Monday, June 30, 2014

Buying a Home in New Orleans with No Owner Disclosures


Suppose that in the course of buying a home in New Orleans, your eye is drawn to a bank-owned home, or a home held in a trust. There are many reasons why you could find yourself buying a New Orleans home that’s currently vacant—which can also mean that the usual owner disclosures are not to be had. There are perfectly innocent reasons why this situation develops. Suppose the sellers of the property have just inherited it. How would they know that water tends to pool under the house during a strong rainstorm? Or that unpermitted repairs were made to the electric wiring in the kitchen? 
If thoughts like these cause beads of sweat to pop out all over your forehead, don’t fret. This summer we can find you plenty of alternatives in New Orleans’s traditional housing market. But before you automatically pass on a vacant home because of unknowns in its history, you should know that, with due diligence, you can still end up with a home that is worth your money and a safe place to live!
When you consider a vacant home, the most reliable information will come after you’ve arranged an inspection. The inspector’s report will let you learn what you’re getting into before you buy—and whether it’s in safe and livable condition. Most homes that fall vacant due to circumstances like divorce or a move are well cared-for and in decent shape; others, long abandoned, are more likely to have fallen into disrepair. Without any owner disclosures, you’ll be on your own to discover potentially major issues like leaking pool equipment or pest problems.
Even after you’ve had a thorough inspection, there is still a good chance you will encounter at least some surprises. There are some elements of a home that can’t really be properly inspected—like what lies under the floorboards or behind attic walls. Since there is no former owner to sound a warning, there is always a chance that you could run into unplanned-for expenses. Truth to tell, though, this can also hold true for a traditional home if the sellers have no prior knowledge, either.
Although buying a home with no disclosures can be a great way to get a wonderful deal, it’s still a good idea to leave some extra budget for the most likely potential costs. In addition to things like insurance, unexpected repairs, and maintenance, there are other costs you might also need to cover—such as a vacancy endorsement on your insurance policy if the house will continue to stand vacant for more than 30 days after the sale.
The bottom line? If you’re considering buying a home in New Orleans with question marks in its history, be sure you apply some energetic diligence before signing on the dotted line. You’ll be a lot more relaxed after the fact.  
Thinking of buying an New Orleans home this summer? Then it’s time to give me a call!

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Terez Harris NOLA Real Estate Group
(504)297-2619
www.TerezHarris.com
TerezHarris@kw.com







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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.

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Friday, June 13, 2014

2125 Delaware Ave. Kenner, LA 70062

FOR SALE $179,000
2125 Delaware Ave. Kenner, LA 70062


Absolutely Beautiful top end renovation.Open floor plan,large den w/vaulted  ceiling,crown molding,granite in kitchen,ss appliances,custom cabinets, &  the list goes on. Rear yard access w/dbl car garage.,storage,plenty of room  to entertain.Don't miss this one. GREAT price!!

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In the beginning...
One of the factors that originally lead the owner to purchase this home was the back yard. It has lots of room for entertaining and not too much grass to cut.


Favorite features...
"We love the entire house, however we spend most of our time outside because the kids love it out there and we entertain often, and it's great for that."


Improvements...
"We renovated the entire house all the way up to the foam insulation in the attic.
New windows, light fixtures, paint, tile, carpet, crown molding, foam insulation in the attic (which helped a lot with the Entergy bill), new bath tubs and toilets, new hardware in the closets, irrigation system in the garden, and closed in the carport in the back to make a double garage with plenty storage space.  I'm sure I'm forgetting something but we completely made it over!"


What the owners will miss about this home...
 "It was our first home. It's where we brought our children home. Everything about it will forever be missed, but our family is outgrowing it."


What the owners will miss about the neighborhood...
"We have great neighbors. They are older, but they are all so nice and its quiet.  Even with the airport being right there, it's still very quiet.  We hardly ever hear anything unless we are outside, and the kids love watching the planes take off and land."


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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.

