Weekly Real Estate Recap 3.15.2020

Weekly Real Estate Recap 3.15.2020

First and foremost, I hope you are your family are well and staying healthy and sane as we adjust to these sudden changes in our communities.

Several of you have asked, “How will COVID-19 affect the real estate market?” I am monitoring our micro market very closely. New Orleans tends to be isolated from national shifts and trends, but I am constantly studying the impact of this unprecedented external factor on our marketplace.

I wanted to share an article I read this morning that presents a realistic look forward. I agree with all of the predictions, except I cannot measure the lull in immediate sales. I foresee a wane happening to our Fall and Winter markets when we start to witness the long-term effects of the virus. We are hosting our first virtual open house today.


In short, homes that are pending I see closing on or around their closing dates. Homes not under contract may see a lag depending on the buyer’s ability to qualify for a loan if their work hours are cut. Also, a percentage of buyers have lost considerable stock in the market and they may be scared to use their saved cash for a purchase. Most sellers will continue to want to sell unless they have had a job loss, or they missed out on an opportunity to buy a new home. Also, City Planning is at a halt because no applications can be processed, which will affect new builds and large renovations. The city is still dealing with the cyber attack that occurred on December 13, 2020 and rebuilding filed permits for work performed and work in progress. Developers will be on hold with their projects for an undetermined time.

Every Monday, the Witry Collective team is evaluating our contracts and how best to serve our clients. I will be in touch and, as always, reach out with questions


Katie Witry

Katie co-founded the Witry Collective with the inherent understanding that collaboration is the key to being stronger, wiser and more efficient. She believes that building business relationships across industries and within the many layers of real estate is essential to supporting the residents of New Orleans and preserving the historic neighborhoods they call home. Katie worked under Gardner Realtors® in the Garden District for twelve years before opening the Witry Collective. She has been an active participant in local networks for more than twenty years; reaffirming for her that the resilience of a community comes from its inhabitants. Her clients include neighborhood associations, church groups, sellers moving out of the city, buyers moving to the city, renovators, investors and first-time homebuyers. All of her clients are looking for a professional to guide them through every step of making a smart decision in the local market. Katie is a member of an all women Mardi Gras dance group and she marches in Krewe du Vieux. She is a devoted wife, sister and mother of two. She is a practiced yogi and dedicated vegan. Katie supports National Public Radio and her alma maters, Westover School and Loyola University. Accolades: -Accredited Buyer Representative (ABR®) -Seller Representative Specialist (SRS®) -Affordable Homebuyer Specialist (New Orleans Metropolitan Association of Realtors) -Historic House Specialist (Preservation Resource Center) -Vice President of Membership for the Women’s Council of Realtors® 2014-2016 -Women’s Council of Realtors® Advocacy and Education Committee 2014-2016 -Preservation Resource Center Board Member 2016-Present -Louisiana Real Estate Commission certified to teach three classes with original curriculum for 12 hours of CE credit to Realtors® -Graduate, City of New Orleans Civic Leadership Academy 2015 -Quoted in the 2017 Wall Street Journal article “New Orleans Gets a Crop of New Condos” by Leigh Kamping-Carder -Editor’s Spotlight in the Preservation Resource Center’s April issue of Preservation in Print 2017 -Named one of 30 Greater New Orleans Business People on the Move by The Times-Picayune 2017 -Voted by Gambit readers as one of the top 3 Best Realtors® in the Metro Area 2011-2018 -Women’s Council of Realtors® New Orleans Metropolitan Chapter Member of the Year 2016 -Named one of the 20 Top Real Estate Producers by CityBusiness Magazine 2016-2017 -Named one of the 25 Top Real Estate Producers by CityBusiness Magazine 2013-2015 -Named one of the 100 Top Real Estate Producers by CityBusiness Magazine 2007-2012 -New Orleans City Business Award for Excellence in Construction and Real Estate 2018 -Executive Mentor Loyola University College of Business 2018 -Women’s Council of Realtors® New Orleans Metropolitan Chapter Entrepreneur of the Year 2018

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