Real Estate Market in Metairie Lacks Dynamism

Many real estate agents in Metairie, Louisiana, are concerned about the lack of dynamism in the city’s real estate market. Currently, it cannot be described as a competitive market, as the lack of demand and the high percentage of homes available for sale prevent a balance between supply and demand.

Experts say this lack of dynamism is due to rising interest rates and increasing insurance costs in the city of Metairie. All these factors are decisive and influential in people’s decisions to buy or sell a home.

As a result, it is now common to see a real estate market with significantly high listings of houses or property inventories that could satisfy a high demand if Metairie residents needed it.

A recent study on the number of properties available for sale in Metairie has confirmed the large number of properties the city has. According to the data, there are over 530 homes for sale in this city, including single-family homes, condominiums, and townhouses.

These figures, according to local real estate professionals, could represent a nine-month inventory of homes available for sale. These numbers were not as large when the Metairie real estate market was dynamic. Normally, a property in the city could take approximately less than two months to sell.

This lack of dynamism in the market and the marked increase in homes is also a problem that residents of the city can perceive. Many of them are concerned about this situation, as they claim they cannot maintain their current home, but they also do not have the means, nor do they believe it is convenient due to current prices, to apply for a new mortgage or to take on a new and high insurance policy to buy a new home.

It is no secret that Metairie has a large number of big, old houses that do not currently meet the existing housing codes. Their owners, unable to maintain them, put them on the real estate market but at prices that are too high, without considering that the new owner will need to make modifications and renovations to comply with these new codes. This influences the market to have a saturation of homes that remain unsold for a long time due to the high prices.

Therefore, with the real estate market offering a variety of properties for sale, and with owners refusing to lower the price of their homes to a fair and realistic price, considering the condition of the house, buyers have countless options to choose from and are in no hurry to make any offers. These situations cause the market to stagnate and lack any mobility.

Another triggering factor for the great variety of homes in the Metairie real estate market and its lack of dynamism is that potential buyers are reluctant to make repairs and prefer to buy properties with newer constructions and immediate occupancy availability.

Available Foreclosures:

Metairie: 45 foreclosures homes available.

By Elías DaSilva | 13 de Noviembre de 2024.