Property Valuations Uncertain in Post-Harvey Houston
In the wake of Hurricane Harvey, home and business owners must now deal with the storm’s impact on property values. Although there are a number of factors which suggest the Houston market could absorb the shock differently, several studies on past flood events have shown that values of affected homes “typically drop by at least 15 percent.” On a grand scale, this translates to the potential loss of “billions, if not trillions, of dollars in asset value.”
On the other hand, homes and properties that escaped flood damage may see an increase in value due to a stressed market and limited housing supply. According to an analysis of New Orleans Metropolitan Association of Realtors data cited by Reuters, the New Orleans housing market experienced an “increase of 48 percent” in home prices in the 10 years after Hurricane Katrina.
During this time of uncertainty, Janus stands with our clients and remains committed to offering only the highest quality appraisal management. We uphold all ethical and performance standards of USPAP while maintaining total appraiser independence and remaining compliant to all governing entities. Come hell or high water, you can place your trust in Janus AMC.