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Started By
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NOLA metro area home prices up 6% from March
Posted on 9/9/20 at 10:24 pm
Posted on 9/9/20 at 10:24 pm
Doesn't make sense. Even with Destroya's shutdown of the city and its tourism based economy, property values continue to rise and inventory is moving quick. The bubble's gotta burst soon.
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Posted on 9/9/20 at 10:25 pm to yaboidarrell
When you’re stuck at home, you realize how much your apartment/small home sucks and want to upgrade...which is easy to do with low interest rates
Add low inventory to that equation (because jobs are on hold so less moving, people didn’t want to list/do showings during Covid, etc) and boom.
Real estate is booming all over. It’s also cool to see people pouring so much money into their current homes in upgrades. Ask any contractor, pool installer, landscaper, etc. how businesses is going $$$
Add low inventory to that equation (because jobs are on hold so less moving, people didn’t want to list/do showings during Covid, etc) and boom.
Real estate is booming all over. It’s also cool to see people pouring so much money into their current homes in upgrades. Ask any contractor, pool installer, landscaper, etc. how businesses is going $$$
This post was edited on 9/9/20 at 10:31 pm
Posted on 9/9/20 at 10:30 pm to yaboidarrell
Have you seen the interest rates...you are a fool or dead broke if you dont buy your first house, upgrade, or refinance your house.
Posted on 9/9/20 at 10:36 pm to yaboidarrell
Will be interesting to see where the housing market is in 6 months. I think there will be a big correction after this post-lockdown rush even if interest rates stay low. Hope I’m wrong and it remains strong.
Posted on 9/9/20 at 10:36 pm to yaboidarrell
quote:
The bubble's gotta burst soon.
I have been hearing this for a decade
Been thinking about picking up a New Orleans Condo. Nothing fancy, likely under $250k (maybe closer to $200k or even less)
This post was edited on 9/9/20 at 10:43 pm
Posted on 9/9/20 at 10:41 pm to Eighteen
quote:
When you’re stuck at home, you realize how much your apartment/small home sucks and want to upgrade...which is easy to do with low interest rates
I'm closing on a house later this month and I think you're 100% right.
When I was driving to work every morning, I cared more about location than anything else. Living in an apartment next to a MARTA station and 15 minutes from work was perfect.
After almost 6 months trapped in 600 square feet with my wife and baby, though, I'm counting the days until I get out.
There are still some good deals out there. We probably looked at 20 places. Settled on something without a basement and without a true guest bathroom, but I have a feeling we're getting a house for what will be the price of a new car in 10 years. Eventually all that money-printing will result in the inevitable.
Posted on 9/9/20 at 10:41 pm to yaboidarrell
New Orleans area homes can be enticing...until you get that tax bill (and when you see what kind of shitty services you get in return for all of the other taxes you pay in the city).
If things go on much longer with this virus shutdown crap, you could eventually see the bust if lots of people with businesses eventually have to shut them down and people have to look for cheaper homes. They have quite a number of people barely hanging on.
If things go on much longer with this virus shutdown crap, you could eventually see the bust if lots of people with businesses eventually have to shut them down and people have to look for cheaper homes. They have quite a number of people barely hanging on.
Posted on 9/9/20 at 10:44 pm to USMEagles
quote:
After almost 6 months trapped in 600 square feet with my wife and baby
God bless you man. Damn
Good news is if y’all can survive that, y’all can survive anything
This post was edited on 9/9/20 at 10:52 pm
Posted on 9/9/20 at 10:45 pm to USMEagles
quote:
After almost 6 months trapped in 600 square feet with my wife and baby
You lasted a lot longer than I would’ve
Posted on 9/9/20 at 10:46 pm to Eighteen
quote:
Good news is if y’all can survive that, y’all can survive anything
Thank you. I have said exactly that, and I believe it.
Posted on 9/9/20 at 10:49 pm to Tiger Attorney
Interest rates are super low, but sales prices are super high. Which bubble will burst first?
Posted on 9/9/20 at 10:54 pm to Gravitiger
Interest rates will rise first. They are lower than prices are high, and central banks can affect interest rates more directly and immediately than prices. Also, the 51% that control our government are more sensitive to prices than they are to interest rates. The unwashed masses will accept a lifetime of renting if they can have their Dodge Magnums and baby formula.
Posted on 9/9/20 at 10:54 pm to Big EZ Tiger
quote:This. Also, you never know when you'll get a four-figure water bill or the next flood will happen from a regular rain storm. There's too much risk when buying in Nola that you don't have to deal with elsewhere.
New Orleans area homes can be enticing...until you get that tax bill (and when you see what kind of shitty services you get in return for all of the other taxes you pay in the city).
Posted on 9/9/20 at 10:56 pm to Gravitiger
quote:
Interest rates are super low, but sales prices are super high. Which bubble will burst first?
Rates should remain low for quite some time. The prices will probably dip first. But as someone said, the burst has been talked about forever around here and it hasn't happened (though that doesn't mean it won't). It has been pretty fascinating that the bubble hasn't burst for so long in New Orleans.
Posted on 9/9/20 at 10:57 pm to USMEagles
quote:
Interest rates will rise first. They are lower than prices are high, and central banks can affect interest rates more directly and immediately than prices.
Mortgage rates should have been back to 5-7% before the Rona. We've artificially held them low for a decade
Posted on 9/9/20 at 10:58 pm to yaboidarrell
quote:
The bubble's gotta burst soon.
Not saying you’re wrong or right, but good grief, we’ve been hearing about this NOLA real estate bubble for years now and everything seems to be doing just fine.
Posted on 9/9/20 at 11:00 pm to USMEagles
quote:I probably asked the wrong question. Which will have a more devastating effect on the economy in the near future--rising interest rates or the loss of value in home equity?
Interest rates will rise first. They are lower than prices are high, and central banks can affect interest rates more directly and immediately than prices.
Posted on 9/9/20 at 11:01 pm to yaboidarrell
Or you could just buy in Old Metairie and get the best of both worlds.
I grew up here and now have bought 2 houses and refinanced 3 times between the 2 houses (never a cash out). Every one of those decisions were pure profit.
I am 6 minutes from the Superdome and Uptown (via River Road). Street lights are fixed within 48 hours and JP police will respond to anything in 3-5 minutes. My water bills are low and I dont hit potholes until I hit the French Quarter on my commute.
I grew up here and now have bought 2 houses and refinanced 3 times between the 2 houses (never a cash out). Every one of those decisions were pure profit.
I am 6 minutes from the Superdome and Uptown (via River Road). Street lights are fixed within 48 hours and JP police will respond to anything in 3-5 minutes. My water bills are low and I dont hit potholes until I hit the French Quarter on my commute.
This post was edited on 9/9/20 at 11:05 pm
Posted on 9/9/20 at 11:04 pm to Big EZ Tiger
quote:News flash: New Orleans isn't a typical real estate market.
Rates should remain low for quite some time. The prices will probably dip first. But as someone said, the burst has been talked about forever around here and it hasn't happened (though that doesn't mean it won't). It has been pretty fascinating that the bubble hasn't burst for so long in New Orleans.
Posted on 9/9/20 at 11:05 pm to Tiger Attorney
Old Metairie is the best neighborhood in the New Orleans metro, bar none. It's a great place to live. The area right next to the 17th Street Canal in particular seems ripe for investment to me. You can drive around that area and pick out houses with three-tab roofs and crappy kitchens that could easily be updated and turned over.
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