Here’s how the wildfires have impacted real estate in our region.
How have the recent wildfires affected the real estate industry in our region?
First of all, I want to extend my thoughts and prayers to everyone who’s been affected by them. 2020 has been a doozy, but it reminds me of a popular saying (if you’ll allow me to paraphrase): It will all work out in the end; if it’s not working out, it isn’t the end. I know we’ll get through this, but that doesn’t mean it’s going to be easy.
As far as real estate goes, the most obvious impact of these fires is the damage they’ve caused. Here are three less obvious aspects of real estate that are being affected as well:
1. Closings. Several lenders have placed moratoriums on Clackamas County closings.
2. Insurance companies. Home purchasing in some areas has come to a standstill due to the danger involved, and this pause will last about a week or two. You need to ask your homeowners insurance representative the right questions to know which areas are still moving forward with home purchases.
3. Investment properties. Whether you own a rental, commercial, or multifamily property, it’s important to know how you hold title. Everything is hunky-dory until there’s massive damage to contend with. In this case, you have to be careful that your title doesn’t differ from what your homeowners policy says.
I pray that by the time my next video reaches you, everything is as back to normal as it can be. In the meantime, keep moving forward, and if you have questions or there’s anything my team and I can assist you with, don’t hesitate to reach out to me. I’m here to help.