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How do realtors work for renters, what's the general process? Does the renter have to pay a realtor for help finding and signing a lease? Are there any realtors you all know that could help a renter aka me? I've been searching online and facebook marketplace and have encountered several scams. I have no experience working with realtors to find a lease so thought I'd ask this sub. Thanks
When you make an offer on a home in New Orleans, you're eventually going to hear the phrase "earnest money deposit." Here's what it actually is and how it works under Louisiana's purchase contract.
What is it?
It's a good-faith payment you make to show the seller you're serious. Think of it as a deposit that says "I intend to buy this home." It's not the down payment, it's a separate amount you put up when your offer is accepted. At closing, it gets applied toward your total costs.
How much is it?
There's no required amount. It's negotiated between buyer and seller. In New Orleans, 1–2% of the purchase price is typical. On a $300,000 home, that's roughly $3,000–$6,000.
Who holds the money?
Not the seller. The buyer chooses where it's held, with the listing brokerage, the buyer's brokerage, or a third party like a title company. Most New Orleans transactions use a title company as the neutral holder. The money sits there until closing or until the deal falls apart.
When do you have to pay it?
Within 72 hours of the seller accepting your offer. Miss that window and you're technically in default of the contract.
What happens to it if the deal falls through?
This depends entirely on why the deal fell through, and this is where Louisiana is actually more protective of buyers than most states.
You get your money back if:
The catch: you have to act within the right timeframes and in writing. If the inspection window closes and you haven't submitted a written termination or repair request, the contract treats you as having accepted the home's condition. At that point your deposit is at risk if you walk.
What if you just change your mind?
If you back out of the deal without a valid reason covered by the contract, the seller can keep your deposit. It gets worse, under Louisiana's purchase agreement, the seller can also pursue additional damages equal to 10% of the sale price on top of keeping the deposit. Most buyers don't know that part.
One thing that surprises buyers at closing
Your deposit doesn't disappear, it gets applied to your costs at closing.
But you have to tell your lender how to apply it: toward closing costs, your down payment, or your loan principal. If you don't specify, some lenders default to applying it to principal. That can leave you short on cash at the closing table even though the money is technically accounted for. Confirm this with your lender and your closing attorney before closing day.
If you're shopping around the $350K range, here's what's actually available in Orleans Parish right now, a 2021 new build in the Marigny, a Mid-City double, two Algiers Point homes, and a cute renovated single in Fontainebleau. Also, its Mother's Day this Sunday...!
1904 Frenchmen St, New Orleans 70116
$349,900 | 2 bed · 2 bath · 1,466 sqft New Marigny
A 2021 build, fully gated, two off-street parking spots, hardwood floors, GE Café appliances, quartz counters, marble primary bath, covered paver patio, spray foam insulation, tankless water heater. One thing to know: the solar panels are leased and the lease transfers to the buyer. Verify the terms before you make an offer.
4812-14 Conti St, New Orleans 70119
$350,000 | 4 bed · 2 bath · 1,708 sqft · Double Mid-City
A 1925 Arts and Crafts double four blocks from City Park and three blocks from the Canal Street streetcar. Heart pine floors, 9-ft ceilings, original windows, decorative mantels. New roof 2021, new gutters 2024, new electrical 2012, new AC on both sides 2024. Each unit has its own washer/dryer and separate fenced backyard. Total current rent is $1,300/month.
915 Opelousas St, New Orleans 70114
$345,000 | 2 bed · 2 bath · 1,892 sqft Algiers Point
The most square footage in this group at the lowest price. A 1915 Creole Cottage with a 2015 renovation: hardwood floors, soaring ceilings, loft flex space, clawfoot tub, covered rear patio, one parking spot. Quick access to downtown via the Crescent City Connection.
532 Elmira Ave, New Orleans 70114
$350,000 | 2 bed · 2 bath · 1,300 sqft Algiers Point
A 1926 raised cottage with a full 2025 restoration. Hardwood floors, updated baths, fireplace, detached garage and workshop, large fenced backyard. Three blocks from the Mississippi River. Flood Zone X.
7021 Fig St, New Orleans 70118
$345,000 | 2 bed · 2 bath · 1,273 sqft Fontainebleau
A renovated 1945 cottage with a slate roof, hardwood floors throughout, updated baths, sprawling backyard, and one parking spot. Steps from Carrollton Avenue, Ye Olde College Inn, and Rock 'n Bowl. The floor plan has a flex room that could work as a third bedroom.
