Picture it. New Orleans from the summer of 2020 to 2022. The real estate market was HOT. Interest rates were LOW. And bidding wars were abundant.
If you were one of the THOUSANDS of people who bought a house during that time- great! You likely have an interest rate between 2.5% and 4%. We aren’t seeing that again for a loooooong time. However, because you purchased your home during that time, you paid top dollar for your house. There were no steals and deals going on then! It was just outbid, offer your firstborn child, and hope you win the battle.
Did you overpay for your house?
I have a controversial take on this. I don’t think you did. You paid what it was worth AT THAT TIME. Houses were appraising, and if you didn’t pay that higher price, someone else would have. You bought it so you could get into the game.
To get that low interest rate, you sacrificed on the price of the home.
What happens today if I need to sell my house?
It’s not uncommon that home sellers today who bought in the height of the market are not turning a profit. Many are selling their homes at or below the price they paid originally.
Why is that? Because interest rates are higher, insurance costs are higher, and we have far fewer buyers right now. As of April 2026, we are still in a buyer’s market at most price points. (Except the luxury market. People in this price point are far less affected by the current economic situation.)
Why would I sell my house then?
People still have to move. Whether it’s for a job, family, running out of space, etc., the list goes on and on for reasons people leave lower-interest-rate homes and move to new homes.
Don’t be a prisoner of your house.
If you want or need to move, don’t let that low interest rate saddle you to a house forever. Sometimes you just gotta move on. Talk to a lender about what your monthly payment would look like today on a house of the same price/ lower price/higher price.
If I’m going to lose money, then I don’t want to prep my house to sell.
Mhmmmmmm…. Yeah. That’s not gonna work out the way you hoped. Also, if you never did any upgrades or the roof is still old, don’t expect buyers to be impressed. Buyers are savvy and look at the old listings and want to know what improvements you’ve made.
Buyers also expect homes in good condition. So you will still need to get your house show-ready. Get the magic eraser out and get the kids’ Crayon marks off the walls NOW!
While you may have regrets about potentially overpaying for your house, just remember that you loved that house and you wanted it. It’s been your safe haven and oasis from the world. You paid what it was worth at that moment. While the market value may be different today, it doesn’t change what real estate was like from 2020 to 2022.
Do you want to move? Talk to your trusted New Orleans real estate agents about the numbers. Don’t trust Zillow or Redfin for their “estimates.” We have seen many with $100k ranges that are truly off base. Listen to your agent about what you need to do in order to get sold. And be ready to wear your patience pants!
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