On the Pulse
By Flint Zerangue, Sr.
It never ceases to amaze me as to how resilient the housing market is in Lafayette parish. Going back 20 years, our market has seen its ups and down, but for the most part, Lafayette parish has been consistently stable. Now, as the oil and gas industry struggles, we’re seeing some small changes in pricing and larger volumes of residential homes available for sale, but the numbers are not staggering, which makes me very optimistic about Lafayette’s long term housing market.
Since the market crash in the early 1980s, most people in the Acadiana region have learned how to balance their lives and budgets to accommodate current market conditions. This is very apparent as we look at the housing numbers over the past year.
Comparing year to date numbers from 2015 to the same period of time in 2016, there has been a manageable drop in overall single family home sales of roughly 5% to 7%.
The average days on the market (DOM) to sell a home has increased slightly from the mid 70 day range to the mid 80 to 90 day range, depending on the housing sector.
The inventory levels of homes for sale have expectedly increased with recent layoffs in the region, but for the most part, the market is stable.
If you’re planning on staying in the Lafayette or Acadiana area for the long haul, I wouldn’t worry about housing prices; the long term market should be fine. On the other hand, if you’re relocating or downsizing and need to sell your house, there’s a little more competition out there, so consider the following to help sell your house more quickly and obtain a better price.
Work with a qualified Realtor® who knows the area and who can help you price your house at fair market value. Over price your home and buyers won’t even view it. Under price it and buyers may think something is wrong with it.
Clean up the landscaping, yard and entrance to the home, because curb appeal is huge. If you turn off the potential buyers before they even enter the house, you can pretty much forget about selling it.
Make sure your house doesn’t have any foul odors! You’ve probably become immune to the smell of your dog or your cat’s litter box, but trust me, no one else has.