Photo credit: Playhouse Media
The New Orleans real estate market is getting hot right about now, which signals that it could be a good time to jump into homeownership in the Pelican State.
In New Orleans, the average monthly mortgage payment is less than $700, which makes it comparable to other similar size cities.
To decide whether you should purchase a home right now in New Orleans, you should consider four things:
The first thing you do is really think about the things you need –is New Orleans a safe area, close to the job, schools, etc. — and things that you want i.e. a pool, two-car garage, gourmet kitchen and more.
Write a detailed checklist that lists everything you can’t live without and those things that you really need. Ask your spouse or partner what they expect in a home and try to get on the same page.
Affordability: Determine if the housing market in New Orleans aligns with your budget and affordability. Take into account your income, expenses, and the price range of properties in the area you’re interested in. It’s important to ensure that you can comfortably afford the mortgage payments without stretching your finances.
A key question to consider is whether the city is a good place to purchase a home.
When it comes to buying a home in New Orleans, this may be an opportune time.
As the real estate prices slowly trail off throughout the year, the city and surrounding area is a buyer’s market. New Orleans continues to have an oversupply of homes, and not enough buyers. That means you — as a buyer — can control the market.
Location and Neighborhood: Assess the location and neighborhood where you intend to buy a house. Consider factors such as safety, amenities, proximity to schools or workplaces, transportation, and the overall appeal of the area. Visit the neighborhood, if possible, to get a sense of its ambiance and suitability for your lifestyle.
Now it’s time to consider your budget when buying a home. What you can afford is the biggest indicator of whether you can buy a home or not.
Long-Term Plans: Consider your long-term plans and goals. Do you plan to live in New Orleans for a considerable period? Buying a house is generally more beneficial if you plan to stay in the area for several years, as it allows you to build equity and potentially benefit from property appreciation.
To gauge your finances, it’s not enough to check your bank balance. You also need to keep a good credit score.
You’ll want to keep your scores somewhere between 600 and 800 to pre-qualify for whatever homes you may want to see.
Need to see how you rate? Here’s how to get a free credit report.
The real estate market is heating up in New Orleans. Prices for homes in some of the best neighborhoods in or around New Orleans are past the $1 million mark. Those places include properties in the Garden District, French Quarter, Audubon and Lakeview Park.
Once you get a grasp on home prices, you can begin to set your expectations for the properties you want to look at.
According to the latest analysis of real estate prices, the average home price in New Orleans is more than $330,000. And the homes are selling around 30 days.
Real Estate Agent Assistance: Engage the services of a reputable real estate agent who is familiar with the New Orleans market. They can provide you with local market insights, guide you through the home-buying process, and help you find suitable properties that meet your criteria.
Homeownership is a wonderful experience that every American should get the chance to enjoy. One way you can fit a house into your budget is to start saving money for it.
After you consider what your budget is, your wants vs. needs and the market prices, you should be able to make a decision. Here’s how much home can you really afford?
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