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New Orleans Real Estate in August-Listing High is not smart! Get less in the End!

     The hot and humid summer in New Orleans is still here as we get ready to move into September.  School is starting and the focus has been on getting the kids ready to return to school.   Many of the new arrivals have settled in and are getting used to the heat.  In terms of real estate there are less people looking for condo or home this time of year.  However there will be some good buys.

     It happens every year !  You see condos that were listed too high in the Spring of 2008 that are still on the market.  The sellers have missed the crowds and most likely buyers. The higher sales price scared the buyers away.  The unit has gotten  stale and people have stopped looking thinking something is wrong with the unit.  The seller wanted to try to get a high price without the numbers backing them up.  Now the sellers are much more realistic in their numbers but the buyers are not as abundant. 

     This happens over and over again.  Every year we see this in homes and condos. Agents see the unit in the beginning and just forget about it and tell other agents how pricey the units are.  I know this and often fall into the stale condo trap.  I showed one this week that was listed at 329k earlier in the year.  Now it is 249k, a big, big drop.  The difference does not have to be that great.  The unit had a tentant in the condo and did not show nearly as well as it does now empty.   The tentant issue can also be expensive to the seller as you need to have the unit in tip top condition in this market.

     Pricing correctly when listing your condo is the best and smartest best way to go.  Take the money and run to the bank when you have a chance.  An empty unit has few good things that will happen to it.  View the competition when you list.  Look at the numbers.  Get an agent that knows the right answers that does not mind being honest.

     The buyers however should also know that some of the best buys may be the result of the seller not paying attention to the numbers.   The buyers end up getting a better idea as the sellers are just ready to sell.  Buyers need to keep this in mind when looking as this happens over and over again.   August and September can be a treasure hunt with the buyers finding the treasures.

Audubon Park in August

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  1. Andy in GR

    Same thing here in Grand Rapids, Eric. We have a pretty big inventory here in single family homes and condos. There are some condo developments downtown though that do seem to be more desireable than others.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA