00:22 The Nuts and Bolts
01:23 Notes to Buyers
02:01 Note to Sellers
Link to Flood Map
Flood Map Changes for Nashville: Feb 25, 2022
Today, 61 updated FEMA flood map panels go into effect. What does that mean? It means that more than a thousand homes (some new construction not yet completed) will require a flood insurance policy. I wanted to share a quick debriefing some of this information, and provide a couple of links to where you can find out more.
Here are the nuts and bolts:
The new maps from FEMA, the Army Corps of Engineers, and Metro Water Services now show areas within the flood plain that were previously unmapped. This greater detail in the maps identifies more sites prone to flooding. Again it is more than 1,000 homes.
This affects homes that have had flooding issues in the past, some that flooded in 2021, and some from way back in 2010 as I look at this map. In the interactive map provided by FEMA or Metro Nashville, whoever put this together (and did a good job by the way) you can clearly see the areas in purple that now affected.
With climate changing so much of our environment around us, this comes as no surprise, maybe. But as I am asked more and more by investors and buyers about what Nashville weather is like, and what they need to be aware of before buying here, this is one of things I felt the need to share because it does affect demand in a market that already has a very low supply. Inventory is at record lows from previous years.
A note to buyers.
Even though things are about to heat up in this market, and my buyers are already having a hard time getting into properties, this adds a whole new layer to the search. Be sure to refer to this information, and ask your agent if the homes you’re looking at will require flood insurance. And know that just because you’re in a flood plain, it doesn’t mean your house is going to go under water. It just means you need know more about what happens when it rains on the property, and there is additional expense of flood insurance. I always recommend looking at properties in the rain, it’s the only way to see for yourself what happens on the lot and sometimes under the roof.
A note to sellers and listing agents.
Will these changes affect your home’s value? Probably not, not in this market. But, it will deter some buyers obviously. That being said… Disclose. Disclose. Disclose. Don’t try to hide what happens on the lot in the rain. Irrigation, pushing the water away from your house, is important. Not just for you, but for anyone looking to buy property. So take care of how water flows on your lot, and moves away from your foundation. It’s a part of regular home maintenance in this part of the country, even though I see people overlook these matters all the time. I think it’s time this become a more regular, and less debatable conversation. These changes, today, make it that much more important.
All that said, because these changes go into affect today, so you should be able to find properties on this interactive map and you need to be looking for it. It should begin to show up in tax records under our property resources as well.
I hope this info was helpful and I’ll see you soon.