Baton Rouge Realtor Homes

Archive for the ‘baton rouge townhomes’ Category

I first heard about NACA last week. Over the weekend I spent much time reading on their website about the NACA program.  And, today I went to an agent workshop wondering, “What the heck is the catch?”

The program on it’s face offers a home loan on purchases up to $200,000 with no money down and no closing costs at a below normal fixed rate.  They particularly care about credit scores, so it neither helps you to have a good score nor hurts you to have a bad score.  There’s no prepayment penalty and no private mortgage insurance.  So just what IS the catch?

Well, there are a few things that one should know before using a NACA loan to purchase a home.  First, you must live in the house for the entire time that you have a NACA loan on the property.  Next, you won’t ever be able to get a second mortgage (such as a Home Equity Line of Credit) as long as NACA has the loan on the house, because they won’t permit a second lein holder.  (If you wanted to convert the property into an investment property, you would need to refinance into a conventional loan out of the NACA loan.)

Oh, and remember I said there’s no mortgage insurance? There is, however, a $50 per month fee that you pay.  I think they could have come up with a better acronym for this fee which is NSF. It stands for Neighborhood Stabilization Fund.  At the workshop they said that the homeowner pays this $50 fee for 5 or 7 years. I’d like to know exactly if it’s 5 or if it’s 7 years and how they determine when they remove the $50 charge.  You also need to get a lot of documentation to them, but the purchase workshop appears to be designed to prepare you for the paperwork that you need to get together.  And, you do need some money. While there are no closing costs you do have to have your prepaid items (insurance and taxes) and you’ll need to pay for an inspection.

To summarize, I haven’t found a “catch”.  It looks like a good program for anyone who is making a purchase up to $200,000.  So, I’m going to try them out and see how it goes.  Will keep you all posted. If you have had any experience with NACA — positive or negative — I’d love it if you would leave comments on my blog.

If you or anyone you know is looking to make a purchase up to $200,000 in the Baton Rouge area, let me know and I’ll put you in touch with the right people to start moving toward your 4.875% loan with no money down.  This looks like a good spot to advertise my new Google Voice number which is 225-341-BRLA (2752).

Check out the embedded material below which will play an internet radio station provided by the National Association of REALTORS which allows you to listen to up to the minute updates about the real estate industry.

What great timing for the launch of our new blog. Today we had the ribbon cutting ceremony at the new Greater Baton Rouge Association of REALTORS board office.  It’s a great new building for facilitating the activities of the local association.  There’s an enormous classroom for our continuing education classes and wonderful computer room for technology classes.

In attendance were some of members of the Board of Directors along with local media from the Advocate and the Baton Rouge Business Report.  And, we had a guest appearance from Stephen Moret.  It’s a great event with good food, music, and lot’s mingling.

Coincidentally, we’re also launching our new blog site today. Linda Fredericks and I will be the primary contributors to this site and we do hope that you will find it useful. Some of our blog entries will have market data about the Baton Rouge area. some will contain information for local real estate professionals, and some will have great tips for home buyers and sellers.  We’re open to suggestions as well, so if you would like to see us discuss a specific topic drop an email to Team@LindaFredericks.com and we will happily provide you with the information you seek!  Feel free to visit us here at www.HomeAfterHomeBlog.com frequently to get the latest updates.

Now, to kick this off with some great information, I provided my very own market data chart in the media packets for the press that attended the ribbon cutting ceremony at the association office. I am providing you with that very same chart here as well. This chart shows the steady yet moderate appreciation the Baton Rouge market has experienced over the past 7 years. Check it out:

Hope to see you soon,

Bridget F

Well, I had a great vacation on the beach in Navarre, FL.  It’s clear that there are some areas of the country that are suffering due to a weak economy.  In fact, I was able to get a much better price on a beach front condo for a week as a result of the soft national economy.  But back home in Baton Rouge, LA the real estate market was hopping!

I left Linda with a great deal of work to handle. One of our sellers receieved two offers on his home for sale this past week.  We are working on two closings for Monday and Tuesday.  We have inspections for one of our buyer-clients on Monday.  And we’re talking to new buyers/sellers everyday.  It’s all proof that the real estate market in Baton Rouge is quite a healthy market.

