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Message
re: Slowest Housing Markets - Louisiana has 3/12
Posted on 4/19/24 at 6:54 pm to LSUFanHouston
Posted on 4/19/24 at 6:54 pm to LSUFanHouston
quote:
have a neighbor, nice house, they say mortgage is paid off. They moved about an hour away to be closer to grandkids. In today's market, house is probably worth $275k max. Listed for $450K. Over 7 months they have dropped it to $430K. The kicker is... it's on the property tax rolls with a value of $175K. With homestead exemption they are only paying tax on $100K of value. I'm curious what they will do when the proeprty insurnance bill comes due. Probably pretty low carrying costs except for that.
Squatters wet dream right there baw
0
Posted on 4/19/24 at 7:24 pm to 3deadtrolls
quote:
Nobody told Youngsville and Broussard.
Lafayette does not have much vacant land for new development, especially single family housing. Youngsville, Broussard and the Scott area seems to have subdivisions popping up every week.
Posted on 4/19/24 at 8:13 pm to Motorboat
quote:
I have a $100k rent house or could be a starter home
Is this a shed with a bed??
Posted on 4/19/24 at 8:17 pm to Tmcgin
quote:
Insurance in Nola is a huge issue
It’s happening in Florida as well. In Florida the companies are telling us it’s a climate change issue.
A lot of people have stated they would get on board with the climate change narrative when banks stop making loans for seaside homes. I think it’s more like if you can’t get insurance then you can’t get a loan.
People where I live in Florida are concerned that the next wave of buyers will have to be cash only. Right now about 50% of all sales in our market are cash.
I always said I wouldn’t pay off the house loan because at 4% it’s like free money, but as insurances go up there is interest in paying off the loan and self insuring.
Posted on 4/19/24 at 8:19 pm to notiger1997
quote:
SFP is going to argue your arse
Posted on 4/19/24 at 8:27 pm to SlowFlowPro
Insurance in Louisiana now is better than it was 6 months to a year ago, more specifically southeast Louisiana. That does not mean everyone will reap the benefit or that it will be nearing what it was pre-ida, those days are gone for a long long time and probably not coming back
That being said, part of the reason the insurance situation is what it is here is because people were paying premiums far lower than they should have been.
Fly by night companies were coming in and undercutting rates, they would then sell the company, make their money, and leave someone else holding the bag when the major catastrophe hits and the company inevitably goes bankrupt due to lack of premiums
There is NEVER an instance where someone in south Louisiana should be paying $650-$850 a year in homeowners insurance premiums, but they were
That being said, part of the reason the insurance situation is what it is here is because people were paying premiums far lower than they should have been.
Fly by night companies were coming in and undercutting rates, they would then sell the company, make their money, and leave someone else holding the bag when the major catastrophe hits and the company inevitably goes bankrupt due to lack of premiums
There is NEVER an instance where someone in south Louisiana should be paying $650-$850 a year in homeowners insurance premiums, but they were
This post was edited on 4/19/24 at 8:30 pm
Posted on 4/20/24 at 8:35 am to LSUFanHouston
What’s the cause of this? Is it mainly hurricane floods? Damn that’s so expensive
Posted on 4/20/24 at 8:49 am to ThePoo
quote:Shreveport STAKTD!
Louisiana suffers from being Louisiana, the areas listed are 3 of the 4 largest incorporated areas in the state so we will notice it there most.
All them Cowboys fans steady buying houses.
Posted on 4/20/24 at 8:50 am to Finnish
My house sold in 2 days (listed in Jan)
Louisiana
Louisiana
Posted on 4/20/24 at 8:57 am to iwyLSUiwy
quote:on top of that we also have ridiculous insurance rates with all the hurricanes. Not surprised it’s hard to sell with all those factors. I’d hate to be in the market for a house right now.quote:
Who knew crippling inflation and 7+% 30 year rates would impact the house market?
Craziness, I tell you.
Is Louisiana the only state facing this issue?
Posted on 4/20/24 at 9:10 am to Finnish
Duh. Nobody wants to buy real estate in Louisiana ??
Posted on 4/20/24 at 9:17 am to Finnish
I don’t buy into these clickbait lists. Another one from a few weeks ago had Houma/Thibodaux as the slowest. I didn’t click the link, but it’s a good chance the data is at least two years old and from a time when South LA was reeling from storms and the tail end of the pandemic. Half the homes for sale had damage. Of course they didn’t sell in 2 days.
Posted on 4/20/24 at 3:50 pm to fareplay
How about 10k year? And a 5% deductible which is more than a roof replacement.
Plus flood …
Plus flood …
This post was edited on 4/20/24 at 3:51 pm
Posted on 4/20/24 at 3:52 pm to PUB
That’s an insane number lol
Posted on 4/20/24 at 4:01 pm to Miglez
quote:
Homeowners insurance going up from $5000/year to $10000/year doesn't only affect the "poors".
When you hit those numbers and have a hurricane and wind deductible it’s time to self insure.
Posted on 4/20/24 at 5:18 pm to fareplay
South Louisiana is 100% out of control and the politicians do NOT give a shite. Period.
People are moving out like crazy even going to Mississippi. And nobody that I talked to has any regrets. Much cheaper, lower crime and it does not flood every time it rains.
Easy to see why it is the worst state in the country.
People are moving out like crazy even going to Mississippi. And nobody that I talked to has any regrets. Much cheaper, lower crime and it does not flood every time it rains.
Easy to see why it is the worst state in the country.
This post was edited on 4/20/24 at 5:20 pm
Posted on 4/20/24 at 8:24 pm to PUB
What can politicians do about hurricanes?
Posted on 4/20/24 at 9:18 pm to fareplay
I’m afraid it’s going to come to more self insurance and lenders will have to demand higher down payments so people won’t just walk away from damaged underinsured properties.
Might be the coming trend. People who have big equity from a previous home may just borrow against other assets and basically self insure. This could work for older folks but young people will have a tough time buying that 1st home.
This will significantly squeeze the middle class. The poorest won’t leave because where are they going to go? They have nothing to lose or insure. It’s all a scary situation. The economy, housing, interest costs and insurance are a crisis.
Might be the coming trend. People who have big equity from a previous home may just borrow against other assets and basically self insure. This could work for older folks but young people will have a tough time buying that 1st home.
This will significantly squeeze the middle class. The poorest won’t leave because where are they going to go? They have nothing to lose or insure. It’s all a scary situation. The economy, housing, interest costs and insurance are a crisis.
Posted on 4/20/24 at 9:37 pm to notiger1997
quote:
I feel really bad for the old people who have lived in their houses almost their whole lives who now can’t afford insurance
The could just get fire and liability insurance for a few hundred dollars per year and get rid of the wind and hail coverage so long as they don’t have a mortgage.
The 2-5% storm deductible pretty much makes you self insured in regards to replacing your roof.
Flood is another matter entirely.
Posted on 4/20/24 at 10:27 pm to ruzil
Exactly. This is what I plan to do when my mortgage is paid off. My hurricane/wind/hail deductible is more than a roof replacement. Insurance is a scam. And anytime anything happens, they all run to write exclusions or a ridiculous deductible (hail, for example).
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