Gretna, LA 70053 : May 2008 Real Estate Absorption Report
Here is the mid-month review of real estate absorption rates in the City of Gretna.
Gretna, LA 70053
The overall supply of homes for sale in the City of Gretna has increased from the 9.8 months observed in April to the current 11.13 month supply. Keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale…more than that indicates a buyers market for the area.
Homes priced in the $100,000-$120,000 range are still selling well. The fact that there are homes still on the market for less than $100,000 is generally an indicator of their condition. Investors are willing to buy properties in even the poorest condition, but the price must be right. Don’t expect market values for a home that will only appeal to this segment of the buying population.
Working with some buyers lately, I know that several of these homes are overpriced based on recent, comparable sales. A buyer’s market is not the time to "test the waters" with your home. If you need to sell, your home needs to be properly prepared and priced from the moment it hits the market or you’ll be lost in the crowd of other overpriced homes for sale.
Data provided by Latter & Blum REALTORS® and is deemed reliable, but not guaranteed.
Remember, this report is for the entire City of Gretna (zip code 70053). If you would like a personalized report for your home and neighborhood, please contact Lisa Heindel, REALTOR®. I’d be happy to help keep you up to date with your piece of the Gretna real estate market.
Related Reading:
City of Gretna, LA: 70053 April 2008 Home Sales and Real Estate Market Report
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
Here’s the disclaimer part: The opinions expressed here are strictly those of the author, but you are free to share yours in the comments. All information is deemed reliable but not guaranteed,
Copyright 2008. Lisa Heindel, All rights reserved.
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