An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

Hurricane Harvey

More Flooded & Gutted Homes Under Contract. Values Still All Over.

Flooded and gutted 10_12

About 6 weeks post Hurricane Harvey the number of flooded and gutted homes coming on the real estate market in Southeast Texas continues to grow.   We are also seeing the first of these flooded and gutted homes start to be sold - go under contract.  There are currently 12 homes under contract according to the SETX MLS.  

What is the value of a "flooded and gutted" home? 

  • Prices are still all over the place.  
  • Of the 12 that have gone under contract $54.95 was the highest price/SF (asking price) 
  • $179,900 is the highest priced home to go under contract.  Located in Hillbrook Estates in Orange.  (This is the asking price not sales price.)
  • The median price of the homes that are pending is $50,000.  
  • The lowest price/SF of these pending homes is $15.52

The market is still trying to establish a value of what these flooded and gutted homes will sell for.  Many of these sales are cash purchases.  Lenders are starting to bring construction loans into the market but they are still hard to get.  If you are thinking about selling or buying a flooded and gutted home contact me for a more detailed analysis of any home in Southeast Texas.  

Sincerely,

Diane

Search MLS for Homes
Email Diane

What is the Value of a Flooded and Gutted Home in Southeast Texas?

  • Flooded gutted chart 45The number of flooded and gutted homes to go under contract is now up to 4.
  • The number of flooded and gutted homes listed in the MLS is now up to 45.

The chart above shows the average price per square foot of the flooded and gutted homes that are listed and the 4 that are pending (under contract).

The real estate market is just beginning to show what investor buyers are willing to pay for a flooded and gutted home.   From everyone I've talked to the opinion is there will be a lot more flooded homes for sale than there are buyers for them.  So for sellers my advice would be put your home on the market as soon as you can.   Price it aggressively to attract the investors that are buying.  Or take your time and fix it up.  The market analysis' that I've been doing for people show most are much better off fixing the home and selling it fixed rather than "as is".

If you would like a market analysis "as is" and "rebuilt" to help you decide what is best for you contact me.  You can reach me on the blog or call, text my cell.  

Sincerely,

Diane

 

Search MLS for Homes
Email Diane