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Award winning Houston Heights realtor and local residential property expert Andrea Garcia reveals how current conditions have created a “seller’s market” and explains that the Houston real estate market continues to rebound and grow, despite the Hurricane Harvey aftermath. Garcia, a Houston native and 20 year real estate professional claims that any fears of market instability and uncertainty appear to be unfounded and she encourages prospective Houston area sellers to consider that now might be a particularly auspicious time to enter the market.
Many homeowners in and around the Houston area have expressed concerns about the lingering possibility of property value depreciation as a result of the Gulf Coast’s most recent record setting storm. Garcia, of Re/Max Inner Loop’s Dream Team reassures homeowners current trends have created a “seller’s market”. Garcia further explained “rising interest rates and the continual decline of available housing inventory together have resulted in higher home prices.” Garcia went on to mention that Houston continues to make significant progress with rebuilding efforts and forecasts no decline of the Houston real estate market in the foreseeable future.
Garcia additionally commented that the most current legislation from the Houston City Council regarding new home construction relating to the floodplain will only make the market stronger and push home prices higher. he Houston City Council on Wednesday approved a regulation that changes the way new buildings must be constructed in the 500-year floodplain.
Current regulations require new structures to be built a foot above the 100-year floodplain level. The new regulation requires new construction to be built 2 feet above the 500-year floodplain level.
Proponents of the rule being considered said a study by the city’s Public Work’s Department found that 84 percent of buildings that flooded during Hurricane Harvey would have been protected had the regulation been in place, excluding construction in reservoirs.
The measure passed with a vote of 9 to 7.
Release ID: 326379