2009 was a rocky year on the national real estate scene. Homes that had been flying off the shelf were now lingering for months (and commanding thousands in price reductions).
Thankfully, real estate is a local business. Changes in one area do not necessarily mean adjustments in another. As the year ends, let's see how the Pineville,La market faired in 2009.
Based on MLS (Multiple Listing Service) data, 317 homes sold in the 75k-250k price range. On average homes commanded 96% of there list price. In other words, home sellers were getting close to their asking price. Also, homes in this range averaged 91 days on the market.
So...what does this tell us about the health of the market. Generally speaking, a buyer's market is one that has six months of inventory or more. In our market, we have only 91 days worth of supply. Defiantly a good indicator! Also, homes are going for 96% of there list price. Thus, if sellers price according to market value, they should be fine. Sellers that overprice though, will often be forced into price reductions before getting an offer.
This data, coupled with the extension of the 8,000 dollar tax credit, point to good things in 2010! As always, feel free to contact me directly at (318) 613-1994 to discuss your Cenla housing needs!
Tuesday, December 29, 2009
Monday, December 28, 2009
Thank You!
2009 has been an amazing year real estate wise. This summer I took the leap of faith and started doing real estate full time. I want to take a moment and thank some of the folks who helped along the way.
First and foremost the family...What can I say? without the wife's support (emotional and financial) none of this would have been possible. And to the kids who missed daddy all those weekends. You will understand one day. Nothing like having four children to feed to make one hustle!
Behind every successful agent there is one tired broker! Paige Walker has been a great mentor over the past two years. MANY times this year she has saved my bacon! Her faith and guidance have been and will continue to be one of my best assets.
And without my Administrative Assistant nothing would ever get done. Her organizational skills and good sense of humor keep this office buzzing.
Last but not least, my clients. Without clients, I am just a dude with cool yard signs! To quote Willie Nelson "You were always on my mind". From our first meeting all the way to the settlement table, I think about you constantly. Your family's needs are my top priority. Your cards and kind words make my day.
To each and all best wishes for the new year.
Doug Rogers, Realtor
First and foremost the family...What can I say? without the wife's support (emotional and financial) none of this would have been possible. And to the kids who missed daddy all those weekends. You will understand one day. Nothing like having four children to feed to make one hustle!
Behind every successful agent there is one tired broker! Paige Walker has been a great mentor over the past two years. MANY times this year she has saved my bacon! Her faith and guidance have been and will continue to be one of my best assets.
And without my Administrative Assistant nothing would ever get done. Her organizational skills and good sense of humor keep this office buzzing.
Last but not least, my clients. Without clients, I am just a dude with cool yard signs! To quote Willie Nelson "You were always on my mind". From our first meeting all the way to the settlement table, I think about you constantly. Your family's needs are my top priority. Your cards and kind words make my day.
To each and all best wishes for the new year.
Doug Rogers, Realtor
Saturday, August 29, 2009
The Money Pit
The inspection period is now behind you. Hopefully all was in order. If not, there are local procedures in place for addressing any defects. Once the inspection is clean, it's time to spend money!
Your loan officer will now order the appraisal. This process helps ensure that the bank is not lending you more money than the house is worth. Relax mr./mrs home buyer, there is nothing for you to do here. In fact if all is well you will not hear anything about the appraisal until the settlement table.
The wood destroying insect report is also required in Louisiana. As of January 2009, this costs is now on the buyer. Expect to pay 60-75 bucks for this report. Please remember THIS DOES NOT GUARANTEE THE HOUSE IS FREE OF TERMITES!!!!!!! All this means is there is not CURRENT VISABLE SIGN OF INFESTATION. Also, this report is only good for thirty days, so if closing is delayed, you might have to purchase another report, so this is one area where procrastination pays!
1-2 days prior to closing, the title company will provide a HUD statement. This will let the buyer now exactly how much to bring to closing. Be careful, if this is over 500 bucks, you typically need certified funds.
The closing will bring the buyer and seller together at the "settlement table". Essentially, the seller will sign away the home, and the buyer will sign away themselves to the home!
Hopefully this has provided some insight into the home buying process. As all markets are different, consult a local realtor for your needs. And while deemed accurate, nothing in this post or blog is legal advice!!
Future blogs will focus more on local attractions in Pineville and Alexandria. As always, feel free to call me at (318) 613-1994 for your Cenla real estate needs!
