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How Hurricane Katrina Affected New Orleans Real Estate

Hurricane Katrina devastated the city of New Orleans and many surrounding areas. The high winds and rains flooded many of the homes that were in the area. People from all over the United States have begun to pitch in and start to rebuild the area. The hurricane, at first, had a negative affect on New Orleans real estate. As the city is being rebuilt many people will begin to return to the place they once knew as their home. This makes New Orleans real estate a profitable place for investors.

As of mid 2006, the average home price for New Orleans real estate is approximately $175,000. This is almost $50,000 less than the national average of $216,000. New Orleans real estate has experienced a growth of over 20% in recent months. This growth may continue as people begin to return to the area to begin their lives. Because of the relatively low home prices, New Orleans real estate is prime for investors. Should prices continue to increase at or above the current growth rate, the average home price New Orleans real estate will be about $250,000 in the next six months. This will net a gain of $75,000 for an investor who invests now.

Determine the right price for New Orleans real estate by looking at similar homes that are on sale in the same area. Next check the prices of New Orleans real estate that has sold recently. This will help you to determine the price for your home once you are ready to put it on the market. A price that is too high will deter buyers from purchasing your home. The longer property is on the market the less attractive it is going to be to potential buyers. Investors in New Orleans real estate should make sure to sell properties within two or three weeks of putting it on the market. If New Orleans real estate has been on the market for too long potential buyers will begin to think that something is wrong.

Many investors would shy away from New Orleans real estate because the recent devastation could be risky. Even without the backlash from the recent hurricane damage, the city of New Orleans would still serve as an attraction for new permanent residents. If every cloud truly has a silver lining, the lining of this one was surely in favor of investors looking to invest in New Orleans real estate.

 

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