For sellers who have their homes properly priced, there are plenty of buyers.  For buyers with good credit there’s plenty of lenders out there ready to lend.  And for first time homebuyers there’s still time to get a home before the first time home buyer tax credit of $8,000 expires (December 1, 2009 is the expiration date).

So, if you’re wondering if now is a good time to move, it is!  In fact, now is a great time to make that move. The market will probably cool down after school starts, but there is still some time left to strike while the iron is hot.

Happy House Hunting/Selling!

-Bridget

Hello to all the potential home buyers out there.  I know there’s so much going on in the news right now, it’s hard to know what to believe.  So let’s hope this blog post can clear up some of the confusion.

First, let’s talk about interest rates. Yep, you’ve seen it.  Someone, somewhere has advertised a rate of 4.6%, 4.8%, 4.4%, etc.  How do you know what your rate will be?  Well, unless you talk with a lender, you won’t know.  First of all, the rate that is typically advertised is the best possible rate.  It would typically apply to someone with 800 credit scores, putting at least 20% down for a conventional loan on a primary residence.  You see there are a lot of factors that go into determining your rate.  So, if your credit scores are in the 675 range, your rate will be higher.  Some banks are even charging hits to the rate for people with scores of 700-719.  Part of this is the lending industry correcting for past mistakes.  So, be prepared if your rate is higher than the rate that plastered all over billboards all over town.  And remember, if rates weren’t so low to start with, then with the added hits, your rate could be even higher – so you’re still getting the deal of a lifetime with respect to interest rates.  Rates remain at the lowest levels that they’ve been at in 30 years!

The tax credit – $8,000 - up for grabs.  Ok, so first, this applies to a first time home buyer which is someone who hasn’t owned a principal residence in the past three years.  How cool is that?  So if you did own a home, five years ago but haven’t since then then, presto bingo, you’re a first time home buyer again!

Second, there are income limits so you may or may not qualify for the entire $8,000.

Thirdly, you may have heard a lot of noise about FHA saying that you’ll be able to use the tax credit in advance of receipt of the money.  Well, they put the cart before the horse on this one.  While they may still figure out a way to make it work there isn’t anything that I’m aware of YET to make this a reality.  So, for now, you need 3.5% for a downpayment and you may file for the tax credit when you file your tax returns next year.  That’s still pretty good… getting $8k back from Uncle Sam!

P.S. I did hear a rumor that Louisiana was working on a putting a mechanism in place for you to get use of that tax credit up front as your downpayment. But at this point, I have to question if the beauracracy can get something in place before the 12/1/09 deadline expires.  My suggestion is – DON’T WAIT – MOVE NOW.  Go ahead and make that move now. Take advantage of this phenomenal buying opportunity, Now!

If you want more information about the tax credit, I suggest that you talk to your CPA and take a look at the website.

That’s all for now.  I’m sure things will keep changing daily so keep looking out for new information as it hits the streets!

So, most people who know me, know that I use every technological tool I can to help grow my business. My aim is to be more efficient and helpful to my clients without having to work quite as hard.  No running around to deliver documents that I can email, for instance.  Well, we’ve taken the next step in technology and added it as a funciton of our business.

First, Linda and I both now have new computers. These tiny, “mini-notes” are awesome to carry around and travel with. Weighing in at less than 2 pounds, my shoulder loves my new computer over my older 7 pound laptop.  Sure the screen is smaller, and my fingers had to get used to the keyboard, but everything is starting to come together.  I’m including a picture of my new laptop sitting on top of our office laptop which has a 14 or 15″ screen to give you an sample of the size.

Next, since my computer doesn’t already have bluetooth built in, I purchased a bluetooth dongle.  The tiny Belkin nub on this next picture shows the usb bluetooth connector.  (The larger usb device is my 8Gb thumb drive). This allows my Palm powered cell phone to connect wirelessly to my computer.  No more plugging and unplugging cables to sync my phone’s data to my Outlook database.  But it get’s even better.

Since, on my Verizon Wireless plan I pay for unlimited internet access on my phone, I can also use my phone as a cellular modem for my computer to get internet access.  This also takes place through the wireless bluetooth connection.  Now, no matter where I am, if I have cell coverage I have internet access.  There are a couple of programs that do this. I’m using USB Modem by Mobile Stream.  But there’s also a product called PDA Net made by June Fabrics that works with different devices.