Your loan officer will now order the appraisal. This process helps ensure that the bank is not lending you more money than the house is worth. Relax mr./mrs home buyer, there is nothing for you to do here. In fact if all is well you will not hear anything about the appraisal until the settlement table.
The wood destroying insect report is also required in Louisiana. As of January 2009, this costs is now on the buyer. Expect to pay 60-75 bucks for this report. Please remember THIS DOES NOT GUARANTEE THE HOUSE IS FREE OF TERMITES!!!!!!! All this means is there is not CURRENT VISABLE SIGN OF INFESTATION. Also, this report is only good for thirty days, so if closing is delayed, you might have to purchase another report, so this is one area where procrastination pays!
1-2 days prior to closing, the title company will provide a HUD statement. This will let the buyer now exactly how much to bring to closing. Be careful, if this is over 500 bucks, you typically need certified funds.
The closing will bring the buyer and seller together at the "settlement table". Essentially, the seller will sign away the home, and the buyer will sign away themselves to the home!
Hopefully this has provided some insight into the home buying process. As all markets are different, consult a local realtor for your needs. And while deemed accurate, nothing in this post or blog is legal advice!!
Future blogs will focus more on local attractions in Pineville and Alexandria. As always, feel free to call me at (318) 613-1994 for your Cenla real estate needs!
Thursday, August 6, 2009
Home inspections are for suckers!
I get this response from folks when I suggest a home inspection. From deposits, appraisals, and loan origination fees, it seems like everyone has their hand in the buyer's pocket. And then I go and suggest they spend ANOTHER 300-400 bucks? When first time buyers discover inspections are optional the gut reaction is to try and save some cash. Let's look at some of the ways home inspections help.
About a year back one of my buyers placed an offer on a home in a nice subdivision. By all accounts, this home had been well maintained. The house was so nice, the buyer did not want an inspection. Thankfully, his spouse overruled him. the inspector uncovered evidence of a massive fire in the home's past. It seems the owner had "forgot about that". Without the inspection odds are the couple would not have known about this until after closing.
Thankfully such "forgetfulness" is rare. More often though, an inspection provides documentation of a fault. This spring a buyer put an offer on a small starter home. During the inspection come to find out the foundation was sagging. The buyer was able to get the foundation repaired (6 thousand bucks) and get a lifetime warranty!
But what if I pay the 300 bucks and nothing is wrong with the house?? Congratulations! You are on the road to purchasing a wonderful home.
About a year back one of my buyers placed an offer on a home in a nice subdivision. By all accounts, this home had been well maintained. The house was so nice, the buyer did not want an inspection. Thankfully, his spouse overruled him. the inspector uncovered evidence of a massive fire in the home's past. It seems the owner had "forgot about that". Without the inspection odds are the couple would not have known about this until after closing.
Thankfully such "forgetfulness" is rare. More often though, an inspection provides documentation of a fault. This spring a buyer put an offer on a small starter home. During the inspection come to find out the foundation was sagging. The buyer was able to get the foundation repaired (6 thousand bucks) and get a lifetime warranty!
But what if I pay the 300 bucks and nothing is wrong with the house?? Congratulations! You are on the road to purchasing a wonderful home.
Tuesday, July 14, 2009
Act like you hate it!
The title is one of my favorite quotes from King of the Hill. Hank (the dad) grudgingly decides to buy a new truck. Upon test driving the truck, both he and Bobby (his boy) love the truck! As they are headed in to start negotiating, Hank tells Bobby those immortal words "act like you hate it".
Why should we hate something we are bidding on? Isn't the fact that we place an offer a good indication that there is some interest in the item?? From teaching my college course on negotiation to my more practical experience with clients, I have found people tend to go about negotiating the wrong way.
There is a tendency among folks to "start low". By doing this, there is a hope that the sell would give more ground (or even better accept the low ball offer). In the real world this almost never happens.
In my experience low ball offers cause the seller to be LESS willing to negotiate. Such offers tend to make sellers defensive as opposed to cooperative. Consider the following example with two different approaches.
123 Main street is listed for 150,000 dollars. This three bedroom home has been on the market one month and is in good condition. Homes in the area typically take 3-5 months to sell.
