Thursday, February 27, 2014

Staging Metairie Unfinished Rooms: the Imagination Factor


You can have 100 reasons for wanting to move onto a larger, smaller, or just different house or neighborhood—and 101 why it keeps getting put off. Chief among them for most of us is the hassle factor. You start to run down a mental list of everything that will have to be done, and one of the larger issues stops you cold—just too much sheer hassle!
Let’s deal with a typical one: the unfinished room. Staging a Metairie home might seem doable enough, but when a portion of the house is actually unfinished, it can present a barrier that’s too time-consuming and expensive to even approach.
In some parts of the country, such a room is usually a basement; in others, a garage that might have been almost converted into a specialty room. A Metairie unfinished room may have to be listed that way, but nevertheless, you want all of your home’s square footage to appear useable when prospects tour. As in every other part of the house, the most important thing to remember in staging an unfinished space is to make it possible for them to envision how they might use it.
Deep Cleaning
No matter how frequently or rarely you have used an unfinished room, it’s going to need a deep cleaning. Floors and walls should be spotless, of course; but where cement floors are exposed, a couple of fresh coats of cement paint can make a world of difference. And if old appliances are present, they should be scrubbed until they give the appearance of being an asset…or else deep-sixed!
De-clutter
Most unfinished spaces wind up being used for storage. This would be the time to relocate and store the stuff, or donate, sell or just toss what you don’t need regularly. This part of the staging might be the one that’s always seemed most daunting, so start by jotting down the five or six steps de-cluttering will involve. That simple act can free up the entire log jam! 
The Staging
Never mind if you have only used that unfinished room for storage, you’ll still want your buyers to be able to imagine its potential. Some chairs and an area rug, perhaps with a table or two, can suggest an inviting sitting area/game table/wine-tasting space/reading nook/art studio. Staging that opens prospects’ imaginations is where this staging approach adds true value to your property.  

If you have been wishing you could get your Metairie home sold, but run up against the 101 reasons it seems like too much to tackle any time soon, contact me today to start planning. Together we can organize the project, maximize your space—and maximize your sales price!

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

  

Wednesday, February 26, 2014

Relocating to New Orleans: Vetting Your New Neighborhood


When searching for a new house, topping most people’s list of requirements are the number of bedrooms, number and configuration of bathrooms, square footage, yard size—characteristics that are easy to compare. Architectural style might be important; asking price, certainly highly important, although many prospective buyers assume some wiggle room might be possible.
There are so many facts to consider, particularly when that new home might include relocating to New Orleans, that one extremely important factor sometimes gets short shrift: the neighborhood.
When I escort my clients on a tour of the properties they have decided to check out, I’m sure to remind them to observe the surroundings as well as the home. Some key details to observe about a neighborhood when relocating to New Orleans:
Noise levels will vary by hour and day. If at all possible, visit candidate properties at different times of day and night to get a feel for the noise level in the neighborhood. Is there a lot of traffic and honking? Trucks passing by? If so, does the traffic layout make them hit their brakes or upshift frequently? Is there a church nearby that fills the street with cars on Sunday? Will that be okay—or an annoyance? Are there noisy restaurants or pubs that might keep you up late at night on weekends? When you are relocating to a new area and can’t visit often, talk to some neighbors: they have the real scoop!  
Even if you don’t have kids, it’s important to learn the reputation of the area’s school district: it will affect the resale value. Homes in better school districts are more desirable, and merit higher price tags as a result.  
The Internet is a terrific asset when it comes to scoping out crime maps and reports for specific areas—often with free up-to-the-minute information and alerts on crime rates. A chat with neighbors can also help you sense the level of concern—or, ideally, the lack of it.
As you approach an area, notice whether the road quality improves or falls off as you get closer. If the streets are crumbling and filled with potholes, community services may be suspect. Are the public parks grassy and clean? How handy are the nearest hospital, fire department and police stations? Before relocating to New Orleans, see if you can tell which neighborhoods seem to be on the rise. Any obvious trend has a good chance of continuing in years to come.

