IKE HIT NOW WHAT?

Check out Betty’s article in the Houston Chronicle:

West Houston Realtors: Ike won’t affect market

By ANNETTE BAIRD CHRONICLE CORRESPONDENT

Local Realtors agree Hurricane Ike likely won’t make a dent in the residential real estate market in west Houston. In fact, they say there may even be a slight boost in sales and leasing as Gulf coast residents seek homes inland, and damaged homes come off the market.

“I believe our homes will be more sought-after as some people in the coastal areas make the decision to come to Houston,” said Beth Wolff of Beth Wolff Properties in the Galleria area. “This may add a little boost.”

Betty Bezemer of Keller Williams agreed. She expects a reduced inventory for a period of time as damaged homes that were either on the market or about to go on the market undergo repairs.

“I don’t see values diminishing,” said Bezemer, talking from her damaged office building at 10497 Town & Country Way. “If demand exceeds the amount of product for a particular consumer, there may be multiple offers.”

Chuck Poteet, who has his own real estate business in west Houston, remains positive about the market. He said none of his 30 or so listings suffered serious damage, and though they don’t look their best, they are selling.

Poteet said buyers who were negotiating before the storm have returned and are closing on properties after checking them for storm damage.

“We could have lost a few sales, but people are moving forward with their housing needs,” he said.

Wolff, who has listings in the wooded areas of Spring Branch, Memorial and Tanglewood that sustained widespread damage, said the hurricane created some interesting situations.

She said some lenders and buyers in the midst of negotiations before the storm are requiring another inspection of the property, and that has delayed closing on those properties.

In the event of storm damage, Wolff said the seller has the responsibility to restore the property to its condition prior to the hurricane. The contract may be extended for 15 days to meet those requirements, and if that isn’t possible the buyer may terminate the contract and get their earnest money back.

Alternatively, Wolff said the buyer and seller can come to an agreement about the insurance and continue with the sale.

Fortunately, Wolff said no one has withdrawn from a sale yet.

All three Realtors expect the housing market in west Houston and Memorial to remain stable for a variety of reasons.

They cited the Energy Corridor, mature neighborhoods, sought-after schools, proximity to the Sam Houston Toll Road and widening of the Katy Freeway as factors that will help to maintain the area’s relatively robust housing market, especially compared to the rest of the nation.

“This particular area has always been a good place to live,” Bezemer said.

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