Sunday, March 30, 2014
Friday, March 28, 2014
Housing Market Bolstered by Steady U.S. Consumer Optimism
Slow
and Steady Price Rise Boosts Housing Market Outlook
The details seem stubbornly worrisome. Mortgage
requirements have grown stricter. The Federal Reserve may or may not turn off
the cheap money spigot—and if anything causes the stock market to sputter, it’s
uncertainty. Occasional bits of good news in the labor picture can’t overcome
the fact that unemployment remains stuck on high in many states.
All of this should be bad news for the housing market in Metairie, except for one overriding
factor: apparently, American consumers aren’t buying it.
Despite uncertain economic news, consumers’ overall
expectations for the housing market remained steady. The Federal Reserve Bank
of New York’s monthly Survey of
Consumer Expectations, issued last week, found that most expect
home values to continue to climb through 2014. The uncertainty factor remains
largely stuck in neutral, pretty much as it has for most of 2013.
The survey found more nuggets of good news likely to
affect the Metairie housing market. There was no reported change from
February’s report that close to 20% of respondents say they are likely to change
residences in the coming year…similarly, the previous month’s finding that 44%
predict their personal wealth will increase remained steady. Taken together,
the two factors could likely indicate that a healthy number of home buyers will
be looking for housing of greater value than that at their current address.
Fannie Mae’s most recent monthly National Housing Survey echoed
the positive findings among consumers: “Notably,
respondents’ home price expectations climbed significantly in February—with 50%
saying home prices will go up in the next year…” Their finding of more
volatile consumer attitudes was mainly attributed to momentarily high energy
expenses caused by unexpectedly frigid winter weather.
Whether or not the national statistics accurately reflect local
consumer dispositions, they provide a backdrop that bodes well for the
impending spring selling season. Soon we’ll be entering the time of year which traditionally
results in a considerable uptick in Metairie housing market activity – which
may be prime time for determining whether this is the moment to make a change
in your own residential outlook. For more pinpointed, up-to-the-moment details
about your own neighborhood’s housing market profile, give me a call!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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, March 26, 2014
For the Self-Employed, Getting a Loan Takes Planning
You don’t
have to tell anyone who is self-employed that there are extra costs that go
with the benefits. In addition to the long hours and weight of responsibility
that come with the job description, getting a home loan has always added
special challenges. Now that we are into the new Dodd-Frank era of federal
oversight, some of the changes warrant an early heads-up.
The 2010
legislation that went into effect on January 10 created the Consumer Financial
Protection Bureau, with the function of tightening the rules lenders follow in
order to discourage the issuing of mortgages that borrowers can’t be reasonably
expected to be able to repay. To deliver on that worthy purpose, more proof and
more paperwork will be required to support the income claimed on loan
applications (here you might well be hearing an imaginary smacking sound from self-employed persons reading this and whacking
their foreheads—paperwork is the bane of the self-employed).
If you are
your own boss and getting a loan in New Orleans is on your horizon, take heart!
Just because it may be more difficult to apply for home loan doesn’t mean it’s
impossible.
The new
lending rules describe eight specific factors lenders should verify and
document before advancing home loans. They includes the borrower’s assets,
credit history, employment status and other debt obligations. The penalty for lenders
who fail to do so adequately is that they may be legally liable if a borrower proves
unable to repay.
For the
self-employed, the extra burden can come with the requirement that borrowers be
able to show consistent income (hear that forehead-smacking sound again?) The
general rule is that borrowers be able to provide at least two years’ worth of
personal tax returns. Since self-employed people getting a loan in New Orleans often
have perfectly valid reasons for fluctuating annual incomes, it’s vital to talk with a broker and lender as early as
possible to establish the taxable income level needed to qualify for a
loan.
That talk
should cover other areas. For instance, self-employed people have greater
flexibility than most when it comes to reporting deductible expenses on their
income tax forms. Since those same deductions result in lower net incomes, that
can be problematical when it comes to getting a loan. One way to counter that
problem is to demonstrate that the expenses incurred were used to buy things
that will improve their business in the long term. Another approach is demonstrate
that similar expenses are not likely to re-occur (particularly apt when a
business is just starting up).
