The Parks of Dutchtown Home Prices To Tumble With New Flood Insurance Rates?
Parks of Dutchtown Home Prices To Tumble With New Flood Insurance Rates?
NOTE: This below is based on “IF” Congress doesn’t act to fix this FEMA Insurance Rate mess.
Here’s a question Home Sellers, Real Estate Agents and Home Appraisers will be dealing with say in Parks of Dutchtown where 90% of the subdivision is in flood zone: If sellers now have $3400/year to $4,500/year flood insurance premiums and new buyers in there will have to pay these premiums, then buyers will be looking at discounted sales prices because of having to pay an extra $280/month to $350/month for flood insurance. How much discount will sellers have to give in order to get a buyer to buy AND how much will this hurt sellers? After all, we have Katrina buyers that paid very high prices, that my still be underwater on their purchase prices from 2005-2007 and if they have to sell at a discount, will they have a to short sale?
Food For Thought!
See on activerain.com