• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Typical Reduced Value After A Flood?

Status
Not open for further replies.

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
So I am getting a lot of question how much values go down after a flood. I tell most that it depends once those houses go back on the market. Then once exposed to the market they can see the reactions of sellers and buyers.

What I am throwing this out there. Based on my own analysis when comparing sales in the flood zone and those that are not, can compare 5-30%, other time 40-50%. But over time folks forget.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
So I am getting a lot of question how much values go down after a flood. I tell most that it depends once those houses go back on the market. Then once exposed to the market they can see the reactions of sellers and buyers.

What I am throwing this out there. Based on my own analysis when comparing sales in the flood zone and those that are not, can compare 5-30%, other time 40-50%. But over time folks forget.


But just wait for FEMA to rush in and redesignate flood zones, and politicians to run in and designate new "greenways" along the coast.

.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
A house here impaired by unexpected flood was repaired and sold about 40% of value as best I can tell. Problem no one wanted to insure it for flood because it was out of the flood zone. Catch -22
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
How soon would they come out with a new flood determination? Makes any investor/bank to hold back.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
How soon would they come out with a new flood determination? Makes any investor/bank to hold back.

Depends.
I expect they'll come up with new ones in Huston long before Florida.

Here's how it went here.

Big flood of the Susquehanna 2006

New flood zones 2008
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Flood Insurance: Pricier This Year, and May Go Higher
By ANN CARRNS APRIL 7, 2017

Many homeowners who have flood insurance — or are seeking to buy it — will face higher premiums this year, because of increases that took effect April 1. Premiums under the National Flood Insurance Program rose an average of about 6 percent. The average annual premium is now about $878, not including various surcharges that apply in some cases, according to the Federal Emergency Management Agency, which administers the program.

Some properties, however, may see much higher increases, according to FEMA. They include those in areas at very high risk, second homes and properties that have experienced multiple flood claims.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks