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It Is Estimated That There Are Just 1,100 Available Residences In The Capital Region, And They Are Extremely Expensive

When compared to other metropolitan regions, the Baton Rouge area has historically had a cost of living that is lower than the national average. However, this may be changing as a result of changes in home building.

Greater Washington area house buyers are having a more difficult time finding their dream home than in previous years. Comparing the number of homes for sale in East Baton Rouge to the same period the previous year, the number has reduced by half. As a result of the limited number of available homes in the nine parishes of the Greater Baton Rouge Metropolitan Area (GBRMA), there are 1.3 homes for sale per 1,000 residents, which is a relatively low number. In the words of Andrew Fitzgerald, senior vice president for business intelligence at the Baton Rouge Area Chamber of Commerce, “scarcity always drives up pricing.”

A shortage of building supplies, according to Fitzgerald, is to blame for the rise in prices of building materials. “As people develop in their careers, they will be able to purchase a more opulent property,” says the author. However, those properties are out of reach for the average middle-aged person who cannot afford to move into a home that is nearly on the same level as his or her existing home. Therefore, they are continuing to live in the home that they occupied when they were in the thick of their professional lives “Fitzgerald adds his voice to the mix.

Homebuyers, according to realtors, can still purchase a property; they just need to be prepared to be creative in their approach. To buy a home in East Baton Rouge, according to Pat Wattam, a real estate agent, “you must be open-minded and willing to be flexible in your expectations about what you want.” You must also be able to spot opportunities that you may not have previously explored, and you must be a “very powerful buyer” in order to succeed.

As a real estate professional with over 39 years of experience, Wattam believes that there are ways for consumers to get around high pricing. A house that has been neglected may be worth more to some buyers who are willing to put in the time and effort to fix it up.

According to Wattam, in order to be a well-informed consumer, it is vital to perform thorough research about the things that are already available versus those that are sought. If your dream house isn’t on the market yet, consider renting it out for a few months while you look for a new place to buy. Additionally, buyers should have a game plan in place in order to stay within their financial means.

“A first-time homeowner or any property buyer should keep in mind that the down payment should not exceed 25 percent of their gross monthly income. And Wattam goes on to say, “I’d even guess it’d be one of the parties in the family since you never know who’s going to lose their job, as we recently witnessed with COVID.”

Consumers should keep their expectations realistic when acquiring a home because the real estate market is unpredictable. Realtors like Wattam urge them to keep their expectations realistic.

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