Aprile Osborne

September 28 is a day that will forever live in the history books as Hurricane Ian made landfall in Southwest Florida. The 500-year storm brought with it an astonishing level of devastation and property damage. The entire region came to a halt for close to two months as the recovery efforts started, including the housing market. For our team, the real estate agent hats were set aside, and we focused on being neighbors first.

In the days and weeks to follow, while continuing to meet the ongoing needs of friends and strangers, our local agents started assessing the impact on real estate. There was fear that the property values in Southwest Florida would take a substantial hit following such a major storm. There was speculation that the storm would deter buyers and that the market would be flooded with sellers looking to leave the area.

What we are seeing, however, is that the Southwest Florida market is resilient, and the storm has not affected the value of land or undamaged homes. As real estate transactions resume, listing prices are being adjusted to reflect damage, but the average unaffected home values have not changed nor have new construction rates.

The amount of standard inventory has also not seen a true increase to meet the continued demand. Though it appears as if there are four months’ worth of inventory on the market, it can be estimated that a conservative 20% of that inventory has storm damage that would limit buyer potential. Houses that have damage will not qualify for most traditional mortgages, which will limit the buyer pool. Understanding that the market has been skewed with damaged homes coming into the mix, there is still limited inventory for the average buyer that was seen prior to Hurricane Ian.

If you are in the market for elusive waterfront or beach property now is the only time you can expect any form of a deal and only if you have the capital to pay cash and the time and tolerance to renovate. New beaches are not being created in America, and the lifestyle this region offers remains highly desirable.

Some of the local markets are even hotter now than they were prior to the storm. Inland properties still allow a buyer to be close to the desirable beaches but far enough away that they will not be affected by the impact of expected insurance rate increases.

There has also been a new group of buyers in the market. There are a group of people who have the capital and have been displaced from the islands following the storm are buying as opposed to renting as they wait for their homes to be rebuilt.

For those in the market with some time flexibility new construction is something to highly consider. There are communities popping up all over Southwest Florida and the price points are either more reasonable or at least comparable to other homes on the market. With new construction there is the added benefit of customizing homes to fit the buyer’s needs before purchasing, which can save the time and money of remodeling an older home.

Though the market is still hot, there is no denying that Hurricane Ian has made a major impact on our area and the effects are still not truly known. What is certain is that Southwest Florida remains a highly desirable community and our market reflects the resilience of those who call it home.

Aprile Osborne, Call it Closed International Realty co-founder, has been a licensed agent in Southwest Florida for almost 20 years. Naples-based Call it Closed International Realty currently operates in 14 states. aprileosborne.callitclosed.com