The Greater New Orleans area’s real estate market is still on the rise. Due to its investment potential, New Orleans continues to be a pillar of the Louisianan economy. Its appeal is mostly due to the range of properties it is home to. Condos in particular are quite important in luring customers who are more affluent.
Having said that, the city of New Orleans has an affordable average listing price for single-family homes, which is $258,000. The city draws a lot of families as a result of the reasonable costs and low property taxes. Furthermore, smaller investors can view specific regions of the state as potential hubs of activity.
If you’re looking to sell your house in New Orleans fast, it’s important to understand the market and know what you might be getting yourself into. Keep reading below to find out more.
When Should You Sell?
The reason you want to sell your New Orleans home will determine whether you list it now or in six months. Listing now might be appropriate if you urgently need to move up for a larger apartment, be it for family or personal reasons. Additionally, if you’re considering listing your home due to financial strain, now would be a good time to inquire about your mortgage provider’s forbearance policy.
That said, those who are looking for set dates should know that the ideal times to sell a property in New Orleans typically occur during the winter months. Given that the holidays are approaching, fewer sellers want to bother. You could be one of the select few, which would leave you with potential homebuyers who are serious.
What Is the Market Like?
As far as New Orleans property trends in 2022 go, housing is split between owner-occupied and renter-occupied units. Unfortunately, a few affordable homes in the New Orleans real estate market were destroyed as a result of Hurricane Katrina since they were located in the flood plain. Due to restrictions on rebuilding in regions below sea level, many homeowners were forced to relocate.
While some completely departed the area, others came back within a year, and Hispanic immigrants who work in the tourism sector have filled the need. As a result, rental properties in New Orleans are in high demand.
In 2017, over 18 million people traveled to New Orleans. Due to the high demand for hotel rooms, many visitors prefer stay in New Orleans rental homes.
The fact that the city approved regulations permitting and regulating short-term rentals is important to investors looking at the New Orleans real estate market. You do need to obtain a city permit, pass inspections, and adhere to zoning regulations. This is still considerably superior to the communities that have made it very hard to purchase real estate and convert it to short-term rental rentals.
Although some cities can tighten their regulations to favor tenants, the South generally favors landlords. In New Orleans, the precedent has been to protect landlords by upholding stringent eviction laws that ensure properties are rented out to high-quality tenants.
Need to Learn More?
For those looking to sell their house in New Orleans fast, the good news is that there is ample opportunity for you to attract legitimate buyers.
In an up-and-coming market like New Orleans, finding the right buyer ensures that you’re leaving your property in good hands while also getting the appropriate compensation for it. Selling a home isn’t easy, which makes working with a reputable buyer all the more important.
If you’ve already decided to sell your property, why not consider selling your home to professional cash home buyers? We buy houses in New Orleans LA, and we make sure to offer a fair price for each home while ensuring clients get paid for their property immediately.
Once you’re ready to learn more about how to sell your New Orleans home, get in touch with the Albatross Home Buyers team today.