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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  June 13, 2011  |   Disasters Spike Increase in Home Sales
Cities that have been torn apart by recent tornadoes and floods are now seeing a big increase in home sales.

Real estate agent Barb Maxon with Century 21 ProLink in Sioux City, Iowa, told the Des Moines Register that she’s made six sales in one week alone to Iowa families who have been displaced by the Missouri River floods.

The Missouri river is expected to rise to near-record levels this week, where it's expected to remain for weeks, causing flooding along cities near it and displacing families.

Residents, for example, from Dakota Dunes, Iowa, where hundreds of homes have been evacuated for more than a week, are starting to look elsewhere for housing. Nearby Sioux City is getting a flood of its residents inquiring about new housing options, real estate agents say.

Rental properties in Sioux City are quickly being snatched up and some families are even opting to purchase a second home for refuge. And other residents are planning to relocate entirely from the area and abandon their flooded area and buy a new home in Sioux City out of the flood paths.

In Joplin, Mo., which had a deadly tornado rip through the town on May 22 that leveled a big portion of the town and left thousands homeless, real estate professionals also have reported home sales skyrocketing. One week after the tornado, 163 homes were under contract in Joplin, which is 10 times higher than it’s normal average, as those now left homeless are trying to snatch up the few housing there still left standing.

Source: “Surge on Missouri Expected This Week,” Des Moines Register (June 12, 2011) and REALTORŪ Magazine online

Read more:

Homes in High Demand in Tornado-Ravaged Town

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