Relocating to New Orleans—even if just from one end of town to another—is an exciting prospect!  If you’re looking to buy a home in New Orleans this spring, it’s time I got on your radar.  Call me today!

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

  

Tuesday, February 25, 2014

Remodeling Surge Reflects Rise in Real Estate Prices


That Metairie real estate prices have been on the rise for a while is certainly one factor that has coaxed some of the more cautious buyers off the sidelines. It’s made the market a much more lively (and happy!) place than it was a few years ago—and forecasters are fairly uniform in predicting continuing growth, though at a less overheated pace.
For those who are even more cautious, the question remains whether property values and the Metairie real estate prices that reflect them are likely to hold up over the long haul. They may know that, historically, homeownership has proven to be one of the most reliable investments, but the memory of that financial meltdown from a few years back can be hard to get over…
They may be taking heart from an article I ran across earlier this month which is bound to boost confidence in the future of Metairie’s real estate prices. It was in a weekday edition (February 4) of The Wall Street Journal. Stretching all the way across the top of the U.S. News page was this headline: “Homeowners Acquire a Taste for Remodeling,” over the subhead “Projects Pick Up, to the Tune of $130 Billion in 2013, as Property Values and Equity Rebound; Sign of Market Confidence.”
The article had the expected chart and graph supporting the Journal’s optimistic takeaway depicting “Building Momentum.” Too, there was an illuminating quote from Moody’s Analytics. Moody’s reported an 18% leap in home equity lending—further evidence of the strong rise in home values (banks lend against equity, after all). That, WSJ pointed out, is the root of the steep increase in remodeling activity, because when people have confidence in underlying values, they decide it is worth investing in upkeep and improvements.
It’s cause and effect—sort of like a domino chain, but in reverse. The first domino picks itself up, attracting the second, and suddenly all the dominos are back upright.
The Journal summed it up: “If home prices are going up and people have more equity in their home, things like remodeling and refurbishment will do well, because it’s effectively the way of playing the reinvestment game.”
For Metairie contractors and tradesmen, this is a game they’re happy to see resume. And for cautious prospective homeowners who’ve been watching from the sidelines, it’s a good reason to give me a call. Metairie real estate prices look like they still have a way to go: there are some great bargains out there!

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

  

Monday, February 24, 2014

Once More, Flipping a Home in New Orleans Holds Profit Potential



In conjunction with the rise in house prices, the profit potential for flipping a home in New Orleans is once more drawing the entrepreneur-minded. 
Flipping a home is the process of purchasing a property—often one in a rundown condition—then improving its value and reselling it for a quick profit. Quick is the key word in this strategy, since a fast turnover allows capital to be devoted to purchase and renovation rather than operating and maintenance costs. It’s why successful house flippers generally focus on quick gains over maximizing profits.  
While this has proven to be a lucrative strategy in the past, financing has always been the first major hurdle for anyone flipping a home in New Orleans. If you’ve been noticing some of the inviting house-flipping prospects in New Orleans, several financing routes sometimes make such a deal possible: 
Larger Down Payment
Flipping a house in New Orleans in the current lending market will often require a significant down payment. Since launching the project might require at least 25 - 40% for financing, it’s essential that you prepare sufficient cash reserves to complete the renovations envisioned—and successful house flippers suggest you add 20% to the cost estimate!   
Seller Financing
Seller financing—a mortgage provided by the home owner—is also called a ‘purchase money’ mortgage. Sellers may be willing to provide financing if they have had trouble selling their property, which is often the case when a New Orleans home flipper believes its value can be greatly enhanced by repair or remodeling. Seller financing would be more common were it not necessary that the original owner own the home outright.
Hard Money Loan
Hard money loans—also known as short-term bridge loans—are another common source of financing for flipping a home in New Orleans. Hard money loans are backed by the value of the property rather than the credit record of the borrower, and typically feature a lower loan-to-value ratio than found in a bank mortgage. The added risk has a cost: expect to provide a large deposit and a premium for the loan (often 8% or more).

