The demand for fire-affected homes has risen due to new development opportunities, with buyers willing to pay a premium for properties in these areas.
The fires have left a big mark on the real estate market, and if you’re trying to make a move, it’s important to understand what’s happening. Today, I’m going to break down the effects of the fires on the local real estate market and help you navigate through these changes, so you don’t get caught off guard.
How did the fires affect supply and demand? After the fires, we saw some surprising shifts in the market. Properties near the fire line sold quickly—three in total—without any contingencies, meaning the buyers were highly motivated. They did their homework and didn’t need the usual safety nets that come with buying a home. These properties even sold for a little more than we had expected, showing that even in tough times, buyers are ready to act fast and pay a premium for the right property.
What happens when a neighbor’s lot is for sale? I had a client reach out about buying a neighbor’s lot after their home was lost in the fire. Here’s what we found: many of the neighboring lots are being snapped up by developers. Based on sales trends in the area, we predict that several homes nearby could soon be sold to people planning to build multiple units, rather than just single homes.
This could lead to a big change in your neighborhood. What was once a quiet street could soon see more traffic, more parking issues, and a much denser population. If you’re considering rebuilding on your lot or buying your neighbor’s lot, this is something you’ll need to think about.
Should you pay for a property survey before selling? Another common question I get is whether sellers should pay for a property survey before listing. The short answer is: no, you don’t need to. Based on recent trends, buyers aren’t asking for sellers to provide a survey. Instead, they prefer to take care of it during their own due diligence period. If buyers aren’t requesting it, there’s no reason for you to spend the money.
The real estate market can be tricky to navigate, especially after the fires. But with the right information, you can make smart decisions about buying, selling, or rebuilding. Whether you’re concerned about neighborhood changes or unsure about surveys, I’m here to help guide you through it all. If you have questions or need help figuring out your next steps, feel free to call or text me at 626-408-2890 or email me at daveknight@kw.com. I’m here to help you make the best decision for your situation.
