The Flood and it's influence on the market

Posted by on Monday, January 20th, 2014 at 10:56am.

Four months afer the natural disaster, RE/MAX of Boulder's Duane Duggan evaluates the post-flood real estate market in Boulder County and offers some tips for prospective sellers and buyers. 

Future home sellers

• Homeowners should document the events of the great flood of 2013 relative to their home

• Pictures of a dry home are great!

• Document any flooding or seepage that occurred-Whether it was ground water seepage, flowing

river water, or backed up sewage.

• Document was done to clean it up, to share with future buyers.

• The worse the flooding situation was, the more important it is to have a professional company

doing the clean up work.

• A structural report to survey any possible damage to the foundation might be in order.

• Check for any drainage issues that could be improved to avoid future problems. Document

those improvements.

Future Home Buyers

• Buyers will ask about how the house faired in the flood of 2013

• Buyers will ask for documentation of how the flood was cleaned up

• Buyers will checking their insurance policy a little more closely

• More buyers will consider flood insurance even if the lender doesn’t require

• Buyers will learn more about drainage, sump pumps, etc for the home they are buying

Will Homeowners rebuild in flooded areas?

• In some cases a particular city may not allow them to rebuild if the property is in the flood plain

• Lack of insurance, lack of homeowner funds will be the biggest stumbling blocks to rebuilding

Will Homebuyers still buy in Boulder, Lyons, Estes

• Damage is big, but not widespread like a Hurricane Sandy or Katrina

• Transactions still proceeding outside the flooded areas

• If this happened every year, that would be one thing. It is something that stands a 1 in 100

chance in any given year, to get the 100 year flood.

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