Monday, February 23, 2015

Jumbo Loans’ Share of U.S. Mortgages Notch 10-Year High

Inside Mortgage Finance is a periodical that precisely lives up to its name: New Orleans residential real estate professionals can turn to it for the latest word on national trends inside the mortgage industry. Admittedly, this usually makes for pretty dull reading for outsiders (that is, everyone else); but one story in last week’s edition was interesting enough that it was picked up by the general business press.
Homes For Sale Uptown New Orleans
The topic was jumbo loans. In New Orleans real estate circles, the issuing of jumbo loans is of particular interest because of their indicator status. Jumbos are the ones with mortgage amounts exceeding the limits for government-backed loans. They’re also known as ‘nonconforming’—and like all the other non-conformists in life, they don’t quite behave like everyone else. New Orleans jumbo loans tend to be slightly harder to qualify for than run-of-the-mill mortgages, and as a rule carry higher interest rates. If their share of the home loan market grows, it indicates that high-end home sales are improving.
Homes For Sale in Mid-City New Orleans
And that’s what happened in the U.S. in 2014, according to IMF. “Jumbo Lending Stronger than Overall Market, Hits Highest Share in 10 Years” was the headline in a report that pegged fourth quarter jumbo loan volume at $67,000,000,000. That’s a lot of high-end real estate!
Homes For Sale Warehouse District New Orleans
When The Wall Street Journal picked up the story, they pointed to a decrease in mortgage lending overall, but pointedly less so for jumbo loans. Bank of America reported a 3% growth in the number of first-time home buyers who took out jumbos in 2014—and applicants were a younger bunch, too: their average age decreased from 46 years to 44. Wells Fargo Home Mortgage, the largest jumbo provider, observed a similar trend: more first-timers taking out jumbo loans.  
Homes For Sale in Lakeview New Orleans
If this has local real estate watchers wondering whether the popularity of jumbo loans in New Orleans will follow the national trend (and if so, why), there was at least one straightforward explanation. HSH, the housing and mortgage data firm, reported that by the end of this January, the average interest rate for a 30-year fixed jumbo mortgage “dropped below 4% and was at a historic low of 3.92%....” With rates like those, the WSJ wrote, “Low interest rates are spurring more older affluent Americans to consider a mortgage.”
You don’t have to be in the jumbo market to seize the financial advantages this year’s favorable real estate climate offers. Just call me! 

The culture of our city has so much to offer... Love our city, New Orleans.



Questions about buying or selling a home?
Call Terez B. Harris 
504.297.2619






View Homes For Sale in Metairie
View Homes For Sale in New Orleans





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




See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!









      




Terez B. Harris   Terez Harris NOLA Realtor Group   504-297-2619   www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

Posted by at No comments:
Labels: , , , , ,
Location: New Orleans, LA, USA

A Foreclosure in Metairie—New Situation, Familiar Details


The Metairie foreclosure situation is a good deal different from what we were discussing a few years ago when the tidal wave of 7.3 million foreclosures and short sales swept the nation. When The New York Times “Dealbook” recently pronounced that the supply of cheap foreclosed homes in America is dwindling, it came as news to…well, no one.
Let’s face it: Metairie investors wouldn’t need to look up the latest statistics to guess that number of offerings would be down. The continuing rebound in home values, slow but steady improvement in the overall economic picture, and even just the passage of time has to mean that the glut of subprime-crisis-era foreclosures would have worked their way through the system. 
But there are always new foreclosures, and for anyone hoping to make a bargain buy in today’s Metairie foreclosure market, the same qualities that brought post-crisis success still apply today:
·         Knowledge of (or willingness to research) comparable neighborhood values
·         Realistic appreciation of rehabilitation costs
·         Decisiveness (willingness to act swiftly)
·         Ready access to investment capital
The principal difference in today’s Metairie foreclosure milieu is that far fewer are available, and the difference between market value and listing price has narrowed. There may be fewer competitors to worry about, but some are still out there, as always. Today sees fewer institutional investors—in fact, some are leaving the market altogether, taking their profits and selling out to groups more committed to long-term property management.  

Aside from the qualities described, there is still no blanket formula for landing the best Metairie foreclosure deal. But among other observations, there are two that are worth considering.

First, despite the lessening of the impact institutional investors previously had on the market, it may still be necessary to prepare to offer more than the listed price. The dwindling number of foreclosed homes tends to create an imbalance between supply and demand. If other buyers are offering higher amounts than the asking price, it can easily result in a bidding war situation. As always, by researching underlying values, the best investors avoid foreclosure buys that wind up being little more than break-even propositions.

