The real estate market is all over the news lately, and it deserves to be. The pace of the last two years was unhealthy. Spurred on by higher mortgage rates, the market continues to catch its breath and shift towards a more sustainable level. The headline is still the median price of a home in...
This seems like a good time for some brutal honesty – tough love, as it were. Dear Seller: – You’re not going to get as much for your home as you would have 8 months ago. Before you start dropping that lower lip, take a look at what the price would have been 3 years...
I’m sure this has never happened to you, but you know how some people go through a prolonged period of excess, until they’ve finally had enough? They were eating and drinking with enthusiastic gusto, but the party needs to wind down at some point, right? Otherwise, people might start talking, and Mom might call and...
As mortgage rates continue their climb over 6%, the common thought is home ownership is getting too expensive for some buyers. As a result, demand will drop, and prices will flatten or fall. It’s hard to argue with that logic. The median price for a home in Orleans Parish went up over 18% in the last...
There’s good news in the August numbers for both buyers and sellers in Orleans Parish. The number of pending sales jumped, reversing three straight months of declines. Mortgage rates fell from their highs last month, which is the most likely explanation for the rebound. Inventory is up about 10% from last year, and it’s taking...
The median price of a home in July dropped 14% from June. No, you should not go to your panic room and strap on a helmet. This is a sign of our market getting healthy – it hasn’t been – and a lagging indicator finally catching up to what we’ve all been seeing for a...
In New Orleans, the median price of a home sold in June shot up 7.7% to an all-time high. However, if you own a home in Orleans Parish, it’s not worth 7.7% more than it was last month. Let me explain. The number of properties sold under $400,000 is plummeting from its peak 12 months...
The skyrocketing cost of homeowner’s insurance in New Orleans has become a hot topic of conversation around the Rêve office. First of all, it’s causing havoc in some of our transactions. We’re finding buyers pre-approved by primarily out-of-town lenders who suddenly lose their approval because the actual premiums are much higher than what the lender...
“Alright, Alright…” Digging through the May market stats had me channeling my inner Matthew McConaughey. The number of homes for sale in Orleans Parish increased for the third month in a row, We have a long way to go yet before we get some balance in the market, but things are finally trending in the...
The long, steady plunge of the number of homes for sale in New Orleans might finally be bouncing off the bottom. Inventory has been on a consistent decline for the last two years. We saw the first significant increase in March. The number of homes for sale jumped 9% from its ridiculous low last month....
