Still a Buyers Market in New Orleans Condos!

October 13th, 2009 Categories: Buyers Agent, Condo Knowledge

   When I say it is a buyers market  it means almost everything favors the purchaser in this market at this time.  All the factors are lining up to be in your favor.  You can enjoy the negative sentiment and buy condos much cheaper than anytime in the last 5 years.  Still have to be selective !

Seasonal Discount- You can always buy cheaper this time of year as less people are looking.  it happens in the good and bad years.

Sellers getting Weary- Sellers who were asking to much have now begun to finally know they were too expensive.  Buyers passed them by as well as agents.  The listing is now stale.  Much better buy now !

Very Low Interest Rates-  4.875% is a great rate.  The U.S. is forcing rates low in hopes of getting the hosing markets and banks moving.  The rates otherwise only make sense to the buyers. $538 per 100k borrowed

Condos Below building Cost!  Some developers are dumping their unit to raise cash.  They are out there.  Its mostly at the lower end of the market.  Great buys for a second home.

Sellers need Cash  Owners of second homes may just need to sell. We have been seeing this mainly in the French Quarter as some sellers just want out.  Be on the lookout for better deals.

FHA Loans are still Here!  Owner occupied condos only. 3.5% down for accepted condo associations.   Much lower mortgage insurance rates and seller can pay most of your closing costs.

$8000 tax Credit almost gone-  Its good till November 30, 2009.  That's a gift of $8000 for the taxpayers.

Seller Concessions-  Just need to ask for reasonable things and it can be worked out.  Paying closing cost, leaving furniture, ect.

Lenders are not Busy-  Stay local and be the center of attention!  All the new rules will add time to the deal.  Start early and get the process started.

Condo Fees are Level - The Katrina Insurance costs are working their way out of the system.  The high rates are fading.

Property taxes are down 29% over 2008 in New Orleans- This favors the new buyers. Taxes are deductible on your State and Federal taxes.