Archive for November, 2007
San Diego Wildfires Won’t Devastate Real Estate Sales
November 2nd, 2007 Categories: 4S Ranch, Escondido, Poway, Rancho Bernardo, Real Estate News, San Marcos
San Diego County recently experienced the most disastrous wildfires in its recorded history. In just four days, more than 640,000 people were forced out of their homes and 300,000 acres of land burned. It is hard to believe, but we just underwent the largest evacuation in California history.
While saddened by the losses, I am amazed at how well our emergency management system works and by how many homes were saved. Firefighters from all over worked endless hours to contain a dozen major fires across San Diego. The military was deployed and 2,492 National Guard troops joined the efforts
The outpour of support from the community was similarly impressive. Evacuation centers were overwhelmed with donations and at times they had more volunteers than evacuees. It makes me proud to live and work in San Diego.
[youtube]http://youtube.com/watch?v=NZ4B8WzA9og[/youtube]
Over the past week I have received numerous questions about the effect the fires will have on real estate sales. There are no crystal balls, but with more than 1,500 homes estimated to be lost the demand for replacement homes will diminish the inventory of unsold homes, but not enough to shift the buyer’s market.
Rental rates may also increase, especially in and around the areas most affected by the fires. Landlords that raise rents by more than 10 percent during a declared emergency may face fines. Hotels can expect higher occupancy rates over the next month.
Despite the magnitude of the wildfires, the real estate market in San Diego is not devastated.
We are fortunate to live in one of the most resilient locations in the country. People still want to live here and will continue to move to San Diego.With the generous support of our residents and planned government aid, our community will pull through the fires and come out a stronger market than before. The cities and county plan to expedite the permit process and builders are offering special incentives to fire victims. In the meantime, take a proactive approach to real estate. Buyers and sellers should talk to their agents about potential delays while suitable insurance is secured. Have your agent review the Natural Hazard Zone Disclosure Report from the seller with you. Trained real estate professionals will be able to answer questions you may have about areas affected by fire. Being well educated and well prepared helped San Diego control the 2007 wildfires and it will help real estate transactions close smoothly.
Real estate agents wear a lot of hats. They are advisers and educators; they are tour guides and researchers. Today, they are fellow citizens who want to see San Diego rebuild and flourish. They know San Diego well and are there to help coach clients through tough times. The fires shouldn’t discourage people from buying or selling a home, but they are another good reason to work with licensed professionals.
Seeing how diligently our county worked to control the wildfires gives me all the more confidence in our ability to rebuild. In the face of tragedy, the citizens of San Diego came together. We showed the entire country that wildfires are extinguished by the human spirit, and not the other way around.
| Currently No Comments »
