Tag Archive for: buy a new home

Housing Market in St. Tammany Parish Shows Increases in the Price Per Square Foot

St. Tammany Parish is enjoying a robust housing market when it comes to the value and appreciation of homes for sale and new homes for sale. During the first 6 months of 2018, the price per square foot of homes in the Greater St. Tammany Parish area were calculated and then compared to 2017’s prices and the price per square foot of homes before Hurricane Katrina hit the Greater New Orleans area in 2005. The results of that comparison are spelled out below.

Homes for sale and new homes for sale which have seen a steady increase in value from Katrina to the first 6 months

of the year include homes located in Folsom, Covington Central (70433), Madisonville, Mandeville (70471), Lacombe, Slidell (70460), and Abita Springs.

In Mandeville and Madisonville, the price per square foot during the first 6 months of 2018 is actually identical at $143 / square foot. In Mandeville, there was an increase of $31 and in Madisonville, there was an increase of $37 from 2005 to 2018. In Lacombe, there was an increase of $12, in Folsom it was an increase of $15, in Slidell (70460), there wan an increase of $14, and in Abita Springs, there wan an increase of $29.

The city which saw the biggest increase in the price per square foot of a home in St. Tammany Parish overall was Covington Central (70433) with an increase of $41 per square foot since 2005. Other cities saw an increase in 2017 and then a slight decrease in 2018, which is in line with the softening of the housing market as interest rates went up towards the middle / end of 2018. These cities inclued Bush, North Covington (70435), Pearl River, Slidell (70461), and Slidell (70458). In North Covington, the price per square foot of homes for sale stayed exactly the same from 2017 to 2018. In Pearl River, the price increased from $87 in 2005 to $105 in 2017 and then decreased to $100 in 2018. In Slidell (70461), there was also an increase from $87 in 2005 to $105 in 2017 to decrease just $2 to $103 in 2018.

Overall the increase in the price per square foot in St. Tammany Parish increased 3.1% from $118.70 to $122.40 per square foot. Average home pricing went from $253,553 to $264,754, and the city which saw the most amount of growth was in Madisonville. Residency increased in Madisonville to over 11,000 residents in 2018. This small charming town on the banks of the Tchefuncte River began as a town of 4,000 at the turn of the century, just to give context to the amount of growth.

So, if you’re in the market for a home to buy, check out the areas of St. Tammany Parish where you can afford to live. The housing market is hot right now, and available housing is tight – you might want to consider building your own home so that you get exactly what you want for the price you can afford. Call 985-626-7619 or Email Ron Lee Homes at [email protected] to start your building process today!

 

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New Homes for Sale Available Come at a Price

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After the housing market struggled to make a comeback after the Recession, the supply of homes for sale and new homes for sale available in the real estate market has continued to decline. Because of this the supply of homes and new homes available to buy has decreased to a crucial point. That is that there is now more demand for homes to buy than there are homes and new homes on the market for sale.

Because of the lopsided nature of supply and demand in real estate, home prices have not only continued to increase, but they are still increasing at a rapid pace. According to Core Logic, a real estate analysis company which tracks housing trends nationwide, the price of homes for sale increased by 6.8% in June, 2018, compared to June, 2017. May, 2014 was the last time that housing prices had such a high year-over-year percentage increase, which was during one of the fast-paced recovery years of real estate after the Recession.

The price of homes continuing to go up is unsustainable as mortgage rates are also on the rise, putting the cost of theCurved breakfast bar with solid surface counter tops. The hardwood floors to through the kitchen. This is an open floorplan. monthly note out of reach for some home buyers. However, as long as demand continues to outpace supply, the prices will continue to have a “seller’s market” mentality for home buyers who are able to qualify for loans.

Another factor in the increase in home prices is that prices are now double that of the growth of individual’s growth in salary. However, there are signs that home prices will start to see a slow down as the S&P/Case-Shiller 20-city index had less growth during May, 2018 than May, 2017. There are also other trends that show an overall economic slowdown that have probably not translated to the real estate housing market just yet.

What you can take away from this news is that if you have a home to sell and are wanting to buy a new home or a home for sale, you will want to make sure you are able to move quickly on buying a home and actually moving out since it truly is a seller’s market out there. If you are buying a home in the St. Tammany Parish area, Contact Ron Lee Homes about our Homes for Sale or to build the home of your dreams in Mandeville, Madisonville, Covington, Abita Springs, or Folsom! Call 985-626-7619 or email [email protected].

 

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Know Your Home Buying Process

There are many tools that you can use during the home buying process.  You can do the majority of your own research by using online resources on the Internet.  You can manage your finances and credit and get quotes from lenders and banks on your mortgage.  You can research different areas of town to find the best locations to buy your home by checking out reviews of area information.  Once you find out how much you are able to spend, where you

want to purchase your home, and different homes that you would like to actually go out and visit, you can retain a Realtor to act as your buyer’s agent to buy your new home.

