The property market in Florida has always been stable. Property in this state is highly sought after and there are very few homes which have not increased in value over the years. But we’ve been hit by a number of Hurricanes over the last year and there is talk that the increase of hurricanes may be decreasing property values in Florida.
This kind of talk makes me a little anxious. I spent a lot of money on my home a few years ago and then a lot of money refurbishing. I do from time to time call in a realtor to get an evaluation and I’m pleased to say my house is worth more, a lot more, than when I first bought it. I like to attribute this to the fact that I’m in a good area, I’ve looked after and maintained my home well, and then, of course, property in Florida is in demand.
Property in Florida is always going to be in mean and property values in Florida seem set to stay stable and increase. People want to live here, even though we have hurricanes.
Here are my 9 reasons why hurricanes do NOT affect property values in Florida.
Housing markets recover quickly.
Going through a hurricane is a horrible thing. I know, I’ve done it, and if you live here, so have you. Packing things up, boarding up doors and windows, seeking shelter and then – coming home to assess the damage, is not fun. I’ve been lucky in that I’ve been able to stay in my house during hurricane season and have not had any major damage. The state starts work on recovery clean up quickly and while people may not be looking at the property during clean up, they look very soon after. Home values bounce quickly back to what they were, to the point of getting stronger.</li
There is a big need for housing in Florida.
The population of Florida is growing all the time. People want to live here, of course, they do. We have the odd hurricane but we also have the most astonishing sunshine and mild weather patterns. Many Americans have two homes – their home in their own state and a holiday home in Florida. Many Americans have retired and are choosing to retire in Florida because of the easy life and weather. And Florida has become very attractive for young people too.
Florida has a strong economy
Florida is an American state that works and the same cannot be said for all American settees. The economy here is a strong and a strong economy always helps to bounce back from a disaster. We can absorb a lot of the costs that go into recovery or clean up meaning that ordinary costs do not go up. Homes return to their value as soon as the clean up has been done, and increase in value too.
There is always employment in Florida
You don’t walk around the streets of our cities and see homeless. Florida employs! In all of the USA, we have the fifth best year over year growth. In fact, we sometimes don't have enough people to work! Hurricanes bring disaster, they also bring employment. Florida has disaster management down so well that the properties here are always valued, no matter what. And because there is always employment, people want to live here.
What about hurricane flood insurance
All homeowners in Florida have insurance or should have insurance. A hurricane – and let's think back to Hurricane Andrew – costs the insurance companies millions, sometimes billions. And even if you don't believe in climate change, insurance companies do. You can insure your home against flood damage or weather damage. Always check with your insurance company. Insurance costs may be high, and maybe these increase, but so does the value of your property.
What do hurricanes affect in Florida, if not property values?
Tourism always takes a dive during a hurricane and during the mop-up period. Hotels suffer because of this. Farming and agriculture take a dive during a hurricane with fields and crops getting wiped out. Our fruit and vegetable association can be badly hit. On the other hand, in the recovery phase, construction and building companies boom. Handymen are in demand. The carpet and flooring industry smile all the way to the bank. So with the bad, always comes the good.
Florida takes climate change seriously.
This is the good news. Florida does take climate change and change in weather patterns seriously. There are studies and research all the time on how weather patterns in Florida are changing. People think Miami Beach is going to have a 5-foot sea level rise by the end of the century. That’s scary. But it’s not being ignored. There are costly programs being put in place, raising roads, installing new and powerful pumps and we’re always looking at ways to decrease the damage. Or prevent it. This is good. It means you can still buy a home here and feel safe!
On a serious note, I believe in climate change. Not everyone does and this is your prerogative. I do know that I would not have bought a house in Florida if I thought property values in Florida were going to decrease. I want to have a good and solid investment, just like everyone else.
Talk to me about your property and if your property in Florida has increased in value, despite our hurricanes. And remember, a property increasing in value is also because of position, maintenance, and refurbishment. Keep the value of your property high by keeping your home in good condition. I do. Be right back, I need to go clean the pool, scrub the dirty grout and vacuum. And then we can chat!