Below are two scenarios courtesy of Cameron Budzius at The Mortgage Firm.
Scenario #1 3% Down Conventional
Conventional Loan | 30 Year Fixed Rate Mortgage
Sales Price: $350,000
Loan Amount: $339,500
Interest Rate: 6.44%
Monthly Payment Breakdown:
P&I: $2,135.25
Homeowners Insurance: $233.00*
Property Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $141.46
Total Monthly Payment: $2,599.40
Cash to Close:
Down Payment: $10,500.00
Closing Costs: $7,500.00
Prepaids and Escrows: $6,000.00
Total Cash to Close: $24,000.00
Scenario #2 3.5% Down FHA
FHA Loan | 30 Year Fixed Rate Mortgage
Sales Price: $350,000
Loan Amount: $343,661
Interest Rate: 5.95%
Monthly Payment Breakdown:
P&I: $2,047.23
Homeowners Insurance: $233.00*
Property Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $157.47
Total Monthly Payment: $2,527.39
Cash to Close:
Down Payment: $12,250.00
Closing Costs: $7,500.00
Prepaids and Escrows: $6,000.00
Total Cash to Close: $25,750.00
*Homeowners insurance is estimated and will vary based on property, roof age, construction type, and carrier. Get a real quote before finalizing your numbers.
These are estimates. For exact figures, reach out to Cameron Budzius at The Mortgage Firm and tell him Phil sent you 😉
I’m a retired single woman looking for a nice 3-6 month furnished rental beginning August 2026 that is dog friendly. Under $2000/mo. Looked at Furnished Finder, Nest in Nola, apts.com, etc. Are there better local resources to try? Any advice from locals for things to watch out for? Thank you in advance! 😊
Starting November 2nd, Fannie Mae and Freddie Mac are requiring a new digital appraisal system. I sat in on a roundtable discussion about it last week with local appraisers and agents. Here's what's actually changing.
What's different:
Appraisers currently spend 10-15 minutes inside a home. Under the new system they'll need at least an hour. There are 100+ additional data fields they're now required to collect, things like ceiling height in every room, detailed condition ratings, and more granular property data.
What it means for your contract:
The practical advice coming out of that roundtable: order your appraisal immediately after inspection. Don't wait. Two to three days after inspection contingency is removed should be the target.
What it means for cost:
Appraisers set their own prices competitively, so nothing is official yet. But an inspection that now takes 4-6x longer is almost certainly going to cost more than the current ~$500 average.
One more thing:
About 30% of appraisers are expected to leave the business because of this transition. Fewer appraisers plus longer appointments means scheduling is going to get tighter. Another reason to order early.
If you're under contract or planning to be before the end of the year, talk to your lender now about timeline expectations.
Happy to answer questions below.
What a fun past few weeks! I hope you got some Jazzfest in your schedule if that's your jam. The weather has been phenomenal and homes are moving!
Also, it's May!
Every month I pull the last 30 days of MLS sales data for Orleans Parish single family homes.
This month I realized I have three-years of these reports and thought it was worth looking for trends.
Three Years in May: Orleans Parish Single Family
| May 2024 | May 2025 | May 2026 | |
|---|---|---|---|
| Active Listings | 2,005 | 1,447 | 1,299 |
| Closed (30d) | 222 | 183 | 199 |
| Median Sold Price | $335,000 | $319,000 | $350,000 |
| Median $/sqft | $198 | $182 | $199 |
| Median DOM | 28 | 84 | 29 |
| Months of Inventory | 9.0 | ~8.0 | 6.5 |
Inventory has compressed by 706 active listings over two years. Median DOM dropped from 84 days in 2025 back to 29, nearly identical to 2024. Price per square foot has done the same, returning to $199 after falling to $182 last year.
2025 was the anomaly. 2026 looks like 2024 with tighter inventory and higher prices.
