The current state of the real estate market in St Tammany Parish, LA. (a brief insight)
St Tammany Parish does not have a first time home buyers market, with at least a 1 year inventory of new construction homes above $200K, on the market right now, and that is a conservative estimate. All custom built, with granite countertops, cherry cabinets, tile and wood floors, plush carpets, media rooms, and landscaping to please the eyes. Turn-key homes waiting for the buyers to jump on them. There are becoming more homes under 150K popping on the market recently. Only however because tired sellers are reducing their prices to something much more easier on the pallett. The buyers are out there but they need / want something affordable. Some of the prices are outrageous. I have a sympathetic heart for the people who bought right after Katrina. Especially the ones who did not know the area. Prices spiked at that time, and what goes up, must come down, therefor you are upside down. Everybody needs to realize that market prices are on a downward curve, and are not at the bottom yet.
Please do not take what I say as a gloom and doom statement. This is just the present state of the market. The market is very dynamic and will rebound and grow stronger. I have alot of faith in real estate, my Grandfather taught me. It is almost impossible to go wrong, as long as you use good judgement.
Next week – Where does St Tammany need its roads widened?
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Marc at Midnight. Happy Halloween. 🙂
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