While many people can’t pay the rent, home buyers are looking at some good deals.
Broker Liz Wood, with Liz Wood Realty, says the way the business is handling the COVID-19 crisis is rapidly changing. No more parties, or open houses, everything done by appointments.
In Baton Rouge, the housing market is on track to break records for the month of July. Homes are selling within hours once put out for sale.
“People like where they live. And New Orleans I think because the interest rates are so low, that people have been sometimes turned off by the taxes are high, or the insurances are higher. Well, with the lower interest rate it’s almost like giving yourself a raise,” says Wood.
She says that people are now looking for homes with offices, and extra space to homeschool.
Since the pandemic started people aren’t flocking to newer home communities like they were a year ago. Rather people are headed to homes in older neighborhoods that need little cosmetic work.
Wood says that because now with the pandemic going on people have a lot more time on their hands to handle a renovation job, adding that at the beginning of the pandemic the market came to a hault.
After the state started to reopen, the real estate business picked back up.
People can now get more home for their dollar and with more people staying home during quarantine, having more house helps.