Recently, I have been pouring through market data for my area. And, I have noticed a few pleasant trends in the market. First, the number of listings that are expiring without a sale is down significantly along with the number of listings in general. Secondly, and perhaps most importantly, listing prices in the New Orleans Metropolitan Area have stabilized greatly in comparison to the rest of the nation the average difference between the original listing price and the final sales price is narrowing.
This can be interpreted in many ways. I believe that it is a positive for sellers' and buyers' interests alike. The average home-buyer can take solace in the fact that if (s)he buys a home today for a fair market price, the value should hold steady through upcoming economic turmoil. Inversely, the average seller can rest a little easier in knowing that if they accurately price their property, then they should not have to institute many, if any, significant price reductions. Personally, I prefer to take an optimistic view of the statistical data that I have gathered. I tell my clients that, "it is not going to get any worse than it is right now and the future looks bright". Also, I feel confident in telling them that, " if they can negotiate a good price/terms for a property now, then they stand to make money off of their investment". Of course, there are many caveats involved in any real estate transaction. This is why I advise customers, regardless of experience, to always have an agent handle a real estate transaction on their behalf.
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