Baton Rouge Real Estate

June 6, 2017

What Would You Sacrifice To Buy A Home – Glenda Daughety Tip

There are many things that you can sacrifice in order to buy a home in the Baton Rouge area.  The word sacrifice is something most today don’t want to talk about. Why ? because we live in an age of instant gratification and planning for the future seems to be what someone else does. In order to get a home most people will need to forgo things in order to prepare for the biggest investment of their lifetime, that it, buying a home. Listed below is the result of a survey of what people are willing to give up in order to make ownership a reality.

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.

June 2, 2017

Can Your Baton Rouge Real Estate Agent Answer Your Questions?

Whether you are selling or buying a home, the real estate agent you hire is critical to guaranteeing your family makes the right decision. Most agents can walk you through the process and explain the industry lingo,’ but you should expect so much more than that.

The housing crisis made everyone aware that truly understanding the real estate market is more complicated than it seems. Today, there are many questions your Baton Rouge real estate agent must be able to answer to ensure your family is making the right decision. Here are just a few:

  • What impact does the movement in mortgage interest rates have on buyer demand? 
  • With home prices increasing rapidly, are we headed toward another housing bubble?
  • Do you need a 20% down payment to purchase a home?
  • Why can’t we list at a higher price and drop it later if necessary?

When you are interviewing an agent to represent your family in your next real estate transaction, make sure they can intelligently answer all your questions, while simply and effectively explaining what is happening in the current housing market.

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 31, 2017

Baton Rouge Housing – Buyer Demand

If you are debating listing your Baton Rouge house for sale this year, here is the #1 reason not to wait!

Buyer Demand Continues to Outpace the Supply of Homes for Sale 

The National Association of REALTORS’ (NAR) Chief Economist Lawrence Yun recently commented on the inventory:

Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.

Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.

The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.

The chart below details the year-over-year inventory shortages experienced over the last 12 months:

baton rouge housing supply

The Baton Rouge real estate market is also in need of houses to sell to meet the local demand. The summer market is in full swing but buyers are not able to find their dream home due to the inventory shortage.

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 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.