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Message
Home Value After Flood
Posted on 9/4/16 at 7:20 am
Posted on 9/4/16 at 7:20 am
What type of increase should you expect in a home that didn't flood in Ascension Parish near Pelican Point
2
Posted on 9/4/16 at 8:35 am to PeoplesChamp29
In the short term, it depends on the condition of your home. Homes that would have had to be discounted based on condition (need for minor updates) will sell faster and closer to asking price as inventory drops.
Houses that did not flood will see modest growth in value over the next few years until people feel safe about the homes in zone X and it will reduce demand.
But never flooding will always be a selling feature for a lot people.
Houses that did not flood will see modest growth in value over the next few years until people feel safe about the homes in zone X and it will reduce demand.
But never flooding will always be a selling feature for a lot people.
Posted on 9/4/16 at 6:25 pm to Shaun176
Home is 10 years old pretty modern no updates needed, so what percentage increase in value in next few months if I wanted to sell
Posted on 9/4/16 at 8:00 pm to PeoplesChamp29
I think it's just a guess at this point. I've been watching realtor for homes around me and I haven't seen a change yet.
Posted on 9/5/16 at 5:47 am to DownSouthDave
After Katrina some homes went up 50k.
Posted on 9/5/16 at 7:34 am to PeoplesChamp29
There aren't as many cash buyers as there were in Katrina. Some buyers will hit the market in about a month when they find out how much they will get from insurance. Most of those affected had mortgages and no insurance so they have to rebuild.
I would imagine about 10% annual growth on a nonflooded home over the next year. Then leveling off when the zone x homes that only got a few inches are all repaired and start coming on the market.
Over the next few years, there will probably be a 5% to 10% premium on nonflooded homes. Then it will all even out.
I would imagine about 10% annual growth on a nonflooded home over the next year. Then leveling off when the zone x homes that only got a few inches are all repaired and start coming on the market.
Over the next few years, there will probably be a 5% to 10% premium on nonflooded homes. Then it will all even out.
Posted on 9/5/16 at 11:24 am to Shaun176
So, basically calculate 10% increase on your current value and call it a day?
Posted on 9/5/16 at 12:06 pm to Paul Allen
quote:
So, basically calculate 10% increase on your current value and call it a day?
No. But I would put my value at the high end of comps at this point. By the end of Spring, there will be enough post flood sales to see some real apprecation in value and the comps to justify it.
I worked in the mortgage industry, so my perspective is more about what can get through underwritting.
It also depends on the neighborhood. The Garden District saw 10% annual appreciation before the flood and won't see as much flood effect because it was already seeing high demand and low inventory. Previously less desirable neighborhoods that did not flood will see more demand and thus an increase in value.
This post was edited on 9/5/16 at 12:42 pm
Posted on 9/5/16 at 2:12 pm to Shaun176
quote:
what can get through underwritting.
This ^
It's going to take time, but people are going to be paying a lot more for homes that didn't flood.
If you had a home that flooded you lost your arse big time, the more sq feet the more you lost, the higher end homes that flooded will never get pre flood prices.
My advice would be to hold on to houses that didn't flood until appraisals go up and they will.
As a buyer I would pay 50-100k more for a home that didn't flood compared to the same sq feet home that flooded
Posted on 9/5/16 at 3:00 pm to BigD13
You would pay 50 to 100k more for a non flood home? So a house that got a foot of water--- that now is completely rebuilt on the interior--- has that much less value? New Sheetrock, new cabinets, new paint, new appliances, Etc. We aren't talking about homes that have flooded over and over. Many of these homes have never flooded. 500 year flood were talking.
Posted on 9/5/16 at 3:44 pm to igotit
quote:
You would pay 50 to 100k more for a non flood home?
Sure would to have a home that I NEVER had to worry about flooding, never had to worry about high as hell flood insurance. I live in French Settlement where 75 percent of my town flooded, believe me when I tell you that the people that flooded, even 1 foot, would pay 50 to 100k more to live on the other 25 percent of the land that will never flood.
Posted on 9/5/16 at 4:05 pm to igotit
quote:
As a buyer I would pay 50-100k more for a home that didn't flood compared to the same sq feet home that flooded
There will be a lot of buyers with this sentiment for a few years, but it will go away with time. Still never flooding will be a selling feature- like being in a good school district.
If the levees fail in N.O. again, most of the houses in Lakeview will flood again. I would say prices and demand in that area are doing fine.
This post was edited on 9/5/16 at 4:35 pm
Posted on 9/6/16 at 8:41 am to BigD13
quote:
I live in French Settlement where 75 percent of my town flooded, believe me when I tell you that the people that flooded, even 1 foot, would pay 50 to 100k more to live on the other 25 percent of the land that will never flood.
thats a pretty massive premium. if truly in "500 year" territory, i would take that discount for the minimal risk of a good bit of the 75%
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