Craig K. Mirambell Jr.
Owner/Broker
Mirambell Realty
Mirambell Realty is a technology-driven real estate brokerage servicing Metro New Orleans all the way to the Gulf Coast in Mississippi. The company prides itself on representing buyers and sellers by utilizing advanced technology and creative marketing.
What is the biggest challenge facing your industry in this new normal and how are you adapting?
COVID-19 has played a part in all of our real estate transactions. At Mirambell Realty, we have been using 3D virtual tours for almost 10 years now, so our advertising practices haven’t changed much with the pandemic, though our clicks on these tours have more than doubled during the pandemic. The biggest issue facing our industry in New Orleans isn’t COVID-19, though, it’s inventory! There are two reasons inventory is so low in our market. First, interest rates are at historic lows. Second, this pandemic has shifted many people’s way of thinking about their current home. After a long period of quarantine at home, many are now looking for homes with pools, or smaller or larger homes than they had before. Ultimately, our buyers are looking for something different, and they want it now.
What changes do you see in your industry in the next year?
In the next year, I expect the sales to slow down a bit. They won’t stop, but I would expect sales to return to pre-COVID-19 levels. I expect the buying fever we recently experienced to slow with upcoming elections followed immediately by the holidays, but as long as interest rates stay low, as expected, buyers will still keep this market churning.
