In what comes as absolutely no surprise to anyone, New Orleans property showings have dropped and dropped big.
As of March 28, 2020, showings of available homes for sale are down 66.2% from the same time last year.
What does this mean for home sellers?
Some might think that there is less competition from other listings right now. But the number of homes actively listed for sale in New Orleans is about what we would normally expect in the spring.
The lack of competition is on the buyer side. With most people staying at home, including Realtors, New Orleans property showings have slowed to a point that deciding to go on the market today will probably not be as successful as holding and waiting.
Are there exceptions? Of course. But we know that plenty of buyers are tossing out low ball offers, because they think they have the upper hand and that sellers are desperate enough to take anything that comes their way.
What’s our advice for home sellers during COVID-19?
If you’re on the market, take precautions with showings. Limit the number of people allowed in your home at one time. Provide hand sanitizer or wipes for visitors to use. Have the showing agent open all doors to minimize the number of hands on your stuff. Don’t allow anyone to use the bathroom. If these protocols can’t be followed, you may want your agent to do a video of your home to share with interested parties instead of having them visit in person. Can’t do that either? It’s likely not safe for your place to be on the market today.
If you’re not on the market, hold tight. Unless you’re in a place that requires you to sell RIGHT NOW, our advice is to hold off. The pent-up demand for real estate will be real and the market will return with a vengeance once everyone is free to move about the cabin again. If you absolutely have to sell, we’re happy to do a virtual consultation with you to determine the safest way to get that done.
Have questions about what’s the best plan for you? Contact one of our experienced agents via email and we’ll help you find the right course of action.