Baton Rouge Real Estate Market Info
According to the “CNN/Money Magazine” the Baton Rouge real estate market is currently ranking at #9 in the country. Whether this is from natural ebb and flow of the market or from sincere dedication is still to be determined. With prices still rising in the economy, it shows that real estate in Baton Rouge is still an excellent investment for those of you considering or attempting to enter the real estate market.
Although the prices are good and the economy is supporting the drive for buying real estate investments, the homes are taking longer to sell now, than they did in years passed. With a greater number of home owners choosing to sell their homes and move to various locations, the inventory of homes currently for sale has increased by over 25% compared to the previous years. Categorizing as great news for buyers, this opens the market with a broad range of options on different styles of homes that are being sold.
The economy is showing strains from current political conditions as well as the inflation of cost of living, coupled with fewer jobs being made available to qualified individuals which leave us wondering just how long the real estate market will continue showing positive results for home buying.
Part of the real estate boom is a result of the fickle weather that Baton Rouge is sometimes subjected to. With Katrina, the hurricane that nearly wiped Louisiana off the map, brought the influx of sales of low end properties that have been on the real estate market for far too many years. This was partially because of people desperate to find a home after having theirs wiped out, and partially because of some people with foresight to acknowledge the fact that a true natural disaster could result in making money in the long run. For whatever reason, these homes were snatched off the real estate market and rented out or sold to individuals refusing to leave their home state regardless of their losses.
People pride themselves on their knowledge of their property location, and how to handle any unforeseeable weather that could possibly pop up, and how they will respond to the natural threat to best keep themselves and their property safe. This affects the market in a number of ways with the first and most important being that people are going to need homes to live in, regardless of what they have lost or will lose. This keeps a normal range of market activity going, even if only a small one. The need for homes will not ever decrease as the population is steadily increasing, and this enables home owners and home buyers to safely negotiate these rough waters both now and in the future.
Because there are so many different varying factors that directly or indirectly effect the real estate market, it is difficult to pin point any one reason why it ebbs and flows, however keeping in mind the fact that money is, in effect, what makes the world go around, it is safe to say that the real estate market depends on the economy and the availability of money, time, and interested buyers and sellers.
Article Written and Submitted By Bill Cobb, CREA – Greater Baton Rouge Home Appraiser – http://www.batonrougehomeappraisals.com
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