zone. When water was released from the Addicks and Barker reservoirs and from Lake Conroe, homes that were never supposed to flood were waist high with water. These damaged properties will not be worth their pre-Harvey value in the immediate future.

On the other hand, houses that did not flood will be expected to appreciate over the next several months. This will be due to a shortage of housing: people whose houses flooded are looking to purchase new homes. For this situation, real estate investors should prepare for a seller’s market.

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