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New Orleans Interest Rates Dodge Anticipated Escalation

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New Orleans homeowners who had been bracing themselves for sharp rises in mortgage interest rates must now be scratching their heads. As the online Mortgage News Daily put it last week, “…rates have been extraordinarily sideways, and right in line with the lowest levels in 11 months.”
Since historical averages are still significantly higher, it’s no wonder that most observers still believe the greater likelihood is for rate increases. But recent Fed happenings show a crack in their avowed determination to let that happen by tapering off purchases of mortgage-backed securities. The hemming and hawing is notable. It’s all pretty much up in the air.
In any case, one thing I can guarantee is that New Orleans mortgage holders will benefit if they take advantage of savings opportunities when they present themselves. Among current possibilities—
1. Refinance Your Mortgage
New Orleans mortgage holders who haven’t already refinanced should at least consider doing so. Refinancing means taking advantage of the still historically low New Orleans interest rates—often the most meaningful step in reducing your monthly mortgage payments. Before deciding to refinance, make sure that the mortgage costs involved will be less than the resulting savings. If you agree with the prevailing wisdom that it’s unlikely we will see a significant drop in interest rates in the near future, today’s levels still look inviting.
2. Cancel Private Mortgage Insurance (PMI)
According to the National Association of Realtors®, mortgage down payments have fallen over the past decade. Their figures show that the average mortgage down payment in 2013 was 10% – compared with 16% just ten years earlier. Homeowners who put down less than a 20% deposit are typically required to take out Private Mortgage Insurance. But once the Loan-to-value (LTV) ratio falls below 80%, homeowners can ask for the PMI insurance to be removed—and they should, because the lender isn’t responsible for keeping track of that for them. If you are close to the 20% threshold, it may be worthwhile to make a one-time payment that will reduce the principal below 80%.
3. Extend the Length of the Mortgage
Many homeowners have made significant reductions in their principal by opting for shorter-term mortgages. But should rising New Orleans interest rates make a property you are trying to buy unaffordable, extending the length of the mortgage can reduce monthly payments to a more comfortable level. Although over the long term this will end up costing significantly more in interest, moving from a 15-year mortgage to a 30-year can sometimes be the right move—especially when the property at stake represents one of the terrific values currently out there.  
While interest rates in New Orleans may rise or fall or, as we’ve seen lately, hold surprisingly steady, sudden leaps or plummets are unlikely…and with a little preparation, unpleasant future surprises in interest rates are avoidable. Thinking of buying a home in New Orleans this summer?  Call me today to start laying the groundwork!
View Homes For Sale in New Orleans



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.

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Thursday, June 12, 2014

Real Estate: America’s New Favorite Long-Term Investment

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For New Orleans real estate investors (BTW, that includes homeowners and soon-to-be homeowners of all stripes), there’s some long wished-for news: the solid reputation of real estate as an investment is back! After years of falling off, the latest Gallup poll on the economy and personal finance finds that Americans are now convinced that their best long term investment is in the housing market. Real estate won out against all other alternatives: bonds, gold, stocks, mutual funds and CDs.
For the past few years, gold had been investment #1—but see-sawing gold price movements have whiplashed public sentiment. Just as takes place everywhere in the nation, whenever New Orleans’s real estate market improves, so does its reception by potential buyers who view their home as a savings vehicle as well as a place to hang their hat. As Gallup Economy’s headline put it, Americans Sold on Real Estate as Best Long-Term Investment.
Public sentiment by itself is, of course, not reason enough to change long-term investment strategies. But when any investment class is on the rise in public’s estimation, the effect is to create competition among buyers—and further price improvement often follows. It can make a difference when it comes to New Orleans real estate.
One possibility for those selling real estate in New Orleans this summer might be to consider capitalizing on the investment trend by including a marketing approach: one that targets investors. You can have your agent or a local property manager provide a rental evaluation for the property, along with approximate leasing fees and property management fees. Having such an evaluation at the ready lets investment-minded prospects evaluate the potential cash flow and return. It’s even possible to post the information on your sales website, and to display it along with other marketing materials at showings and open houses.
In many neighborhoods, New Orleans real estate prices have a lot further to go to near their previous high water marks; if you look at neighborhoods individually, you can find some plum opportunities to make a sound investment. If you are thinking of buying or selling in New Orleans this summer, contact me to discuss your ideas—and how you will make the most of America’s new Number One investment opportunity! 





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.

