Real Estate Information Archive

Sandy’ Team has some tips to help you look past the emotional excitement of a new home to the hard-core reality of the decision you’re trying to make?

True beauty is more than skin deep.  Lovely decorating or historic character is wonderful, but a home must do more than look good. That kitchen layout may be dramatic, but does it include enough cabinets?  Are there any towel bars in that beautiful old bathroom?  This is an especially important point to remember when you’re touring model homes or show homes, which are professionally decorated based on market research that has identified the touches and features most appealing to prospective buyers.  Of course, decorating is important.  Just don’t let it be the only thing you see.

Is it livable?  Think about where you spend most of your time in your current home, and then use those thoughts to evaluate the features of the home you’re considering. If you love to entertain, for example, make sure the kitchen is close to the dining room or has enough space to accommodate your guests while you’re preparing a meal. If you hate the dog tracking in dirt from outside, don’t buy a home with its main entrance opening into your formal living room. If your kids have to get ready for school at the same time, look for a home with easily accessible multiple bathrooms. If you have lots of company or kids, or enjoy long whirlpool baths, make sure the house you’re considering has a water heater large enough to accommodate your needs.

Can I maintain it?  A yard worthy of a botanical garden is beautiful.  But it will quickly be an eyesore if you don’t know or care about plants.  And intricate gingerbread on that Victorian home may become less appealing if you have to pay a painter to brighten it up every couple of years.  Think about what it will take to keep a home in good shape before you make a purchase decision.

The Real Value of Your Home

A good REALTOR^® will show you the facts regarding the price your home will sell for. The most revealing fact is the prices buyers have been willing to pay for homes similar to yours.  These are called comparable sales and are available to every REALTOR in our area.

Don’t select your agent based on the price they say your home will sell for. Remember, the agent you choose isn’t buying your home; your agent is responsible for selling your home.

Unfortunately, a homeowner will often select the agent who quotes the highest price.  Sometimes, an agent who understands this will tell a seller an inflated price to get the listing.

The agent who is willing to list your house at the highest price is the least likely to get your home sold for top dollar. An agent who knowingly takes an overpriced listing usually plans to start “working on you” immediately to get a series of deep price cuts. The problem, besides your frustration and feelings of betrayal, is that all the other agents quickly decide your home is an “overpriced burden” and won’t even consider showing it. You have to cut your price well below fair market value to get the other agents to think of it as a good value! The result is that your home takes longer to sell and you get less money.

The secret to getting the most money and the quickest sale with the fewest problems is to price your home properly. The facts are available and they are clear and convincing. The best way to select a REALTOR is to find the person with the best strategy for marketing your home.

Sandy Ogburn-Sandlin of RE/MAX Excellent Properties recently held a “Mother of the Year” contest open to 4^th grade students at Central Primary. Students were asked to describe in 100 words or more why their mother should be “Mother of the Year.” Sandy announced Daijah Adams of Mrs. Hano’s class as this year’s winner. Her mother was awarded a dozen roses, while Daijah was given a $50 gift card to Wal-Mart. Special thanks to all participating students and teachers.

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15 Questions to Ask Your Lender

1.  How many loans do you write each month?

2.  How long have you and your processor worked together?

3.  How is your working relationship with your underwriter?

4.  What type of loans do you offer?

5.  What is your current interest rate for a 30 year fixed rate loan?  What other loan programs do you offer and recommend?

6.  What are the total application fees?  How much for the credit report, appraisal fee, and origination fee?

7.  Will I receive a good faith estimate with all the closing costs itemized?

8.  Will mortgage insurance be charged?

9.  Can I float the interest rate and/or lock it in?  What will it cost to lock the interest rate and how long will it last?

10.  Can I prepay the loan without a prepayment penalty?

11.  When will my first payment be due?

12.  How much money will need to be set aside to start my escrow accounts?

13.  How long will it take for my loan to be approved?

14.  When are payments considered late, what is the penalty?

15.  Who should be contacted if I have questions?

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Prairieville buyers have plenty of reasons to buy a great house in Ascension Parish or anywhere in the Greater Baton Rouge areas. After all, homes are plentiful and well priced, the interest rates are low, and of course, the home buyer’s tax credit is in effect through April 30.  Yesterday, the FHA made an announcement that impacts anyone who buys after the tax credit has expired. The best advice to potential home buyers is to buy now, if you can can to beat the FHA clock.

