What is My Home Worth Post-Hurricane Ian?
Determining home value after a catastrophic event is challenging.
One thing is for certain, automated home valuation tools are even less accurate than they were prior to Hurricane Ian. We’ve mentioned the inaccuracies of reports from websites like Zillow and Redfin in past blogs. Now, it's impossible for those computer-generated tools to assess your home’s condition post-storm, let alone make accurate assessments of the local market as a whole.
Here's what we do know.
Susan and I have over a decade of local real estate experience on Sanibel and even we admit that the real estate market post-Ian is challenging due to the extreme variations in home conditions. Your home might have minor damage while your neighbor's home needs a complete renovation. You can bet that makes for an interesting market analysis.
Here’s what we do know. We know the value of location.
We can physically visit a property to assess its condition. We can do quick estimates of the cost to renovate hurricane-damaged properties. We have a list of local professionals who can provide quotes for the cost to renovate damaged homes. We have a database of potential homebuyers looking for real estate on island. We know what they are looking for, and what questions they have. We understand the challenges and concerns of island homeowners, after all, we are Sanibel homeowners ourselves.
How much is my home worth?
The quick answer is: whatever someone will pay for it.
A more comprehensive answer will depend on the many variables we listed above. There’s a lot at play when determining the market value of a hurricane-damaged home on Sanibel. That’s why it’s important to work with a local real estate expert who can take all of these factors into consideration when determining a fair market value based on the current real estate market.
So, while your first instinct might be to use one of the online home valuation tools to see what your home is worth, I strongly recommend speaking to multiple local realtors as well.