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Tuesday, June 10, 2014

Inexpensive Upgrades Boost Metairie Home Values Painlessly

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Especially when it comes to major decisions like buying or selling your home, human nature seems to tilt toward delaying action until it’s the end result is absolutely certain. After all, nobody wants to make a life-changing move that turns out to be anything short of fantastic!
So even when you’ve outgrown your current home…or found yourself in a daily long-distance commute because work has moved…or any number of other reasons why you know you should be looking for a new house…it can be difficult to commit to such a looming decision. Adding to that is one of the most common assumptions many Metairie homeowners believe: that they have to spend a boatload of money to increase their home value.
The truth is: it ain’t so! You can strategically update your Metairie house before you put it on the market without cratering your bank account.
Items that only seem to require costly fixes:
· Make it Spacious
Adding space to a room increases any Metairie home value. Tearing out walls isn’t necessary when there are so many other ways to achieve the same thing. Simple options include removing built-in shelves, enlarging windows, or (the simplest) just removing “stuff” that’s hogging perceived space.
· Go Green
More and more, you can improve your Metairie home value by installing modest “green” upgrades. Today’s buyers may not necessarily be eco-focused—they may simply have a good sense of the increasing cost of water and power. “Going green” as a way to add  home value to your area property can be no more costly than switching to low-flow toilets, adding a wifi thermostat with “smart” technology, or putting in a low cost drip watering system.
· Window Update
Have a room that comes across as outdated…or just plain ‘blah’? Consider how much extra home value a new window treatment might add. It could be as simple as installing a stylish valence over a window or two.
· Change the Doors
Remember your first apartment with its flimsy, hollow doors? A quality door can make a disproportionate difference to a property’s perceived home value. Changing out your front or back doors for more a more weighty or modern selection can be well worth the expense. 
· Paint
Paint is the number one way to alter the look of a room inexpensively. Instead of painting the entire room one color, another option is to make a “statement wall” in its own neutral color that compliments a painting’s or picture frame’s palate.
These are just a few suggestions that can increase the value of your home in Metairie without a straining the family finances. Even in an older home, many times it’s the little touches that can make the greatest difference.
Looking for specific suggestions to improve the value of your Metairie home before listing it for sale? Call me today for an in-home market evaluation!



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.

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Thursday, June 5, 2014

Being Prepared for Hurricane Season 2014: What to Do Before, During, and After


Before a Hurricane

To prepare for a hurricane, you should take the following measures:
  • To begin preparing, you should build an emergency kit and make a family communications plan.
  • Know your surroundings.
  • Learn the elevation level of your property and whether the land is flood-prone. This will help you know how your property will be affected when storm surge or tidal flooding are forecasted.
  • Identify levees and dams in your area and determine whether they pose a hazard to you.
  • Learn community hurricane evacuation routes and how to find higher ground. Determine where you would go and how you would get there if you needed to evacuate.
  • Make plans to secure your property:
  • Cover all of your home’s windows. Permanent storm shutters offer the best protection for windows. A second option is to board up windows with 5/8” exterior grade or marine plywood, cut to fit and ready to install. Another year-round option would be installation of laminated glass with impact-resistant glazing. Tape does not prevent windows from breaking.
  • Install straps or additional clips to securely fasten your roof to the frame structure. This will reduce roof damage.
  • Be sure trees and shrubs around your home are well trimmed so they are more wind resistant.
  • Clear loose and clogged rain gutters and downspouts.
  • Reinforce your garage doors; if wind enters a garage it can cause dangerous and expensive structural damage.
  • Plan to bring in all outdoor furniture, decorations, garbage cans and anything else that is not tied down.
  • Determine how and where to secure your boat.
  • Install a generator for emergencies.
  • If in a high-rise building, when high winds are present, be prepared to take shelter on a lower floor because wind conditions increase with height, and in a small interior room without windows. When flooding may be occuring, be prepared to take shelter on a floor safely above the flooding and wave effects.
  • Consider building a safe room.

