"The expiration of the National Flood Insurance Program during the recent federal government shutdown has put coverage for millions of homes at risk, affecting home closings and buyers in flood-prone areas. An analysis in Miami and Tampa shows that homes with lower flood risk have seen faster price appreciation over the past decade, highlighting changing buyer preferences. Market trends indicate a shift toward prioritizing flood risk data in home-buying decisions, with younger buyers leading the change."
"Homes with lower flood risk have appreciated faster over the past decade, signaling a shift in buyer preferences towards properties on higher ground. Awareness of flood risk is increasing among buyers, with a predicted significant change in evaluating risk within the next decade. Tools like updated FEMA flood maps and private tools such as Flood Factor are aiding buyers in assessing flood risk and making informed decisions."
"Rising flood insurance costs are becoming a significant concern for homeowners, potentially affecting property values and purchase decisions. Preparation and transparency are becoming crucial for both sellers and buyers in navigating the evolving landscape of flood risk in real estate transactions. As buyers become more aware of flood risks and their implications, the real estate market is witnessing changes in how properties are valued and sold, emphasizing the importance of understanding and addressing flood risk in property transactions."
The expiration of the National Flood Insurance Program during the federal shutdown threatened coverage for millions, disrupting home closings and buyers in flood-prone areas. In Miami and Tampa, homes with lower flood risk appreciated faster over the past decade, reflecting shifting buyer preferences toward higher ground. Market trends show increasing emphasis on flood risk data in purchase decisions, with younger buyers leading the shift. Updated FEMA maps and private tools like Flood Factor are helping buyers assess risk. Rising flood insurance costs are affecting property values and purchase behavior. Preparation and transparency are becoming essential for sellers and buyers.
Read at SFGATE
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