Real Estate in the Aftermath of Hurricane Harvey
Wow, as an eternal optimist I try and avoid all news and its negativity but I must say I am riveted by the pictures coming out of the aftermath of Hurricane Harvey. I feel so bad for the people of Texas and the pains of loss they are enduring. As a member of the National Association of Realtors (NAR) I of course was more than happy to stroke a check to assist with this relief. NAR. has 1.2 million realtors nationally and I am proud to be one of them.
As the administrative cost of doing this work is paid for by NAR, 100% of the relief money goes directly to providing housing- related assistance to victims of the disaster left by hurricane Harvey. I am proud to be part of programs like this and the good they aim to do.
Here come the looters
What I am not proud of is being part of an industry taking advantage of people in hardship. To my surprise I have suddenly started receiving phone calls looking for cheap investment property in Texas.
Cheap property as close to Houston as possible, appears to be their target. When I start probing, it becomes obvious that people aim to buy cheap property and then charge huge rents as housing will be in very tight supply.
While I do make a living selling and promoting investment property and I trust there will be many opportunities coming in the Texas market, I am NOT O.K. with people trying to benefit off the misfortune of others. I have no interest being part of this.
Honorable opportunities welcome
There will be plenty of needs for a person with honorable intentions such as perhaps contractors, plumbers, electricians and trade persons that want to come in and assist in rebuilding these homes. No get rich quick schemes please. If you seek an equitable benefit to all parties you can find plenty of opportunity to assist families to get back on their feet and make an honest profit.
Housing and Home constructions
Harvey has exacerbated a housing market that is already in tight supply. Corelogic suggests there are over 200,000 homes that sit in the storm’s path with another million in high risk areas. The total number affected is still to be determined.
Whatever the true number is, it definitely represents a lot of homes that will need to be repaired and or rebuilt. Houston was one of the country’s top markets for home building before Harvey hit with 27,000 single-family homes being built in the area.
Texas is home to many industries that will most likely affect the entire nation. With industries like oil, gas, chemicals, air travel and shipping there are indeed vital energy sources are at risk.
Many of these are national and perhaps worldwide used commodities that will most likely have a trickledown effect. I know I have already seen a change at the gas pumps. It may take months to establish the totality of costs and economic impact, but rest assured Texans will rebuild and they will thrive as they always have.
Who am I kidding. I have so many ongoing thoughts on this devastation, I could write hundreds of pages. I am not sure why but this has hit so close to home for me and I do not even have family in Texas. I do have a lot of friends there however and as an American when my fellow man hurts I hurt. The loss of life, the loss of family, the loss of housing, the loss of resources and the list goes on.
However as an optimist who always looks for the good in everything. I am touched by the humanity I see and the entire neighbor helping neighbor attitude that has arisen from this storm. Makes me proud to be an American. Thanks for letting me share.