Key Insights and Tips to Navigating the Spring Home Buying Season

The spring home buying season, typically the most active time of year for home shopping, is about to begin in earnest. This year, the market promises to be relatively calmer, offering more options for buyers compared to last year. Although the boost in newly listed homes is expected to be modest, it should translate to increased choices for home shoppers. Those prepared to move quickly may even find some relief in price reductions in their market.

“Affordability is still a major challenge, but those shopping now should see early-season price cuts on leftover or mispriced inventory,” says Zillow® Chief Economist Skylar Olsen. “However, that may dry up fast as the weather and housing market warms with the season.”

Key Factors in the 2024 Spring Housing Market

1. When Does the Spring Home-Buying Season Begin?

The spring home shopping season generally runs from April through June in most of the country. Warmer climates tend to start earlier, while colder regions may have shorter seasons starting later. Warmer weather and school schedules, especially for families planning to move during summer break, drive the seasonal shopping boost.

The busyness of any given market depends on various factors, including the economy, local wages, and the availability of homes for sale. Despite a persistent shortage of listings and high home prices, sellers are expected to list homes in greater numbers this spring, as buyers and sellers adjust to the higher interest rate environment.

2. A Seller’s Market with Buyer Leverage

Nationally, it’s still a seller’s market due to competition for the limited number of listings. However, sellers must price their homes appropriately to meet buyers’ affordability constraints. Buyers are stretched thin, and sellers need to be realistic about pricing to sell quickly and at the desired price.

Keep an eye on mortgage interest rates, which can significantly impact home affordability. If rates rise sharply, as they did in October 2023, it could push homes further out of buyers’ reach and lead to more price cuts.

3. Inventory Trends

January listings show a slight improvement from last year, with new listings up nearly 6% and total listings rising more than 3%. Although there are more homes for sale than last year, the increase is not yet enough to shift the market in buyers’ favor. Sellers remain in a strong position, holding a record amount of home equity that they may look to cash in.

4. Home Price Stability

Home values are finally leveling off after significant increases during the pandemic. Nationally, U.S. home values rose 3.6% last year, and about 26% of homes sold above their list price in January, three percentage points less than the previous month.

Most of the largest metros showed slight declines in home values in January, with New Orleans, Minneapolis, Buffalo, Cleveland, and Pittsburgh experiencing the largest month-over-month dips. Year-over-year, however, home values have increased in 47 of the 50 largest metro areas.

Zillow economists predict that homes nationally will appreciate by 3.5% in 2024, maintaining a similar pace to last year.

5. Volatile Interest Rates

Interest rates remain volatile as the Federal Reserve continues its efforts to control inflation. Mortgage rates can significantly affect monthly payments, so it’s crucial to stay informed about rate changes and consider locking in rates or buying down the rate to lower monthly payments.

6. Fast-Moving Market

The typical time for a home to go from listing to under contract was 29 days in January, slightly less than a month earlier and two days shorter than a year ago. Competitively priced homes are selling in about two weeks.

Tips to Prepare for the Spring Home Buying Season

1. Get Pre-Approved

Getting pre-approved for a mortgage helps you understand what you can afford and positions you as a serious buyer. It also allows you to move quickly when you find the right home.

2. Talk to a Local Agent

Discuss your wants and needs with a local agent to understand market conditions in your desired neighborhoods. An experienced agent can provide valuable insights and help you navigate the buying process.

3. Use Zillow’s Search Filters

Zillow’s search filters can help you find homes that have been on the market for more than a month, potentially leading to deals or concessions. Filtering by monthly payment ensures you focus on homes within your budget.

4. Monitor Mortgage Rates

Stay informed about mortgage rates and explore options for locking in rates or buying down the rate to reduce your monthly payments.

The market continues to evolve, and, as it does, we’ll share the latest information and analysis at our Learning Center. Remember, there is no universally “good” time to buy a home; the best time is when it aligns with your personal circumstances and financial readiness. Hang in there and stay prepared!

The Louisiana Iris Conservation Initiative: Rescuing and Revitalizing a State Treasure

Since Salathe founded the Louisiana Iris Conservation Initiative (LICI) in 2020, the organization has coordinated the rescue of more than 62,000 irises to preserve and perpetuate the five species native to south Louisiana wetlands. This nonprofit relocates irises in danger of being destroyed to safer locations, especially places where the public can enjoy the flowers. Each flower is dug up and replanted one by one, a labor of love for the volunteers and organizers.

The LICI frequently rescues irises from areas slated for commercial development. One such property in LaPlace, zoned for commercial use and up for sale, has allowed LICI to harvest irises for years. “This site is so perfect for what we do,” Salathe said. “‘No iris left behind’ is our motto.”