May 2026 Neighborhood Snapshot
| Neighborhood | Active | Closed (30d) | Median Sold Price | Median $/sqft | Median DOM | Months of Inventory |
|---|---|---|---|---|---|---|
| Lakeview | 31 | 12 | $679,500 | $293 | 31 days | 2.6 |
| Gentilly | 102 | 12 | $270,000 | $181 | 10 days | 8.5 |
| Mid-City | 17 | 4 | $392,500 | $229 | 22 days | 4.3 |
| Bywater | 21 | 5 | $525,000 | $336 | 15 days | 4.2 |
| Carrollton | 16 | 3 | $482,500 | $285 | 14 days | 5.3 |
Mid-City, Bywater, and Carrollton closed sales are thin this month. Treat those figures with a grain of salt and more like its pointing to a direction of the market.
Lakeview
Gentilly
Mid-City
Bywater
Carrollton
So...
Orleans Parish is not one market. The city average of 6.5 months sits on the buyer/seller threshold but Lakeview is in seller's market territory and Gentilly is not. However, homes in Gentilly are still selling in 10 days when priced correctly.
The buyers who sat out 2025 are moving. The inventory that flooded in during 2024 is slowly being absorbed. The direction of travel over three years is clear.
Buyers: Know your neighborhood before assuming you have leverage. Lakeview and Bywater are not the same market as Gentilly.
Sellers: Pricing correctly from day one matters more than ever. Gentilly has 102 active listings and an 8.5 month supply; yet the homes that sold moved in 10 days.
Investors: 706 fewer active listings than May 2024 with closed sales nearly back to the same level. That gap between supply and demand is worth tracking.
Happy to answer questions below.
Every Wednesday our brokerage runs a friendly competition. Agents submit what they think is the best deal currently on the MLS, we compare notes, and vote on a winner. Here's what stood out this week across price points and strategies.
🏘 4635 Allen St, New Orleans, LA 70122 | $279,000
4-plex · Orleans Parish · 4 units · 6bd total · 3,707 sqft · Built 1965 · Corner lot · Brick veneer · Roof replaced within 5 years · 2 units currently rented · $1,600/month current income · Main unit vacant (3bd/2.5ba)
Agent's take: The two rented units alone nearly cover a 5% down mortgage (~$2,400/month). Once the main unit is occupied at market rent, this flips cash flow positive. Entry-level multifamily with an owner-occupant path for someone who wants their tenants paying most of the note.
🏡 3740 Rue Nichole, New Orleans, LA 70131 | $234,000
Single family · Orleans Parish · Bocage · 4bd/2ba · 2,376 sqft · Built 1977 · Corner lot · Two-car garage · Fenced courtyard · X flood zone · As-is condition · Owner will not make repairs
Agent's take: Comparable homes in Bocage are selling around $348,000. At $234,000 you're potentially buying $114,000 below market value right out of the gate. Priced to reflect condition — this is a flip or value-add play for a buyer who can see past the cosmetics.
🏢 321-325 S Bengal Rd, River Ridge, LA 70123 | $1,350,000
16 units · Jefferson Parish · River Ridge · 26 beds · 16 baths · 6,429 sqft · Built 1980 · Cinder block and siding · Metal roof · 15/16 units occupied · $16,217/month current gross rent · $250,000+ in renovations completed past year · All voucher tenants · Agent/Owner listing
Agent's take: The listing calls it a 9-cap on actuals. My numbers land closer to 8, which is still strong for this submarket. The real upside is the voucher structure, all 10 two-bedroom units are currently on 1-bedroom vouchers. Converting to 2-bedroom vouchers is a clear, documented path to push gross rent past $18,000/month without touching a single unit.
🏠 2933 Pine St, New Orleans, LA 70125 | $615,000
4-plex · Orleans Parish · Fontainebleau · 8bd/6ba · 3,908 sqft · Built 1970 · Across from Dominican High School · All 4 units rented · $5,500/month gross rent · Central HVAC · Hardwood floors · 500+ days on market · FHA assumable at 3.5% · Seller financing available · Agent/Owner listing
Agent's take: The financing is the story here. Assuming an existing 3.5% FHA loan or going bond for deed are both on the table, either path dramatically changes the monthly debt service compared to today's rates. 500+ days on market should mean the seller is motivated and there's room to negotiate below ask.
Every investor reads these differently. Someone in a 1031 exchange looks at Bengal differently than a first-time buyer eyeing Allen with house-hacking in mind.
What would you pick, and would you live in it, rent it, or flip it?