In the first scenario, the buyer client offers 125,000 for the home. This is FAR less than fair market value. The seller counters at 148,000. Really wanting the home (and running out of time) the buyers counter at 147,000 which is accepted.
In the second example the buyer client offers 145,000. Not wanting to chance loosing such a good offer, the seller do not counter, but accept the offer.
The low-ball loses! I have seen this play out several times just this year! In the next post I will cover how to make a strong offer. Again call 318-613-1994 for all your Cenla real estate needs. Happy house hunting!!
Why should we hate something we are bidding on? Isn't the fact that we place an offer a good indication that there is some interest in the item?? From teaching my college course on negotiation to my more practical experience with clients, I have found people tend to go about negotiating the wrong way.
There is a tendency among folks to "start low". By doing this, there is a hope that the sell would give more ground (or even better accept the low ball offer). In the real world this almost never happens.
In my experience low ball offers cause the seller to be LESS willing to negotiate. Such offers tend to make sellers defensive as opposed to cooperative. Consider the following example with two different approaches.
123 Main street is listed for 150,000 dollars. This three bedroom home has been on the market one month and is in good condition. Homes in the area typically take 3-5 months to sell.
In the first scenario, the buyer client offers 125,000 for the home. This is FAR less than fair market value. The seller counters at 148,000. Really wanting the home (and running out of time) the buyers counter at 147,000 which is accepted.
In the second example the buyer client offers 145,000. Not wanting to chance loosing such a good offer, the seller do not counter, but accept the offer.
The low-ball loses! I have seen this play out several times just this year! In the next post I will cover how to make a strong offer. Again call 318-613-1994 for all your Cenla real estate needs. Happy house hunting!!
Thursday, June 25, 2009
Duck, Duck, Goose!
After viewing the homes in your price range, it's now time to select the finalists. The first round of cuts should be easy. There are homes that you will spend less than five minutes in. Don't be afraid to tell your Realtor that you are ready to move on. After all, it's your money (and time).
The second round of cuts are a little deeper. Perhaps these homes could work, but for some reason they don't move you. I often recommend another showing at this level to make sure the client wasn't simple exhausted when we first viewed this home.
The final round is where the fun begins, your top three!! Each of these homes meet all your "must needs" and probably many of your "want needs". My clients find that a longer showing is helpful at this stage. If time permits, we spend 30-45 minutes in each home.
Clients will often take measurements of each room (after all, why buy a house if Aunt Pearl's table won't fit in the dining room). Neighbors can play a big role in this stage. I have seen a friendly neighbor boost a house up on the list just because of their helpfulness.
At the end of this round, a clear winner might not emerge. There is nothing wrong with having a first choice and a close second. In fact, not having a clear favorite might help your negotiation. But that's a topic for next week! As always feel free to call me at 318-613-1994 with questions.
The second round of cuts are a little deeper. Perhaps these homes could work, but for some reason they don't move you. I often recommend another showing at this level to make sure the client wasn't simple exhausted when we first viewed this home.
The final round is where the fun begins, your top three!! Each of these homes meet all your "must needs" and probably many of your "want needs". My clients find that a longer showing is helpful at this stage. If time permits, we spend 30-45 minutes in each home.
Clients will often take measurements of each room (after all, why buy a house if Aunt Pearl's table won't fit in the dining room). Neighbors can play a big role in this stage. I have seen a friendly neighbor boost a house up on the list just because of their helpfulness.
At the end of this round, a clear winner might not emerge. There is nothing wrong with having a first choice and a close second. In fact, not having a clear favorite might help your negotiation. But that's a topic for next week! As always feel free to call me at 318-613-1994 with questions.
Tuesday, June 16, 2009
But Mommy, I want to go buy a house!
Searching for your dream home can become a nightmare! From unmotivated sellers, kid issues, and the abundance of inventory what looked sooo easy on House Hunters can be over whelming. But with a few simple tips, the process can be fun!
The first stop is not in a home, but at your agent's office. (preferably two days before actually shopping). By previewing homes on the internet, your team (yes you have a team) can cross some of the properties from your list.
If you live in town, I suggest breaking up the hunt. Try to view no more than five properties at a time. Why so few? THEY WILL ALL RUN TOGETHER. Take detailed notes while you are in each house. Pictures also help, but be sure to get permission to take photos in advance. I also recommend have each person take independent notes as opposed to one person being the secretary.