                                                                   Transitioning your pets to a new home

Another wrinkle to be aware of is the possibility of future cost increases. For instance, it can transpire that an investor succeeds in purchasing a property significantly below its true value, only to find that a reassessment by taxing authorities raises its property tax bill through the roof! Canny investors prevent this surprise by finding out how the local Assessor’s office sets rates and schedules appraisals.


The Metairie foreclosure picture changes constantly. If you are interested in the investment possibilities—or are looking for a buy on your next home—don’t hesitate to give me a call to discuss the latest offerings!


The culture of our city has so much to offer... Love our city, New Orleans.



Questions about buying or selling a home?
Call Terez B. Harris 
504.297.2619






View Homes For Sale in Metairie
View Homes For Sale in New Orleans





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







See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!









      




Terez B. Harris   Terez Harris NOLA Realtor Group   504-297-2619   www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

Posted by at No comments:
Labels: , , , , , , ,
Location: Metairie, LA, USA

Wednesday, February 18, 2015

This Month in Real Estate February 2015


What is My Home Worth in My Neighborhood's 
Real Estate Market?




How Can I Increase the Value of My Home?


Read what my Past Clients say about their experience with me as their REALTOR.


Homes For Sale in Metairie


1400 N Starrett Rd. For Sale in Metairie


1107 Moisant St. For Sale in Kenner


5000 Schindler Dr. For Sale in New Orleans East



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








See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!






      







Terez B. Harris   Terez Harris NOLA Realtor Group   504-297-2619   www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

Posted by at No comments:
Labels:
Location: New Orleans, LA, USA

Monday, February 9, 2015

Retirees Buying a Home in Metairie Face Fewer Unknowns


Why Nearing Retirement Makes Buying a Metairie Home Easier...

One of the advantages of reaching retirement age is that your needs can be much clearer to gauge than they were in the past. When it comes to planning for buying a home in Metairie, for instance, you no longer have to worry about many of the contingencies that created vast unknowns earlier on.
When we were at the starting line in careers and family life, we couldn’t know exactly where our career would send us, so the level of certainty we had when we bought our first house was sketchy at best. Likewise, the shape of our family, needs of our children (and even those of our parents) loomed as giant question marks. We might have had definite ideas about what we wanted the future to bring, but sooner or later, most of us learned that what happens is up for grabs. In the words of the immortal philosopher John Lennon,
Life is what happens to you
While you’re busy makin’ other plans…
But as more life experience builds, the better we get at predicting what the future holds. But that’s a skill that is only useful if we take what we now know and apply it. As retirement nears, here are four areas where most of us should be better able to make much better informed decisions when it comes to buying a home in Metairie:

1. Choose an Appropriate Size

Many couples seek large houses early in life because they expect to have children. Once the next generation has vacated the premises, though, staying in a home that’s larger than necessary means blown money—not to mention wasted time spent cleaning unused rooms. Retirees may be slow to recognize their new downsizing option: buying a home that better correlates with current needs. They may even want to consider a condo or apartment if minimal upkeep will free up income to direct toward more enjoyable activities.

2. Consider a Single-Level Home

Most people experience mobility issues as they age. Some solve the problem by installing expensive devices in their homes, even though they could deal more directly with those problems by moving to a home configured to present fewer challenges. For some people, moving to a simplified home lets them live independently for many additional years--for example, a single-level home without a front porch eliminates stairs entirely.

3. Find a Convenient Location

At some point, retirees may reluctantly decide that they don’t feel safe driving their cars. If anyone experiences warning signs of unsafe driving, it’s prudent to give up the keys before an accident forces the issue. This causes fewer problems when a retiree has chosen a convenient location. It could mean living close to stores, public transportation—or near relatives who can help with everyday tasks.

4. Stay under Budget                                           Home Budget Calculator

Retirees need to take seriously realistic budget expectations, since it’s usually true that they will have less money coming in than heretofore. An inelastic income may take some getting used to—but knowing what’s coming will make intelligent planning possible.
When it comes to locating and buying a Metairie home that fits your specifications, I hope you will give me a call to discuss the current crop of appropriate available properties!
Properties Currently Available in Metairie, LA





Terez B. Harris

Terez Harris NOLA Realtor Group


(504)297-2619


www.TerezHarris.com

TerezHarris@kw.com









See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!






      







Terez B. Harris   Terez Harris NOLA Realtor Group   504-297-2619   www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

Posted by at No comments:
Labels: , , ,
Subscribe to: Posts (Atom)