Even if you hire a Realtor, you are going to want to stay the savvy, “in the know” home buyer who knows the questions to ask and the information to get in order to get the best home for the huge investment that you are going to make on your home.  Below is information which is important to know when buying a new home.

What Is Allowed

Unless you are buying a home in an established community with known restrictive covenants and a homeowners association, you are going to want to make sure that anything you want to do to or store at your home is allowed. 12-22nd Avenue Patio & Pavers Zoning laws can hamper a new homeowner’s aspirations by not allowing you to run a business out of your home, build a workshop at your house, build a fence, store your boat or RV, or add an addition.  So, before you sign on the dotted line, be sure to know if the home you are buying has any zoning or covenant restrictions.

Use an Inspector

If you are buying your home “as is” with no changes or required improvements by the seller, then you won’t need to worry about the condition of the home.  However, if you want to make sure that you get your return on investment, and don’t “buy a lemon,” you will want to make sure you get a home inspection.  Realtors know many people in the real estate industry, so they may be able to recommend a quality inspector to you, but make sure that the inspector they use is extremely thorough and has your, as the buyer, best interests in mind when making the inspection.  You definitely don’t want an inspector who glosses over a report so that your Realtor can “make the sale.”  You may want to get a referral and hire your own inspector.  If necessary, get the seller to cover the cost of a home warranty that covers all major appliances and structural systems of the home to “cover your bases,” as well.

Your Contract

Just like your parents and teachers always taught you, don’t sign anything unless you read it.  This applies to every piece of paperwork that you are going to sign regarding your new home purchase, from your contract, to counter 6-22nd Avenue Backlit Cabinetryoffers, to waivers, to your closing documents.  Not only should you make sure that you read everything, but you should also be sure to “read all of the fine print.”  If there is anything that you absolutely don’t understand, make sure you get it clarified before you sign anything.  Another important point about this is to get everything extra in writing.  This includes everything that is outside of or not written on the paperwork that you are reading and signing.  If the seller promises to fix a faucet, repair a door frame, or include additional equipment to “make the sale,” make sure you get it in writing.

Negotiate Everything

Most everything is negotiable when buying a home from the home price, the purchase of a warranty, home repairs / deductions, and closing costs.  Any chance you see to save yourself some money, attempt to negotiate.  It never hurts to ask the seller, especially if you are already qualified with guaranteed money from your lender.  The worst thing that can happen is that the seller can so no.

Using the tips above along with the other tools at your disposal to make a good home buying decisions, you can retain a Realtor and then monitor the process yourself to make sure that you are fully informed during your home buying process.

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Buying a New Home – Fix Your Financing!

Financing is one of the biggest factors in buying a new home.  From the appraisal, to the loan application, to the Good Faith Estimate, to the mortgage, to the large amounts of paperwork that get faxed, scanned, and e-mailed; you can almost spend as much time acquiring money to buy your home as you did finding the home itself.  Sometimes searching for a home takes less time & effort! In order to have the best chance at bidding for and putting a contract on the home that you are going to buy, we recommend that you begin with a lender commitment letter which shows12-753 Bedico Creek Gorgeoud Brick Accent Wall your potential seller that you have the financing and ability to close on the loan. This gives you an edge over other home buyers and also dictates the amount of money you are able to spend on a loan.

Before you ever get this letter from your lender, you are going to need to seriously examine your financial situation in order to determine if you are ready to go through the rigorous loan process required most banks and lenders.  In order to do this, you will need to look at the amount of money you make, how long you have made this amount of money, if you are employed and how long you have been at your current employment, how much your monthly bills are (minimum payments on credit cards and fixed loans), and your credit score.

Your credit score should always be a work in progress in your daily life.  Pretty much all of your financial decisions in life affect your credit score, so you are not going to want to just wake up one day and decide to buy a home.  You will want to check your credit score, and if it need improvement, come up with a plan to get rid of all of the negative information on your score before you apply for a mortgage.  The earlier you start on your plan and get your score up, the longer you have a consistent good credit history, the better chance you have at an excellent interest rate and quality loan offering.

If you have low / no credit, there are several things you can do to “get some credit.”  Secure loans and credit cards are a great way to establish credit because these products are designed to report to the credit agency monthly with your 0-324 TerraBella Front Exterioron-time payments.  This establishes that you can maintain payments / credit and also boosts your score.  Another way to work on establishing your credit is to stay super strict on your credit usage.  This means that you should use a low percentage of the credit available to you and make your payments on time. Keeping your “credit utilization ratio” below 30 percent makes the credit agencies “happy.”

Finally, kind of a no-brainer, common sense concept, but you want to get rid of all derogatory marks on your credit.  This includes old utility bills, written off credit cards, old medical bills, and any other reported debts that you owe.  Really working on your credit score is vital to having the best chance at financing a new home loan with a lender or bank.  When you are ready to get started on your home buying process, Contact Ron Lee Homes for Homes for Sale to Build a New, Custom Home.  Call 985-626-7619 or E-mail [email protected].

Click Here for the Source of the Information.

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