During a Hurricane

If a hurricane is likely in your area, you should:
  • Listen to the radio or TV for information.
  • Secure your home, close storm shutters and secure outdoor objects or bring them indoors.
  • Turn off utilities if instructed to do so. Otherwise, turn the refrigerator thermostat to its coldest setting and keep its doors closed.
  • Turn off propane tanks
  • Avoid using the phone, except for serious emergencies.
  • Moor your boat if time permits.
  • Ensure a supply of water for sanitary purpose such as cleaning and flushing toilets. Fill the bathtub and other larger containers with water.
  • Find out how to keep food safe during and after and emergency.
You should evacuate under the following conditions:
If you are directed by local authorities to do so. Be sure to follow their instructions.
  • If you live in a mobile home or temporary structure – such shelter are particularly hazardous during hurricane no matter how well fastened to the ground.
  • If you live in a high-rise building – hurricane winds are stronger at higher elevations.
  • If you live on the coast, on a floodplain, near a river, or on an island waterway.

After a Hurricane

  • Continue listening to a NOAA Weather Radio or the local news for the latest updates.
  • Stay alert for extended rainfall and subsequent flooding even after the hurricane or tropical storm has ended.
  • If you have become separated from your family, use your family communications plan or contact the American Red Cross at 1-800-RED-CROSS/1-800-733-2767 or visit the American Red Cross Safe and Well site:www.safeandwell.org
    • The American Red Cross also maintains a database to help you find family. Contact the local American Red Cross chapter where you are staying for information. Do not contact the chapter in the disaster area.
  • If you evacuated, return home only when officials say it is safe.
  • If you cannot return home and have immediate housing needs. Text SHELTER + your ZIP code to 43362 (4FEMA) to find the nearest shelter in your area (example: shelter 12345).
  • For those who have longer-term housing needs, FEMA offers several types of assistance, including services and grants to help people repair their homes and find replacement housing. Apply for assistance or search for information about housing rental resources
  • Drive only if necessary and avoid flooded roads and washed¬ out bridges. Stay off the streets. If you must go out watch for fallen objects; downed electrical wires; and weakened walls, bridges, roads, and sidewalks.
  • Keep away from loose or dangling power lines and report them immediately to the power company.
  • Walk carefully around the outside your home and check for loose power lines, gas leaks and structural damage before entering.
  • Stay out of any building if you smell gas, floodwaters remain around the building or your home was damaged by fire and the authorities have not declared it safe.
  • Inspect your home for damage. Take pictures of damage, both of the building and its contents, for insurance purposes. If you have any doubts about safety, have your residence inspected by a qualified building inspector or structural engineer before entering.
  • Use battery-powered flashlights in the dark. Do NOT use candles. Note: The flashlight should be turned on outside before entering - the battery may produce a spark that could ignite leaking gas, if present.
  • Watch your pets closely and keep them under your direct control. Watch out for wild animals, especially poisonous snakes. Use a stick to poke through debris.
  • Avoid drinking or preparing food with tap water until you are sure it’s not contaminated.
  • Check refrigerated food for spoilage. If in doubt, throw it out.
  • Wear protective clothing and be cautious when cleaning up to avoid injury.
  • Use the telephone only for emergency calls.
  • NEVER use a generator inside homes, garages, crawlspaces, sheds, or similar areas, even when using fans or opening doors and windows for ventilation. Deadly levels of carbon monoxide can quickly build up in these areas and can linger for hours, even after the generator has shut off.
Information obtained from:
no visible author. "Hurricanes." Ready- Prepare. Plan. Stay Informed. Ready.gov, Published 5/27/14. Accessed 6/5/14. http://www.ready.gov/hurricanes.



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.

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Tuesday, June 3, 2014

2014 Hurricane Season Outlook: Another Quiet Season Possible for Atlantic


After one of the quietest hurricane seasons in decades, forecasters with The Weather Channel predict a below-average 2014 Atlantic hurricane season.
The early outlook released March 24, 2014 calls for 11 named storms, including five hurricanes, two of which are predicted to attain major hurricane status (Category 3 or stronger on the Saffir-Simpson Hurricane Wind Scale).
This is slightly below the long-term average of 12 named storms, six hurricanes and three major hurricanes.
"The early dynamical model runs suggest another relatively slow season," said Dr. Todd Crawford, chief meteorologist for Weather Services International (WSI), a part of the The Weather Company. "Three independent statistical techniques all suggest 11 named storms this year."
Here are four questions about this outlook and what it means for you.
2014 Atlantic hurricane season outlook
Potential impact of El Nino on 2014 Atlantic hurricane season.

