According to the Red Cross, this month’s flooding in Louisiana is considered as the worst natural disaster since Hurricane Sandy, which hit nearly four years ago. The floods affected over 110,000 families, many of which lost everything and are now forced to look for new homes. This has caused the state’s housing market to reach crazy new levels.
Before the floods, Louisiana’s housing market was already struggling. Specifically in Baton Rouge, only 3,382 houses were on the market—that’s 15 percent lower than the number of homes on the market last summer. According to the Greater Baton Rouge Business Report, this was due to the housing market’s high number of buyers. Now, prices are skyrocketing, as demand has risen to overwhelming rates and home sellers are now receiving multiple offers.
With a low inventory of available houses for sale in Baton Rouge, we may be able to expect one of two things from city locals:
- To move to a surrounding city or location and commute to work in Baton Rouge
- To move their job and home to a surrounding city and location protected from flood zones and recurring natural disasters
With either option, Baton Rouge residents may find a cheaper living opportunity, as well as safer living conditions. Through these difficult times, it’s important to remember that all is not lost. Talk to your mortgage lender for housing finance options, and make sure to continue paying your mortgage so you are not documented as late on a payment!
