Home Selling in New Orleans>Question Details

Sheila, Home Seller in Los Angeles, CA

Out-of-state uptown homeowner putting 100- yr old house on the mrkt.

Asked by Sheila, Los Angeles, CA Sun Mar 2, 2008

Ready to put my non-flooded 2bd/1.5ba 1100sp ft uptown house on the market. Want to make sure my price expectations are correct. It also has a 300 sq ft artists studio with half bath in rear courtyard. Baths and kitchen are approximately 12 years old and has central heat and air. Can someone give me some ballpark sq footage prices as well as standard real estate commission rates in NOLA?

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If you send me more details, I can help market this house. I would welcome the opportunity to list your home through the Sotheby's network in addition to the usual MLS and other such traditional means and methods.

The commission depends on what level of service and what you work out with your broker. 6% is common, but can vary.

To give one a fair idea of how to best sell the home one has to consider the following:
1) What homes closest to yours SOLD for in the past 6 months.
2) Is it a double or a single? Does it have income coming off the back unit?
3) Where is the location?
4) How fast do you want to sell?
5) Now after answering 1 through 4 you are ready to list based on your established criteria.

How I can best help is providing detailed info on 1 through 3, and we work together to establish #4, then every 30 days review how and when you readjust your stategy for selling. Depending on where and what one is selling in Uptown, this constantly evolving market demands change ...and as such one has to adjust how and where you market the property.
Web Reference: http://iansellsnola.com
1 vote Thank Flag Link Tue Oct 7, 2008
And be sure to have a realtor who is familiar with the neighborhood.
0 votes Thank Flag Link Tue Oct 7, 2008
You need to either get an appraisal or have a licensed realtor do a full-fledged Market Analysis (opinion of value)
0 votes Thank Flag Link Tue Oct 7, 2008
As of today..."ballpark SF prices vary from $75 per SF to $200 per SF.
Do not average these numbers.
Prices will vary within the same zip code, block by block, housing stock by housing stock.
Does the artists studio have its own meter?
To get your real price expectations you need to remember three things...
1) Insurance - - where and how a buyer will get it
2) Taxes - what you are paying vs what the new owner will pay
3) Ability of a qualified buyer to get the loan.

Make sure your potential agent can clearly identify how and to whom they will assist a possible buyer with these issues.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Tue Mar 11, 2008
Hi Sheila,

You asked about standard real estate commission rates, and Ian was right. It's 6%. The other poster was right, too. It's somewhat negotiable depending on the broker the agent works for. In order to get a realistic price per square foot, you need an agent who knows that particular market and area of N.O.

If you are looking for a referral to one of the top producing agents in the area (meaning one who does a lot of business in that area), I can refer you to someone. You might want to give me a call at 318 869 5894 if you're still looking.
0 votes Thank Flag Link Tue Mar 11, 2008
Girgrh is right...get a full time agent, and the fees, like everything else in life is negotiable.

Make sure, especially Uptown, you do not get an agent who is promising you a gazzillion dollars...get the comps for sale and the SOLDs...and in this market, the agent must understand what and how properties are selling, where and whom to call for insurance quotes and so on. Selling a house.....especially in the New Orleans area has become selling an entire package...the house, financing options, insurance options and how a specific neighbourhood in a specific zip code is developing Post Katrina.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Mon Mar 3, 2008
The real estate fees are negotiable, do not let anyone tell you otherwise - it should not be a problem getting 6% for the first $100,000 and then 4% for everything above that. Make sure you understand what to expect from your agent, how much marketing, ads in newspapers, open houses, etc. This is where they can get you, some just get the listing and let other agents show the property, then split the commission. I would interview a couple, find out who themselves have sold property in your area and who is most familiar with the market. I have been burnt a couple of times by agents who only do this part time. Get a full time agents who needs to work and will be responsive to your needs, especially since you live out of town.
Good luck .
0 votes Thank Flag Link Mon Mar 3, 2008
The standard RE commision rate is 6%.
The range for the prices without looking at the exact address can vary from $125 to $200 per SF.

With more details such as the address, and overall condition, I can email you two reports to help you now...a list of SOLDS in the last 6 months, and what inventory is on the market now that most closely is like your home.

Then, later today I can drive by the house to tighten what you should ask to sell the house.

Email or call me at (504)615-2333. Thank you
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Sun Mar 2, 2008
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