Spring has arrived. And, after a colder, snowier, and icier than normal winter across Louisiana, the temperature isn’t the only thing that’s heating up. The real estate market is ramping up for home buyers and sellers alike. Here are a few things to help navigate the spring market whether you are buying or selling your home.
Use a REALTOR®
No matter if you are housing hunting or putting your home on the market, the experience and expertise of a REALTOR® is invaluable. From helping you find your next home to getting yours sold quickly and for the best price, their skills and resources will be put to work for you.
Pay attention to mortgage rates
Whether you are planning to buy or sell, a mortgage may be in your future. After years’ of historically low rates, they are on the rise. Rates have increased in 9 of the 10 weeks so far through 2018. Currently, a 30-year fixed rate mortgage is 4.58% (according to Bankrate.com).
Inventory is expected to be up
The number of homes for sale in Louisiana is expected to increase throughout the year. As supply catches up to demand, it’s important to take the necessary steps that will set your house apart from the rest. Landscaping, repairs, paint, etc. all make a huge difference when it comes to curb appeal, especially as buyers have more options.
Know the market conditions
Currently, in Louisiana, the median listing price is $200,000. Of course there a lot of factors that go into these values beyond just the home. Schools, infrastructure, location, amenities, convenience, etc. Your REALTOR® will be able to help your determine both a fair asking price if you’re selling, and a fair offer if you’re buying, based on all of these conditions.