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Old 07-02-2012, 01:20 PM
 
Location: In the city
1,581 posts, read 3,701,632 times
Reputation: 2415

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Buying a house is definitely on the horizon and I keep chatting with my significant other about the possibility. We aren't ready yet, but he keeps saying "we should get in NOW. Now is the time to buy! Prices are about to go up!" I have no idea why he thinks this, and wanted to post the general question to those that have been here longer and have a broader view of the market. What do you think? I notice that there are still quite a few places that need some TLC post Katrina, and am interested in considering a fixer upper as well as move in ready.
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Old 07-02-2012, 02:05 PM
 
Location: New Orleans
2,311 posts, read 4,754,078 times
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I have been looking at market reports recently and have come to the same conclusion as your SO. Not only is the area growing, and in-the-city living becoming ever more popular, but the amount of inventory fell off a cliff a few months ago. That is usually a good predictor of a coming price bump.
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Old 07-02-2012, 10:59 PM
 
640 posts, read 1,165,206 times
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^^^^

Agreed.
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Old 07-03-2012, 10:19 AM
 
Location: Metairie, LA
1,097 posts, read 2,215,795 times
Reputation: 1482
My two cents.

If you're not planning on staying in that house for an absolute minimum of 10 years (15 would be better), then don't buy. You'd better be absolutely sure about the city and the particular neighborhood because this is a long term thing. Long gone are the days when you could buy a house and sell it 5 years later for a decent profit.

I don't want to discourage home buying and renovation (the city really needs it). Buy a house because you want to make it your own, not because you think you'll make money. Almost all of the housing here is 100+ years old and will need some sort of repairs. The amount you'll spend on renovations and maintenance will be substantial unless you're a contractor and have time to do everything yourself. That's a good chunk of cash that you don't have to spend when you're renting.

You would do well to buy a double or 4-plex and rent out the other units. You'll break even a lot sooner.

If you do decide that you want to buy, try to buy above sea level if possible and in an area not susceptible to street flooding. Some areas that are above sea level still have flooding problems with hard rains, so these are mutually. exclusive. Ask around, those of us that have been here a while know which streets flood. This isn't a big deal for the house since most are raised on piers, but your car parked on the street will get wet.

Here's a report from last year:
http://media.nola.com/business_impac...ad3cd3275f.jpg
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Old 07-05-2012, 02:05 PM
 
Location: In the city
1,581 posts, read 3,701,632 times
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^^ Agree^^

This is not an investment property, but would be home base.

Frighteningly, there seems to be quite a few places with "no utilities-- totally gutted". Though the price tags may hold appeal, I am apprehensive about just how much work, money and time it will take to bring them up to livability.

I am also undecided on whether or not to look at places which have the possibility for tenants. Financially, it makes a ton of sense, but having been a landlord in the past, its no picnic.
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Old 07-07-2012, 02:56 PM
 
270 posts, read 560,394 times
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I don't see any significant increase in home prices. There is far too many questionable things going on in America right now that will hurt the economy including obamacare.

Like a previous poster said, home ownership is a good idea and recommend it. However do I think a $200K property will be worth $250K in 2-3 years, no I don't.
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Old 07-08-2012, 07:07 PM
 
1,389 posts, read 2,718,911 times
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check out the prices of ur homeowners ins and if u can even get it before thanking about buying a house
u'll be surprised what it's gona cost
it aint nuthen nice
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Old 07-08-2012, 08:35 PM
 
Location: New Orleans
2,311 posts, read 4,754,078 times
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Quote:
Originally Posted by WhoDat2011 View Post
I don't see any significant increase in home prices. There is far too many questionable things going on in America right now that will hurt the economy including obamacare.

Like a previous poster said, home ownership is a good idea and recommend it. However do I think a $200K property will be worth $250K in 2-3 years, no I don't.
Real estate is largely a city-by-city thing, even neighborhood-by-neighborhood, block-by-block. I know housing prices have increased significantly in my immediate area of Mid-City in the last year.
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Old 07-09-2012, 07:28 PM
 
Location: Marion, IA
2,794 posts, read 5,919,853 times
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Housing prices are not going to explode in the near future. The only way housing is going to make a comeback is when the job situation improves, which doesn't look like is going to happen anytime soon.

People need to be confident that their job is going to be there a year from now before they invest in a house that ties them down for many years.
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Old 07-09-2012, 08:16 PM
 
Location: New Orleans
2,311 posts, read 4,754,078 times
Reputation: 1443
Quote:
Originally Posted by zz4guy View Post
Housing prices are not going to explode in the near future. The only way housing is going to make a comeback is when the job situation improves, which doesn't look like is going to happen anytime soon.

People need to be confident that their job is going to be there a year from now before they invest in a house that ties them down for many years.
On a national level, I agree. However, New Orleans tends to buck national economic trends.
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