What’s Happening to Home Prices on the West Bank of New Orleans?

That’s the question I get from almost everyone I meet these days.  People know that prices have come down, but not exactly how much they have dropped in some areas. 

So, I thought I would compare the 2008 average home sale price to the 2009 average (as of 5/31/2009).  What an eye opener it was for some communities on the West Bank! 

The result:  EVERY part of the West Bank has lower average sale prices for the last year.

 Data provided by GSREIN and is deemed reliable, not guaranteed

Don’t let this scare you too much.  Many of these communities have had a minimal number of homes sales this year, so the numbers may be skewed just a little.  What’s most telling to me is that with the exception of English Turn, Algiers Point and Belle Chasse (typically among the highest priced areas on the West Bank), buyers are choosing homes around or under $150,000.

This should serve as a warning to home sellers in higher price ranges that it may take a little longer to find the right buyer and that patience is not just a virtue, it’s a requirement in today’s real estate market.  You can have the most experienced, successful agent in the world on your side, but if there is not a demand for the product you are selling you setting yourself up for disappointment if you expect a quick sale.  I’m not saying that fast sales don’t continue to happen – they do – but they are not the norm anymore.

Remember that these numbers are for the entire community – your neighborhood may be performing better or worse than this.  Get this week’s free market snapshot of listings and sales in your community.

For more detailed information about sales in your area, take a peek at our recent Market Reports:

All Algiers Real Estate Market Reports
Algiers Point real estate market updates
English Turn real estate market reports
Belle Chasse Real Estate Market Reports
City of Gretna home sales and real estate market reports
Terrytown/Gretna real estate market reports
Harvey LA Real Estate Market Reports
Marrero Real Estate Market Updates
Westwego, Avondale & Bridge City Market Reports

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Do you have questions about the New Orleans West Bank real estate market?  Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

                   

Home Selling Tips from A Stager: Keeping Things Tidy

Everyone knows how important it is to prepare your home for showings and open houses.  But sometimes it’s those little things that get overlooked and can keep your home from looking it’s best.  I find that I work really well from a to-do list and I’m sure that some of you do too.  So I reached out for a little professional help from a friend who does this every day…

Amie Chaney, of Home Staging by Amie, has provided us with this handy list of Tidy Up Tips:

Daily Tidy Up Tips

• Make the beds
• Get clothes off of floors and into a hamper or back on hangers
• Hang towels and on towel bars to dry; put in hamper when dry.
• Give tubs, showers, sinks and ovens a light scrubbing after use.
• Wash dishes or put them in the dishwasher as soon as a meal is finished – empty it as soon as dishes are clean; letting clean dishes sit in the dishwasher encourages dirty ones to pile up in the sink
• Sort and file or dispose of mail as soon as you get it
• Find a home for everything. Newspapers go in the recycling bin, coats and shoes go in the closet, dirty clothes go in the hamper – no exceptions
• Put away personal items, such as eyeglasses and magazines on a nightstand and lotions, toothbrushes and other products on a bathroom vanity.

Weekly Tidy Up Tips

• Tend to the yard (mow lawn, water plants, pick up debris)
• Dust, vacuum, and sweep bare floors (do more often if needed)
• Lightly scrub refrigerator and oven
• Shake throw rugs; vacuum or wash if very dirty

Other General Tips

• Windows and light fixtures need to be cleaned and dusted – remember to keep a watch on all light fixtures to make sure bulbs are not burned out
• Laundry should not be piled up in a heap on floors or by the washing machine
• Pet food bowls and litter boxes should be kept in an out of the way place and the area around them clean
• Avoid cooking foods that leave strong odors, such as bacon or fish. If you must cook them, open windows.
• Garages and carports are spaces that easily become too crowded. If these areas are overcrowded and you cannot part with these items, rent a storage unit so you don’t give buyers the impression there is not enough storage in the house.

Open House Checklist

• Grind half a lemon or orange in the garbage disposal
• Make sure all of the toilet seats and lids are down
• Empty every trash can and put them away out of site
• Open curtains to let as much natural light in as possible
• Wipe down all sinks, faucets, and mirrors
• Empty the dishwasher
• If you are using fresh flowers make sure they are fresh and not wilted
• Make sure all of your green plants are tended to and look their best
• Turn on all of the lights in the house
• Turn on classical music on low volume
• Close the shower curtains
• Fluff up the pillows and bedspreads
• Sweep off the front porch
• Shut all the closet doors
• Be sure that everything is off the floor (clothes, toys, papers, vacuum, ironing board, etc.)
• Put away all mail or newspapers

Do you need a little help getting your home ready to sell?  Contact Amie for a professional home staging consultation.  Her advice can make the difference between listing your home and selling it.

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Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

Home Staging Tips – Coming Soon to West Bank Living!

While attending an open house for agents last week, I ran into one of my favorite home stagers, Amie Chaney, of Home Staging by Amie.  (Amie is not only a talented stager, she is also one of the nicest people you will ever meet.)

