Market Update - September 9th
Burk Brokerage Real Estate September 9, 2022
Burk Brokerage Real Estate September 9, 2022
As summer is drawing to an end, kids are back in school and vacations are over, our Team wanted to take a moment to give you a quick update on the current real estate market! Summer saw the cool down of the rapid, frenetic pace of 2021 and early 2022 due to the rise of interest rates, inflation and insurance woes and other factors. Real estate prices and the overall market, however, continue to grow..at a slightly lower rate..and we have reverted a normal, healthy market! Buyers have time to view property and make a reasonable offer, lenders are introducing new products for the consumers, sellers can still demand a fair market price for their property…all good signs. We have experienced increased activity on our listings, have more buyers actively looking for property, offers being written and received! We have had to make price adjustments on some of our listings but our Sellers motivation is still key when it comes to List Price and any reductions. Lots of positive news!
In addition, if we have a quiet hurricane season, we should see some insurance carriers returning to the Louisiana insurance market after October 1st. This will increase Buyers and Home Owners options and hopefully see an easing of the higher premium rates.
As a reminder, with the new Risk 2.0 Flood Insurance program, it’s important to maintain/renew your current Flood Insurance policy. This allows Buyers to assume a Seller’s current flood insurance at the present rate and also keep current premiums from shooting to the new premium immediately!
Our Team is here to assist all of our Clients in any way…and if we don’t know the answer, we have a reliable list of industry partners ready to help!
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