While sub-prime mortgages may no longer be as readily available as they once were, there are still multiple sources of financing for entrepreneurs who can spot profit possibilities for flipping a home in New Orleans. With real estate prices continuing to rise, this spring again holds promise in the house-flipping arena. Call me if you are interested in learning about some of the latest prospects!  

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Thursday, February 20, 2014

In Winter, Subtle Differences to Selling a Home in Metairie

Bears hibernate. Geese fly south. And Metairie home buyers become different people in the winter. During spring and summer months, the competition, speed and market saturation can make selling a home in Metairie an intense experience (in extremes, almost like speed dating!) When the selling season heats up, buyers can come flying through open houses in a veritable revolving door of showings. In the winter, selling a Metairie home is a far more intimate exercise. To make the most of the next few months, it’s useful to recognize some of the hallmarks: 

1. Buyers: They Expect a Deal

For whatever reason—blame HGTV or the rumor mill—many buyers have come to believe that in the winter and early spring months, there’ll be deals aplenty. To handle that mindset, it’s useful to remember that “deals” for selling a home aren’t limited to rock-bottom pricing. Consider how you might otherwise sweeten a deal. And before that, be sure your listing information captures the value shoppers’ imaginations.

2. Inventory: Scarce 

Buyers may be expecting that deal, but in reality, with fewer houses on the market, there may actually be more buyer competition for the gems that are there. If you are selling a home that’s highly desirable, don’t miss any opportunity to make it stand out from the crowd. With few homes out there, yours may line up to be by far the most appealing listing.

3. Weather: a Fact of Life

Scheduling your open house on what turns out to be a miserable day may be unavoidable. Make the most of it by warming up the house. A cozy, warm home (think fireplace, hot apple cider, oven-fresh baked goods) will make it easy for prospective buyers to feel right at home in front of their future fireplace. And remember that buyers are shopping online first—never more than in bad weather—so include pictures compelling enough to drag buyers out into the cold.

Selling a home in Metairie any time of year rewards an artful, studied approach. Adjusting your tactics to make potential buyers feel like they are getting a deal and finding a gem is a winning game plan. If you have been looking for a marketing plan to get your home S-O-L-D this winter, give me a call today to put a plan into action!

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Wednesday, February 19, 2014

An Open House in New Orleans is Like Your Own World Premiere

Your first open house in New Orleans can be compared to a movie’s world premiere. We may not have strobes flashing and paparazzi jostling each other, but all eyes are definitely on the above-the-title headline star: your house.
It’s a star that has to look its glamorous best, too, or the fans will be disappointed. The purpose of any New Orleans open house is to sell buyers on the largely emotional dream of potentially owning your home. Doing so means banishing everyday imperfections—the debris created by daily living—from the stage (at least to the extent it’s practical). Absolutely essential is insuring that the whole property, inside and out, is clean and tidy.
Your first open house is one premiere that can use some set decoration and makeup wizardry, as well. They call it ‘staging’ when a professional sets the scene, but you don’t necessarily need a pro stager to make some magic happen. Clear away every bit of clutter, then open the rooms to as much flattering light as you can to create a setting that will appeal to buyers.
To insure the opening is as grand as possible, your New Orleans open house should be literally as “open” as possible. Restricting a room or two does not play well with the critics, so unless there is a real risk in allowing visitors access, understand that any serious buyer will need to see everything. Covering things up will look suspicious—even if you know you’re just doing so because one room is a little messy. Having a room or two blocked off has been known to deter otherwise interested prospects.
Part of movie’s success depends on good word-of-mouth, so consider inviting the neighbors to stop by. They’ll be happy to receive an invitation, and their presence can also work in your favor. When neighbors are there, mingling in the lobby with potential buyers, their first-hand information about the neighborhood, schools, etc. will carry ultimate believability. 
First rate Hollywood premieres provide press kits by the score; your Realtor® should do the same. A front table should have your agent’s color fliers with all the necessary information about the house…and you can consider taking it one step farther with a sheet of your own detailing what you love about the home, the neighborhood, the local schools, shops and restaurants. It’s the kind of souvenir that can keep your house in the running when buyers decide which properties rate a second visit.

