By David Vitrano

L’Observateur

LAPLACE – According to local real estate agents, the local market is extremely buyer-friendly.

“The price trends seem to be going down slightly,” said realtor Angelle Songy of Century 21, who has been involved in the local real estate scene for almost 27 years. “We’re seeing a lot of price reductions on the market.”

Robin Franks of Latter and Blum concurred, “Prices are incredibly low for buyers.”

In addition to low prices, potential homebuyers can also take advantage of the current low interest rates.

Because of this combination of factors, Songy said, “In our area it’s cheaper to buy than to rent.”

Another factor lending to the buyer-friendly atmosphere is the abundance of government assistance available for homebuyers. Although the $8,000 tax credit has expired for anyone who did not close before April 30, Songy said there is a lender out there to fit most situations.

Franks said she was worried about the possible impact on the market when the tax credit ended but said her fears ended up being unfounded.

“We really expected sales to slow down,” she said. “We are beginning to see first-time homebuyers again.”

That isn’t to say the market is anywhere near to being as robust as it was a few years ago. According to the Multiple Listing Service, which tracks the activity of all realtors who are part of the local board, in the period from June 22 to July 21 only 50 houses have gone to closing in St. John, St. James and St. Charles parishes. There are just under 500 houses on the market in the River Parishes.

While that number is in the anemic range, Songy said the bright spot to be gleaned from this is that a search of the same period in 2009 revealed only 52 houses had gone to closing in the area.

“I’m seeing a steadiness,” said Songy.

And in the current market, no bad news is good news.

The change in the market has led to a shift in thinking among all the various elements involved in a real estate transaction.

“I’m finding a lot of people wanting to team up and figure out what are good ideas and what are not,” Songy said. “They’re really becoming very active right now because it’s a chain reaction.”

One sale, or lack thereof, is felt down the chain, she said.

Agents are not the only ones having to alter their strategies. Sellers, too, must be more realistic when placing a home on the market.

Franks said now is not the time to be looking to make huge profits off the sale of a home and said homes should be listed at value or even under market value if the seller wants to move the property quickly.

Songy said sellers must be acutely aware of pricing trends in their neighborhood. Just because something sold last year at $200,000, that does not mean that is what a seller will get today, she said.

“In the last 12 months we have seen a decline in value,” she said.

Songy advised getting a property professionally appraised before putting it up for sale.

“I think it is worth the $400 or less that it would cost to get an appraisal,” she said.

Despite the horror stories one might hear about people having properties on the market for years, the agents agreed that it does not have to be that way. Franks said the average time for an appropriately listed house to remain on the local market is 60 days.

Songy said market time varies and depends on a number of factors, such as location and price.

“It varies. I sold a house recently that sold in 11 days, and I’ve had some listed for three months,” Songy said.

And while agents have had to put a little more into closing sales recently, everything ultimately comes down to one individual.

Said Franks, “It really depends on the seller.”