Currently Reading

Wildfires' Effect on California Housing Market

Advertisement
Market Data + Trends

Wildfires' Effect on California Housing Market


October 7, 2020
San Francisco engulfed in orange hue from wildfires
Photo: bennymarty

Hundreds of homes were destroyed by the recent, and ongoing, California wildfires—and now those families need to find new shelter in the midst of a volatile housing market. Both Napa and Sonoma counties had housing shortages to begin with, but workers fleeing the more expensive San Francisco already swept in to snag homes and large plots of land, according to Realtor.com. The same areas have already experienced wildfire devastation before, and as one real estate agent points out, history has shown that when people lose their homes and want to stay, it increases the demand significantly.

"The impact of the fires is rocking the community. ... It's nerve-wracking, it's scary, it's disheartening," says real estate broker Kristofer Chun, of eXp Realty in the town of Napa. "[But] if anything, history has shown when people lose their houses and they want to stay, it increases the demand significantly.”

After overpaying for their last home and battling with their insurance company over their losses, the Senanders were determined not to lose the home they'd moved into only two years earlier. They battled the flames into Monday morning, succeeding at keeping them at bay.

Senander had bought the property specifically because he believed it could withstand another blaze. He set it up with a water tank and pump designed to fight fires. But he doesn't know what he would do if another blaze erupted.

Read More

Related Stories

Market Data + Trends

September Ends 4-Month Spree of Increased Pending Home Sales

A drop in pending home sales for September may be a signal that rising home prices are too much for buyers. CNBC says the number of signed…

Affordability

Perceived Home Affordability Increases for Some Buyers

Lower mortgage rates are having an effect on the affordability of homes, more so than rising home prices. According to the National Association of…

Market Data + Trends

Fewer First-Time Buyers Purchased Homes in September

The share of first-time homebuyers has continued to decline since April. In September, the share dropped to 31% from April’s 36%, according to the…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.