How COVID-19 is impacting the housing market across Northeast Louisiana

OUACHITA PARISH, La. (KNOE) - Potential home buyers and sellers are finding themselves in a unique situation due to the COVID-19 pandemic.

Potential home buyers and sellers are finding themselves in a unique situation due to the COVID-19 pandemic. (Source: KNOE)

Housing experts say when the pandemic hit, the initial expectation was that the market would trend downwards. Surprisingly, it’s actually been the opposite.

“Throughout Northeast Louisiana, the market is up,” said Daryl Beasley, owner of Coldwell Banker Group One Realty.

Alice Clark, CEO of the Northeast Louisiana Association of Realtors, says since the start of the pandemic, the housing market across the area has thrived.

“For the week of May 15th through the 19th, we had 79 new listings and 55 sold listings. So people are still buying and selling,” said Clark.

One reason behind this positive trend? Low interest rates.

Beasley says interest rates have dropped to as low as 3%. He says rates haven’t been this low since 9/11.

“When interest rates are this low, even when 9/11 happened interest rates were still low and the market continued on. When this happened, interest rates are low, and people aren’t going to pass up an opportunity to buy a house,” said Beasley.

Before you decide to take that next step, Beasley and Clark say make sure you are financially secure, have a positive credit score, and get pre-qualified from a professional.

A potentially bright outlook for future home buyers across the region.

“We’ll get through this. It’s going to be longer than what we think, but we’ll get through this and life will get back to normal. But people are still going to have houses and this is the best time ever,” said Beasley.

For more information, you can visit the NELA realtors website.