Marrero, LA: May 2008 Real Estate Absorption Report

The overall supply of homes for sale in Marrero has decreased slightly from the 8.3 months observed in April to the current 8.1 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 under $160,000 range are selling very well and sellers in this price range can feel fairly comfortable that they can sell their homes in a relatively short period of time.  The $100,000-$140,000 range has slowed slightly, but is still performing.  The number of homes listed for sale has remained steady with 5 fewer listings than we saw at this time last month. 

 

The $160,000-$200,000 range accounts for 41% of the current listings but only 24% of the recent sales.  Sellers in this price range need to not only be aggressive in pricing their homes, they also need to remember to make them “show ready” at all times.  Buyers have a large number of choices and are opting for those homes that they perceive to be the best value in their price range.  Also, sellers should remain open to negotiating closing cost assistance to buyers, who are no longer able to get 100% financing.  More and more often, I’m seeing these assistance requests on mid-range priced homes since buyers are having to come up with more down payment funds.

 

Marrero, LA  70072

 

 

Data provided by Latter & Blum REALTORS® and is deemed reliable, but not guaranteed.

 

Remember, this report is for the entire zip code 70072.  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 Marrero real estate market.

 

 

Related Reading:

Marrero, LA: April 2008 Home Sales and Real Estate Market Report

Make Your Home the Star of the Neighborhood - Stage It!

5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

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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.

Marrero, LA Absorption Report: March, 2008

With the spring selling season upon us, let’s take a look at the real estate trends in Marrero, LA for the last 90 days:

• Approximately 10% of the listings are selling each month
• The 10.4 month supply of homes for sale is well above the 5-6 month average in a balanced market, moving Marrero into a buyer’s market for homes priced over $140,000
• Sellers should be aware of the competition in the market for homes in the same price range as theirs - make sure that yours is the best value and in the best condition!  If you need advice on preparing your home for sale, just give me a call.
• Buyers have a great opportunity to negotiate a fair price in the neighborhood of their choosing with so many options available.  Be sure to be prepared with your preapproval letter from your lender before beginning your home search!

                  

This report is an overview of the entire 70072 zip code.  If you would like a report on your neighborhood or subdivision, please feel free to contact me at lisa@lisaheindelsells.com.  I’d be happy to post specific neighborhood information for you and your neighbors to share.

Related Reading:

Marrero, LA: February 2008 Home Sale Market Report

 

 Copyright 2008. Lisa Heindel, All rights reserved.

Marrero, LA Home Sales: What’s Selling in Marrero

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.

Marrero Homes for Sale - Absorption Report, November 2007

An absorption report is a tool used to determine trends in your real estate market.

• How many homes are for sale in the area?  Note:  Homes listed with an agent only - For Sale by Owners are not included in these reports.
• How long is it taking them to sell? 
• How many have sold in the last 90 days? 
• What price ranges are selling fastest? 

It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.  Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.

Marrero - Zip code 70072

(as of 11/24/2007)

          

As always, price is key to getting your home sold quickly.  A poor location or less than perfect condition can be overcome with the appropriate price.  Resist the temptation to price it high and wait for offers!

Sign up for Market Snapshot, a free report on recent sales and listings in your area provided by Lisa Heindel, Latter & Blum Inc/Realtors®.  Your Snapshot will be delivered directly to your email monthly and you can unsubscribe at any time.

 

 

 

Your West Bank Real Estate Specialist