Why House Hunters Will Be Ready To Buy In The Next Six Months

 According to a survey done by Realtor.com, 46% of potential house buyers said they were planning on purchasing a home within the next six months. This study looked at those who accessed listings and search results of homes on the site. The survey justifies that although we look like we are in a recession and the 30-year fixed mortgage rate is close to 6%, this is not detouring buyers in the market. This share of buyers reported is actually higher than reported in 2019 even with mortgage rates reaching the highest level since 2008 and home prices increasing.

Many potential home buyers are looking at the market as an advantage. Rising inventory levels are bringing more options for buyers to find a home within their budget. It is reported that two in five buyers feel that the U.S. economy is already in a recession but it will have no effect on their decision to purchase a home in the near future. Close to 27% of home buyers are more likely to purchase while the economy is in a recession. This figure is up 24% from what was reported in 2021 although there are many potential home buyers that are scared of the current market. In fact, the share of buyers who say they are more than likely not going to purchase a home during a recession rose from 5% to 6.5% this year.

The housing market is definitely tipping the scale from a sellers’ market over to a buyers’ market. Those in the industry said there are fewer buyers who are being outbid going from 12.6% to 9.4% from this spring to summer. The share of buyers who report being overbid on a home has decreased as the market has begun to correct itself

Even though there are home buyers who are willing to purchase in an uncertain economic time, it is still a sellers’ market. Twelve percent of first-time homebuyers are still being outbid in today’s market. Two in five first-time home buyers are also having a hard time finding a home within their budget. Currently, the median price of homes in the U.S. was $435,0000 according to Reatlor.com. This summer was at an all-time high of $450,000! Twenty percent of first-time homebuyers also said they are having a hard time buying because of their credit score.

If you are a first-time homebuyer or in the market to purchase a home, you will want to work with a local real estate agent who can help you navigate these uncertain waters. A local agent can help you find a home in your price range in your desired area.

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Household Growth in New Orleans Increases over the Past 5 Years

Not only have the New Orleans house prices increased 46% since Hurricane Katrina hit 10 years ago, but the city has also seen a 90% recovery rate. Many believed that the tens of thousands who fled the area after Hurricane Katrina would not return, and this was simply not the case. A report which came out on July 13, 2015, from Data Center shows that between 2010 and 2014, the growth in New Orleans was 12%, making the city 28th in population growth among 714 cities with more than 50,000 people nationwide. The study also indicated there was an additional 1% growth between 2014 and

2015.

In the New Orleans area, households that received mail increased by 19,651 since June 2010, with 65 out of 72 neighborhoods seeing some sort of increase. In general, 40 of the 72 neighborhoods have already recovered 90% of the population pre-Katrina and 16 neighborhoods have actually exceeded their pre-Katrina population.

The neighborhoods which saw the fastest recovery rate of at least 30% were ironically the most heavily flooded areas. These include households in Filmore, Holy Cross, Lakeview, Lower 9th Ward, Pines Village, Pontchartrain Park and West Lake Forest. Between 2010 and 2014, the areas known as the “sliver by the river”, added 1,355 households in the Central Business District (CBD), 545 households in Treme/Lafitte, 321 households in the Lower Garden District and 297 households in Bywater. Eight neighborhoods have increased by at least 100 households which include the Central Business District (CBD), Central City, St. Roch, Little Woods, Lower 9th Ward, B.W. Cooper, 7th Ward and Treme/Lafitte.

Only four of these neighborhoods have less than 50% pre-Katrina households. These include B.W. Cooper, Florida, Iberville and Lower 9th Ward. Not to worry, B.W. Cooper, Florida and Iberville are housing developments that have mostly been demolished or are being redeveloped so they cannot be considered households until completed. The Lower 9th Ward was the worst damaged from the storm and is making a slower recovery than most. Only seven neighborhoods lost households between 2010 and 2015. Many are relocating to the city of New Orleans “proper” and its surrounding or suburb neighborhoods, placing a great demand on new housing developments. In general, New Orleans is making a great recovery and is holding steady with its population numbers.

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