FHA has always been a good financing option if you less downpayment in hand and if your credit score was a bit lower than what some banks liked.  Over the last few years, FHA has written almost 30% of the loans (up from 3% back in 2006) and has suffered from rising delinquencies.  The agency now must build its reserves and keep FHA-insured financing alive and well for homeowners.  HUD Secretary wants borrowers to “have more skin in the game” as a way to reduce future defaults.

Some of the new rules apply to lenders who must now increase their reserves and practice more responsible lending practices.  These are effective immediately. So what are the new rules that affect buyers?

Mortgage Insurance Payment (MIIP) will increase from 1.75% to 2.25% of the one and be added to the balance at closing. This will go into effect April 5, 2010.

Credits scores must now be at least 580 if you want to qualify for a 3.5% down payment.  If your credit score is lower, you must come up with 10%.

Sellers will only be able to contribute 3% to the closing costs, as compared to 6% now.

These changes are reasonable, but they will cost new buyers more.  All three changes will be effective by late spring-early summer which means those who buy before April 30 will reap some benefits of the tax credit and be able to go by the old rules (except for the MIP increase effective 4/5/10.)  Currently, interest rates are low but expected to rise by late spring, so buyers will benefit from that as well.  After that, if your credit score is low, you may have to save longer to get your downpayment in order, while all FHA borrowers will pay more MIP and closing costs.

If you are ready to buy a home, call Sandy’s Team to discuss your home buying plans.  Sandy and her team can find you the perfect place to call home in the new year in Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer's tax credit - $8,000 for first time buyers or $6,500 for repeat buyers.

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As part of the Midwest celebrated Christmas or its aftermath with snow, Ascension Parish and the surrounding area was pelted with so much rain that some roads remain flooded today.  With the kids out of school, holiday gifts to exchange, and homes to buy, no one wants to be inconvenienced or endangered when out on the road.

Here are some timely tips for driving in wet weather issued by Ascension Parish in mid-December.

First, check for updates on the Ascension Parish website or local TV or radio stations on the status of local roads.  If your destination is the midst of a flooded area, think about rescheduling or at least call ahead to make sure the place is open.

Second, plan ahead and allow for more travel time.  You might have to detour or drive more slowly. 

Third, drive slowly, especially if the roads are water-covered.  You will be better able to stop and avoid road hazards and refuse that has blown unto the road.

Fourth, keep ample distance from the car ahead of you!  Follow in their tracks if possible.

Fifth, brake early and gently.  If you pass through water, tap your brakes lightly to dry them out.  Remember not to try to stop quickly with wet brakes.

Sixth, avoid driving through standing water.  If you can’t see the road markings through the water, it’s better to turn down a side street or turn around.  A foot of moving water can lift your car off the road!

Seventh, if you hydroplane, slowly release the gas pedal and steer straight until you regain control rather than braking or turning the wheel suddenly.  Don’t use cruise control

Eighth, turn on your lights if you are using your wipers.  It’s state law and good sense.

Ninth, be extra careful at night. 

A lot of traffic in Ascension these days is due to people who want to take advantage of the home buyer’s tax credit.  Sandy Ogburn-Sandlin and her team at RE/Max Excellent Properties can show you new and resale homes in Ascension Parish as well as neighboring cities in the Baton Rouge market that offer great values for first time buyers and repeat buyers!  It's likely that homes will move quickly with the new incentives in place, so contact Sandy's Team today to jumpstart your housing search!  Drive as quickly as conditions allow to take advantage of the great home values today!

With the holidays nearly here it may tempting to put your home buying or selling activities on hold. Whether you are buying or selling in the Greater Baton Rouge area, it is easy to make the assumption that real estate transactions hardly fit into the busy seasonal plans.  This isn’t necessarily true, and your real estate agent can show you how to make holiday home buying or selling work out just fine

Sellers:

You may be tempted to take you home off the market for a while, so you can enjoy the season without having to do quick clean ups for unexpected showings.  Showing might also cut into gatherings you have planned.  If you are preparing for a party and elbow deep in bread dough, that is the last time you want strangers dropping by.

The reality is your agent can schedule showings around your schedule and not authorize ones by other agents the day you are having your annual holiday open house.

This year, incentives for buyers (which include you if you planning to buy another home) are so great that there is reason to keep your home on the buyer’s radar.  You have a real opportunity to sell the home more quickly than in the past months.

