By Justin Long

The chart below indicates that in Natchitoches Parish, real estate listings are the lowest they’ve been in years. Homes that once took 60-90 days to sell are now receiving multiple offers after just being listed. What is the cause of this trend and how should you go about selling your home in a market with low supply and high demand.

Fortunately, due to certain industries, oil and medical especially, Louisiana has been riding the wave of equilibrium (a balance between supply and demand) when home owners usually see a gradual increase or appreciation in their home values. Meanwhile, wealthier areas of the country such as California and Florida experienced the biggest housing downturns in history.

Suddenly, the local housing market has stalled. We are seeing an under-supply of existing homes for sale and new construction. So, what’s the cause for this shortage?

Most of us in Natchitoches Parish know too well, that the price of oil dropping played a serious role in our local economy. The political environment has become more tumultuous than ever, and this affects buyer and investor decisions. Government regulations, land, rising labor and material costs have all contributed to the lack of new construction by local homebuilders.

With low availability and high demand, buyers can become aggressive and resort to desperate measures to close the deal. Here are a few tips to sell your home in a market that is short on supply and high on demand.

Hire a real estate agent- It’s a common assumption that real estate agents do nothing more than place a sign in the yard, show the house a few times and collect 6% of your sale price. You can sell your home yourself, however the potential risks could outweigh the actual cost of using an agent. Selling a home with an agent could prevent potential litigation if contracts unknowingly omit important issues or deficiencies with the home. Another risk would be having unqualified buyers asking for the property to be leased, rented or financed through the seller.

Nonetheless, in a market with low supply, buyers are aggressive and will do almost anything to transfer ownership of your home into their name. Rarely is their sole intention to give you the amount of money your house is worth.

Louisiana Real Estate Sales agents and brokers are being held to higher standards than ever before. The Louisiana Real Estate Commission requires all licensees to take 90 hours of course work, pass a national and state examination, and comply with all commission procedures including a submission of a criminal back ground check. You must be sponsored by a licensed real estate broker and provide proof of errors and omissions insurance prior to license issuance.

If you are familiar with contract law, have negotiated real estate deals in the past and have a lot of free time on your hands, then maybe for “sale by owner” is the way to go. If you aren’t, it’s critical for your safety, financial return, and liability to hire a real estate agent.

Justin Long is a Natchitoches native, a graduate of NCHS and also attended Northwestern State University. He has spent the last 10 years as a Certified Louisiana Deputy Assessor (C.L.DA.) working in the real estate department as a property valuation specialist for Caddo Parish. He lives in Natchitoches with his wife Sandy and two children. He is a licensed sales agent for local real estate agency, a member of the Greater Central Board of Realtors (GCLRA), and the National Board of Realtors (NBOR).