Weekly Real Estate Recap 4.27.2020

Weekly Real Estate Recap 4.27.2020

Yesterday, the number of COVID-19 cases in New Orleans was the lowest since the outbreak began in early March. The state of Louisiana plans to open in a staggered approach and several business leaders are encouraging Mayor Cantrell to open New Orleans. Mayor Cantrell recommended that all festivals in New Orleans be cancelled through 2020. I heard an interesting comment from a round table of local leaders that has resonated with me over the last few days: “By New Orleans going through Katrina, our city and region are better equipped to handle COVID-19.” The world has shifted in similar ways to after 9/11, the economic recession, and the BP Oil Spill. One’s home has become more valuable in the last 45 days than ever before. It will be important to continue to have housing at the forefront of our local and national recovery as the possibility of second and third waves of the virus may be in our future. In addition, we have hurricane season starting in less 2 months.

Our firm has access to data that compares the number of real estate showings on any given day to the same day last year. Showings are down compared to the same time last year to 45% three weeks ago, 40% two weeks ago, and 28% last week. On Mardi Gras day this year, February 25th, showings were at 0% and showings were at 0% on March 16th, the day that the Stay at Home Order was announced in Louisiana. Per the National Association of Realtors, 50% of all sellers have put their plans to sell on hold for various reasons: employment loss, health concerns, and worry about buyers entering their homes. Buyer interest has also decreased by 50% and the main reason is based on employment status. We see a distinct trend in what homes are being listed for sale and who the buyers are in the marketplace. Homes that are vacant are being shown immediately compared to homes that are occupied. Buyers who are employed in the following industries are actively looking for a home: healthcare, education, tech, delivery services, grocery stores, and pharmacies.

To share some personal research, I showed 20 homes this week from Algiers to Gentilly. 18 of the homes were vacant. Vacant homes are empty homes or homes where sellers were out of town when the Stay at Home Order was announced, and they could not return to New Orleans. I inspected 3 homes, leased 1 property, listed 1 home for sale and so far, we have had 7 showings on that home and negotiated 2 contracts. I think it is important to share that 4 buyers started the pre-approval process this week. We are encouraging sellers to look at their pricing and know their goal, target, and bottom-line numbers and to focus on their target number as their listing price as we enter May. Witry Collective was a part of 2 webinars this week: The State of the Housing Market Part II, hosted by the Preservation Resource Center (Click for Details) and An Industry Round Table, hosted by The Urban Land Institute (Click for Details). Once the webinars are posted we will share them with you.

Stay safe, reach out, and enjoy Jazz Festing in Place with WWOZ (Click to Listen). Our cultural bearers and musicians remind us of why we LOVE our city so much. (Click Here) to donate to or apply for the New Orleans Business Alliance Gig Fund.

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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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