BATON ROUGE, La. (BRPROUD)– The Baton Rouge housing market is on track to break records for the month of July.
Realtors are calling this time a window of opportunity.
“We haven’t seen a month with over 800 closed home sales in a month since October of 2005 after Hurricane Katrina,” Realtor Brittney Pino said.
Closing numbers are on track to end the month 32% higher than July of 2019.
“Almost 40% of homes that are listed are selling in less than 30 days, so that right there is a huge reason why it is a good time for sellers to list,” Realtor Cherie Mack of Southerly Real Estate said.
Both realtors said they experienced a pause in business during phase one of reopening but business quickly caught up all at once.
“There was a lot of pent up demand.. a lot of people who planned to put their house on the market in the spring essentially put it on hold.. and so essentially all at once when they started opening phase one, phase two, people were more confident in putting their homes on the market and they started to do that… coupled with the drop in interest rates created this frenzy,” Pino said.
For buyers, home interest rates have fallen below 3% which is historically low.
“This is about as free as money is ever going to get on a home so to be able to get that home ownership and take that next step in life it is something that some people thought wasnt possible but with the interest rates the way they are now, it’s making it possible for a whole lot of people out there,” Mack said.
This means you can get more value for your dollar.
“You can get a lot more house or for the same house you can save about 175 to 200 per month for the same house we have not seen rates like this .. interest rates on a mortgage… ever so now is the time so this is a great time for buyers to take advantage of that,” Pino said.
For additional information watch the full interviews below:
CHERIE MACK, SOUTHERLY REAL ESTATE
BRITTNEY PINO, BRITTNEY PINO & ASSOCIATES REAL ESTATE FIRM