Kids often want to tag along. Once you have a "top three" I encourage folks to bring the rug rats along. Involving the kids can help ease the stress a move often brings. But when first viewing homes, pay a baby sitter. This is a major investment that requires your full attention. Keeping the kids out of trouble will take needed energy from the house hunt.
In the next installment, we will cover your "short list" Happy house hunting!
The first stop is not in a home, but at your agent's office. (preferably two days before actually shopping). By previewing homes on the internet, your team (yes you have a team) can cross some of the properties from your list.
If you live in town, I suggest breaking up the hunt. Try to view no more than five properties at a time. Why so few? THEY WILL ALL RUN TOGETHER. Take detailed notes while you are in each house. Pictures also help, but be sure to get permission to take photos in advance. I also recommend have each person take independent notes as opposed to one person being the secretary.
Kids often want to tag along. Once you have a "top three" I encourage folks to bring the rug rats along. Involving the kids can help ease the stress a move often brings. But when first viewing homes, pay a baby sitter. This is a major investment that requires your full attention. Keeping the kids out of trouble will take needed energy from the house hunt.
In the next installment, we will cover your "short list" Happy house hunting!
Monday, June 8, 2009
Buying a Home Step Two-Making the list
Congratulations on getting the loan squared away! Having your financial ducks in a row is going to make the home buying process flow more smoothly. Now it is time to create your list...
This is not a wish list (save that one for Santa). This is a "what does my home for the next 3-5 years need to have list. The home list should be a practical, and realistic assessment of your home needs. Divide your list into two columns, must and wants.
As the name suggests, the "must" list includes things who's absence constitutes a deal breaker. Own a large dog? Then a fenced back yard should be on your must list. But spot can sleep indoors. Fine, where will he make his business while you are at work? We will install a fence when we move in...Awesome! got an extra 4-6 thousand dollars laying around?
The want list is a little different. These are things that would be nice, but can be done without. Perhaps you are a fan of tile floors. Such an item does add value to the home, but might also increase the asking price. After running the numbers, you might find good ole carpet might work for a couple of years. The want list is nice though, because it can help narrow your choices in a slow housing market.
PLEASE SHARE BOTH LISTS WITH YOUR REALTOR. In fact, I often request that my first time buyers make lists before we look at homes. Such planning can help make the shopping experience more enjoyable for everyone. Ready to find that home in Cenla? give me a call! Happy house hunting!
This is not a wish list (save that one for Santa). This is a "what does my home for the next 3-5 years need to have list. The home list should be a practical, and realistic assessment of your home needs. Divide your list into two columns, must and wants.
As the name suggests, the "must" list includes things who's absence constitutes a deal breaker. Own a large dog? Then a fenced back yard should be on your must list. But spot can sleep indoors. Fine, where will he make his business while you are at work? We will install a fence when we move in...Awesome! got an extra 4-6 thousand dollars laying around?
The want list is a little different. These are things that would be nice, but can be done without. Perhaps you are a fan of tile floors. Such an item does add value to the home, but might also increase the asking price. After running the numbers, you might find good ole carpet might work for a couple of years. The want list is nice though, because it can help narrow your choices in a slow housing market.
PLEASE SHARE BOTH LISTS WITH YOUR REALTOR. In fact, I often request that my first time buyers make lists before we look at homes. Such planning can help make the shopping experience more enjoyable for everyone. Ready to find that home in Cenla? give me a call! Happy house hunting!
Tuesday, June 2, 2009
Buying A Home- Step One
How do I buy a home? Purchasing a home is a bit more involved than other transactions. This complexity is often a sore point with first time buyers.
For the majority of first time buyers, the only other “big ticket” item they have purchased is an automobile. While this industry has its own headaches, typically such a transaction can occur in one afternoon. In this installment, I will walk the reader through the first step on the path to becoming a homeowner.
Step one takes place not in your dream home, but rather at your dream bank. Work with a bank (or mortgage company) to get “pre-approval” up to a certain amount. (say up to 150,000). This process can be done in less than an hour. Many mortgage companies will even do this over the phone or online. The end result is a pre-approval letter that the buyer should give to their realtor.
Why not find my dream home, and then secure the money? Many of my first timers try this. Notice I did not mention that my more seasoned buyers do this…Without the pre-approval letter; the seller (and their agent) have no assurance that you can actually purchase the home you are bidding on.
