This Month: Spring Gardening and Entertainment
You will note that in the Events section below, I've selected several having to do with plants and gardening.
In this manner, you may be more deeply inspired to grow beautiful new things! Then in the curated articles column, you will find all you need to start and structure your beautiful new garden. There is also an article on growing vegetables.
Of course all of regular features are here too.
On the Real Estate Front
There is so much happening within the real estate sector right now.
You may have learned of some of it on the news. But rather than disstilling this for you here and now -- with so much still unfolding -- I want to hold off until more becomes clear. I am hoping that next month, I'll be able to more accurately share the information and how it affects anyone buying or selling a home.
On a different note, by observing February's information from the National Association of Realtors [see graphics and national snapshot below], you'll notice a surge in home sales at 9.5% overall with price increases averaging at 5.7%. This is good news for our Sellers. Also, we continue to be in a Seller's Market.
As far as Buyer impacts, according to Jessica Lautz, Deputy Chief Economist and Vice-President of Research at the National Association of Realtors, despite a recent surge in homes sales, a "retraction in the housing market is due to limited inventory, and an erosion in housing affordability." She has also indicated that due to inventory, there is still the presence of bidding wars in some areas.
Other current market factors from the National Association of Realtors:
- First time home buyers account for 32% of purchases of primary residences [formerly 40%]
- First time home buyers are typically in their 30s [formerly in their 20s]
In closing, we are now in the throes of the Spring Home Buying Season and though interest rates are not expected to go down till June or so, should you find a house you love now -- given the inventory factors -- don't wait to buy your dream home! Let us help you find it.
Never forget that buying a house is ALWAYS a better investment than renting one.
Allow us to help you make the dream of home ownership a reality.
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the month of February
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Pending Sales - increased by 1.6% month over month [while in the regional South they increased by 1.1%]
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Existing Home Sales - increased by 9.5% - month over month
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Home Prices - increased 5.7% - year over year
Continuing Challenges:
- Affordability
- Inventory Shortages
- Interest Rates
The month of February continues to trend toward a Sellers Market with 2.9 months of Inventory.
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