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Performance Property Real Estate Question

How Wildfires Will Affect Real Estate

Q: My son just moved to the west coast. He and his wife want to buy a home out there. How are all the wildfires going to affect home prices and their ability to buy? Chauncey, Island Park, NY A: The effect wildfires have on residential real estate will depend on specific demand for houses in the areas where the wildfires occur. When property values are high, as they are in many parts of California for example, owners tend to rebuild rather than move away after a wildfire. Homeowners in areas like this are also more likely to have an insurance policy to assist them rebuild after a wildfire. Rebuilding has become such a common process in California that there […]

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