Helping create New Orleans open house hits is just part of my job! If you are looking to sell your home this spring, contact me today to discuss the details of a marketing plan that will bring the results you want.

Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Tuesday, February 18, 2014

Metairie Listings Show Changes After Real Estate Resurgence

It’s a little like fashion in men’s ties. The really wide or narrow ones you laugh at today will be back in style sooner or later. There’s an analogy in our Metairie listings.
After the financial crisis in 2007, the average size of homes began to shrink. One major casualty was the “specialty room.” Specialty rooms (or special function rooms) are any room that serves a non-standard purpose. In the Metairie listings, you find them described as gyms, saunas, home offices, laundry rooms, home theaters, au-pair suites, “man-caves” and outdoor living rooms.
These are extras: desirable, but not really necessary. Once home sizes began to shrink, buyers demonstrated that they were willing to do without. But today, as the real estate market recovers and budgets loosen, home sizes are sharply on the rise. New home builders report year-over-year square footage growth of 10% to 13%...and listings have already begun to indicate that specialty rooms are on the way back, too.
Mud Rooms: More Popular
The American Institute of Architects 2013 Home Design Trends survey noted that mud rooms and outdoor living areas are increasing in popularity, with 45% of the residential architects who responded noting increased interest in mud rooms—and just 1% claiming a decline.
Au Pair and In-Law Suites Increase
Another interesting trend is the increase in Metairie listings that include au-pair or in-law suites. Aging family members who require assistance account for part of the trend, as do dual breadwinning families for whom live-in childcare is a necessity.   
Home Office Popularity: Slight Decline
In prior years, the AIA Survey found the Home Office rated as the most popular special function room. In last year’s survey, home offices fell into third place, with only 22% of the architects reporting interest in them. Whether that reflects in Metairie listings or not remains to be seen, but if so I suspect it could be due to the improved technology and portability of laptops and tablets: they simply no longer require a dedicated room in the house.

With the economy showing strength and house prices expected to rise this year, we’ve probably just seen the beginning of the resurgence of listings in Metairie featuring more specialty rooms. And if you are thinking of buying or selling yourself, don’t wait to contact me to discuss taking advantage of the upcoming spring market!


Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Monday, February 17, 2014

Five Indications That Time is Ripe to Buy a New Orleans Home

Spring signals the traditional start of real estate’s busy selling season, and while that’s all well and fine, when it comes to making your own momentous personal real estate decision—whether to buy a home or to sell your own—trying to decide exactly when to make the move is easier said than done.
It is true that this year national observers are unusually unanimous in expecting that last year’s sales upswing will continue. But if you are deciding whether now is the right time to buy a New Orleans home (or list yours for sale), the reasons behind the quickening sales activity might be an eye-opener. Here are five of the headline reasons why so many will decide to buy a home in New Orleans in 2014:
A Third Cheaper Than Renting
Web giant Trulia’s national averages show that it is still 35% less expensive to own than to rent. In the 100 largest metropolitan areas, even after mortgage rates rose from 3.75 to 4.50%, the home ownership advantage continued.
Protection Against Rising Rents
Renters are finding it more of a hassle even to find an apartment. In the third quarter of 2013, the U.S. apartment vacancy rate fell to its lowest level in over a decade (4.2%) even as the average effective rent in the U.S. rose by 3%, year over year. With supply of rental accommodation tight and unemployment falling, experts expect even higher rents in 2014.
House Prices Are Still Relatively Low
Again according to Trulia, house prices are still below benchmark value levels. In 91% of the largest metropolitan markets, analysts estimate that homes were 7% undervalued in 2013…and headed up.
It’s Becoming Easier to Qualify for a Mortgage
As interest rates rise, mortgage lender refinance business will suffer. Consequently, lenders will need to compete harder for new home buyers. That’s expected to lead to loosening of lending strictures, effectively increasing the number of prospective buyers.
House Prices Are Expected To Rise
House prices increased by 2% in the third quarter of last year, according to Federal Housing Finance Agency (FHFA) figures. If consensus predictions hold true, house prices will continue to rise by 3% in 2014….making sooner rather than later the optimal way to participate in that upward trajectory.

