Finally. After four months of our real estate market wandering aimlessly – thanks to the drop in volume that the holidays and Carnival bring – it’s about to show us where it’s headed this year, and possibly beyond. The stat nerd in me is geeking out. March and April’s numbers will finally give us some...
The Times-Picayune published a story about our real estate market that got a lot of views this past weekend. Overall, it was well written and pretty accurate. (Bonus points for starting a paragraph with, “Paradoxically…”) The article’s theme is that our market is cooling off, and it is. But to get the complete picture, we...
The New Orleans real estate market ended 2022 with a “meh,” but the what’s happening is fascinating. I’ve always marveled at the way real estate markets react to their tantrums, whether they be positive or negative. When mortgage rates plummeted in 2020, buyers went plum loco and prices soared. Everyone knew it was unsustainable, including...
It wasn’t the most entertaining 90 minutes I’ve spent in New Orleans, but it was interesting. The City Planning Commission held a virtual meeting Thursday (1/5) to get public input on the new short-term rental regulations they need to create and pass before the end of March. There was plenty, and it ran the gamut...
November is normally the time of year where the market starts to settle down for its long winter’s nap. This year, the market fell asleep as soon as its head hit the pillow. There was less activity than usual in Orleans Parish on both the buying and selling side. Buyers stayed in their holding pattern,...
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...
