The buyers are still in the condo market, some segments are of course better than others. What we are now seeing is less new units coming on the market. The sellers are waiting for next year until the Saints win the Super Bowl or until their unit is ready to sell. Real Estate is seasonal. Buyers are busy looking on line to see what there choices are. Many are looking but are still in the decision process.
The interest rates are still extremely low. They will not be this low in a year or two. Borrowing 100k today will cost you only $538 for principal and interest. This is great incentive to purchase. Rates are at 5%.
Prices are a little lower but not in a fall like some cities. Prices have been fairly steady but there are some wonderful deals to be had. As a buyer you have less competition now and that means saving about $5000 on an offer. You will not get this discount in April or May.
$8000 and $6500 tax credit is waiting for you as well. I think the economy and overall sales will improve and this will surely go away. Its a gift for you now.
Second Home Buyers are beginning to return to the New Orleans Market. New Orleans has been receiving some great publicity over the past year. With Mayor Nagin leaving on May 5, 2009, we may have a mini boom or at least we will feel in more reliable hands.
It does pay for buyers and sellers to be ready. The buyers who study and know the market trends have a better chance to buy and sell high. It always has a lot to do with market timing. Make this your advantage !!