A Bear Stearns analyst has recently predicted that housing prices in the New Orleans area may continue to decline through 2008 and into 2009. A rebound of prices is not expected until late 2009 or early 2010. Read the entire article here.
What does this mean for sellers on the West Bank?
According to my research, NOT A LOT at this time!
Average home prices are holding fairly steady in most areas of the West Bank:
Belle Chasse: Average sale price from 7/1/2007 to present: $300,088. This is an increase of 9% over the average 2006 sales price. Average days on market has increased from 63 to 81.
Algiers, Algiers Point: Average sale price from 7/1/2007 to present: $172,965. This is a decrease of 3% from the average 2006 sales price. Average days on market has increased from 60 to 93.
Gretna and Terrytown: Average sale price from 7/1/2007 to present: $166,957. This is an increase of 0.23% from the average 2006 sales price. Average days on market has increased from 52 to 88.
Marrero, Harvey and Lafitte: Average sale price from 7/1/2007 to present: $181,631. This is an increase of 7.5% from the average 2006 sales price. Average days on market has increased from 52 to 66.
Westwego, Avondale and Bridge City: Average sale price from 7/1/2007 to present: $124,691. This is an increase of 0.83% from the average 2006 sales price. Average days on market has increased from 56 to 68.
While West Bank homes are taking longer to sell, they are continuing to hold their values at this time.
Is it time to sell your West Bank home?
- When putting your home on the market, the best strategy is to price it right from the start. Don't be one of the highest priced homes in your neighborhood - be one of the lowest! Houses are still selling across the region, but buyers are much savvier and know that some sellers are clinging to a high list price in vain. How much will holding out for a higher price cost you in the long run with continued mortgage payments, taxes and insurance?
- You must closely review your Realtors® market analysis of your home and neighborhood. What are the average days on market for property in your area? What is the average sale price? Unless you are willing and prepared to hold your property for longer than the average, price it to beat out the competing listings.
- Don't offer buyer incentives such as closing cost assistance or paying for the first year's insurance premium. Instead, reduce the listing price by how much you are willing to contribute and make your property more attractive to the buyers that are looking now.
- Don't forget condition! Your home should be in top showing condition before the first potential buyer sets foot across the threshold. Need some guidelines for preparing to sell? Check out these articles:
- Stay up to date on the rapidly changing market. For a free report of sales and listings in your area, sign up for my West Bank Real Estate Market Snapshot. You choose how often you would like to receive updates on your neighborhood, delivered automatically to your email.
Whether you are buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel, Realtor® for all of your real estate needs.
Your West Bank Real Estate Specialist
