After our historic flood damaged thousands of homes across southern Louisiana, there has been a rush of people looking for new places to call home, but in a market like baton rouge, there aren’t a lot of options.
Just days after the flood, baton rouge real estate agent’s phones were ringing off the hook.
Donna Wolff, from RE/MAX Louisiana, said, “We have been getting calls daily. The first couple weeks after the flood, it was rentals. Everyone was looking for temporary housing and there were no rentals to be found”.
Hotels around the capital city quickly filled to capacity and at local apartment communities, it was more of the same.
Nicole Spellman, the Property Manager of Tuscany Villas Apartments, said, “The first week after the flood I ended up working at the community by myself because both of my leasing agents had lost their homes. I had over 28 people that moved in that week. A lot of them were fine with moving into apartments that weren’t even 100% ready, they just wanted a roof over their head”.
Here recently, the housing market has opened back up, but a lot of the available houses aren’t exactly move in ready.
Wolff said, “So we are seeing a lot of houses come up on the market that have been flooded, gutted, and closed the door. Mold be ware. All of a sudden we have a lot of inventory”.
Donna also said that it is definitely a buyers market.
For people interested in buying a damaged home and putting the work in to refurbish, it could yield a big return in profits.
It look like we should get used to seeing shortages in real estate and rental properties for a while.
Until then, for some people home is where there’s empty space.