Hurricane Sandy’s destruction left hundreds of thousands of homes and businesses destroyed along the east coast, leaving many Americans without a place to call home. While the full impact of Sandy won’t be known for weeks or months, there are a few things we can count on.
While Sandy has left significant impact on individual homeowners, she is not expected to affect overarching trends in the real estate market. According to the National Association of Realtors®, temporary disruptions in sales closings from major weather events will sometimes cause a dip in monthly regional sales but are usually followed by a bounce over the next few months with no impact to underlying demand.
The Johnston County Association of REALTORS® uses another devastating hurricane as an example, Hurricane Katrina in 2005. “After Katrina there was a surge in sales in areas that survived serious damage,” said Denise Pilkington, President. “People who lost their homes to the hurricane relocated and sales in unaffected areas rose above expected levels.”
Another thing we can predict as a result of this devastation is that the mid-Atlantic will likely see a boost in home construction, as well as jobs. “The need to rebuild businesses and homes will create jobs, thus making the impacted regions stronger,” said Pilkington. “And rebuilding communities is something Realtors® are very familiar with.”
For more than 11 years the Realtor® Relief Foundation has provided housing-related assistance to victims of natural disasters and is now working with state Realtor® associations in affected areas to distribute funds as quickly as possible.
“Realtors® help build and maintain communities and it’s only natural that we come together when so many communities are in need right now,” said Pilkington. “Donations from Realtors® across the country will go to those affected by Hurricane Sandy and will help rebuild thousands of homes along the East Coast.”
Formed in response to September 11, 2001, the foundation has assisted with more than 30 disasters and provided more than $22 million in emergency housing assistance. One hundred percent of the money donated by Realtors® goes directly to help the victims of natural disasters.
“When natural disasters strike and we see individuals and families losing their homes we are reminded that homeownership really does matter,” said Pilkington. “Realtors® are helping those who have lost their homes get back on their feet and rebuild a stronger community and place to call home.”
For more information about the Realtor® Relief Foundation, visit www.realtor.org/programs/realtors-relief-foundation.
Johnston County Association of REALTORS®
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