For those of you who don’t know the terminology, this enables you to use your cell phone through a “bluetooth tether” to connect your computer to the internet.  You’ll have to check with your wireless carrier to see if they’ll let you do it. Some carriers want you to buy the cellular modem instead.  But I checked the Verizon site and they do allow you to tether your cell to your computer if you are paying for the unlimited wireless plan. (Or at least they did as of a few days ago when I looked it up!)

See ya’ll next time… and Happy Tethering!

I know lots of us like to get advice from someone who we trust greatly before making big decsions.  In fact, it’s perfectly normal.  But there’s a right way and a wrong way to do this.  So, if you are a buyer or seller and you plan to make a move soon and want the advice of an uncle, an aunt, a parent, or other trusty advisor this article is for you!

First, I assume that you want your advisor involved either because they are older/wiser than you are or because they have purchased and sold more real estate than you or both.  These are good reasons.  I know that when I make big decisions I still like to get my parents’ input because they are wiser (we won’t call them “older” because they get sensitive to that “old” stuff).  Realistically, I know that they have had their opportunities to make mistakes so why not learn from their mistakes instead of having to make my own!

When you get started, bring your advisor(s) to your first meeting with your REALTOR.  It’s important for a couple of reasons.  First, “who” you select to represent you in your real estate transaction is your first BIG decisions.  Let your advisor(s) meet that person and help you determine if your real estate agent is as good as you think they are.  This is the first big step you’ll take.

If you are selling a home, your advisor(s) won’t be needed again until you get an offer.  When your agent makes the appointment to discuss the offer with you, be sure to schedule it so that your advisor(s) is there as well.  All the questions can be asked at one time and your family member and your REALTOR can work together to help you achieve your goal.  It is key that everyone is working together to help you!

If you are buying a home, I suggest that your family member view the homes with you.  Most buyers tend to buy on emotion.  You will have the added benefit of your advisor giving you a less emotional opinion of each home as you see it, in conjunction with your REALTOR’s opnion in terms of values, quality, and resale.  Once again, everyone is working together to help you achieve your goal.

By being sure to have your chosen advisor with you each step of the way, you eliminate some trouble for you.  I’ve seen before a thousand times.  A buyer picks out the prettiest house from the whole lot, brings Auntie Em who has bought and sold apartments for a living and the very excited buyer who just loves the home they chose asks Auntie Em what she thinks and ole Auntie says, “Well, it’s ok, but I’m sure you could do better.” If only Auntie Em had seen the other 10 houses that were awful, then she, too, would know what a great home the buyer had chosen.

The entire process of buying or selling a home can be a big undertaking.  This is just one tip to make it a little less stressful for you and a little easier.  The whole process is one big education, so leaving someone as important as your advisor out of one of the loops can hurt the process for you.  So bring them along for everything.  And you’ll get better, more helpful advice from your friends/family.

Wow! I just haven’t had time to write in a long time. But let me update you on some interesting issues that we are facing when processing sales in today’s lending environment.

First, let me start by saying that here in Baton Rouge, LA we have a remarkably healthy real estate market.  Properties are moving.  We’ve had a couple of properties with multiple offers.  And there seems to be a healthy supply of inventory and buyers.  Having said that, this means that we have been selling.  And in selling, we’ve seen a few interesting things pop up!

For investors: Keep your reciepts!  If you purchase a home to fix it up and sell it quickly – especially if you got a great deal on the purchase – keep your reciepts.  We’ve noticed that the buyer’s lenders are asking for those receipts to justify the increase in value.  Now, I, personally, am not fond of this. I think the lender should trust the appraisal to determine value. And it concerns me if underwrters are now placing a value on the improvements made to a property. But despite that, this is the world we live in. This should be an issue if you double the value in less than a year and the buyer is getting an FHA loan.  However, we’ve seen this issue pop up even when the property did not “double” in value.  So keep those receipts and be prepared to deal with this issue if it pops up.

