Pending home sales are still on the rise in Acadiana and Lafayette parish reaching highs we have not seen since the post-Katrina days. This past week, we reached the 800 mark in pending home sales in Acadiana (808 as of this morning). There are now more pending sales in Lafayette parish alone (553) than there were in all of Acadiana at this time last year (498).
Real estate prices are determined by supply and demand. In Acadiana and Lafayette parish, the supply of homes available has remained stable for the past few months while pending sales have kept rising. The inventory of available homes is thereby shrinking (distance between the two lines) suggesting that prices will begin to rise, and actually already have in certain areas.
In Lafayette and Acadiana, good homes do not stay on the market very long nowadays. We are seeing homes sometimes going under contract the day they are listed and the return of multiple offers on properties.
If you are a buyer and are not working with a Realtor who can notify you immediately when a new listing hits the market, that great house you will find on Zillow or Trulia 5 days after it was listed will be gone. Ask me how I can help you find the right home today.
With interest rates still below 4%, now is the time to buy a home and purchase investment properties. What are you waiting for?