Local real estate market heats up… for now!

 

Working from home. Studying at home. Playing at home. With more time at home, we all want (and need) a little more out of our space.

That’s why the same pandemic that has all but shut down the travel and tourism industry and created widespread unemployment is also turning up the heat on a hot local real estate market. 

…and more good news

Adding more fuel to the fire is the double bonus of low-interest rates plus low inventory or (less houses for sale). That’s essentially a buyer AND seller’s market at the same time. 

Factors that were once considered a deal-breaker–a pool or a yard with a lot of upkeep for example–are suddenly highly desirable. When your outlook is work and school at home for the known future, location is no longer everything. Distance from the city center and traffic patterns are less of a concern. 

People primarily want more space so everyone in their family can have their own space. 

Numbers are strong nationally and locally

Existing and new home sales reached their highest levels since 2006 this week. Realtor.com said New Orleans has the fifth-highest increase in real estate sales in the U.S. in 2020. And local real estate brokerage Latter & Blum said sales prices are up 21% compared to last year. The average number of days on the market has dropped 6%.

But keep in mind:

All the variables–and there are many–can change quickly in an upmarket.

Elections are coming. Because there’s nowhere else to fall, interest rates could easily go back up. Continuing unemployment (and under-employment) may begin to cut into who can afford to move. 

Quick tips for buying and selling

Nothing says buy low, sell high like a hot real estate market. So if you’re interested in selling, buying, or both, now might be your best opportunity. 

 

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