According to Zillow, more homes are changing hands now than in the last 15 years, something that is hard to believe in a year of economic downturn. CEO of Louisiana Realtors Norman Morris said historically low mortgage rates are allowing many to become homeowners for the first time and existing homeowners to upgrade.
“They’re historically low, individuals are taking advantage of that; you’re seeing individuals that may be renting that can now get into a home with these interest rates so low. Secondly, we are seeing a lot of individuals that may own a home now that may be buying a larger home,” said Morris.
Morris said some areas across the state are reporting quite an increase in sales compared to 2019, for example in Northeast Louisiana residential sales are up 13-percent, in the Central part of the state they’ve seen an increase of 16 million in sales, Northwest Louisiana is up 8-percent and the New Orleans market is up 15-percent.
“Talking to the realtors and brokers around the state, the residential market seems to be robust, despite COVID and so forth that has hit us going on ten, eleven months,” said Morris.
Morris said many buyers are looking for additional space to create a home office now that more employers are allowing workers to work from home during the pandemic.
Morris also credits Realtors for their adaptability to the changing market and embracing technology to show homes for a safer experience.
“So, I think you’ve seen a really creative and flexible Realtor spirit that’s been out there to be able to help clients navigate through the process in these COVID times,” said Morris.