New Orleans West Bank Foreclosures – Are They Your Competition?

New Orleans West Bank Foreclosures

Just about every day we hear from someone that wants a list of foreclosures on the West Bank.  Some of those people fancy themselves investors, even though they might never have bought and sold real estate before.  Some of them have bought into the fallacy that foreclosures are the only deals in the current market.

Whatever their motivation, the sale of foreclosures is certainly having an impact on the West Bank real estate market.

Take a look at the number of bank owned (aka REO or Real Estate Owned) properties on the market compared to the percentage of sales.  In every community across the West Bank, the percentage of REO sales is way out of whack when compared to the percentage of listings they represent.

Foreclosure sales and listings on the West Bank of New Orleans

What does this mean for home sellers?

It means that the investors and bargain hunters are out in force, taking the term buyers market to heart.  If you are selling in this environment, then you need to be at the top end of condition and the bottom end of pricing.  Need a little help deciding if now is the right time for you to move up, down or onward?  Contact the West Bank Living Team today.

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