Baton Rouge Realtor Homes

http://www.accuratevg.com/ - Real Estate Appraisers in Baton Rouge, LA Report on Cedarcrest Subdivision

Solds In Cedarcrest Subdivision from 1/1/08 to 12/31/2008 revealed:
Average Sales Price: $136,250
Average Sold Price Per Sq. Ft.: $74.69/sf
Median Sold Price: $142,750
Average Number Days On Market: 99
# of Sales: 8

Solds In Cedarcrest Subdivision from 1/1/09 to 12/31/2009 reveal:
Average Sales Price: $122,142
Average Sold Price Per Sq. Ft.: $78.89/sf
Median Sold Price: $114,950
Average Number Days On Market: 134
# of Sales: 12

Therefore, based on the median sale price barometer within Cedarcrest Subdivsion, the market direction appears to be declining. The median sales price declined from $142,750 to $114,950 or -19.47%. However, the average sold price per sq. ft. actually increased from $74.69/sf to $78.89/sf or +$4.20/sf or +5.62%.

When you need a Greater Baton Rouge Home Appraisal, call Accurate Valuations Group at 225-293-1500.

http://www.batonrougerealestateappraisal.com/ - Win A New Copy Of Gary Vaynerchucks Crush It by Baton Rouge FHA Home Appraisers.

YES, you must have a Twitter Account To Register!

Drawing Is March 15, 2010!

Register Here:

http://www.batonrougerealestateappraisal.com/win-a-new-copy-of-crush-it-contest/

http://www.appraisersinbatonrouge.com/ - FHA Appraisers Baton Rouge: Woodlawn Acres Market Report 70817

Woodlawn Acres Subdivision Housing Market Direction: Up, Stable or Down?

Solds In Woodlawn Acres from 1/2007 to 12/2007 revealed:
Average Sales Price: $130,360
Average Sold Price Per Sq. Ft.: $83.89/sf
Median Sold Price: $128,000
Average Days On Market: 70
Number Of Sales: 5

Solds In Woodlawn Acres from 1/2008 to 12/2008 revealed:
Average Sales Price: $149,000
Average Sold Price Per Sq. Ft.: $76.02/sf
Median Sold Price: $149,000
Average Days On Market: 144
Number Of Sales: 1

Solds In Woodlawn Acres from 1/2009 to 12/2009 revealed:
Average Sales Price: $128,500
Average Sold Price Per Sq. Ft.: $82.53/sf
Median Sold Price: $128,500
Average Days On Market: 52
Number Of Sales: 1

There really isn’t enough data (sales) to call a trend. So, the information above is presented with the permission of the GBRAR.

Bill Cobb, Appraiser – Your Local Greater Baton Rouge Housing “Trust Agent”!

For Your Greater Baton Rouge Home Apprasial Needs, Give Accurate Valuations Group A Call at 225-293-1500

http://www.accuratevg.com/

http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate: Greater Baton Rouge Homeowner Should Not Have Added $60,000 Pool In A $150,000 Subdivision

I ran across a situation in the Greater Baton Rouge Housing Market where a homeowner, located in a subdivision where the average home is worth $150,000, installed a $60,000 Gunite Inground Pool recently. Now, their home is on the market and they are about to be taken through the “school of hard knocks” when the appraiser doesn’t give them any more than $5,000 to maybe $7,500 contributory value for their pool. I’ve been appraising now for 18 years and see these types of situation several times per year and just shake my head when I see this happen.

Why only $5,000 to $7,500 contributory value for a $60,000 “gunite” pool? It’s not that “blankety blank” appraiser’s fault. It’s actually the market, the buyers, that don’t reward such expensive overimprovements. And mortgage underwriters that scrutinize the appraisals when appraisers do.

Is It Common For IG Pools In That Market? Let’s venture this thought process in the eyes of the appraiser! You have to look at the overall market and ask if it’s common for $60,000 inground pools to be installed in subdivisions where the homes are $150,000, which it’s not. Then ask yourself if the average owner in Such-And-Such Subdivision has an inground pool and the answer is no. Look at an aerial map for proof. Is it common for any buyer in the general Greater Baton Rouge market to pay more than $7,500 for a pool on an existing home sale where the price of the home is below $200,000? That answer is generally no as well. There may be exceptions, but they would be very rare.

Mortgage Underwriting Questions? What happens if the appraiser gives more than $5,000 to $7,500 on a pool is the underwriters coming back with a request for comps where the market actually gave that much for a pool. It’s at that point where the sale may fall apart because the appraiser can’t support giving the subject home that much value for that $60K pool in a $150,000 subdivision. I’m sure from the photos that it’s a nice pool, but in this national mortgage meltdown market where this loan may be underwritten in New Jersey, Manhatten NY or California or elsewhere where pools don’t carry much value, then giving too much value to the pool may even cause the lender not to want to do the loan and/or throw up red-flags.

