According to a recent report, analysts are now saying that, similar to other natural disasters including fires, the summer floods experienced in the state could negatively impact the Colorado real estate market for at least a year.
Some of the early effects that are already being seen include lower inventory due to homes seeing flood damage, a booming rental market due to displaced residents and re-inspection by appraisers of all of Boulder and Weld Counties resulting in delayed closings and loss of interest rate locks.
Home values could see a decrease too as FEMA begins significantly changing the flood plain maps. Other impacts from that include the need for additional need for flood insurance and individuals experiencing more difficulty in lending on certain properties. Historically, however, the home values in places such as Boulder that are already included in the flood plain maps have not experienced much of a decrease, the report stated.
Since 1987, Housing Helpers has been serving the area that has been impacted by the floods and beyond. This is our home community and we are here to help our community recover. We have recently entered into a partnership with local governments and non-profits such as the United Way to help locate more temporary rental housing for those that have been displaced. If you or anyone you know has a rental property in Colorado to offer, or even just a room in your house to offer, please contact us right away- there are still hundreds of people that are in need of housing.
Beyond recovery, we are looking forward to seeing the region grow and thrive, continuing to help those who are looking to relocate to Colorado, to purchase a home, rent an apartment, or relocate for work opportunities in Colorado. With Housing Helpers, there is no need to sacrifice personal, friendly service for reliable information. We offer both. How can we serve you? Contact us and let us know.