Hurricanes: Will they impact home prices?

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Hurricanes: Will they impact home prices?

In New Jersey, we understand firsthand the devastation hurricanes can cause. It seems this year the headlines never stop regarding the next big storm barreling towards Texas, Florida, Puerto Rico and the Caribbean. What’s next?

While some areas, like Puerto Rico, are still focused on saving lives, places like Houston and Florida have started the rebuilding efforts. Funds, supplies and volunteers are needed in all of these locations at record numbers due to the vast geography and destruction of these storms. For people who lost everything, the need to rebuild their home is the first step to try and regain their lives. We are seeing amazing humanitarian efforts in response to the devastation, whether it be stories of hope, everyday heroes and donations to those who need it most.

We fully expect skilled labor and supplies to be redirected from the east coast to these areas. While the impact isn’t quantitative at this point, we expect this will cause increases in cost for building supplies and construction services here in New Jersey. Skilled workers will see an opportunity in Florida, Texas and beyond to expand their hours and make a big impact, which will lessen the pool of these valuable assets in our neighborhoods.

Make no mistake, we want these communities devastated by the hurricanes to have access to these supplies and labor, but we also want you to understand the potential impact on your financial goals for buying a new home, remodeling or considering that beach property.

If you are worried about how the hurricanes could impact you financially, give us a call and let’s talk through the trends we are seeing and your personal situation. Cornerstone Capital Financial prides itself in working individually with families to help make their dreams come true.

If you want to find a way to help those impacted most by the hurricanes, here are a few articles which outline charities accepting donations and ways to volunteer: