Home sales increase in spite of fears
Another good sign is that younger people, even as young as 20 years old, are buying houses, a factor that in the past applied mostly to older people. That indicates jobs are beginning to pay well even for those just starting out in making a living.
Some good news has come through that may be influencing the changes, such as FEMA’s recent moves to decrease insurance rates and possible recognition of the Sunset Drainage District levee as a protection for property in its area after being down-graded by public officials. The negative effects seem to be disappearing quickly perhaps because would-be sellers want to take advantage of the positive effects while the news is good.
Another good bit of news is that buyers have started looking more at homes in areas where insurance rates were expected to go up, which means they may not be as deterred from buying as had been expected before. Also, interest rates reportedly are beginning to increase which could be encouraging buyers to close their deals before they get too high.
We must also realize that as interest rates go higher, the value of property increases. And along with it, the wealth of individuals goes up.
The sighs of relief heard in the past few days from those in the real estate business are good news for people in our area. And it should be encouraging to those who are considering more permanent residences here in St. Charles.
Forbes Magazine this week has named New Orleans as the fastest growing city in the nation. That should add to our encouragement that there is a lot of promise in living in southeast Louisiana.
So stick with us here in the bayous of Louisiana. There’s a lot of promise about and, besides, as you look out on the beautiful 75 percent wetlands of St. Charles Parish, it is a beautiful place in which to live.
And there is really no reason why its economy should not continue to grow in the future.
By Anna Thibodeaux & Ryan Arena
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