The only way selling might otherwise inconvenience you during the holidays is that you still need to keep the decorations modest.  If home usually resembles Chevy Chase’s Christmas Vacation dwelling, dial things back a notch and go for a minimalist look inside and out so the beauty of your home shows through. 

If you have a showing, your home will come off as warm and friendly if it smells of pine and bayberry and has a plate of cookies on the counter.

Buyers:

Just because it is the holidays doesn’t mean you can afford to put off your house shopping until after New Year’s.  Especially at lower price points, homes are moving quickly. With the home buyer tax credits and low interest rates on your side, this can be your time to beat the rush most realtors expect in January.

It is likely more homes will come on the market after the holiday. With fewer other buyers out, the holidays are a great time to look at homes already on the market that may be a match for you.  If you don’t fall in love with one, you can move on to the new offerings in January.

If you’ve have been transferred, your lease is up, your family is expanding – you may need to find a great home quickly,  Since fewer people are competing for homes during this time of year, you will have more chance of having a reasonable bid accepted on a home you love.

As a buyer, there are a couple of holiday rules you need to follow.  First, though are in a rush, the sellers may not always be able to make the house available on short notice.  Give them a little slack as they may have had plans before you called for the showing.  You will probably not be welcome on Christmas Day or 9 am December 26 or January 1.   Second, remember to look past the holiday décor when viewing the home.  That Christmas tree won’t always be in the living room or family room.

With holiday sales, Buyers can receive the wonderful gift of a Baton Rouge area house and sellers can unwrap the prized signed contract they have been waiting for..  Liven your holiday with a call to Sandy and her team.  They can find you the perfect place to call home in the new year in Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer's tax credit - $8,000 for first time buyers or $6,500 for repeat buyers.

Short sales sound like they could be the answer to a distressed Baton Rouge seller’s prayer, while offering buyers a great deal. They offer real promise to avert foreclosures.  However, often the time to process them is lengthy and the ultimate success rate, low.  Since the Making Home Affordable program came out in February, the Obama Administration has been announcing that new rules to make short sales quicker and easier were on the way. Recently, the Treasure Department has released these new rules to expedite short sales

Basically, the new guidelines offer financial incentives for borrowers, mortgage companies, and investors to participate in the program.

• $1000 to lenders for administrative costs
• $1500 to sellers to cover closing costs or for moving expenses
• Up to $3000 towards paying the junior lien holders to release their lien.

In order to qualify:

·         The property must be the home owner's principal residence.

·         The homeowner is delinquent on the mortgage or default looks likely.

·         The loan was made before Jan. 1 this year and is less than $729,750.

·         The borrower's total monthly mortgage payment exceeds 31 percent of before-tax income.

The new program standardizes paperwork and gives the lender 10 days to approve or turn down a request for a short sale. When it’s done, the short sale must release the borrower from the debt.  During the process, the lender cannot foreclose on the property or charge fees. The new rules come at a time when at least one major bank has adopted improved software to streamline paperwork for short sales. (Click here for the full text of the new rules.)

Mortgage servicers have 10 days to approve a request for short sale, and when done, the transaction must fully release the borrower from the debt. The deadlines remove a lot of the uncertainty from short sales, a relief to buyers as well as the seller and their agents.  Now sellers (and real estate agents) will have a clearer idea of how to proceed and buyers will know if they got the house in a timely manner too!

If you are at risk of foreclosure on your Baton Rouge home, Sandy can help you arrange a short sale. If you are looking for a home,  Sandy and her team can also help you find a short sale property in the Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also answer any questions you might have about the home buyer’s tax credit - $8,000 first time buyers or $6,500 for repeat buyers.

Even in Greater Baton Rouge, where home prices have not fallen as much as elsewhere, some who would like to move have put their plans on hold until things are a little better for sellers.   In a buyer’ s market, a real estate agent often has to deliver the bad news that the seller has to lower their asking (and selling ) prices a bit to be in line with the market.  The new Home Buyer’s Tax Credit promises to shake things up for sellers as well as buyers.

The Home Buyer’s Tax Credit offers you a chance to reassess your position. Now, repeat buyers who have lived in their home for at least five of the last eight years qualify for a $6,500 tax credit.  If you have been thinking of making a change the credit allows you to do that.  Why?

