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yaboidarrell
LSU Fan
westbank
Member since Feb 2017
2101 posts

NOLA metro area home prices up 6% from March
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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Eighteen
Furman Fan
Member since Dec 2006
27018 posts
 Online 

re: NOLA metro area home prices up 6% from March
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 $$$
This post was edited on 9/9 at 10:31 pm


Tiger Attorney
LSU Fan
New Orleans
Member since Oct 2007
17853 posts

re: NOLA metro area home prices up 6% from March
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.



Big Jim Slade
Member since Oct 2016
2492 posts
 Online 

re: NOLA metro area home prices up 6% from March
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.


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74
danilo
Member since Nov 2008
9260 posts

re: NOLA metro area home prices up 6% from March
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 at 10:43 pm


USMEagles
Southern Miss Fan
Member since Jan 2018
4352 posts

re: NOLA metro area home prices up 6% from March
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.


Big EZ Tiger
Member since Jul 2010
17284 posts

re: NOLA metro area home prices up 6% from March
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.


Eighteen
Furman Fan
Member since Dec 2006
27018 posts
 Online 

re: NOLA metro area home prices up 6% from March
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 at 10:52 pm


Sun God
LSU Fan
Member since Jul 2009
26127 posts

re: NOLA metro area home prices up 6% from March
quote:

After almost 6 months trapped in 600 square feet with my wife and baby

You lasted a lot longer than I would’ve


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40
USMEagles
Southern Miss Fan
Member since Jan 2018
4352 posts

re: NOLA metro area home prices up 6% from March
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.


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40
Gravitiger
LSU Fan
Member since Jun 2011
4202 posts

re: NOLA metro area home prices up 6% from March
Interest rates are super low, but sales prices are super high. Which bubble will burst first?


USMEagles
Southern Miss Fan
Member since Jan 2018
4352 posts

re: NOLA metro area home prices up 6% from March
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.


yaboidarrell
LSU Fan
westbank
Member since Feb 2017
2101 posts

re: NOLA metro area home prices up 6% from March
quote:

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).
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.


Big EZ Tiger
Member since Jul 2010
17284 posts

re: NOLA metro area home prices up 6% from March
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.


fallguy_1978
LSU Fan
Half mile from St George
Member since Feb 2018
29325 posts
 Online 

re: NOLA metro area home prices up 6% from March
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


Paul Allen
Notre Dame Fan
Montauk, NY
Member since Nov 2007
63832 posts

re: NOLA metro area home prices up 6% from March
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.


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91
Gravitiger
LSU Fan
Member since Jun 2011
4202 posts

re: NOLA metro area home prices up 6% from March
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.
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?


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00
Tiger Attorney
LSU Fan
New Orleans
Member since Oct 2007
17853 posts

re: NOLA metro area home prices up 6% from March
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.
This post was edited on 9/9 at 11:05 pm


Gravitiger
LSU Fan
Member since Jun 2011
4202 posts

re: NOLA metro area home prices up 6% from March
quote:

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.
News flash: New Orleans isn't a typical real estate market.


USMEagles
Southern Miss Fan
Member since Jan 2018
4352 posts

re: NOLA metro area home prices up 6% from March
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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