- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What will the flood do to the housing market here?
Posted on 8/14/16 at 6:09 pm
Posted on 8/14/16 at 6:09 pm
Do home values shoot up here?
11
Posted on 8/14/16 at 6:12 pm to dualed
Curious about this as well. I'm in the market for a new home and we were looking to make an offer in the next 30 days but now I'm concerned that home prices are going to rise with the amount of people needing places to live.
Posted on 8/14/16 at 6:14 pm to iAmBatman
I'm in Geismar about a minute from Dutchtown High School. IMO homes values will skyrocket but I wanted other people's opinions on it. I'm high and dry as of now. I know people who flooded out will obviously wanna go to areas where the waters didn't come up. Coupled with supply and demand. I'm thinking I just gained like 10k+ in equity
Posted on 8/14/16 at 6:15 pm to iAmBatman
quote:
Curious about this as well. I'm in the market for a new home and we were looking to make an offer in the next 30 days but now I'm concerned that home prices are going to rise with the amount of people needing places to live.
I doubt anybody will be able to turn around and buy a property in the next 30 days while wondering what is going to happen with their current one. So in the short term I think you'll be alright. Of course, some sellers may think they have a sellers market and may try to sell at a premium since theirs didn't flood.
Lots of ways to look at it. I imagine someone has direct experience from So. Car. and other recent floods.
Posted on 8/14/16 at 6:18 pm to Teddy Ruxpin
I'm thinking maybe a few months from now when things calm down. If I can refinance and lose PMI I'm all about it. I'm not sure about selling after this catastrophe, but I'd love to gain equity in my home for when I sell in the future. Unfortunately it will have come at the expense of those who have suffered during this all.
Posted on 8/14/16 at 6:26 pm to dualed
Are you off 74?
Posted on 8/14/16 at 6:32 pm to Paul Allen
Yeah right next to Harvest
Posted on 8/14/16 at 7:58 pm to dualed
I would guess increase due to lower inventory. Areas that didn't flood will be priced at a higher premium than before.
Posted on 8/14/16 at 9:12 pm to dualed
I'm high and dry in LP....$$$
Posted on 8/14/16 at 9:27 pm to dualed
The more immediate impact you will see is in rental housing - it's likely that vacant apartments and rental homes/doubles will get swallowed up in the next couple of days.
As far as housing values, it will be interesting to see. Will depend on those who wish to relocate / need to relocate vs available property. The numbers we are seeing are bad but nowhere near Katrina levels as far as number of people who will need to relocate.
Also, we have different appraisal rules now than we did in the post-Katrina boom. Yes, there was a quick jackup in prices after Katrina but they came down and a lot of people bought at the top of the market and are just now, 11 years later, no longer, sorry the word, underwater on their mortgages.
A price is a price, so selling homes may create some value, but will banks go for refinances using bubble valuations? I don't know.
As far as housing values, it will be interesting to see. Will depend on those who wish to relocate / need to relocate vs available property. The numbers we are seeing are bad but nowhere near Katrina levels as far as number of people who will need to relocate.
Also, we have different appraisal rules now than we did in the post-Katrina boom. Yes, there was a quick jackup in prices after Katrina but they came down and a lot of people bought at the top of the market and are just now, 11 years later, no longer, sorry the word, underwater on their mortgages.
A price is a price, so selling homes may create some value, but will banks go for refinances using bubble valuations? I don't know.
Posted on 8/14/16 at 9:35 pm to LSUFanHouston
Lending rules were a bit different after Katrina (pre 2007) as well. Banks were willing to lend on those jacked up prices. I suspect things will not be the same at this point and buyers will not be able to finance at excessively high prices as the appraisals will not come through.
Posted on 8/14/16 at 9:51 pm to dualed
If you are dry, your value increases significantly. If you got water, your value decreases likely. Not just because of the water, but because everyone now knows the safe places versus the potential hazards.
Posted on 8/14/16 at 11:38 pm to seawolf06
I've taken pics of my home with time stamps just for future reference if anyone wants to see how the flood affected my home and the neighborhood itself. Thought it couldn't hurt
Posted on 8/15/16 at 12:01 am to dualed
In areas hit by natural disaster.....the homes that were not impacted or not damaged see a temporary increase in value. Rents spike in the short term. 8-10 months later things return to normal. There will be a very robust home rennovation and repair business for the next year or so.
Edit: Also, vehicle sales will probably go up locally in the next month or so.
Edit: Also, vehicle sales will probably go up locally in the next month or so.
This post was edited on 8/15/16 at 10:31 pm
Posted on 8/15/16 at 12:08 am to dualed
My house is supposed to close tomorrow, and with all the rain my house is perfectly fine.
The buyer had funding issues and we had to push the close back until Monday, but it was at my discretion.....should I back out? She already was offering me 6% over asking....but will my house be even more now?
2bd/1ba in Ascension(no flood zone)
The buyer had funding issues and we had to push the close back until Monday, but it was at my discretion.....should I back out? She already was offering me 6% over asking....but will my house be even more now?
2bd/1ba in Ascension(no flood zone)
Posted on 8/15/16 at 2:16 am to Kujo
1 in the hand is worth more than 2 in the bush.
Posted on 8/15/16 at 7:51 am to dualed
Inventory was already low so it has been a sellers market for the past few months. This is not a disaster as widespread as Katrina, not even close, so I don't think you will see the price gauging that went on in the aftermath. If anything, the prices will remain where they currently have been or slightly higher but last through the slower winter months where prices tend to drop.
Posted on 8/15/16 at 7:54 am to Kujo
quote:
should I back out?
Put yourself in her shoes, maybe you can find then answer.
Posted on 8/15/16 at 9:49 am to Kujo
quote:
My house is supposed to close tomorrow, and with all the rain my house is perfectly fine.
The buyer had funding issues and we had to push the close back until Monday, but it was at my discretion.....should I back out? She already was offering me 6% over asking....but will my house be even more now?
2bd/1ba in Ascension(no flood zone)
Some people...
Don't be a piece of shite.
Posted on 8/15/16 at 11:16 am to Kujo
I love the "no flood zone" shite. Zone X is a flood zone, dipshit. It's just the least likely, statistically speaking, to flood.
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News