The New Orleans real estate market took a massive shift in May 2022. We have been overwhelmed with higher interest rates and rising insurance costs since that time frame. The market has shifted and changed, and it can be scary. The cost of living is high, and that increase hasn’t carried over to everyone’s paychecks. If you have been thinking about becoming a first-time homeowner, you may feel defeated before you even start or even decide it’s impossible. And if you were fortunate enough to buy when interest rates were low, you may feel like you can’t sell to buy because it’d be crazy to lose that rate.
Here are some truths, at least from our perspective.
- If the only thing you love about your home is the interest rate, we need to talk. Despite being a challenging time to sell, it’s not impossible. And if your needs and wants have changed, you owe it to yourself to discuss your options. And don’t worry; we will give you the good, the bad, and the ugly.
- As a buyer right now you have more negotiation power than in years past. Sellers understand that they have to be collaborative. Do you need a lower price, closing cost assistance, or some other concession to make this work for you? Great, let us do what we do best and help put the pieces of the puzzle together to make you a homeowner.
- Down payment programs, grants, and special loans may be available! Let us connect you with a local loan expert who will listen to your specific needs, concerns, and wants. When you work with a great lender, I promise they will look at every option available to help figure out what’s best for you. There is no one program, loan, etc., that fits all. This is all part of that puzzle we are putting together!
- You have OPTIONS! During the height of the pandemic, our real estate market left buyers with virtually no options and no time to think about what they wanted. This isn’t the case right now—you have options—don’t miss the opportunity to explore the possibilities!
Is it the perfect time to buy or sell? No, but here’s a pro tip—it never really is! There are always pros and cons in every market. Sometimes, we have to decide we want to do it enough to take the leap.
We promise that if you work with us, we will listen to you, help assemble a team of experts to make this process work for you, and even have fun doing it! We are protectors of our clients and always put your best interest first!
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