There’s two lessons here!

1.) If you plan on remaining in your home until you die, then live it up and build whatever you want in your backyard (ig pools, metal workshop, that covered patio, wood decking, stone walk-ways, etc..).

2.) If you don’t plan on remaining in your home until you die, and your investment dollars must be wisely spent, then be very cautious about installing ig pools, metal workshops, covered patios, wood decks, stone walk-ways, etc.. because they don’t bring much return on investment. The lesson here is not to invest money in the your backyard and expect to receive dollar-for-dollar return on your investment. The lesson is to invest on the home itself before investing in your backyard.

Greater Baton Rouge’s Home Appraiser – Bill Cobb! Your Local Home Value “Trust Agent”! http://www.accuratevg.com/

http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate: Four Demographic Trends That Will Affect Greater Baton Rouge Housing

Realtor.org and and The Urban Land Institute are reporting on 4 demographic trends that will affect Greater Baton Rouge Housing! Their short article is located here and is quoted below.

“4 Demographic Trends That Will Affect Housing

A new report from the Urban Land Institute predicts two major changes in the U.S. housing market as we began a new decade.

Home appreciation will slow considerably to about 1 percent to 2 percent annually.

The current U.S. homeownership rate, now at 67 percent (which is down from a record high of 69 percent), will fall further to about 62 percent.

4 Major Demographic Trends

The report also cites four major U.S. demographic trends that will have a major impact on housing.

1. Aging baby boomers (ages 55 to 64 years old): They will keep working, and many will be forced to stay in their suburban homes until values recover. Those who are able to move will choose mixed-age living environments that cater to active lifestyles. Walkable suburban town centers also will appeal to this group.

2. Younger baby boomers (46 to 54 years old): They are now entering their prime earning years but they will lack home equity and unlike the older members of their generation, they won’t be able to purchase second homes. This will likely curb the prospects for the second-home market.

3. Generation Y: They are larger than the baby boom generation (with a population of about 86 million). As they enter the housing market, they are less interested in homeownership than their parents were when they were young adults. “They will be renters by necessity or choice for years ahead,” says John K. McIlwain, author of the report.

4. Immigrants – both legal and illegal: They are nearly 40 million strong. They often prefer multi-generational households and if they can afford them, larger homes in neighborhoods with a strong sense of community.

Source: The Urban Land Institute (01/27/2010)

Tags: Baton Rouge Estate Appraisers, baton rouge real estate, greater baton rouge real estate, baton rouge real estate trends

http://www.batonrougerealestateappraisal.com/ – Baton Rouge Louisiana FHA Appraisers Report: Slight Housing Market Declines In MLS Area 42 In 2009

Housing Market Direction: Up or Down For Homes In The 1950sf to 2400sf, Ages 11-40 Yrs Old, Area 42, Price Range $130,000 to $225,000?

Therefore, based on the “median sale price barometer” charting above, the barometer used by the National Association of Realtors, the market direction declined from January 2009 to January 2010 by -2.4% based on 78 sales analyzed (REOs included). Search parameters were: 1/1/08 to Present, 1950sf to 2400sf, Ages 11-40 years old, MLS Area 42. 78 Sales Results Were Analyzed. Data used with the permission of the GBRAR (Greater Baton Rouge Association Of Realtors).

REO / Foreclosure Rate: Based on MLS Data of the actual solds, the REO rate is a low 7.14%. However, It’s also stated here that a 2009 article (The Landmines Within by Michael Tarabotto
http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS. MLS is reporting 2 comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there.

For Your Home Appraisal Needs In Greater Baton Rouge, Give Bill Cobb A Call At 225-293-1500 or www.accuratevg.com.

http://www.batonrougerealestateappraisal.com/ - FHA Appraisers Baton Rouge Report: Shenandoah Estates Subdivision 70817

Housing Market Direction: Up or Down?

Solds In Shenandoah Estates from 1/2007 to 12/2007 revealed:
Average Sales Price: $193,628
Average Sold Price Per Sq. Ft.: $93.62/sf
Median Sold Price: $190,000
Average Days On Market: 81
Number Of Sales: 91

Solds In Shenandoah Estates from 1/2008 to 12/2008 revealed:
Average Sales Price: $200,524
Average Sold Price Per Sq. Ft.: $89.68/sf
Median Sold Price: $205,000
Average Days On Market: 89
Number Of Sales: 68

Solds In Shenandoah Estates from 1/2009 to 12/2009 revealed:
Average Sales Price: $196,030
Average Sold Price Per Sq. Ft.: $89.48/sf
Median Sold Price: $196,500
Average Days On Market: 106
Number Of Sales: 62

Therefore, based on the “median sale price barometer” within Shenandoah Estates, the barometer used by the National Association of Realtors, the market direction increased from 2007 to 2008 but declined from 2008 into 2009. However, the 2009 median sales price at $196,500 is still higher than the 2007 $190,000. The gap between the high and low median sales prices was $15,000. The Aveage Sold Price Per Sq. Ft. only varied $4.14/sf within this 3 year period, which shows a fairly tight, supportive market.

