Disaster won’t affect long term real estate market

Local realtors say things will settle down quickly, especially if Village fixes the problems that aided the flood of May 23.

  • Jun. 23, 2015 11:00 a.m.

by Barbara Roden

While local realtors acknowledge that property sales and prices in Cache Creek will be affected in the short term following last month’s flooding, they agree that both will recover in time.

Kelly Adamski of ReMax Golden Country Real Estate and Hedda Hall of Royal LePage Ashcroft Realty feel that prospective buyers in Cache Creek will be sceptical about some properties in the areas that were hardest hit. However, the progress of the clean-up, as well as measures taken to cope with future flooding, will go a long way to reassuring buyers.

“Most people realise this was a once in two hundred years event,” said Adamski. “The market in Cache Creek in a general sense is still fine. And time heals everything.”

Hall agrees, saying buyers will understand that the storm which caused May’s flooding was a freak event. “People have short memories,” she added, but said that homeowners can help by being pro-active and ensuring that properties are cleaned up and restored as quickly as possible. “Once buyers see things happening, and problems being rectified, they’ll be reassured.”

Adamski said that properties that were untouched and had no issues should not be affected, but that areas which sustained heavy damage might be slow to recover. More effective drainage measures would make people more confident about those areas, he said. “Until something is put in place to protect the safety of those houses, they’ll be seen as riskier.”

Hall said that the sale of one house that had slight water damage, which was in progress before the flooding, was firmed up by the buyer afterward. “The owners are applying for relief funding, and the buyer feels confident,” she said.

As realtors they have a responsibility to make potential buyers aware of issues in the area, said Adamski, with Hall adding that homeowners should let buyers know if the house was untouched or what the extent of any damage was. “I feel sorry for those who were affected,” she says, “but people are out there doing what needs to be done.”

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