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Selling Your West Bank Home? How a Price Change May Help.

What's your market like?

As we come to the end of the year, many sellers on the West Bank are trying to determine if and when they should adjust the price on their homes for sale. Your REALTOR®, I'm sure, has provided you with an updated market analysis of the sales prices in your particular neighborhood. However, have they provided you with an absorption report?

An absorption report is a tool used to determine trends in your market.

How many homes are for sale in the area? Note: Homes listed with an agent only - For Sale by Owners are not included in these reports.
How long is it taking them to sell?
How many have sold in the last 90 days?
What price ranges are selling fastest?

It is basically a bird's eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions. Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.

Need details on the absorption rates in your area? I have detailed information on the following areas:

Algiers

English Turn

Gretna and Terrytown

City of Gretna

Harvey

Marrero

Westwego, Avondale and Bridge City

Belle Chasse

If you any questions about the information contained in these reports or just have a question about the West Bank real estate market, please contact Lisa Heindel, Realtor®.

Your West Bank Real Estate Specialist

#1 Seine Court, Suite 100 New Orleans, LA 70114

Posted by Lisa Heindel, New Orleans West Bank Real Estate on 11/24/2007 01:15 PM

Comments (12)

west bank real estate market report, west bank real estate absorption report, west bank home sales, lisa heindel

Originally posted at: New Orleans West Bank Living and Real Estate News: Selling Your West Bank Home? How a Price Change May Help.

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12 Comments on Selling Your West Bank Home? How a Price Change May Help.

NOV

2007

Well put together..... great localism post.

Thanks, Desiree. I love localism!

Lisa, Great information for a consumer. Before I joined AR I had never heard of an absorption rate and would never have thought to ask for one. I love the information you provide (and miss the Fairs :)

Thanks, Carole! Hope you had a wonderful Thanksgiving..I miss the fairs too, but they will be back in the spring and I'll be sure to cover some of them just for you :)

NOV

2007

I love your summary of absorption rate - a birds eye view. And that is a perfect graphic to accompany it. May I ask where you found it? LOTS of good information here for consumers in several communities. I hope consumers know they have a winner in you.

Thank you, Margaret. Coming from someone who does localism so well, I appreciate that! I believe I got the graphic from microsoft clip art.

Absorption reports are SOOOO important in this market! Great explanation!

Thank you, Renee. I can't take all of the credit...I searched all over for an easy definition of absorption rates and finally just pieced together the parts that I thought were most consumer friendly and easy to understand! I started bringing an absorption report to every listing appointment - sellers need to know what they are up against, especially in price ranges with almost a years worth of inventory right now.

Lisa - Thanks for the tip! (and the compliment)

APR

2008

Great presentation on this subject.

I use absorption rate statisticcs with both buyers and sellers.

Se my post at: http://activerain.com/blogs/jpeters

MAY

2008

As long as financing is posible.

Alex, while I agree that the availability of financing is important, the first step a seller needs to take is to price their home correctly. All the loan money in the world won't fix an overpriced listing.

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What does the graphic say?