Real estate experts in the Detroit, Mich., area say home sales have taken a hit following severe flooding last month.
The Detroit News reports real estate agents expect the market to quickly bounce back after stalled sales. The owner of Edwin Anthony Homes says a house just sold because it was built to avoid flooding and wasn’t damaged by the Aug. 11 storm.
A Royal Oak relator says transactions fell through because potential buyers whose homes flooded needed to spend money on repairs.
A Farmington Hills marketing manager says home sales declined 8 percent in August compared to the same time last year, but it’s unclear if the dip is related to flooding.
A Dearborn relator says residents are now preventing future leaks and making their homes more marketable in the future.
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