If you are among the self-employed—and plan on getting
a loan—planning is key. Get your ducks
in a row now so the loan process doesn’t derail you later. It’s never too early
to call me as an early resource before we get to move on to the fun stuff—your
home search!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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.
Beautiful Metairie Home For Sale $239,000
4713 Reich St.
Metairie, LA 70006
$239,000
Mr. and Mrs. Ortigoza say it’s a bitter-sweet transition for
them to leave this home. They are excited to start a new chapter in an exciting
new country with their young (and very sweet) little boy, but sad to say
goodbye to the home they fell in love with. They especially loved the family
room and back patio, where they have spent a lot of time playing with their
son.
The home was renovated by a contractor who purchased it
right after hurricane Katrina. When the current owners bought the home, it was
move-in ready. They made minimal changes; installing new laminate flooring in
the living area and hall (which was carpet), added some furniture to the back
patio, and painted the walls to their taste.
They will miss the comfort of their home. Mr. and Mrs.
Ortigoza liked the privacy of the bedrooms being separated from the social
areas of the home by the hallway. They also liked the open kitchen/living/dining
area.
“We loved our neighborhood and neighbors,” says the
Ortigoza’s. They loved the convenient location, within walking distance to Lake
Pontchartrain to go walking, biking, or just have fun with their son. “Our
neighbors were awesome, and some of them have been living in the area a very
long time,” says Mr. Ortigoza.
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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, March 25, 2014
Buying a House in Metairie and the Great Preference Divide
When it comes to buying a house in Metairie, almost the
first thing most of us do is to check the online listings to see what’s out
there that catches our eye. That quick first look will usually reflect some
preferences most of us don’t even bother to think about (that is, until we’re
buying a house).
Sometimes they stem from our earliest childhood memories—the
impressions that shape what ‘home’ should look like. Sometimes, those
preferences have developed over time as an expression of our personal style. One
preference can be a real trouble-maker if a couple discovers that their outlooks
don’t match. It’s the one about which kind of home is more appealing: a brand new
one (actually, the National Association of Home Builders defines a “new” home
as one less than four years old) or an older, established home.
People who automatically tilt toward new homes
can be following straightforward reasoning that goes without question. They
don’t shop for used clothing; they know when they need another automobile
they’re only interested in the newest model—so why in the world would they be
drawn to a house that’s a hand-me-down?
People on the other side of the preference divide find new
constructions lacking in the warmth and history an older home embodies. Out in
the yard, they see fresh cement walkways and new plantings as pale imitations
of the majesty of the grand, mature landscaping found in well-established
neighborhoods.
However, I’ve often found that when my clients are buying
a house in Metairie, their new vs. established home leaning will sometimes disappear
in the face of some immediate practical advantages. A few points:
More than 70% of single-family homes were built prior to
1990, according to Realty Trac. The result is more than twice the variety from
which to choose.
Older, established properties are synonymous with close-knit
communities where residents know one another and their children. Buying a house
in such a neighborhood can mean great support and community.
New developments can create a fresh gathering spot for
families who are all starting out together. The opportunity to build new
institutions shaped to modern preferences can mean the establishment of a host
of lasting friendships, in some cases bolstered by shared community
recreational facilities.
Older homes can have larger lot sizes owing to lower land prices
in the past. Then there are those shade trees that have been growing for generations…
Most new homes have been designed to accommodate our
modern addiction to acquiring stuff. If
a walk-in closet in a must, an older house is less likely to fill the bill.
Older homes are generally
more expensive to maintain. According to the American Housing Survey, 26% of
owners of older homes spent more than $100 a month on upkeep—while just 11% of
the owners of new homes spent as much. In fact, 73% of the new home owners spend
less than $25 a month for maintenance.
Ultimately the decision to buy an old or new house will
come down to a combination of personal taste (“I don’t care: I love this house!”) and/or requirements
(“I can’t live without _________”).
The takeaway: if you are planning on buying a Metairie
house, don’t automatically eliminate all the new ones or all the older ones. Give me a call: let’s take a look!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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, March 21, 2014
New Orleans Homes with a Basement
Why most New Orleans Homes Do Not Feature a Basement.
