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Shreveport- Bossier housing market "balanced" - KTBS.com - Shreveport, LA News, Weather and Sports

Shreveport- Bossier housing market "balanced"

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SHREVEPORT, La. -

Recent reports show home prices rising, which leave fewer homeowners owing more money than their properties are worth. That helps boost the nation's surging housing market.

But the Shreveport- Bossier market is not like the national market.

"Housing is very much like the weather: it may be rain and storm in one area of the nation, and not in another," said Carolyn Grimsley, president of the Northwest Louisiana Association of Realtors.

With more than 20 years under her belt, Grimsley has seen the market go up and down.

"Here is Louisiana, especially in the northwest, we have what's called a balanced market," she said. "That means it takes roughly six months for our inventory to be absorbed."

Grimsley said the market is steady with a slow increase in prices which works out for both parties involved.

"It allows homeowners to put their homes on the market," explained Grimsley. "We have enough buyers in the market that they will receive an offer when its priced right. We also have buyers in the market that have enough inventory to choose from. They're not scrambling and five buyers fighting over one house."

Homes in northwest Louisiana sell for an average of $170,000. That is more than the national average at $168,000.

Grimsley said those "normal prices" are attractive to businesses, and gives them reason to locate here.

"When you bring a business into an area, you also [need] housing for those employees," said Grimsley. "That's another driver of our particular economy."

Grimsley said areas like California have a housing shortage. That means there buyers are in bidding wars with one another and the prices keep rising.

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