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New Orleans Trends: Some benefits for buyers and sellers

November 14, 2011 1:40:10 pm

For most of the year, the New Orleans area has seen a steady
real estate market defined by increasing statistics. Some of the impressive
numbers have been the increase in sale prices. This increase in sales has
stretched all around the area, including homes from both the East and West
banks seeing greater sale prices in 2011.

A rise in overall sales has also been on the horizon in the New Orleans Real Estate market. With the
whole area market in mind, a 21 percent sales increase has indicated that
thriving real estate might not be too far away. In 2010, the city sold around
580 homes for the first three quarters. In 2011, over 700 homes have already
been purchased.

With the sale prices going up on both banks, different
statistical values are helping to pull buyers in. Some potential buyers have
been swayed by the rental rates which continue to rise. New Orleans
are currently averaging over $1,000 a month, while some find
that monthly mortgage payments are coming out to be less expensive.

An eight percent increase over the past year has seen the
average sale price in the area go from $185,988 to $200,069. Combined with the
fact that property
sales are actually up, sellers should find safe haven in the fact that two of
the major statistical counts in the area are swinging in their directions.

Not every area in New Orleans has reaped the same fortunes.
Some of the towns surrounding the area have failed to experience the same
figures because of a lack of movers from outside the city. Once moves pickup
around the city, some of the local towns could experience the same pickups
others experienced in 2011.

Some statistics being up are highly beneficial to area
sellers, while prospective buyers are experiencing record low mortgage rates.
With a combination of good trends to close out the third quarter, hopefully the
New Orleans area real estate market can continue on with a strong end to 2011
and great beginning for 2012.

-Posting Written By Melinda Carter

Posted in New Orleans Real Estate By Jared |  No Comments

What to Expect in the New Year

January 11, 2011 9:58:18 pm

For starters, sales in New Orleans. You can finally start closing houses (case by case still of course) but should be up running 100% any day now. So you should see a peak in New Orleans home sales soon for sure.

Expect higher intrest rates from the record lows we had this past year in 2010. With home sales on a rise you can see banks wanting to also capitalize on that.

You may even expect foreclosures to stay on a high level but this year may be a little different. Banks may be more willing to look for a solution to foreclosure instead of actually foreclosing. 2 major cases was lost recently with the fight of banks improperly foreclosing on individuals. So, now this will cause banks to be more cautious to what they do which will make the foreclosure process take even longer. Expect banks to be more will to do a loan modification or the ever so popualr "Short-Sale". There are other option case by case that could also be worked out as well.

Posted in Informational By Jared |  No Comments


Informational    [2]
New Orleans    [1]
New Orleans Real Estate    [2]
Pre-Foreclosure    [1]

Alone on Valentine\'s Day This Year? Not Sure Why?
New Orleans Trends: Some benefits for buyers and sellers
What to Expect in the New Year
Ain't No City Like New Orleans
Have you Bought a Foreclosed Home in the Past 3 Years???

February 2012    [1]
November 2011    [1]
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November 2010    [1]
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