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New Orleans Trends: Some benefits for buyers and sellers

For most of the year, the New Orleans area has seen a steady
real estate market defined by increasing statistics. Some of the impressive
numbers have been the increase in sale prices. This increase in sales has
stretched all around the area, including homes from both the East and West
banks seeing greater sale prices in 2011.

A rise in overall sales has also been on the horizon in the New Orleans Real Estate market. With the
whole area market in mind, a 21 percent sales increase has indicated that
thriving real estate might not be too far away. In 2010, the city sold around
580 homes for the first three quarters. In 2011, over 700 homes have already
been purchased.

With the sale prices going up on both banks, different
statistical values are helping to pull buyers in. Some potential buyers have
been swayed by the rental rates which continue to rise. New Orleans
are currently averaging over $1,000 a month, while some find
that monthly mortgage payments are coming out to be less expensive.

An eight percent increase over the past year has seen the
average sale price in the area go from $185,988 to $200,069. Combined with the
fact that property
sales are actually up, sellers should find safe haven in the fact that two of
the major statistical counts in the area are swinging in their directions.

Not every area in New Orleans has reaped the same fortunes.
Some of the towns surrounding the area have failed to experience the same
figures because of a lack of movers from outside the city. Once moves pickup
around the city, some of the local towns could experience the same pickups
others experienced in 2011.

Some statistics being up are highly beneficial to area
sellers, while prospective buyers are experiencing record low mortgage rates.
With a combination of good trends to close out the third quarter, hopefully the
New Orleans area real estate market can continue on with a strong end to 2011
and great beginning for 2012.

-Posting Written By Melinda Carter