Research show local housing prices decline after severe weather events

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NORFOLK, Va. (WAVY) — If you’re about to put your home up for sale, you might want to wait.

Researchers at Old Dominion University found that after a severe weather event, housing prices in high-risk and low-risk flood zones in Hampton Roads decline about five percent.

Houses in high-risk zones stayed on the market about a week longer than those not in flood zones.
Researchers also found homes in low-risk flood areas were affected more than those in high-risk zones, which could be because buyers expect homes closer to the water to flood.

So what should a seller to do? Wait to put your house on the market, if you can. If you can’t wait, you can do some flood mitigation work.

Real Estate Agent Beth Lloyd with Howard Hanna suggests putting flood vents around your home, which she told 10 On Your Side will also help bring down your insurance premium.

“I’ll use mine as for instance. It was going to go to $3,000 to $4,000 a year, put in the vents and it maintained at $300 or $400, so its a significant value it’ll pay for itself the first year,” said Lloyd.

You can also get an elevation certificate and Lloyd suggests if you have a basement, fill it in. “Get those mechanicals upstairs, washer and dryer, whether you’ve got a water heater maybe make it’s a tankless water heater, so its not on the ground.”

The ODU study, led by assistant economics professor Timothy Komarek, looked at  housing prices and the time a house spent on the market after a 2009 Nor’easter and Hurricane Irene in 2011.

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