Louisianas state capital has not traditionally been known as a hot market for real estate investment. That is, until Hurricane Katrina blew through last summer and changed everything. When Katrina hit New Orleans, many residents were forced to relocate to another part of the state, region, some even relocated across the country. Baton Rouge real estate was the next best thing to New Orleans for those who were misplaced by the hurricane. Only a little over 80 miles northwest, Baton Rouge was an easy safe haven for those seeking shelter for the storm. For many, what was meant to be temporary shelter has ended up as a permanent residence.
The average home price for Baton Rouge real estate is only slightly over $154,000. This is good news to buyers and especially investors. The price is approximately $60,000 less than the national average. What is even better is that the real estate market in Baton Rouge has been experiencing a higher rate of growth since the hurricane. The drawback: investors have to be smart when playing in this market, as it can be risky.
It is hard to judge what will happen to the Baton Rouge real estate market once those who are seeking housing, as a result of being displaced by Hurricane Katrina, have settled. Without a steady flow of people moving into the area, it can be difficult to sustain profits for extended periods of time. Those who are seeking to invest in this real estate market should get in and get out as quickly as possible.
Baton Rouge is currently experiencing an 18.3% growth rate. At the very least, this growth rate will continue for the next three to six months (possibly much longer, it is quite difficult to predict). While this might not seem like a very long time, it is definitely enough time to make a profit through well-educated investments. If at all possible, you should purchase homes as close to the market value as possible. This serves as the best chance at receiving a sizeable return from the purchase and subsequent resale of the house.
Once you have purchased a house for resale, make as many enhancements as possible for as little money as possible to increase the value of the property. This is perfect for the do-it-yourselfer. Once all improvements have been done, and you list the house for sale on the market, be careful not to let it stay on the market for more than three weeks, as this will make the property seem unattractive. Make sure to properly research property values in the area, and keep the selling price of the house well within reason. One of the top reasons why houses do not sell, once they are listed, is because the asking price is too high. Do not fall into this trap.
The bottom line is this: investing in housing in Baton Rouge is currently a worthy investment; however, it is not the best for those who are seeking a get rich quick type of investment.
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Tabitha Naylor has sinced written about articles on various topics from Vitamins, Mortgage and Home loans. Tabitha Naylor is an experienced mortgage broker/consultant with Apex Financial Mortgage. For more information, or additional resources on home loans, visit