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Home sales in Baton Rouge, Louisiana, have fallen to their lowest levels in seven years, according to the latest report from the Greater Baton Rouge Association of Realtors’ Multiple Listing Service.
The report, based on January 2023 data, shows that home sales were uncharacteristically slow, even though real estate transactions typically drop during wintertime.
| New Listing | 2022 | 2023 |
| New Listings | 546 | 477 |
| Pending Sales | 557 | 386 |
| Closed Sales | 438 | 267 |
| Median Sales Price | $243,450 | $262,658 |
| Days on Market Until Sale | 38 | 71 |
| Inventory of Homes for Sale | 699 | 1,224 |
| Months Supply of Inventory | 1.2 | 2.7 |
To sell your home during a lull in the real estate market, you’ll need to be especially adept to take advantage of any strengths your house has to offer.
Make Minor Improvements
You don’t have to make expensive repairs to sell your home relatively fast, but it has to look livable. Sometimes, minor improvements, like a paint job, can go a long way toward getting your home sold.
Make sure you check the comps or comparable homes in your area before coming up with a price to sell your home. You can do this by looking at the public records at the county recorder or the tax assessor’s office.
Doing your research will also give you a feel for the market and the latest trends as far as price is concerned.
Giving your home curb appeal can mean something as simple as cutting the grass to trimming the hedges, trees and shrubs in front of the home. The last thing a potential buyer wants to see are wayward vines and branches encroaching on the porch or walkway.
Housing prices are climbing in New Orleans and elsewhere. It’s time that we leveled up when it comes to the real estate industry.
The pandemic set off a buying frenzy that will be hard to sustain. As prices continue to level off, make sure you’re pre-approved for a mortgage so that you can take advantage of low rates.
If your finances need work, make sure you try to raise your credit score so you are an attractive homebuyer.
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