Baton Rouge Realtor Homes

Archive for the ‘greater baton rouge real estate’ Category

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.

So rates are low. I’m sure you’ve heard that by now! Rates are below 5%, lower than they have been in at least the last 30 years says Freddie Mac in an article they released yesterday. But what does that mean to you?

Well, it could mean that now is a good time for you to refinance. I may mean that now is a good time for you to move. And, I may take some heat for saying this, but it may mean nothing at all to you.

If you plan on owning you current home for several more years and if your current interest rate is 2 percentage points higher than today’s rate AND if your credit scores are very good, then it might be a good time refinance. You are going to have to pay to refinance so you’ll want to know that you will own this home for some time to recoup the closing costs of the refinance in the savings you have each month on your payment. So don’t run out and refinance if you plan on selling within the next year! Also, you want there to be a reasonable savings between your current rate and the new one. 2 points is the general rule, but you can do your own figuring to see if a 1.5% savings on your rate is worth it to you. Finally, the rate that you will see quoted by agents, lenders, etc. tends to be the best rate available and applies to people with 720+ credit scores. If you credit is only average, say 680 or 650 then your rate will be higher, and thereby not as much of a savings on your monthly payment.

If you were planning to move in the near future, the low rates may mean that it’s time to move up your timeframe to move so that you may take advantage of the lowest rates available. Even if your credit scores aren’t perfect, you will still get a lower rate today. You may or may not get the “best” rate. The point is that the rate starts off so good today that even if the lender has to add to the rate because this is an investment property for you or because your score isn’t perfect or because you are buying a condo, it’s still better than starting off with a higher rate and adding to it.

Today’s rate that I’ve received from Hancock Bank is 4.75% for a 30 year fixed rate conventional loan. I’m providing you with a mortgage calculator below so that you can start your own calculations.

So many people are out shopping and handling their children who are out of school now, that very few people are out looking at real estate.  This time of year brings a two-fold issue for a REALTOR.  While it’s a welcome reprieve from the busy day-to-day that being a real estate agent is normally, it’s also a bit disconcerting to have all my prospective business “on hold.”

I know I should be out shopping, visting with friends and family, and enjoying the down time.  But the truth is, I enjoy helping people with real estate.  And I’m addicted to the non-stop, constantly evolving, changing day of a REALTOR.  So, I’m really not sure to do with all this spare time. 

In fact, I think most real estate agents are action junkies.  We need that busy day.  We need all the fires to put out.  We thrive on the success of solving problems and helping our clients “win” as each goal is met on a daily basis.  The stress is not only a motivator, but is also the “juice” that is as important as the air we breathe.  Of course, we like the easy deals.  The clients who are paying cash, want to close in a week, offer the seller full price, and don’t ask for any repairs.  But if they were all easy, no one would need a REALTOR!

Those easy deals are really only a once-a-year transaction.  You see, the very thing that REALTORS thrive on are the very things that consumers need from us.  We are the buffer between them and the other side of the transaction.  Half of what we do, is providing the buyer or seller with all the things they need and expect from us.  The other half of what we do is handling all the things that neither the buyer nor the seller ever knew would “pop” up!  We come prepared for the unexpected.

So, I’ll take this down time, to regenerate.  I’m ready for 2009.  I’m ready to help as many people as I can in 2009.  I’ll be recharged, refocused, and rearmed with everything that my client needs (whether they know what they need or not).

I’m ready!  Come on 2009… bring it on!