Here’s the other item that’s seeping it’s way into our perfect little world.  It’s a thing the underwriter calls an “inducement to purchase.”  In some parts of the country, I’ve heard that sellers are giving away cars, cruises, vacations, etc as an inducement to the buyer to purchase their property.  This is not the case in Baton Rouge, but we are feeling the effects of this down here.  So how does this affect us now?  If you have a purchase agreement that states that a “washer and dryer will remain at no value,” the underwriter will ignor the “at no value” clause and subtract the value of those items from the purchase.  In fact, I’m dealing with this right now!

I can’t believe a common household appliance would be considered an inducment to purchase.  And quite frankly, I’m concerned at where this stops? It starts with a washer/dryer, then a how about a dishwasher, a stove, the toilets, etc.  It’s a slippery slope is all I’m saying, but it’s one that we don’t have any control over.  These rules are dictated by Fannie Mae.  For now, just be aware that these items are probably better left off the purchase agreement and sold separately to the buyer from the seller.  And keep an eye out for what Washington, D.C. does. As unemployment rises in other parts of the country, rules and laws that they implement may have further affects on us.

On the bright side our unemployment rate is much better off than the national average and we’ve actually seen job growth in Louisiana.  That’s all for today.  If you’re considering a move, let me know!

As the new year approaches, I know that there are many people out there considering a move in 2009.  Now is the time to start getting all your little duckies in a row.  This is a good place to start.

First you want to start your reseach.  Most people today start their research on the Web, and here you are!  I must warn you though.  There are many sites out there doling out free information to the consumer and many of these sites are giving you misinformation.  So, gather some information on the Web, and then be prepared to meet with your REALTOR.

Whether you are selling or buying a home or both, you’ll probably want to interview a few agents.  Most people do interview agents to list their home for sale.  But most people don’t do themselves the same due dilligence when purchasing a home.  Now, you might think, “What’s the big deal who helps me.  I know how to buy a home.”  Sure you do.  But, an experienced agent can help you shave off a lot of time and stress in searching for your home.  An experienced agent will also help you prioritize and strategize your offer so that your purchase works best to your favor.  So, take the time to interview buyer’s agents and find out what they are going to do to help you through this process and save you from the heartache of the failed transaction or overpaying for a home.

Investor Note: If you are planning to purchase an investment property, an experienced agent will save you a lot of time.  An experienced agent can rule out bad investments on paper before you even have to see the house, likewise that same agent may be able to spot a real gem for you as soon as it comes on the market.

Next, you’ll have to select the agent or agents who you want to help you with your move.  Great agents will work together to help your sale and purchase dates work together seamlessly.  This is yet another skill that help keep you from having to live in a motel as is the case when the dates don’t come together just right.

It’s never too early to start your plan.  Let’s say you want to move next November.  Your agent can help you prepare your home for sale.  Sometimes it may take time to get ready, so knowing ahead of time what needs to be done can save you some last minute stress.  If you are making a purchase later in the year, knowing the financial part of your transaction now may certainly help you to prepare for the money you may need for a downpayment or to clear up any errors on your credit report.

So, as the New Year sneaks up on us now is the time to start planning so that we may achieve those New Year’s Goals!

Free Graphics – MySpace/Xanga/Friendster

Whew! I finally have a few moments to sit down and make a blog post.  I think this is my first post of 2009.  I know we’re only 6 days into the new year, but I feel like I’ve accomplished 30 days worth of work.  So, let’s talk about the local real estate market.  I won’t have stats for January until January is completed, but I can tell you what’s going on in my office.  I have met and showed homes to 3 new buyers since 12/31/08.  I have written contracts for all three buyers.  One of the buyers was competing with other offers on the house he wanted, and – of course – my client’s offer is the one the seller accepted.  I have a 4th new buyer that I’m showing homes to this evening.  And a 5th new buyer arriving in town on the 20th of this month.  Plus, a 6th buyer that will be ready to look at homes around the middle of the month.

The other factor is, clearly, interest rates.  Rates are lower than they’ve ever been and they may be lower than they ever will be.  This has definitley helped some buyers move up their timelines to purchase.  A couple of the people that I’m working with now had planned to wait until summer to move, but the super low rates have inspired them to act on those plans now.

So, if you are considering a move.  Now is the best time.  Even with all the business I’m working right now, I’m never busy enough!  I want to help as many people as I can in 2009, so I’m off to a good start.  But if you or someone you know is considering a move, give me call and we’ll help you plan your process.