How Did Hurricane Harvey Affect Real Estate In Corpus Christi?

Are You Needing To Sell Your House In Corpus Christi?

What kind of affect did hurricane Harvey have on the real estate market in Corpus Christi?

Like us, you maybe wondering how hurricane Harvey affected the market in Corpus, especially when it comes to selling a house. We have been talking with numerous folks on the ground about what kind of affects they are seeing from the storm as it relates to selling their home.

Its a general consensus that before the storm hit Corpus,  we were already seeing a decline in the market. This was partly due by the higher than normal amount of inventory, or the amount of homes that are for sale in the area. It’s normal for the real estate market to ebb and flow with small changes, but it had become obvious to many that the market was cooling off considerably, and that we are not sure how long this slide would continue.

Another sign that the market was slowing down was the number of properties under contract. Not only were more houses becoming available on the market, but the number of houses being bought and put under contract was declining. This was another tell-tale sign of a sliding real estate market.

Then the storm hit. Corpus was really fortunate. We are devastated by the destruction that was seen in Port Aransas and Rockport, who were hit the worst. But we are also so very thankful that the damage seen in Corpus Christi was not worse. That being said, there was still considerable damage to parts of Corpus, and many homeowners had damaged roofs, fences, and damage to their homes from downed trees. The impact of the storm was felt, and the city stayed motionless for over a week waiting for the power to be restored. Once the power was restored, things started to get back to normal. But, this storm made a significant impact on the market.

The weeks following the storm, the market was very slow, as many homes that were under contract had to be re-inspected, delaying closings and home sales. Also, because of the results from the storm damage, most people were not focused on buying a home, but rather helping with the relied efforts in areas like Port Aransas, Rockport and Houston. And there is also another realty when a storm hits the coast- it makes people more afraid to buy in a coastal region. I’m sure this happened to some degree in Corpus.

Many realtors and people in real estate expected things to be slow for some weeks following the storm, but we also expected to market to pick back up, especially because of all the displaced people needing housing. To our surprise, we never really saw a pick-up in the market, it remained pretty stale following the storm.

It looks like things will remain pretty slow in the market here in corpus until activity hopefully picks back up naturally in the spring time. Until then, if you need to sell your house, you can reach out to us by calling or submitting the form on our homepage. We buy houses in Corpus and specialize is helping people who need to sell their house and are having difficulty because of the slow down in the market.
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