For Your Greater Baton Rouge Home Apprasial Needs, Give Accurate Valuations Group A Call at 225-293-1500 or visit http://www.accuratevg.com/

http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate Appraiser’s Report: Riverbend Subdivision 70820

Market Direction: Up or Down?

Solds In Riverbend Subdivision from 1/2007 to 12/2007 revealed:
Average Sales Price: $340,142
Average Sold Price Per Sq. Ft.: $121.89/sf
Median Sold Price: $345,000
Average Days On Market: 68
Number Of Sales: 18

Solds In Riverbend Subdivision from 1/2008 to 12/2008 revealed:
Average Sales Price: $325,374
Average Sold Price Per Sq. Ft.: $121.21/sf
Median Sold Price: $317,400
Average Days On Market: 69
Number Of Sales: 18

Solds In Riverbend Subdivision from 1/2009 to 12/2009 revealed:
Average Sales Price: $333,587
Average Sold Price Per Sq. Ft.: $120.44/sf
Median Sold Price: $330,000
Average Days On Market: 91
Number Of Sales: 13

Therefore, based on the median sale price barometer within Riverbend, the market direction declined from 2007 to 2008 but increased from 2008 into 2009. The gap between the high and low median sales prices was $27,600. However the Aveage Sold Price Per Sq. Ft. only varied $1.45/sf within this 3 year period, which shows a fairly tight, supportive market.

For Your Greater Baton Rouge Home Apprasial Needs, Give Accurate Valuations Group A Call at 225-293-1500 or visit http://www.accuratevg.com/

http://www.batonrougerealestateappraisal.com/ - Baton Rouge Business Report: 10 Most Expensive Home Sales Of 2009

The January 12-25, 2010 edition of the Baton Rouge Business Report arrived yesterday with an interesting article on the Top 10 Most Expensive Home Sales of 2009. The summary of the article was posted yesterday on the “Daily Report AM” email and reads as follows below. Click the “here” to read the entire article.

“The Baton Rouge housing market may be doing better than its counterparts in much of the country, but sales in the high-end segment were pretty dismal in 2009. There were half as many homes that sold in the $1 million and up range, compared with 2008. Read about the local market for high-priced houses — and about the area’s biggest business deals of 2009 — in the Business Report cover story here. Send comments to editors@businessreport.com.”

Here are some of the homes mentioned. The photo gallery of all 10 homes located at the bottom of the article.

http://www.appraisersinbatonrouge.com/ - Greater Baton Rouge Chinese Drywall Victims To Be Eligible for Federal Assistance

The Louisiana Realtor’s eNews Digest is reporting that some Greater Baton Rouge FHA Insured residents may be eligible for Chinese Drywall Federal Assistance.

“The U.S. Department of Housing and Urban Development recently announced that FHA-insured families experiencing problems associated with problem drywall may be eligible for assistance to help them rehabilitate their properties. In addition, HUD’s Community Development Block Grant (CDBG) Program may also be a resource to help the Louisiana Recovery Authority and local communities combat the problem.

“We’re instructing our FHA mortgage lenders nationwide to extend temporary relief to allow these families time to remove problem damaging drywall and repair their homes,” said FHA Commissioner David Stevens. “We want to remove additional pressures for these families as they find solutions to allow them to return to a safe, decent and sanitary home.”

The Louisiana Recovery Authority set aside $5 million to help Road Home applicants with problem drywall. Because U.S. manufacturers were unable to handle the drywall demand in the aftermath of the 2005 hurricane season, many homes built or repaired afterwards were constructed with Chinese-manufactured wallboard that emits sulfuric gases that many people believe are making them sick and are corroding metal fixtures and appliances in homes.

Federal funds cannot be disbursed until the government establishes drywall testing and remediation procedures. Those decisions are expected to be made early this year. HUD’s announcement also means that the Recovery Authority could make funds available to non-Road Home applicants with drywall problems.

To date the Recovery Authority has registered nearly 600 people with problem drywall in their homes, and is continuing to collect more names. To register, homeowners should visit atlra.louisiana.gov/drywallform and complete their online form or call the state’s contaminated drywall hotline at 1.866.684.1713.”

• Related Times-Picayune article • HUD’s announcement regarding federal assistance