The reason behind why a basement is not part of most homes
in New Orleans has a lot to do with our unique sub-surface clay. Our soil is
rich in minerals, which is a great environment for thriving plant life and the
many mini-ecosystems of the swamps and wetlands. This mineralogy also
contributes largely as to why many New Orleans homes do not have basements.
The sub-surface clay of New Orleans easily absorbs water.
Because of this, our soil can fluxuate 5-10 times its size dry vs. wet. With
this kind of movement, even a water-tight basement may crack after a few cycles
of hurricanes or flooding thunder storms. So what does the ever-resilient New
Orleans do? It evolves…
And so the raised-basement houses were born! Raised-basement
houses came about in the early 20th century as a result of our city’s
geographic location; a “hybrid” architectural solution to the problem. These
homes are unique to The Big Easy and are identifiable by their prominent stairs
leading to the 2nd floor living space. As seen in the photo above,
raised-basement houses feature a lower-ceilinged basement built at ground level
with a higher-ceilinged living space directly above. Raised-basement homes can be found in the Lakeview, Carrollton, Mid-city, and Broadmoor areas of the city?
Looking for your next home?
Homes for sale in Broadmoor area
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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, March 20, 2014
Metairie Home Design Trends Focus on the Kitchen
Keeping your Metairie kitchen looking up-to-date doesn’t
have to be difficult or expensive. Contemporary home design in Metairie is all
about knowing what the latest trends are and which to choose when regular
maintenance calls for a change in appliances or décor.
This year, eco-friendly appliances are definitely ‘in’—as
are the pops of bright color meant to create a vivid and welcoming kitchen. And
as convenience features continue to evolve, those are increasingly prominent
factors influencing design choices. Especially if you are planning to sell your
Metairie home in the near future, there are a few home design directions that
are most likely to impress prospective buyers who’ve been exploring the latest kitchen
trends:
Going green is a
pronounced trend, not just in home design. Using renewable, Earth-friendly
materials can be a way to update a kitchen while minimizing environmental
impact. A sample idea would be a sustainable bamboo parquet butcher block to
grace the kitchen counter or table. They come in beautiful, rich wood tones,
and when large enough to cover a substantial counter area, can warm the feel of
the entire room.
Another (almost diametrically opposed) current direction is
to deck the kitchen out with a few of the latest high-tech gadgets. Even if you
resist an ultra-modern look, a few chic techie touches can add a dash of luxury
to your home. One example: Siemens makes a multimedia ventilation hood that has
a 17-inch LCD screen with options for listening to music or watching TV. It’s a creative way to make cooking more entertaining—and
one that would certainly help make your Metairie listing stand out!
Bright colors have not always been popular in kitchens, but
lately, appliance manufacturers have been less shy about offering exuberant finishes.
You can find dishwashers, blenders, toasters, microwaves and refrigerators in
bright blues, pinks, yellows, greens and oranges. It can be an inexpensive way
to add a splash of color to your kitchen…although if you are planning on
selling soon, in many instances I’d recommend caution: perhaps confining the
color pops to bright accent pillows or colorful floral arrangements.
Copper is also an increasingly popular trend in kitchen
design this year. Its natural antibacterial properties make it a practical home
design element, and that cool, rustic hue looks great in warm, gold-toned
kitchens. Copper sinks and faucets are both practical and stylish (although
keeping them bright and shiny can be another story!).
If you are thinking of selling soon, consider
incorporating one or two current Metairie home
design ideas if your kitchen could use a decor infusion. Looking for more ideas? Contact me today to discuss what is making
today’s homes S-E-L-L!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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, March 19, 2014
FOR SALE $99,000 2321 Massachusetts Ave. Metairie, LA 70003
2321 Massachusetts Ave.
Metairie, LA 70003
PRICED TO SELL
$99,000
3 bedroom, 1 bath
1,200 sqft
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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.
FOR SALE $109,000 50 Judith St. Waggaman, LA 70094
50 Judith St.
Waggaman, LA 70094
$109,000
4 bedroom, 2 bath
1,385 sqft
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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.
FOR SALE $149,000 3554 Somerset Dr. New Orleans, LA 70131
3554 Somerset Dr.
New Orleans, LA 70131
$149,000
4 bedroom, 2 bath
1,880 sqft
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
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.
Subscribe to:
Posts (Atom)