- calendar_month February 7, 2025
- folder RE News
Owning a home is one of the best ways to build wealth and stability, but for many Californians affected by recent wildfires, homeownership now comes with new challenges. As a real estate professional at JohnHart, I want to help homeowners and future buyers navigate these changes.
One key benefit of homeownership is equity growth—as your home appreciates, it becomes a valuable asset. However, after wildfires, some areas may experience fluctuating property values. While some homes may see decreased demand, rebuilt communities often see appreciation over time.
Another important factor is insurance coverage. Many homeowners are now facing higher premiums or policy non-renewals. If you own a home, this is a good time to review your policy to ensure you’re fully covered for future disasters. If you’re looking to buy, be prepared for stricter insurance requirements.
For those affected by fires, there are financial relief programs, such as 203H loans, which help with rebuilding or purchasing a new home with no down payment. Additionally, property taxes may be reassessed for damaged homes.
Following a wildfire, housing forecast generally predicts a short-term decrease in housing activity in directly affected areas due to destroyed homes, but a potential increase in prices in surrounding regions as displaced residents seek new housing, leading to a tightening of the housing supply and increased demand, particularly for rental units; this could exacerbate existing housing crises in regions already facing limited inventory.
Despite the challenges, homeownership remains a powerful investment. If you have questions about buying, selling, or rebuilding, I’m here to help—reach out today! 📞(310-488-2592), text, or 📧 bashbyvp@gmail.com, and visit my website https://bashby.jhagents.com/ for a list of properties currently on the market.
