After a sales boom in the post Katrina real estate market, 2007 was a year of declining home sales on the West Bank of New Orleans. While prices held steady or even showed slight increases in some areas, the real story is the number of closed home sales. As the number of homes for sale continued to increase from Algiers to Avondale, the actual number of homes sold dropped throughout the year. Many cities on the West Bank showed the lowest sales volume recorded in more than 5 years and the supply of homes for sale has reached the point that it will take more than a year to sell in some areas. This is a good time for sellers to review my suggestions for treating selling your home like a business.
I don't have a better way to describe the West Bank real estate market other than it is, in my opinion, definitely a buyer's market. However, as lending criteria has become more strict, first time home buyers are having a harder time getting qualified for a mortgage. These stricter mortgage lending guidelines are not expected to be eased through 2008. This puts more pressure on sellers to reduce their prices in order to make homes more affordable for those buyers who are qualified and stimulate the sales market.
The first few days of 2008 have been positive...I've received several calls from agents for appointments to show the homes I have listed on the West Bank. Is this an indicator of the year to come? I'm hesitant to be too hopeful, but I know that all markets have an up period and a down period. I hope that this year is the year we turn the corner and begin to see an improvement.
Please see the following reports for home sales in your New Orleans West Bank neighborhood:
Algiers
Algiers LA (70131) Home Sales 2007
Algiers LA (70114) Home Sales 2007
New Orleans West Bank Home Sales - What's Selling in Algiers, LA
City of Gretna
Gretna LA: 2007 Home Sales Market Report (70053)
Gretna, LA Home Sales: What's Selling in the City of Gretna
Terrytown and Unincorporated Gretna
Terrytown and Gretna LA: 2007 Home Sales Market Report (70056)
Terrytown and Gretna, LA: What's Selling in Zip Code 70056?
Belle Chasse
Belle Chasse LA: 2007 Home Sales Market Report
Belle Chasse, LA: What's Selling in Belle Chasse
Harvey and Marrero
Harvey and Marrero LA: 2007 Home Sales Market Report
Harvey, LA Home Sales: What's Selling in Harvey
Marrero, LA Home Sales: What's Selling in Marrero
Westwego, Avondale and Bridge City
Westwego, Avondale and Bridge City LA: 2007 Home Sales Market Report
Westwego, Avondale and Bridge City, LA: What's Selling on the West Bank?
Now, more than ever, it's important to work with a real estate professional who can guide you through the process. Whether you are a home seller who needs the best marketing plan available or a home buyer who needs a step by step guide to how to buy a home, please contact Lisa Heindel, REALTOR® with any questions about the New Orleans West Bank real estate market.
When buying or selling a home on the West Bank of New Orleans, you deserve professional, local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
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