Both buyers and sellers have been fearful of the recent mortgage crisis. This is especially true of places that have suffered from recent economic and natural disasters such as New Orleans. Real estate, however, is always a good investment and right now is an excellent time to take advantage of some low prices and special incentives. |
Many people have made the mistaken assumption that New Orleans real estate is riddled with hurricane damage. While it is true that some homes may still be in a state of disrepair, the majority of sellers were forced to completely renovate their property. You won't see any flood marks on the walls because many of the materials are brand new and what was salvaged has been completely restored to its former glory.
Because competition for buyer's attention is fierce, many sellers have outfitted their homes with granite countertops, stainless steel appliances, new electric wiring, and plenty of extra safeguards. Because sellers are so keen to unload property and move on, having a realtor on your side is important.
An experienced Louisiana realtor can help you negotiate a great deal. And although there are many renovated homes in the area, real estate that needs repairs can often be a better bargain. You’ll have to invest some cash and time initially, but can help the value of a home soar and you will be able to customize it to your exact tastes.
If living in New Orleans is not in your plan, perhaps you would be interested in the booming market of buying property and renting. It is becoming more difficult to secure a low interest loan from banks; however, if you are one of the lucky few that can get a loan, buying New Orleans real estate and renting it out is a great investment opportunity.
More and more people are choosing to rent homes, which can mean a second income for you. Now is a great time to get started on such an endeavor and to expand your investment portfolio beyond the current shaky stock market.
Another great benefit of the New Orleans real estate market is that you'll have a much wider variety of options than you would in a seller's market. Five years ago, you would have had to compromise location, size, and amenities in order to find something within your price range (and for many, it was still too expensive).
With such a glut of available homes, you'll have little need to compromise, if at all. Bidding wars are practically non-existent in the current market. You can browse homes at your leisure, with virtually no fear of it getting snapped up before you can make an offer.
For those who are selling their property, times are difficult. The best defense against slow markets is making your house appealing through renovations and reasonable pricing. Proper advertising is also an important part of selling, so having an experienced Louisiana realtor on your side will be invaluable.
For buyers, now is the time to invest in New Orleans property. And if you're a seller, with persistence and realistic expectations, you will eventually find a buyer.
New Orleans is now a buyer's market, with many people looking to sell their homes and move on. Whether you're buying or selling a home, a New Orleans real estate agency can help you get the property and price you're looking for. Visit www.realestatelouisiana.com to contact a realtor.
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