Terrytown and Gretna, LA: What’s Selling in Zip Code 70056?

I recently posted the 2006 and 2007 home sales information for Terrytown, LA and Gretna, LA here:

Terrytown and Gretna LA: 2007 Home Sales Market Report (70056)

An overview of the Terrytown and Gretna home sale market is a helpful tool, but I like to go a little deeper and take a look at the individual price ranges and how they are performing. This opens a window into the recent activity by home buyers in the area, a chance to see what they are looking for.

A review of the absorption report for Terrytown and Gretna shows that there is an overall 8.3 month supply of homes for sale. A healthy real estate market has, on average, about a 5 to 6 month supply of homes for sale. While the total in Terrytown and Gretna is higher than that, it is the lowest inventory on the West Bank of New Orleans, and cause for home sellers in these neighborhoods to have hope. The areas for concern are those price ranges with over a 12 month supply of homes for sale. Unless buying rates increase, sellers are in for the long haul when marketing their property for sale.

What does this mean for Terrytown and Gretna home sellers?

In order to grab the attention of the buyers that are looking in your market, it is critical that your home is priced right and shows well. As you can see from the chart below, there is a lot of competition for those buyers, and they will simply move on from an overpriced home rather than trying to haggle with a seller who is holding out for 2007 prices.

What does this mean for Terrytown and Gretna home buyers?

You have the greatest number of choices in homes for sale right now, in a wide variety of price ranges. While sellers may be flexible in prices and terms, they will not entertain offers from buyers who have not taken the time to visit their mortgage lender to get pre-approved. The first step in your home buying process is to meet with a reputable (and preferably local) lender who can explain all of your financing options and help you narrow down your price range to one that you are comfortable with.

Terrytown and Gretna, LA Home Sales in Zip Code 70056

(as of 1/5/2008)

Reports like the one above can also be prepared for individual neighborhoods. If you would like more information on the home sale market in your Gretna or Terrytown subdivision, please contact Lisa Heindel, REALTOR®. I would be happy to prepare a personalized report for you.