Whether you are hoping to buy a home in New Orleans this year or beginning to think it’s time to explore selling, the signs are certainly there. Call me anytime this week—or drop by the office to chat!




Terez Harris NOLA Real Estate Group
(504)297-2619



Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Friday, February 14, 2014

FREE For Sale By Owner Resource!








Terez Harris NOLA Real Estate Group
(504)297-2619


Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

Wednesday, February 12, 2014

3554 Somerset FOR SALE in New Orleans, LA

3554 Somerset Dr.
New Orleans, LA 70131
FOR SALE
$149,000
Looking for a solid home with plenty of room? Take a look at this one! Roomy kitchen with great cabinet space. 2 bedrooms upstairs, including master with custom built vanity, hardwood floors, and full bath. 2 additional bedrooms downstairs with full bath. Has spacious living room which flows nicely to dinette area, off side of kitchen. Double insulated windows for energy efficiency. Covered patio, Generous backyard with outside storage.


Terez Harris NOLA Real Estate Group
(504)297-2619




Follow Terez Harris onTwitter!




Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

4713 Reich St. FOR SALE in Metairie, LA

4713 Reich St.
Metairie, LA 70006
FOR SALE
$239,000
This home has great charm! Wood laminate in living, dining room. Four bedrooms! All new windows, home has been renovated. Has a wonderful floor plan, attached double car garage. Home offers a very nice backyard and patio. Very convenient neighborhood. This is a Must see!!

Terez Harris NOLA Real Estate Group
(504)297-2619




Follow Terez Harris onTwitter!




Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.

50 Judith St. FOR SALE in Waggaman, LA

50 Judith St. 
Waggaman, LA 70094
FOR SALE
$109,000
Looking for your first home? This one has so much to offer! Spacious kitchen present-day cabinetry & counters.Energy efficient windows, newer roof,a/c, wind storm doors, alarm system,updated bathroom and nickel finished faucet. Home is located in a "X" flood zone. Why rent when you can own your own home!!!


 Terez Harris NOLA Real Estate Group
(504)297-2619




Follow Terez Harris onTwitter!




Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.



Tuesday, February 11, 2014

When Eyeing New Construction, Ask Questions!

For most of us, the appeal of new construction—a brand new home which your family is first to own—is undeniable. The idea of being able to select your own floor plan with a layout you like and upgrades built to order is hard to beat.
But home shoppers looking for new construction on the north shore should be particular. If their future home is to meet expectations, some sophisticated questions should be asked and answered before any agreements are reached.
Home models are usually decked out with the best and most expensive furnishings and finishes, unlike more modest packages, where the unadorned dwelling is delivered without any fancy stuff. When you are viewing a home in a north shore new construction development, be sure to ask how much that specific model costs—as-is. You can bet that the figure will be substantially higher than the most widely-advertised low-end price…and when you question what features create the price differences, you’ll readily determine if those are features you consider indispensable. A little arithmetic, and you’ll know how much your home will run.
Some developers have better reputations than others, and you’ll want to work with the very best. Ask for references, of course, and do your own online investigation. Look at the previous new construction projects the developer has worked on and check whether they’ve had numerous complaints filed against them. Don’t necessarily trust every grumpy comment; but you can tell from the general level of satisfaction what you’re likely to experience.
North shore new construction proceeds as a complex process—one where it pays to monitor progress to confirm that you’re getting exactly what you want (with no changes or alterations accidentally slipping through). Before signing on the dotted line, be sure you understand exactly what the construction process entails, and when and how often you’ll be able to enter the site to monitor progress.

Asking the right questions and monitoring finishing work is key in preventing unwanted surprises when it comes to new construction. If you’re interested in learning more about new homes and developments on the north shore, I’m just a phone call away!

Terez Harris NOLA Real Estate Group
(504)297-2619






Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.