February 2023 Market Update for Acadiana

Check out our snapshots of residential sales data across the Acadiana parishes for the month of February For all the parishes combined, sales volumes were about 18% higher than January but still 33% lower than February last year. Average and median sales prices...

Appraisals for Successions

An appraisal is often needed for succession purposes to determine the fair market value of a loved one’s property.  This is necessary for estate settlement and inheritance purposes.  This is important because the value of the property may be used to determine...

Appraisals for Divorce

Divorce is never an easy process, and dividing assets can be especially challenging.  One of the most significant assets that often need to be divided is the marital home, and determining its value can be a crucial step in the process.  In this article, we’ll...

October 2022 Residential Sales Data

Volume During October, there were 431 residential sales in the Lafayette MSA (referred to as “Acadiana” here).  The number of sales were down 10% as compared to September and down 18% as compared to October last year.  Sales volume is continuing its downward decline...

Adjustments

Appraisers make adjustments to comparables to account for differences between properties. Adjustments reflect the incremental value buyers are willing to pay for specific features. Adjustments are MARKET SPECIFIC!!! There is NOT a one-size fits all dollar value for...

Pro Tip: PMI Removal

Your home’s current market value could qualify for PMI (private mortgage insurance) removal. Don’t count on your lender reaching out to you! Monthly savings could be real $$$ in your pocket. Hire your own appraiser!!! The lender may opt for the cheapest...

Leveraging Technology and Data

One of our key priorities is leveraging technology and data. . Modernization of the appraisal industry is underway. .Our clients have so much to gain with these advances! Utilizing technology and data provides the most reliable, efficient, and secure services. ....

Quarterly Parish Trends

One of the common ways we monitor market stats is parish by parish. This graphic shows how each market behaves a little different. While the end of the 3rd quarter is about 15 days away, we can still gather some good info on the general direction of the data....

Bracketing

 Appraisers use bracketing to select comps with features and characteristics that are both inferior and superior to those of the subject property.  .  The goal is to attempt to bracket all features that require adjustments. Features may include items such as...

What happens during an appraisal inspection?

Real estate appraisals typically involve an on-site property inspection.  The appraiser will schedule an appointment in advance with the homeowner or real estate agent.  During the site visit, the appraiser will generally make observations, take pictures, and measure...

Iberia Parish Market Analysis

Year over year data indicates that the values have declined approximately 3.0% for Iberia Parish Year to date shows most of the metrics are changing in a favorable direction. Year to date (Ending June 30th) the total number sales have declined in Iberia Parish Year to...

Real Estate Trends

The Lafayette Parish Housing Market Summary: It would seem likely that a global pandemic and a decline in the oil and gas industry would cause our real estate market to slow down dramatically.  On the contrary, interest rates are now so low that they are offsetting...

Lafayette Parish Market Update!

Takeaways: •The market is rebounding after the initial slow down •The number of new pending sales is similar to pre-pandemic numbers •New closed sales are still down, but this should change in the weeks to come •The median sales price is improving year over year •Year...
LAFAYETTE PARISH MARKET ANALYSIS UPDATE

LAFAYETTE PARISH MARKET ANALYSIS UPDATE

February 6, 2020: An updated look at the Lafayette Parish Market indicates the market is still stable; however, slight changes are being observed. Was January a busy month for you?  Based on the number of properties sold, it most likely was for Realtors and...