Very timely question. We are having a record rainfall for the month of June 2008. I don't remember the last time I-94 was closed from Hwy. 83 all the way to Lake Mills - Hwy. 89.

It is important to talk with a home insurance agent to understand the difference in costs of the home insurance and especially coverage for flood insurance.

Hannah:
My area has very few high risk flood zone properties, but if it were me, I'd steer clear of a home like that. Just one flood and you'll wish you'd never bought the place. And, yes, I think any home that has a major hurdle like this to overcome will be difficult to sell. (You are questioning it ... future buyers will do the same) In time, flood hazard insurance will continue to rise (no pun intended) so keeping the property insured for yourself and future owners may be tough to do. Climate changes may also impact the area, and the average water depth of the nearest river or lake.
The market generally has MANY good choices in most areas right now. Make sure you are looking at a wide variety of homes; you'll likely find one that is great without the worry of flooding.