Is it still a buyer’s market today in Shreveport/Bossier? As experts in the Shreveport/Bossier real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Shreveport/Bossier LA
First off, it really depends on the property type, location, crime rate, and price.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Condo, Townhome, Mobile Home, or Single Family House? – There’s really no shortage of demand for a nice condo or townhome. As long as the neighborhood is decent and the HOA fees are fair, expect these to sell well.
There are a few factors that play into the value of a mobile home. As a rule of thumb, mobile homes are generally less desirable. If it’s on land for lease by a major park, that’s a detractor. If it has it’s own plot of land, that’s a plus. If you own a mobile home, take into special consideration the neighborhood and price. Aggressively prices mobile homes are the most likely to sell regardless of location or land.
Single Family houses are always a hot commodity. Whether you’re living it up in the single lifestyle, have a family, or are retired, they fit every stage of life. The state of the market for buyers looking for single family homes is reliable and consistent. If you’re looking for a stable re-sale value, stick with single family homes.
Where is your property located? – buyers in the Shreveport/Bossier area are looking for great locations. Is your house next to a park? Great! Is your house close to a highly rated school? Amazing! Is your house in a neighborhood where you can tell people take care of their homes and show pride of ownership? Fantastic!
You can often tell the state of the market for buyers based off the neighborhood. You’re looking for things like nicely kept yards with attractive landscaping. Houses with a well-kept exterior- no peeling paint, broken shutters, dented garages, or roofs with shingles missing. Things like that really sell a neighborhood and draw people to houses listed in those areas.
On the other hand, if you see cars parked in the yard, chronic trash piles by the curb, boarded up windows, broken down fences, or overgrown yards, chances are buyers will be more scarce.
Just based on the neighborhood, you can tell what a house will sell for, and if buyers will buy.
For example, there is a three bedroom, two bathroom home in two different neighborhoods. Same design, different locations. In parts of the Highland/Stoner Hill area in Shreveport, that house would go for $7,500. If you move closer to the southern area of Bossier, that same exact house will go for $250,000-$300,000. That’s how vast of a difference neighborhoods will affect whether or not buyers will buy, and if properties will retain their value over time.
Price sells all – When you look at the state of the market for buyers at any given place at any given time, the unifying factor of sell-ability will always be price. Correctly priced houses sell before overpriced houses. They get more offers, faster. Overpriced houses get undercut with low offers, stay on market longer, and ultimately have to reduce price until they are correctly priced. The market is a beautiful dance of supply and demand. Take into consideration the other factors discussed of property type, location, and crime when pricing a house correctly. Utimately, price will determine the state of the market for buyers in the Shreveport/Bossier area.
Crime considerations – Crime is huge when judging the state of the market for buyers in your area. Bigger crime rates drive down buyer traffic. Buyers will always flock to markets and neighborhoods where they can feel safe.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once. The specifics of the state of the market for buyers in the Shreveport/Bossier area is especially volatile.
We’re investing in Shreveport because we believe in the community and the people here.
If you need to sell a property near Shreveport, we can help you.
We buy properties like yours from people who need to sell fast.