While the temperatures might have cooled in Louisiana the housing market sure hasn’t. Typically, this time of year home sales slow down, but that hasn’t been the case since the pandemic. Louisiana Realtors Association Director of Business and Professional Development Amy Fennell says a low inventory of homes continues to drive the market.
“The average days on market was close to 67 days in December and now you’re looking at 38 days. So, it’s lack of inventory and lots of buyers,” said Fennell.
It remains a seller’s market and, in some places, it’s more exacerbated than others. Fennell says areas of the state recovering from recent natural disasters are seeing even higher demand for homes.
“Post-hurricane, the flooding that we had in the capital region and then certainly in that bayou area,” said Fennell.
Fennell says supply chain issues have drastically slowed the construction of new homes and also postponed the remodeling of existing homes.
And because it remains a seller’s market as opposed to a buyer’s market, and some sellers are entertaining multiple offers. Fennell says if you’re looking to buy in order to have a competitive advantage you need to have the guidance of an experienced Realtor.
“This is not the kind of market where you can just go out there without knowing and think that you’re going to be in a competitive advantage to be able to get what you’re looking for,” said Fennell.
Another bonus to working with a Realtor is they have knowledge of homes that are about to be listed and many sales are negotiated before a sign is even placed in the yard.
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