Tampa realtors are “wait and see” for hurricane real estate recovery

It’s no secret that residential real estate listings in Tampa and surrounding areas are in limbo after hurricanes Helene and Milton raged through the region. Even as cleanup and recovery has been underway for weeks, it’s shaping up to be a slow trudge to the finish line.

“Most of us are coming up for air right now,” said Virginia Bond, License Partner-Global Advisor for Engel & Volkers Tampa Downtown. “We’ve experienced damage through this experience or know someone that suffered large losses during the storms.”

While it will take some time, Bond knows there may be a mass sell-off but cautions homeowners to pause and seek advice before making major decisions.  She believes real estate will rebound based on an article published by Journal of Environmental Economics and Management, Volume 118, March 2023. “Because the market is so localized, things will be totally different from area-to-area,” she said.

Discussions about interest rates that began at the beginning of 2024 and manifested in a half point drop in September have not yet made a material difference in markets across the country. But the expectation of as much as another point reduction in 2025 are more likely to create movement.

“Florida will need that. Especially considering that there are people who will have to move now but weren’t planning to,” Bond said.

A September survey of consumers by Fannie Mae found 42 percent of respondents said they expect mortgage rates to decline over the next year. At the same time, consumers expect prices to rise, a factor that seems to have replaced interest rates as what consumers consider to be the biggest barrier to housing affordability.

An already small inventory of available homes will be even smaller, at least before they get repaired. Homes that avoided hurricane damage and that are out of flood zones will be in even higher demand, Bond said.

Getting properties fixed and ready to be sold in a post hurricane environment is proving challenging. Bond recounted the story of a client who owns multiple properties in the Tampa area with upwards of $50,000 of deductibles that need to be paid to remediate hurricane damages. Hiring companies to do the work has been next to impossible so far because demand is outpacing capacity.

Bond and Engel & Volkers Tampa Downtown are gathering resources and creating a list of various vendors that can help clients with their recovery – from roof repair and flood mitigation to moving and storage. We’ve also hosted an event for agents to attend and get information for their clients,” Bond said. “People need resources right now so we are planning the same event for homeowners who need help.”

About Olympia

Olympia is a full-service residential and commercial moving company and commercial services firm. In addition to the packing, loading and hauling household goods for homeowners who are moving across the street or around the country, Olympia performs commercial services including warehousing for FF+E projects, decommissioning and liquidation, facilities management and logistics and much more. Olympia is an INTERstate Agent for Wheaton World Wide Moving. You can learn more about Olympia at olympiamoving.com and Olympiaofficemovers.com or call 800-222-4744