Flooding affects home sales, impacts real estate market - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Flooding affects home sales, impacts real estate market

HORRY COUNTY, SC (WMBF) – For many coastal and inland neighborhoods, the recent extreme flooding came as a surprise. A local real estate expert said that has some homeowners looking to leave it all behind.

Justin Thompson is a real estate specialist with Elliot Coastal Living. He said in just the past few days, he has gotten multiple phone calls from people telling him they are sick of the flooding. They want to know how much their homes are worth and how fast they can sell them.

Thompson said many homes that were for sale already, had to be taken off the market because they were damaged in the flooding. To homeowners trying to sell their home and move to higher ground, Thompson warned to keep in mind that you cannot successfully show and sell a home that is damaged.

“I think when the water does go down and the buyers do finally come back into town, they’re going to want to see some redo’s done,” Thompson said. “Water damage is a scary thing for a new buyer. So consider that before you show your home. Don’t put it on the market unless it’s show ready.”

It’s the same idea with short-term and vacation rentals. People don't want to stay in a place that is water logged and molding. Fixing up that home before renting it out again will not only save a homeowner from poor reviews and unhappy visitors, but Thompson said it could protect them from liability as well.

Thompson does not believe the flooding will have a devastating, long-term impact to the housing market. But it could definitely affect immediate home sales and the impression of local buyers.

According to Thompson, the flooding could affect how long these homes are on the market and that, in turn, can affect the home’s value. It’s a domino effect. When a home is on the market for a while, homeowners can appear desperate, which brings in lower offers.

For homeowners who have damage to their home, asking what it is worth right now is not going to be very helpful.

“Do I think it will affect long-term values, probably not,” Thompson speculated. “But I think over the short-term over the next couple months, if you’re one of these areas that’s heavily hit and you want to sell fast, I would definitely get the work done first and then look into reselling rather than putting it on the market ‘as is’ now.”

And Thompson said he believes there is a chance down the road that some of the neighborhoods further inland, away from the rivers, and on higher, dryer ground could potentially become more popular and in higher demand for home buyers.

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