In a bidding war guess who wins, the couple with a pre-approval letter or the one without. Even in a slower market no pre-approval letter typically raises seller red flags. There is simply no excuse not to take thirty minutes and secure funding. In the next installment we will cover touring homes for sale. As always, help buying or selling a house is one phone call away 318-613-1994. Happy house hunting!!
For the majority of first time buyers, the only other “big ticket” item they have purchased is an automobile. While this industry has its own headaches, typically such a transaction can occur in one afternoon. In this installment, I will walk the reader through the first step on the path to becoming a homeowner.
Step one takes place not in your dream home, but rather at your dream bank. Work with a bank (or mortgage company) to get “pre-approval” up to a certain amount. (say up to 150,000). This process can be done in less than an hour. Many mortgage companies will even do this over the phone or online. The end result is a pre-approval letter that the buyer should give to their realtor.
Why not find my dream home, and then secure the money? Many of my first timers try this. Notice I did not mention that my more seasoned buyers do this…Without the pre-approval letter; the seller (and their agent) have no assurance that you can actually purchase the home you are bidding on.
In a bidding war guess who wins, the couple with a pre-approval letter or the one without. Even in a slower market no pre-approval letter typically raises seller red flags. There is simply no excuse not to take thirty minutes and secure funding. In the next installment we will cover touring homes for sale. As always, help buying or selling a house is one phone call away 318-613-1994. Happy house hunting!!
Thursday, May 28, 2009
8,000 Reasons to Buy a Home
Got the urge to purchase a home? Worried about the impact such a purchase could have on your back pocket? While buying a home is something that needs to be thought out, there is a new government program designed to help make home ownership more affordable.
Here in Central Louisiana, I work with many first time buyers. Most of these clients are young families just getting their feet on the ground. This new program provides an 8,000 dollar tax credit for first time buyers. Simply put, when you file your taxes next year this program puts 8,000 on your Uncle Sam account.
Another interesting twist...the federal government defines all folks who have not owned a home in the past year as "first time buyers". So this program may help military families how have been deployed and living in base housing.
As with any government program, things are subject to change. While this information is deemed accurate, this is not legal advise. Still have questions?? Your realtor can be reached at 318-613-1994.
Happy House Hunting!!
Here in Central Louisiana, I work with many first time buyers. Most of these clients are young families just getting their feet on the ground. This new program provides an 8,000 dollar tax credit for first time buyers. Simply put, when you file your taxes next year this program puts 8,000 on your Uncle Sam account.
Another interesting twist...the federal government defines all folks who have not owned a home in the past year as "first time buyers". So this program may help military families how have been deployed and living in base housing.
As with any government program, things are subject to change. While this information is deemed accurate, this is not legal advise. Still have questions?? Your realtor can be reached at 318-613-1994.
Happy House Hunting!!
Thursday, March 19, 2009
What is Cenla and why are we moving there?
So the orders have been processed. Fort Polk is the next duty post. Or perhaps the prison is transferring you in (hopefully as a worker not a guest). Maybe the retirement party was fun, and now it is time to "come home".
Whatever your reason, central Louisiana (or Cenla) has plenty to offer. As the name implies, Cenla is the crossroads of Louisiana.
Did you enjoy that weekend in New Orleans way back when? Not to worry, the big easy is only three hours away. Got a taste for saltwater fishing? Head for Grand Isle or Sabine Pass.
A loved one with health care issues? We have major hospitals right here offering first rate care.
Miss the city life? Dallas, Houston, and Memphis are under six hours. Like to fly? England air park offers connections to the major hubs.
Over the next couple of weeks, I will provide some insight into what this area has to offer. Questions concerning real estate?? I am an email away.
Whatever your reason, central Louisiana (or Cenla) has plenty to offer. As the name implies, Cenla is the crossroads of Louisiana.
Did you enjoy that weekend in New Orleans way back when? Not to worry, the big easy is only three hours away. Got a taste for saltwater fishing? Head for Grand Isle or Sabine Pass.
A loved one with health care issues? We have major hospitals right here offering first rate care.
Miss the city life? Dallas, Houston, and Memphis are under six hours. Like to fly? England air park offers connections to the major hubs.
Over the next couple of weeks, I will provide some insight into what this area has to offer. Questions concerning real estate?? I am an email away.
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