New Orleans, LA: What’s Selling on the West Bank?

The Easter decorations are all over the stores.  The St. Patrick’s parades will be rolling for the next couple of weekends.  The azaleas are blooming and the kids are looking forward to spring break.  It’s the season for new growth and changes.

Are you considering making a major change b

y moving this spring?  Are you being transferred to or from NAS JRB New Orleans or NSA New Orleans?  Whether you are a buyer, a seller, or a military transferee, you need to know what is happening in the West Bank real estate market before making a decision.

When I list a home for sale, one of the first reports that I provide to my sellers is an absorption report.  An absorption report is an overview of the number of homes for sale in an area, along with information on sales within specific price ranges. 

Why is this important to you as a seller?

When you are determining the best price to sell your home in the least amount of time, you need to be aware of what buyers are actually buying!  If there are multiple homes for sale in your neighborhood, all priced about the same, and none of them are selling, that is an indicator that the buyers are few and far between for the area and you should be prepared to price your home to attract the most attention.   However, if there is little to no competition (not likely in this market) or you are in a demand area or price range, you can be a little more aggressive in your pricing.  Keep in mind that no matter what price tag you put on your property, the house must be able to appraise for the selling price!

Why is this important to you as a buyer?

The large number of homes for sale gives you the biggest selection that buyers have had in years.  With so many competing homes on the market, the chances of you negotiating a good price are much better than they were in the past.  This does not mean that sellers will be willing to reduce their prices to well below market value, but it does mean that they have become more flexible not just in pricing, but in providing assistance to make a sale work.  Remember, using the services of a West Bank real estate professional doesn’t cost you a penny!

March 2008 Absorption Reports

• Algiers and Algiers Point
• Gretna and Terrytown
• Belle Chasse
• Harvey
• Marrero
• Westwego, Avondale and Bridge City

If there is a particular area or neighborhood that you are interested in, please contact me at lisa@lisaheindelsells.com and I would be happy to prepare a more detailed analysis of local sales for you.  With the right pricing and preparation, homes are continuing to sell on the West Bank.  Let me help you buy or sell your next West Bank home!

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Copyright 2008. Lisa Heindel, All rights reserved.