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Louisiana Real Estate
By: Tom Beaty
The New Orleans, Louisiana area was the hardest hit during hurricane Katrina as a result, the Louisiana real estate market plummeted is just now starting to get back onto its feet. There are still a number of issues that need to be resolved as cleanup and rebuilding work continues.
Outside of New Orleans is Covington Louisiana, in this area of the Louisiana real estate market things are starting to look up. While the market trend is decreasing compared to last year, the market has increased being average home prices by 10 to 15%. There are currently more buyers currently in this area then there are sellers and the average time on the market is approximately 60 to 90 days. Not surprisingly in the greatest activity is in single-family homes with an average price of approximately $275,000. There is some room for negotiation sellers are getting approximately 90 to 95% of their original asking price when selling a home. There are also no multiple offers currently happening in this market. This means that there may be room for negotiation when it comes to additional incentives, like variable financing offers, or breaks on fees.
If you are interested in investing in the Louisiana real estate market now is the time to look at purchasing real estate in the New Orleans area. This area is a highly active tourist and business center for Louisiana and prices for homes and land reflect this trend. However due to the damage and issues caused by hurricane Katrina and the damage it caused to the real estate market is a lying for an excellent opportunity to get into a highly coveted real estate market. Currently homes priced at the below $300,000 are selling faster and easier than homes above is price. If you are looking to sell your home, you may want to consider this information.
In this area, the Louisiana real estate market has slowed down in recent months. However it is currently being predicted that after the Christmas holidays, and the resolution of outstanding Katrina issues should bring the real estate market activity backed up to a normal level.
If you are looking to enter the Louisiana real estate market as a seller, because this area has more buyers than sellers now would be an excellent time to consider putting your home up for sale. You can be assured of a fairly quick sale within the real estate market and will be able to take the majority of the asking price for your home.
Another thing to consider in this area of the Louisiana real estate market is the fact that there was a lot of damage done by Katrina. Therefore, there are a number of homes, which may be up for sale that prices could be highly negotiable for because they may have a significant amount of damage done by this storm. Unfortunately, there has also been a significant amount of time since this hurricane, and so the homes may have sustained significantly more damage. This is something to consider seriously, when you consider investing in this area |