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Lafayette Housing Market
Posted on 2/16/16 at 12:35 pm
Posted on 2/16/16 at 12:35 pm
I'm interested in potentially buying a rental property in the Lafayette area. My thinking is I can find a good deal with the oil industry in the dumps right now. Anybody have rentals in the area that can provide feedback? Or anyone more connected to the real estate market there? Thanks
Posted on 2/16/16 at 12:59 pm to Grits N Gravy
I would wait a little longer. The fun is just getting started
Posted on 2/16/16 at 1:00 pm to notiger1997
I agree....I don't think the prices are close to where you should enter for the price yet.
Posted on 2/16/16 at 1:11 pm to Grits N Gravy
There is going to be 100+ houses going into preforeclosure in the next 60-90 days from what I have been told recently. The foreclosure process in LA can take years though due to being a judicial state so those houses won't be on the market anytime soon. The current repo inventory is down over the previous years until those houses actually move past 90 days past due into foreclosure proceedings but that just tells you there is going to be more supply than demand as more people fall behind and try to sell and avoid foreclosure.
My thread on the way things are trending
My thread on the way things are trending
This post was edited on 2/16/16 at 1:23 pm
Posted on 2/16/16 at 1:49 pm to Grits N Gravy
you'd be buying while prices are still relatively high. I'd hold off.
Posted on 2/16/16 at 1:55 pm to kingbob
cookie cutter houses are still going for 140 to 145 sq/ft even in youngsville. wait another year.
Posted on 2/16/16 at 2:45 pm to stout
I would have expected more in the nicer zip codes, 07 is the hood
Posted on 2/16/16 at 3:27 pm to yellowfin
Nah...the hood is 50% of our work probably because they're the first to feel the effects when things slow down. We have a crap load of work in Opelousas for example and it's all hood.
Posted on 2/16/16 at 7:20 pm to stout
quote:
Opelousas for example and it's all hood
Tap out
Affliction
Posted on 2/16/16 at 7:49 pm to jennyjones
quote:
Tap out
Affliction
I thought that was New Iberia which also has a high foreclosure rate FWIW
Posted on 2/16/16 at 8:04 pm to Grits N Gravy
The market for buying a rental in Lafayette is really no different than 1 or 2 years ago. Houses below $200k have seen little to no change in activity. If your goal is to take advantage of the oil and gas layoffs then you need to wait.
This post was edited on 2/16/16 at 8:11 pm
Posted on 2/16/16 at 11:03 pm to stout
quote:
I thought that was New Iberia which also has a high foreclosure rate FWIW
Sorry, I originally posted from my phone and didnt realize this was not the OT. Didnt mean to bring that shite here.
(It is a shitty Diat lafayette joke. In reality, yes it would be more of a New Iberia thing. Opelousas would be more FUBU. )
back to the subject, I'm not surprised that New Iberia would be getting hit hard. Per capita, it is probably more oil & gas dependent than Lafayette is.
From what I've seen, Lafayette real estate pricing has not shown downward pressure YET
This post was edited on 2/16/16 at 11:09 pm
Posted on 2/17/16 at 7:52 am to jennyjones
new Iberia has gotten hit hard. There are many families and businesses that rely on the port of Iberia. If you've been to the port lately it is an absolute ghost town. It's really depressing.
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