Typically, Americans tend to have short memories. Although the footage of the devastation wreaked by Hurricane Ian on Southwest Florida is concerning, Americans’ insatiable appetite for coastal properties throughout Florida will continue moving forward. In fact, it is not uncommon for many potential out-of-state buyers to view the time period immediately following a major, destructive storm as a great buying opportunity. We discuss some of the factors below.
Buying opportunities
Investors and out-of-state buyers tend to target areas ravaged by natural disasters because many of these property owners may not have the patience or energy to completely rebuild. Looking at Southwest Florida specifically, a significant portion of homeowners that completely lost their homes or sustained significant damages are older Americans. Therefore, these homeowners typically do not want to deal with the costs and frustrations that come along with rebuilding. Other homeowners are so traumatized by such a significant natural disaster that they want to flee the area completely. Needless to say, these situations may create buying opportunities for investors and out-of-state buyers looking to either relocate or have a seasonal residence in Florida.
Of course, not all buyers see the same opportunities in states at high risk for hurricanes. Therefore, we also tend to see some buyers initially think twice before relocating to a hurricane prone state such as Florida. However, as we mentioned at the beginning of this article, Americans tend to have short memories.
Summary
Strong demand for living in coastal areas with tropical, warm weather in a business-friendly economy will continue to drive many Americans to The Sunshine State. When analyzing the economic impact from previous storms in Florida, we have consistently seen quick recoveries. At this time, we have no reason to believe otherwise. Of course, this storm has hit Southwest Florida during an economic headwind of high inflation and a recession. Nonetheless, we expect to see continued strong demand for many Americans looking to move to paradise. Do you need assistance with buying or selling real estate in South Florida? We can help! Contact the Live South Florida Realty, Inc. team today! Be sure to download our free Florida Home Search app and have the power of the South Florida MLS right on your mobile device.
