Baton Rouge Real Estate

May 26, 2017

Baton Rouge Inventory Challenges – Glenda Daughety Update

Baton Rouge and Nationwide Inventory Challenges

baton rouge inventory infographic

  • After a surge in March, existing home sales and new home sales slowed due to a drop in inventory available for sale in the start-up and trade-up categories. Baton Rouge has once again seen inventory levels decline.
  • The National median existing home prices surged for the 62nd straight month, up 6.0% over last year to $244,800. This average is above the Baton Rouge median price of $180,000.
  • New home prices slowed as builders have started to turn their focus toward single family, smaller homes.

Contact Glenda Daughety today to learn more about real estate in Baton Rouge LA.  We welcome the opportunity to update you on current market conditions while recommending lenders at the same time.  Let our knowledge and experience serve as your guide to Baton Rouge real estate.

May 18, 2017

Making The Offer – Glenda Daughety Real Estate Tips

baton rouge real estate making the offerSo, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.” 

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Contact Glenda Daughety today to learn more about real estate in Baton Rouge LA.  We welcome the opportunity to update you on current market conditions while recommending lenders at the same time.  Let our knowledge and experience serve as your guide to Baton Rouge real estate.

May 12, 2017

Buying vs Renting in The Baton Rouge Real Estate Market

baton rouge buying vs renting chartThe results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. Baton Rouge is no exception, here rental prices continue to increase and are in many cases more than a house note.

The updated numbers actually show that the range is an average of 17.4% less expensive inHonolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and37.7% nationwide!

Other interesting findings in the report include:

• Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.

• Home prices would have to appreciate by a range of over 23% in Honolulu (HI), up to over 45% in Ventura County (CA), to reach the tipping point of renting being less expensive than buying.

• Nationally, rates would have to reach 9.1%, a 145% increase over today’s average of 3.7%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home here in the Baton Rouge area just makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home. GlendaDaughety.com

Free E-Guide to Buying Your Baton Rouge Dream Home

May 9, 2017

Glenda Daughety Tips -Three Big Things Homebuyers Are On The Look-Out For

 
Curb Appeal

You only get one chance to make a first impression. Your home should sell to the buyer from the curb. That’s how important curb appeal is. Your buyer should be so impressed, so charmed, so delighted that they want to leap out of the car and run inside.

How do you create curb appeal? Show attention to detail. Your home has to be prettier, cleaner and in better condition than its neighbors.

Start with sweeping the drive, walkway, and porch or entry of dirt and debris. Get rid of leggy bushes, wilted flowers and broken tree limbs. Plant fresh flowers in the front garden or in containers at the entry.

Power-wash the exterior and hand-wash the windows. Touch up paint around the windows, if needed. Paint the front door a fresh, modern color. Replace the door hardware and porch sconces.

Space

The number one reason why people buy homes is to have more room. Whether they’re moving from an apartment or moving up from the home they have, they want to have plenty of space to do the things they enjoy.

If you have a large home, you’re golden, but that doesn’t mean you’ve got it made. You can ruin a buyer’s first impression with too much clutter, so make sure to keep your home picked up so your buyer can see your home’s features clearly and easily.

What if you don’t have a lot of space? Plan to do some storing and staging. Rent a storage unit and put away all out of season clothes, toys, and home decorations and accessories. Clean off all tables and countertops so you have only the minimum of things your need to operate your home. Empty closets of anything that is “stored” and move it to the storage unit. The small expense you’ll pay in storage fees you’ll more than make back from your buyer’s offer.

Updates

There’s a reason why first-time buyers and singles tend to buy older homes – they’re more affordable than buying new. So unless your buyer is a building contractor, chances are they want a home that’s as updated as possible.

You may not be interested in putting in a new kitchen in order to sell your home, but you can do a few things to make buyers happy. Replace the most dated features – countertops, cabinet pulls, or appliances.

Bathrooms are so personal that they can easily turn buyers off. Invest in new towels, bathmats and a shower curtain. Throw out slimey soaps and limp ragged bath sponges. Replace with liquid shower and bath products. You can take all the new stuff with you to the next home.

Painting is expected by buyers, but don’t repaint the same colors that you chose 10 years ago. Pick an updated neutral like a warm grey instead of beige. Be sure to choose a color that will complement the architecture and flooring in your home.

Contact Glenda Daughety today to learn more about real estate in Baton Rouge LA.  We welcome the opportunity to update you on current market conditions while recommending lenders at the same time.  Let our knowledge and experience serve as your guide to Baton Rouge real estate.