Real Estate Information Archive

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!

As you may have read in our recent blog Put on Your Shopping Shoes, Ascension Home Buyers!, the homeowners tax credit has not only been expanded but been made better.  Greater Baton Rouge, including  Ascension Parish and East Baton Rouge Parish, have economies that are doing better than many places and so offer a stable place to settle.  If take a look at the pictures in we include here, you will notice that the area is also a beautiful place to call home.

Who is eligible for this tax credit?

First home buyers and repeat buyers are eligible for a credit.

·         First time buyers, which includes those who have not owned a home for three years or more.

·         Current homeowners who have owned and lived in a home a primary residence for at least five of the past eight years prior to purchasing the new home

Which homes qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit, provided including single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.  However…

·         The purchase price must be less than $800,000

·         You must use the home as your principal residence – no vacation homes or investment property

·         Your cannot buy a home from a relative or spouse

Does the tax credit have to be repaid?

NO – this is a tax credit that does not have to be repaid.

How is the tax credit figured?

The tax credit is 10% of the home's purchase price, up to $8,000 for first-time home buyers and $6,500 for buyers having already owned a home.

When must you purchase the home?

To qualify for the home buyer tax credit, the principal residence must be purchased on or after January 1, 2009 and before April 30, 2010. However, you have until June 30, 2010 to close.

Is eligibility based on the home buyer's income?

Yes. Single taxpayers must have income of $125,000 or below to qualify while married couples income must be $225,000 or below. This is an increase from the previous bill.

How does the homeowner figure their tax credit?

The credit will come to you as a refund once you have filed your taxes. You must complete IRS Form 5405 to figure the amount of credit you will receive and claim it on your income tax form.

You must provide documentation that you purchased a home.

You can also check these government sites about the Home Buyer Tax Credit for more details:

·         Frequently asked questions about the $8,000 first-time home buyer tax credit.

·         Frequently asked questions about the $6,500 tax credit for repeat home buyers.

Sandy can help you answer any questions you might have about the tax credit and then 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. 

If you have slowed down your efforts find your new Ascension Parish home because you figured that you could not complete your sale in time to qualify for the $8000 first time homebuyer tax credit, put on your shopping shoes!  Not only is the credit extended till next April, it now offers some new provisions that will help you as a first time buyer and also help existing homeowners who want to move by offering a $6,500 tax credit. The redesigned credit allows you to make more money and still qualify ($125,000 for single, $225,000 for married, phase out of credit for incomes up to $20,000 higher.)  For repeat buyers, the only consideration is that they must have used their current home as a primary residence for 5 of the last 8 years.

By extending the credit to more potential buyers, the credit will help everyone.   First time buyers typically buy homes at the lower end of the price spectrum, while current homeowners often are ready for a more expensive house when they are making their second or third purchase.  Some folks who are ready to move have been put off by the prospect of a slow sale, so have put their moving plans on hold. With the new credit available, there will be a renewed interest in both starter and move-up homes.

Right now in Ascension Parish, the average home price hovers around $217,500 for new homes and $208,782 for exsisting homes.  There is a 3 month supply of homes under $100K and about a 5 month supply of homes up to $250.  For homes in the $351-400K range, the inventory is 18 months, while homes over $400 have a 40 month supply.  The new credit is likely to open up more buying opportunities for entry level buyers and encourage the sellers to buy properties that are likely to be more costly.  It is good on properties up to $800,000.

Though the new credit is good through April 30, 2010, you are only required to have a contract in place, but the closing need not be complete until July 1, 2010.  Currently, the credit that was due to expire on November 1 required the closing to be complete by that date.  Given that the whole loan-appraisal-closing process now takes longer, some buyers were likely to be clogged in the pipeline as the credit expired, while others put off the purchase figuring they would make it through in time. With the new credit, buyers with contracts have three months for the process to be completed.  This means you can buy in confidence right up to April 1, with the knowledge you will be able to claim the credit.

This is also good if you want to buy a newly built home.  Even if you are just looking at the floor plan today, you have plenty of time to buy one of the beautiful homes now under construction in Prairieville, Gonzales, Sorrento, or Geismar.  Builders have tended to construct model and a small quantity of homes so they are not left with unsold inventory, but could easily build more to accommodate buyers like you New home sales are on course to approach 500 homes in the parish this year.

Sandy Ogburn-Sandlin and her team at RE/Max Excellent Properties can explain all the details of the new credit to you, as well as show you the best new and resale homes in Ascension Parish as well as neighboring cities in the Baton Rouge market.  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!