Tuesday, September 2 2014 10:07 AM EDT2014-09-02 14:07:52 GMT
Labor Day weekend has a special significance for alligator hunters in Mississippi. A few days into the start of this year's hunting season, a record-setting 756-pound gator was caught by Robert MahaffeyMore >>
Labor Day weekend has a special significance for alligator hunters in Mississippi. A few days into the start of this year's hunting season, a record-setting 756-pound gator was caught by Robert Mahaffey of Brandon in the first weekend of the season.More >>
BATON ROUGE, LA (WAFB) -
Homeowners are seeing their homes sell quickly in Baton Rouge. Realtors say there are only a certain amount
of homes on the market, now developers are cashing in by building new options.
One of those new neighborhoods, Magnolia Lakes, off Burbank Drive is where
workers are hammering, sawing and framing homes.
"You're probably looking close to $225,000 to $250,000 for a newer
house," said Pat Wattam. She says
even at that amount, you may only be looking at a little square footage.
Wattam is the past president of the Greater Baton Rouge Board of Realtors. She
says buyers are likely to find more space in older, updated homes. But there are some who prefer new
builds. In general, she says, homes are
on the market for about five months.
Something she hasn't seen in a long time. That means what's available is dwindling.
"So somewhere we've got to get more inventory. That's where new construction comes in. That's where you're seeing so much new
She says with a stronger economy, there are now more people working and they
are in a position to buy. That has
developers looking for land to clear, to build on. For example, there are 80 acres off the
Millerville exit where trees have been cleared for apartments and office space.
The Baton Rouge Area Chamber has predicted more jobs for the parish this
year. That job growth, is what real
estate agents say builders are banking on, to move their product. As far as how the new stock will affect
market pricing, Wattam says Baton Rouge is experiencing what's called a level
"Buyers are going to get a good value.
Sellers are going to get what they want for their house. Those days of coming in $60,000 under, those
days are gone."
Agents say they are hearing interest rates are going up later this year.