The Palisades real estate market is expected to experience a temporary slowdown due to ongoing wildfires and mass evacuations. While deals are likely to be delayed until the full impact of the fires is assessed, homes that remain undamaged are expected to see a quick rebound in the market. Experts predict a localized impact, with the area's popularity and demand for housing likely to drive rebuilding efforts.
The Palisades real estate market will come to a "standstill" for some time as fires rage and tens of thousands of residents evacuate the area, according to an industry economist. Deals will be delayed until the full extent of the damage is assessed, but movement in the market will kick back up again for homes that are left unscathed, Redfin's Chief Economist Daryl Fairweather told FOX Business. "There might be some jitteriness for the next few weeks, perhaps.
Christopher Anderson, a Napa, California-based Redfin real estate agent, previously said that after fires, "local authorities tend to fast-track permits and design reviews, and push properties hit by fires to the front of the line" so communities can rebuild. WATCH LIVE: WILDFIRE COVERAGE ON FOX WEATHER He added that "they build homes in four to six months after fires, whereas normally it can take a year and a half for a builder to get a shovel in the ground.
CALIFORNIA WILDFIRES REAL ESTATE HOUSING MARKET EVACUATIONS REBUILDING
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