Guide to New Orleans Real Estate
You’ll always want to be paying close attention to the real estate market when you’re getting ready to buy or sell a home. More than the home buying process, people who are looking to sell a home generally seek help from real estate professionals to get the job done quickly.
If New Orleans, LA is the city that you are looking into, to find a home, you could well be making a smart decision. With closer proximities to the ocean and availability of high-paying jobs in almost all the sectors, it is no surprise that there are more people willing to relocate to this beautiful and historic city.
New Orleans is known as a tourist city. Featuring the world famous French Quarter and hundreds of years of history, people flock to the city for a vacation or even a quick weekend to tour the city and hit up Bourbon Street.
Buyers and Sellers
Whether you are looking to buy a home or sell it, there are some numbers that you need to keep it handy that would eventually benefit a lot. If you look at last one year data, the asking price of homes in in the region have gone up by 12% while the number of homes available in the region have also gone up by 12.3%.
This trend shows how more properties are coming up in the area with increasing demand. The median list price stands at $335K while the median sale price in the region stands at $300K. With an average of a single offer per home, the average sale per list is 96.3%.
The median list value per square feet is $192 while the median sale value per square feet is $182. Also, if you are able to put 20% of the home value as the down payment, you are not only saving on the private mortgage insurance but also putting yourself in a strong position to close the deal on the home of your dreams.
There are homes of all types in this part of the beautiful state of Louisiana. If your choice of property is a single-family home, there are tons to choose from. Whether you are interested in a vintage looking property or in the modern ones with state-of-the-art infrastructure, the city has you covered on both the options.
Almost all the homes you find here are likely to have a hardwood floor in the living and kitchen areas with spacious dining space. In some homes, you are likely to see balusters on the stairs at the entrance that totally change the look of the property. Wall to wall carpets is another amenity that you are likely to see in all the bedrooms with spacious walk-in closet space to accommodate all of your clothing needs.
However, if you are someone who is always on the go, then condos could be a perfect choice for you. And New Orleans, LA has plenty of options for you where you could find a property in almost all the price ranges. You could even find upscale properties where you could wake up to the beautiful skyline of the city every day right from the comfort of your condo. There will be a homeowners association fees that is charged separately for a condo but it is worth paying as it would take care of all of your maintenance needs. Also living in condos here would give you access to fitness centers, golf courses in some instances, community house among other features at no extra cost.
And when you own any of the above types of properties, you need a homeowners insurance to protect your property in undesirable situations. And buying local homeowners insurance for homes in New Orleans or any other place as a matter of fact could be quite overwhelming to a lot of people. While most of us would love to get a quote which is inexpensive, there are some things that shall never be compromised for the safety of the home and avoiding financial burden in the future.
The customer service history of the insurance firm is a major thing to be kept in mind before buying a quote. It would give you an idea about how reliable they could be in processing your claims or addressing your questions.
Sometimes, customers try to lower the monthly premium which also reduces the insured value proportionately. This is generally not considered to be a good practice as home disasters could be quite expensive to manage on your own. Hence, always remember that a cheap quote might not always be the best one.
New Orleans Homes for Sale
Local Real Estate Law and Ordinances
While home buying process could be too much to handle in some instances, also keep an eye on the laws relating to buying a property in New Orleans. This would help you to avoid any legal issues that you might not be unaware of. And if you are just starting out, hiring an agent would not be a bad idea as he or she would help you answer all of your questions and might also negotiate on your behalf to find the best home for every penny you spend.
Become a Real Estate Agent in New Orleans
Thinking of a new career in real estate for 2020? You can get your real estate license online or take live, in classroom classes from Louisiana licensed real estate instructors.
For more information on getting your real estate license click here.