From now until at least the end of 2007, the New Orleans Metropolitan area is in what real estate professionals call a "Buyers' Market". This means, there are more houses than there are buyers. The law of supply and demand tells us that when there is too much supply, there is less demand on that supply. In some price ranges, there is enough supply to sustain buyers for 14 months. That statistic is based on no other buyers joining in the search for property until all of the houses on the market have been sold. A balanced market would be less than 6 months. With supply so high and demand so low only one thing will result and resolve this problem. Prices on current houses for sale must be reduced to compensate for this type of market. That is just what is happening in the New Orleans area. Prices are coming down. This leaves great opportunities for home buyers and investors alike. However, as buyers you must be prudent in your home search. Many sellers have not come to the realization that their home prices must be reduced in order to sell. Yet, there are still many many great opportunities awaiting buyers.
As an experienced team of agents, the Kinler Bellew Team can help buyers and investors find what the homes for which they are looking. Call us at 985-331-9898
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