We had a chance to sit and chat for a few minutes about the real estate market and the struggles that some home sellers are having finding that perfect buyer for their home, especially those that are trying to sell a vacant house.

In an effort to help educate home sellers about the benefits of staging, Amie has graciously agreed to write a few articles for West Bank Living.  Keep an eye out for some great educational information from her to be published right here very soon!

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Are you considering buying or selling a home in the West Bank? The West Bank Living Team provides local, professional real estate services to buyers, sellers and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

Selling Tips for Vacant Homes | Selling Your West Bank Home

There are a large number of vacant homes for sale on the West Bank of New Orleans.  Some of them are sparkling clean and ready to move into.  Others….not so much.

As we’ve been going through vacant homes recently, we’ve seen a lot of mistakes that sellers are making.  If you are trying to sell a house that is empty, here are a few tips for you that might make that process a little easier and a little faster:

Keep all of the utilities on

Water, gas and electricity are not optional for a few reasons:

1. With the summer temperatures approaching, we will be trekking through houses that have no power, no air conditioning and no chance at a buyer staying in the sweltering heat long enough to actually be able to picture themselves living in them.
2. If your utilities are off for an extended period of time, the city or parish may require an inspection before turning them back on.  If anything is not up to current code, you’ll have to make repairs or improvements before the power/water/gas can be restored.
3. When an offer is received, one of the first things that buyers do is schedule inspections.  Hint: we can’t inspect if you don’t have the utilities on, which will lead to delays in your closing.

Maintain the lawn and gardens

One of the big to-dos on everyone’s list before attempting to sell is making sure that your home has curb appeal.  All of the work you put into doing that will be for naught if you move out and don’t make arrangements for someone to keep up with the grass and gardens.  There are reasonable lawn care services that can also take care of pulling weeds, planting seasonal flowers and freshening up the mulch and borders.

Have the house cleaned periodically

Believe it or not, just because no one is living in a home doesn’t mean that it stays spotless. Even after you are gone, dust collects on window sills and baseboards, the air gets a little stale and toilets get rings from standing water.  If your home has been vacant for over 60 days, it’s probably time to get someone in to do a clean up and freshen up.

Keep up with pool and pond maintenance

I’ve never seen a buyer say “Oh look…a big green pool.  It’s perfect!”.  Pools and ponds are wonderful features, but only if they are kept clean and functioning.  If they are not, you will be adding to the days on market before you get an offer or setting yourself up for very low offers.  Neither one is worth what you will save, and it will keep the neighbors from complaining about the mosquito breeding pits in your yard.

Consider staging

While staging homes hasn’t really caught on big in Louisiana yet, it’s an option that more people should be exploring.  A professional home stager can bring in a few key pieces of furniture and some accessories that showcase your home in it’s best light.  Not to mention that a furnished home always photographs better than an empty one and it’s the photos that are drawing people in from the internet advertising.

Related reading:

• Spring Home Selling Tip #1:  Curb Appeal
• Spring Home Selling Tip #2:  Clean, Clean, Clean
• Spring Home Selling Tip #3:  Clear the Clutter
• Spring Home Selling Tip #5:  Neutralize
• What Buyers Are Saying About Your Home

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When you are ready to make a move, the West Bank Living Team provides local, professional real estate services to buyers, sellers and military relocations to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

Tall Timbers | Algiers LA Real Estate Market Report

I was hanging out in Tall Timbers this week at a home inspection and realized that it’s been awhile since I looked at the home sales for just this neighborhood.  Let’s take a look at what’s been happening in this Algiers community lately.

Tall Timbers – Number of Homes Sold 2004-2009

Looks like a roller coaster, doesn’t it? After a huge jump in the number of homes sold in 2006 (post Katrina), sales have been dropping to a more normal level each year since.

The impact of tightened lending guidelines on sales cannot be underestimated here.  The harder it is for buyers to qualify for a mortgage, the fewer number of homes will be sold each year.

Tall Timbers – Average Home Sale Prices 2004-2009

Prices in Tall Timbers have held steady for the last couple of years, with no real appreciation being noted. These average sale prices do not include any seller concessions, so I reviewed the 2008 sales and found:

• 61% of the sellers paid for a home warranty at closing
• 40% of sellers provided an average of $5,619 in closing cost assistance to the buyers

Conventional financing is still the norm in the area, with over 50% of buyers using that mortgage option.  VA and FHA loans accounted for another 28% of the sales, with the balance of purchases using some other type of financing or paying cash for the property.

Tall Timbers – Average Days on Market 2004-2009

As the number of sales has dropped over the last couple of years, the days on market (how long it is taking the average home to sell) has increased substantially.

The homes that sell the quickest will always be those that are priced right, updated and move in ready.

Related posts:

• 5 Dos and Don’ts for Home Sellers
• Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers
• Are You REALLY Ready to Sell Your West Bank Home?

Statistics as of 3/26/2009.  Data provided by GSREIN and is deemed reliable, but not guaranteed.

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Whether you are buying or selling a home on the West Bank of New Orleans, feel free to call on the West Bank Living Team. We provide professional, local real estate services and have fun while doing it!

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