The real estate market is constantly changing. The local real estate market has not been hit very hard compared to other areas around the country. In fact, our market has seemingly stayed pretty stable over the past year. While sales are down slightly, it is also important to know that MANY people bought homes shortly after Hurricane Katrina. If the average family moves every 4-5 years, it would be safe to estimate that many people who bought then would be looking to move again over the course of the next year.
Currently, we are in a slight buyers market but sellers are already pricing low to compensate so it is unlikely that buyers are going to get any sort of special discounts below existing listing prices if the sellers are already priced competitively.
Sellers should note that pricing is one of the sole determinations of whether their house sits on the market for 6 weeks or 6 months. Buyers are actively looking for property and those sellers who live in desirable areas and are priced to sell will win.
My general opinion of the market over the next month is that we will see an increase in people looking, especially those that were waiting until the kids were released from prison, um.. school, for summer vacation. For sellers looking to get a jump on the market, give us a call. As always, we always look forward to helping buyers find their perfect home as well!
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