Home sales were down in Lafayette, LA and in Acadiana for July 2010. A couple of factors certainly come to mind: the expiration of the home buyer tax credit and the moratorium in the Gulf, which has people worried about their job’s future.
If we compare home sales in Lafayette parish for July 2010 with July 2009, we again see a sharp decline.
Inventory is creeping up as less sales are happening.
- Available homes in Lafayette parish: 1389 (1323 in June)
- Available homes in Acadiana: 2533 (2435 in June)
On the other hand, the number of home sales pending (homes under contract) has remained stable.
- Sales pending Lafayette parish: 270 (274 in June)
- Sales pending Acadiana: 443 (439 in June)
While these numbers are a little disturbing (at least to me they are), there are a couple of things buyers and sellers need to keep in mind.
Buyers: If you are in a position to buy, now is the time! Interest rates are at an all-time low (around 4.5% for 30 years fixed mortgage) and there is plenty of inventory to choose from.
Sellers: These numbers do not mean that it is impossible to sell your home in this market. It does mean that your home has to be priced right whatever condition it is in. The best homes that are available at the right price are still selling, and sometimes selling fast. One of my sellers put their home on the market and three days later, we had an offer. Yes, three days!
If you are thinking about selling your home and have been trying to sell without success, call (337-523-1220) or email me me for a free consultation.
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