I recently posted year end home sale information for Harvey and Marrero, LA. You can read those reports here:
Harvey and Marrero LA: 2007 Home Sales Market Report
The Multiple Listing Service combines portions of Harvey and Marrero when calculating sales, but absorption reports can be broken out by zip code. While an overview of the market is helpful in determining trends, an area snapshot of 
the sales activity for the last 90 days lets you know what’s happening now.
A healthy real estate market has, on average, a 5 to 6 month supply of homes for sale. The market in Marrero, LA has an overall supply of 11.6 months. This is almost a year’s worth of inventory based on sales for the last 3 months. The market for homes over $300,000 has almost disappeared – only 2 sales were made in this price range between 10/5/07 and 1/5/08. Since we know that the number of homes for sale is continuing to exceed the number of buyers, and that new homes will continue to be placed on the market, sellers in Marrero must continue to be patient with the market.
What does this mean for Marrero, LA home sellers?
It remains critical for you to price your home aggressively to attract the highest number of qualified buyers. With such a large selection of homes, buyers are skipping over or moving on from those that are perceived to be overpriced. There is no incentive for a buyer to haggle with a home seller when there are so many other homes for sale in a price range. Tightened lending requirements have proven to be an obstacle for many potential home buyers, and those guidelines are not expected to ease through 2008.
What does this mean for Marrero, LA home buyers?
You have a wonderful opportunity! In a buyers market, there are so many quality homes for sale for qualified purchasers. While sellers may be flexible in prices and terms, your first step in the home buying process is still to meet with a reputable mortgage lender to determine the price range that you qualify for (and are comfortable with) before beginning your home search.
Marrero, LA Home Sales in Zip Code 70072
(as of 1/5/2008)
Reports like the one above can also be produced for individual neighborhoods. If you would like more information on buying or selling a Marrero, LA home, please contact Lisa Heindel, REALTOR®. I would be happy to prepare a more personalized report just for you.
Copyright 2008. Lisa Heindel, All rights reserved.
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