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Is it a bad time to make a residential real estate purchase?

It can be an exciting time to buy a home or a second residential property, but buyers are often left wondering whether it’s a good time to move forward with such an important step. Anyone in Louisiana considering this type of purchase will find it beneficial to do the appropriate research on the current residential real estate market. Right now, there are many people who do not think it is a good time to buy a home for various reasons. 

Currently, only 21% of Americans think that it is a good time buy a home. In addition to this, only around 41% of people think it is a good time to sell a home. One of the main issues right now is affordability, meaning that fewer people think they can afford the home they want at a fair price. Additionally, fewer people think they would be able to get their desired asking price out of their home.

This past summer was one where buyers and sellers felt more confident. Along with the cooling temperatures of the fall and winter, buyers and sellers have also cooled on their confidence in the market. An additional reason for this are the rising mortgage prices. Another problem may be the back of entry-level homes on the market for first-time, lower-income or young buyers.

Regardless of how a person feels about the current market in Louisiana, it can be helpful to discuss concerns with an experienced residential real estate attorney. Having guidance can allow a potential buyer or seller to feel more confident in his or her choices. Buying or selling a home is a major decision, and it is beneficial to do the appropriate research before moving forward.