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Baton Rouge Home Prices
Posted on 2/2/23 at 12:50 pm
Posted on 2/2/23 at 12:50 pm
I've been in a long-term below-market rental for the past ten years. Early last fall the owner told me they were selling the house and I needed to be out by this summer (2023).
To make a really long post short: this market is crazy. With interest rates and wild home price increase at the entry level, everyone is now competing for the same homes in the $175k-$250k range. These are homes that were $50k to $100k cheaper before covid. Anything decent is locked up immediately. Current prices are based on 2-3% interest rates. Except they're more than double. And rents are crazy too.
I'm guessing Baton Rouge hasn't seen this large of a swing in home prices ever.
Thinking about just saying screw it and building my own house.
To make a really long post short: this market is crazy. With interest rates and wild home price increase at the entry level, everyone is now competing for the same homes in the $175k-$250k range. These are homes that were $50k to $100k cheaper before covid. Anything decent is locked up immediately. Current prices are based on 2-3% interest rates. Except they're more than double. And rents are crazy too.
I'm guessing Baton Rouge hasn't seen this large of a swing in home prices ever.
Thinking about just saying screw it and building my own house.
28
Posted on 2/2/23 at 12:53 pm to Buryl
quote:
Thinking about just saying screw it and building my own house.
Cost of material is way up too since COVID. Really no way to win right now if you are a new homebuyer.
Posted on 2/2/23 at 12:53 pm to Buryl
What are you going to build it on? Land has gone up as well. Building is also very expensive.
Posted on 2/2/23 at 12:55 pm to Buryl
Will just say that I bought a house for $250k in BR around 2014-2015ish. I sold in 2022 for $350k.
That’s crazy.
That’s crazy.
Posted on 2/2/23 at 12:56 pm to Buryl
Could you afford to buy the house you are currently living in? Sometimes landlords just want to get rid of the burden, but they may allow you to lease to own, and you take over the responsibilities of home upkeep, all insurance, etc.
They may also give you a much lower interest rate than you can currently get with a traditional mortgage.
They may also give you a much lower interest rate than you can currently get with a traditional mortgage.
Posted on 2/2/23 at 12:56 pm to Buryl
quote:
Thinking about just saying screw it and building my own house.
Boy are you in for a rude awakening.
Posted on 2/2/23 at 12:57 pm to Buryl
quote:Eh... Lumber and materials are sky high, and then there is land value to contend with as well.
Thinking about just saying screw it and building my own house.
Posted on 2/2/23 at 1:01 pm to TulaneUVA
quote:
Will just say that I bought a house for $250k in BR around 2014-2015ish. I sold in 2022 for $350k.
yep bought one for $243k in 2012 and sold it last year for $339k
but had to turn around and buy another ouse in the same market for $325k so after realestate fees i basically traded houses.
Posted on 2/2/23 at 1:02 pm to Dragula
Actually lumber and many materials are on the way down
Lumber has already fallen quite a bit
Turns out raising rates does slow the economy and giving people stimulus checks and historically low rates do promote spending
We are building and I have dragged my feet to start in hopes on materials cost dropping and many materials have dropped significantly
It’s still stupid expensive to build but brand new custom home are typically kind of pricey
Lumber has already fallen quite a bit
Turns out raising rates does slow the economy and giving people stimulus checks and historically low rates do promote spending
We are building and I have dragged my feet to start in hopes on materials cost dropping and many materials have dropped significantly
It’s still stupid expensive to build but brand new custom home are typically kind of pricey
Posted on 2/2/23 at 1:03 pm to Buryl
Here's a little secret: take a look at West Baton Rouge parish. For some reason people are sleeping on it big time. Nice houses, cheap prices, and still closer to BR than the hell known as Ascension Parish tract housing.
Posted on 2/2/23 at 1:03 pm to Buryl
quote:
To make a really long post short: this market is crazy. With interest rates and wild home price increase at the entry level, everyone is now competing for the same homes in the $175k-$250k range. These are homes that were $50k to $100k cheaper before covid. Anything decent is locked up immediately. Current prices are based on 2-3% interest rates. Except they're more than double. And rents are crazy too.
I'm guessing Baton Rouge hasn't seen this large of a swing in home prices ever.
Thinking about just saying screw it and building my own house.
I hope you realize your 2 options are not even in the same ballpark. If you have enough cash or make enough to buy land and build a new house, then you should not be looking to buy a house in the 175-250 range. (unless you are building a legit tiny house outside of BR somewhere on some family property)
Posted on 2/2/23 at 1:05 pm to Buryl
New construction is worse. The best deals you can find are usually on older homes that have been remodeled.
Posted on 2/2/23 at 1:05 pm to Buryl
Good luck getting someone to sell you a lot in BR under 250K
Posted on 2/2/23 at 1:08 pm to TIGERHOLD
quote:
and still closer to BR than the hell known as Ascension Parish tract housing.
Execpt on days there are traffic delays on LA1 because of chemical plants or when I-10 has traffic delays!
Oh wait! This is every fricking day!!!
Posted on 2/2/23 at 1:08 pm to Buryl
This house is being listed for $930k in Lexington 
Posted on 2/2/23 at 1:12 pm to Buryl
quote:
I've been in a long-term below-market rental for the past ten years
That's a poor investment. Why would you want to pay rent on a home for 10 years and not receive any equity in return?
quote:
Thinking about just saying screw it and building my own house.
You'll spend more money doing this. Building costs being so high and there being so many fewer new builds has a lot to do with why home prices are so high.
This post was edited on 2/2/23 at 1:14 pm
Posted on 2/2/23 at 1:15 pm to TulaneUVA
quote:
Will just say that I bought a house for $250k in BR around 2014-2015ish. I sold in 2022 for $350k.
That’s crazy.
I bought my home in Franklin, TN for ~$360k in 2018. It just appraised for $650k late last year and comps in our neighborhood are now selling for close to $700k.
Yeah, the market is pretty wild for sure. No point in selling and buying, though, because our current interest rate is 2.75 and buying the home we'd need (about to have our second kid) would cost $1 million plus right now in this area. No thanks
This post was edited on 2/2/23 at 1:18 pm
Posted on 2/2/23 at 1:16 pm to upgrayedd
Lexington Lakes
Posted on 2/2/23 at 1:18 pm to TIGERHOLD
quote:
For some reason people are sleeping on it big time. Nice houses, cheap prices, and still closer to BR than the hell known as Ascension Parish tract housing.
That commute is a GD nightmare. That's why.
This post was edited on 2/2/23 at 1:21 pm
Posted on 2/2/23 at 1:19 pm to HouseMom
quote:
Could you afford to buy the house you are currently living in? Sometimes landlords just want to get rid of the burden, but they may allow you to lease to own, and you take over the responsibilities of home upkeep, all insurance, etc.
They may also give you a much lower interest rate than you can currently get with a traditional mortgage.
Not even close unfortunately. I did look at the option, but isn't even in the realm of possibility.
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