People are all wondering what is going to happen with our Baton Rouge Real Estate Market after the flood. No one knows for sure but what I am seeing so far is some investors purchasing homes to flip, some people staying in their homes and doing the repairs, and others still undecided on what to do. It all comes down to money for every person. The FEMA money is usually not enough to rehab a house back to a living standard. The people who had flood insurance actually will get enough to fix the house. Those that did not have content insurance have really lost a lot, just like the people who had no insurance.
What are the flooded neighborhoods going to look like? Will the homes that are flipped really be nice or just cheaply done? My suspicion is that the invesors will make the houses look really nice in order to get the highest possible price. If the investors are landlord types, then the houses will be done as inexpensively as possible - but all investors who have purchased my Listings are going to flip them. I think most of these subdivisions will take more than 6 months to be complete. I think the investors will get their homes up pretty fast as they have their own crews. The people who are rehabbing their homes may take up to 9 months to finish - depending on the damage. And for the subdivisions to totally be complete again could take over a year since a lot of areas that flooded were in our modest homes and those are the homeowners who will really struggle to fix their homes unless they had flood insurance. The biggest thing that has to happen to move all of us back to normal is for all the debris to be picked up. Once that is gone the subdivisions will start to take on their own look. Of course, if it would quit raining every day it would definitely help!!
The city of Denham Springs has a lot farther to go with all the businesses that are damaged. Some will never reopen. Others will be open in time for the holiday season - I'll bet Juban Crossing is back in business by then!! Again, money is the issue for most of Livingston Parish. There just isn't enough money to help everyone. Hopefully the government will pass out more money soon. We have schools that need to be back up and running so that kids aren't doubled up in schools - but at least school is back in session so that gives the kids some normalcy.
Ascension Parish also was damaged and I haven't seen what is happening in the flooded subdivisions there yet. People are still in shock and still gathering information so they know how to proceed.
This is a great time to pick up a nice property if you would like to be an landlord. Unless you are an experienced investor with a crew to rehab a house - or if you are very handy - I would not jump into this market. Another good piece of information is that we don't see a lot of price gouging happening with the homes that are did not flood and are up for sale.
If you need help weighing your decision on what to do with your flooded house, please don't hesitate to call 225-298-6900 and we will share information with you as watch our real estate market develop.