Posted On Feb 12, 2019

Nearly 500 days have passed since hurricane Harvey hit - not just on the beaches in Galveston, but it made landfall on the shoreline of Lake Conroe as well. Real estate sales ceased for the week following the event as many banks and businesses remained closed. Allison and I had two waterfront closings scheduled for the following day. Neither happened as planned with one home closing 30 days later and the other taking nearly a year.

A lot of progress has been made. Many docks that were destroyed are rebuilt, and according to Les O’Brien - owner of Dockside Boat Lifts – approximately 75% of the docks damaged and destroyed after the storm have been repaired or replaced. Miles of bulkhead have been repaired and replaced as well. Within days after opening the floodgates the lake was back to normal, but how about the home sales and values? Here is how the 150 days after Harvey in 2017 compare against the same 150 days today in 2018. Included in the graph are sales during the same time frame in 2015 and 2016 for comparisons.




The data shows two distinct trends.

1) The cost of a home after Harvey increased and the cost of a waterfront home increased significantly. The price per sq/ft also saw the largest increase as materials and labor cost after the hurricane both increased significantly.

2) The total number of homes for sale both on and off the water decreased.

A look into the future shows home prices for waterfront homes will remain strong. Many of these homes received improvements from both the owners and insurance companies. Improvements such as a new roof, new boat dock, boat lifts, boat covers, bulkhead, lighting, landscaping and drainage, even new air conditioning and heating have all added to the values of the homes. Several homes that were built in the 70’s, 80’s and 90’s that received even a minimal amount of water received a major remodeling with new floors, paint, and fixtures. Many owners took the opportunity to make significant upgrades and do extensive remodeling to their homes.

As costs for new construction continue to rise, the values of homes in our area should remain strong, and at the very least, stable in 2019. Hopefully our area will not have to deal with another storm like Harvey anytime soon, but I will personally say it was comforting to see neighbors helping neighbors during a time of need. The people in our area are some of the very best around and how quickly things were back to normal and now even better than before is a testament to the residents and workers in Montgomery County.

Looking ahead the next storm could be more financial and political. The possible increase in interest rates in 2019 may play the largest factor in home values. And of course, in 2020 we will be dealing with an upcoming Presidential election. If you are looking at selling real estate we would love to help, and can assist with recommendations to improve the marketability and value of your home to maximize profits. We can also give you an estimated value of your homes worth and you can rely on having the #1 and #2 agents in total production for over 15 years on your side!

 
Posted On Oct 11, 2016 (0 comments)
Big industry is still on the rise in Montgomery County, Texas.   Thanks to Entergy for creating even more stable jobs for our citizens. Entergy Announcement, October 2016

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Posted On Oct 26, 2015
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House odors can turn off buyers and limit a home's ability to sell quickly. Strong pet or cigarette odors could cause buyers with allergies or young children to walk away from an otherwise perfect home, while kitchen odors may give an impression the house isn't clean. Here are a few fragrant facts on how to...

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Posted On Jun 16, 2015
Trees can add up to 10 percent to a property’s value, according to the USDA Forest Service. They look great surrounding your home, provide shade and add texture to the curb appeal. Tall trees look pretty majestic, too, but sometimes they can be a liability to your property.  Click here to read more...

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Posted On May 13, 2015
Thank you, Madeley Ranch, for letting Mr. Yancy speak at Career Day today!   It was our pleasure!  

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