Salathe secures permits to replant the irises along swamp boardwalks, nature trails, parks, and wildlife refuges throughout southeast Louisiana. Although planting season generally runs from October to December, last year’s drought delayed it. Despite these challenges, LICI’s dedication remains unwavering.

On March 2, during LICI’s last large-scale event of the season, volunteers replanted more than 500 rescued irises in Assumption Parish at the future site of the Pierre Part/Belle River Museum and at a nearby kayak launch in Veterans Park. The fruits of their labor are visible when irises bloom in late March and early April. The Louisiana Iris Conservation Initiative maintains an online Google map of the 20 best places to see Louisiana irises in their natural habitat. The organization’s Facebook page provides updates on the blooms.

“At one time, there were irises in every ditch in south Louisiana,” Salathe said. “Everybody looked forward to the bloom as part of the culture.” Herbicides, hurricanes, saltwater intrusion, and other factors have made the Louisiana state wildflower much harder to find. “Out of sight, out of mind,” Salathe said. “Our goal is to get the Louisiana iris back into the culture and consciousness of the New Orleans area.”

Now retired, Salathe co-owned a residential construction company for 21 years. But for a quarter-century, his main “hobby” was restoring a clear-cut parcel of long-leaf pine forest he owned in Tangipahoa Parish. A decade ago, he shifted his flora focus to irises. In 2014, he joined the Greater New Orleans Iris Society, the Society for Louisiana Irises, and the American Iris Society. By 2020, he had launched the Louisiana Iris Conservation Initiative as a non-membership organization. He depends on volunteers to supply manpower and partners with various community organizations.

Over the past century, crossbreeding has produced hundreds of “cultivars,” the hybrid irises of many colors that populate most home gardens. However, LICI’s big-picture goal is to build a reserve of irises for long-term wetlands restoration projects such as the Mid-Barataria Sediment Diversion. “It would take decades for native vegetation to rebuild itself in newly created wetlands,” Salathe said. “Somebody needs to get out there with boots on the ground and put it in.” Getting native Louisiana irises added to the USDA’s list of plants approved for purchase by marsh restoration companies would help.

“These irises are going to double in number every year,” Salathe said. “So four or five years from now, when the restoration of the marshes and swamps really kicks in, we’ll have a base of plants that we’ll be able to add into the mix to try to reconstruct what used to be there.”

During a February rescue in LaPlace, Salathe gave volunteers a tutorial on swamp safety and explained how to dig up an iris without damaging its thick root. Veteran volunteers like David Duvic and Connie Adams were already familiar with the process, spending hours picking weeds from iris root clusters.

“They’re helping me by getting our goals accomplished,” Salathe said. “We’re helping them by giving them a diverse experience that maybe they wouldn’t have otherwise. It’s a win-win deal.”

Christopher “Cairo” Jackson, a Limitless Vistas grants coordinator, noted that working with LICI allows people who have spent much of their life in metropolitan New Orleans to see a different side of their home. Volunteers managed to pluck 2,000 plants from the muck in three hours, which Salathe then stored in his garage, watering the irises twice daily until they were replanted at Nicholls State.

Elard Phillips, a Limitless Vistas board member on his first LICI rescue, admitted the work was “a little challenging,” but he added, “years from now, it will be appreciated.”

The Louisiana Iris Conservation Initiative, under Salathe’s passionate leadership, is a testament to the power of community and dedication to preserving the natural beauty and cultural heritage of Louisiana’s irises. Through their efforts, they are not only saving plants but also nurturing the spirit of conservation and appreciation for the natural world.

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Sunset at the Landing Concert Series, June 21, 2024

Past concerts include performers such as The Steve Anderson Band in Covington.

Sunset at the Landing Concert

Columbia Street Landing on the Bogue Falaya River
100 N. Columbia St.
Covington, LA 70433

June 21, 2024
6PM – 9PM

Free Event!

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Cars & Coffee, June 15, 2024

This month Cars & Coffee will be at Pizza Platoon in Slidell.


Cars & Coffee


Pizza Platoon
460 Town Center Pkwy
Slidell, LA 70458

June 15, 2024
9am – 11am

This is a free event!

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30 by Ninety Theatre Presents The Great American Trailer Park, June 15 – 30, 2024

A funny show live in Mandeville.

The Great American Trailer Park

30 by Ninety Theatre
880 Lafayette St.
Mandeville, LA 70448

June 15 – 30, 2024
8pm Fri-Sat, 2:30pm Sun

Price: $14-$22+ online fees

 

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The Lobby Lounge @ The Harbor Center: Maiah Wynne, June 13, 2024

Come see Maiah Wynne live in concert in Slidell.

Maiah Wynne

Northshore Harbor Center
100 Harbor Center Blvd.
Slidell, LA 70461

June 13, 2024
7:30pm

 

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