Q: Does this mean a less destructive hurricane season?

There is no strong correlation between the number of storms or hurricanes and U.S. landfalls in any given season.
"It is important to note that our forecasts are for the total number of storms that may occur anywhere within the Atlantic Ocean, and do not attempt to predict the number of storms that will make landfall in the U.S.," said Dr. Peter Neilley, vice president of Global Forecasting Services at WSI.
In 1983, there were only four named storms, but one of them was Alicia, a Category 3 hurricanewhich hit the Houston-Galveston area.
The 2010 season featured 12 hurricanes and 19 named storms, which tied 1995 for the third most named storms in any Atlantic season, at the time. But not a single hurricane, and only one tropical storm, made landfall in the U.S during that active season.
In other words, a season can deliver many storms, but have little impact, or deliver few storms and have one or more hitting the U.S. coast with major impact.
Therefore, it's important to be prepared for hurricanes and tropical storms every year, regardless of seasonal forecasts.


Q: Will El Nino play a role?

"We feel rather strongly that the first El Niño event since 2009 is on the way later this year," said Dr. Crawford of WSI. 
However, exactly where the warming of the equatorial Pacific waters takes place and the magnitude of that warming plays at least a partial role in the number of Atlantic named storms
There have been nine other years where sea-surface temperatures (SSTs) in the El Niño zone have matched what is currently forecast: 1951, 1957, 1963, 1965, 1968, 1976, 1982, 1997 and 2002. Those years averaged 11 named storms, 4-5 hurricanes, and 1-2 major hurricanes.
It should also be noted that eight of these nine years had a hurricane over the Gulf of Mexico, Crawford. said, and four hurricanes achieved major hurricane intensity while in the Gulf.
Also, despite development of a weak El Niño, Hurricanes Charley, Frances, Ivan and Jeanne raked parts of Florida during the 2004 Atlantic hurricane season. 
In short, the exact role El Niño may play on the season remains uncertain.
Atlantic sea-surface temperature anomalies
Sea-surface temperature anomalies as of late March 2014 over the Atlantic Basin.

Q: Are there any other factors in play?

"We've found that the best pre-season predictor is sea-surface temperature anomalies in the tropical North Atlantic region," Crawford said. "So far, SSTs in this area are rather cool relative to the recent very active seasons."
Looking at the Atlantic Basin as a whole, shown in the graphic at right, note the rather warm SSTs in the western Atlantic Ocean and Caribbean Sea, but generally cooler-than-average temperatures in the strip of the central and eastern Atlantic Ocean east of the Windward Islands to the western African coast.
It is important to note, however, that a large majority of the destructive hurricanes during the record-setting 2005 hurricane season developed in the western Atlantic Basin. 
"If the El Niño event progresses as we expect and if there is not a sudden warm-up (relative to average) in the Atlantic Ocean, we feel there is still more downside to these (forecast named storms, hurricanes, and major hurricane) numbers," Crawford said.
2013 Atlantic hurricane season
2013 Atlantic hurricane season storm tracks.

Q: There was no El Nino in 2013 season. Why was it so quiet?

For the first time since 1994, no hurricanes stronger than Category 2 developed in the 2013 Atlantic hurricane season. Since the satellite era began in 1960, only four other seasons failed to produce a single Category 3 or stronger hurricane (1994, 1986, 1972, 1968).
"By most measures, last year was one of the strangest years in the tropical Atlantic in many decades," Crawford said. "The 'usual suspects' of pre-season indicators suggested a reasonably active season as relative warm Atlantic SSTs and an expected lack of El Nino resulted in fairly bullish seasonal forecasts."
While the number of storms predicted (14) in 2013 was above the long-term average, the dominance of dry air and wind shear limited the intensity of existing storms or squelched the development of others.
"While last year was strange, it is prudent to not over-react to the forecast bust last year at the expense of ignoring the other 60+ years of data we've accumulated," Crawford said.

Article citation:
Erdman, Jon. "2014 Hurricane Season Outlook: Another Quiet Season Possible for Atlantic" The Weather Channel. May 22, 2014. June 3, 2014. http://www.weather.com/news/weather-hurricanes/hurricane-season-outlook-atlantic-2014-el-nino-20140324 

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.


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