First of all, if you have a home priced under $250,000 in most parts of the country, your home is on the radar screen of many first time buyers.  True first time buyers who have never owned a home tend to be younger and not as affluent, for them, so an affordable home might be just want you want to sell. In, home at these price points are selling much faster than last year. If you want to sell, you might not only find a buyer, you might get multiple bids on your home.

Second, if you have been wanting to move, the $6,500 might give you the help you’ve need. This will offset the closing costs, partly compensate you for any loss in value, or give you some working capital for projects in the new house.

Third, when you are house shopping, you will also have the “buyer’s market advantage” on your side and be able to get more house for your money.  If you are looking for a bigger, better house, the seller may have lowered the price to meet the market.  With low interest rates currently offered , you might be able to find your dream at such a deal you fell less pain at how much you had to lower your price.

Fourth, the credit is called a move-up credit, but you don’t have to buy a more expensive home to qualify for the $6,500.  If you are looking to downsize due to retirement or a lifestyle choice to simplify, you find a new place that costs less and still get the tax credit.

Fifth, if you’ve been wanting to turn your home into a rental, this could be your chance.   Current interpretations of the new law do not prohibit you from keeping your current home as investment property any buying another for yourself as the primary residence.

Sixth, this credit could give you a chance to revisit a prior decision.  Say you moved north for a job, but now, a few years later, you realized you miss the Prairieville or want to be closer to your kids. If you have rented for more than three years, you can use the First Time Home buyer’s Credit to buy a new home or condo up North. If you bought and have lived in your home at least five of the last eight years, you can sell and buy elsewhere with the $6,500 bonus. You can even turn your current home into vacation home status, buy a primary residence and claim the credit. (For some of these trickier scenarios, make sure to consult your tax advisor.)

The purpose of the new credit to is to stimulate the housing market at all levels, although homes that sell for over $800,000 won’t qualify. Since the credit is expected to cost the government $10.8 billion in lost taxes (plus $10 billion for the first phase), it is highly unlikely that it will be renewed. As the time lines roughly correspond to when interest rates are likely to remain low, this next five + months are the perfect example of a “once in a lifetime opportunity” for you as a  seller to move your home.

The new credit can work for you!  Let Sandy and her team show you a wide selection of beautiful new and pre-owned homes in the Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer's tax credit - $8,000 first time  buyers or $6,500 for repeat buyers.

Business Week recently named Baton Rouge one of the U.S. Metro’s Least Touched by Recession as well as placed it as No. 8 on the magazine’s list of Top 10 Metros in the U.S.  Based on a Booking's Institute’s assessment of the economic health of 100 cities with populations over 600,000.  Baton Rouge fared well in the four areas studied: job growth, gross metro product, unemployment change, and home price change.

As the capitol of Louisiana, Baton Rouge has a stable base of government employment plus a strong, expanding energy sector and a strong educational sector.  In the wake of Hurricane Katrina, the vibrant economy in Baton Rouge has been sparked in part by a construction boom.  Thousands of displaced families arrived in Baton Rouge after Hurricane Katrina and temporarily doubled the population.

Not everyone stayed, but the influx of people, as well as rampant property destruction, spurred demand for services and activity in the residential and commercial construction.   Currently, there are $5.1 billion of commercial construction projects underway, which includes Katrina repair and corporate expansion.  ExxonMobil (XOM), for example, is building a new chemical plant, while the French company SNF is building a new plant in the area.

This activity has made for good job growth and lower than average unemployment.  Baton Rough unemployment is currently 7.1%, a good 3% lower than the national average.  Wage growth has been weak.

It has also maintained the gross metropolitan product (GMP), which measures the value of all goods and services produced in the area.  Baton Rouge peaked in 2009 and hasn’t declined much. This indicates that demand has remained stable, despite the recession.

In the Baton Rouge area, housing prices were up 3.3% in through June 30, 2009 according to the recent report mentioned in BusinessWeek, and have remained stable in the 9 parishes that make up the Greater Baton Rough area.  Though housing sites like Trulia show that prices are down in the city of Baton Rouge at the moment, the area is viewed as a market where prices will rise.

The Greater Baton Rouge area includes nine parishes - Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Point Coupee, St. Helena, West Baton Rouge, and West Feliciana. 

Beat the recession blues!  Buy a new home in Baton Rouge!  Sandy and her team show you a wide selection of beautiful new and pre-owned homes in the Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer’s tax credit - $8,000 for first time  buyers or $6,500 for repeat buyers.