Baton Rouge Real Estate News

Prairieville, Gonzales, Geismar North Ascension Parish Home Sales April 2012 versus April 2013

21 Page Downloadable PDF Report 

Prairieville, Gonzales, Geismar North Ascension Parish Home Sales Summary: 
The median sold price is up 11%, number of sold properties is up 48%, number of under contract properties is up 6%, average days on market is down 43% and average months supply of inventory is down 23%!

View Charts here: http://activerain.com/blogsview/3730998/prairieville-gonzales-geismar-home-sales-april-2012-versus-april-2013

Downloadable 21 page pdf.  Report on East Baton Rouge Parish home sales of the Month of April 2012 versus the Month of April 2013. Visit here for charts and downloadable pdf: http://activerain.com/blogsview/3730951/east-baton-rouge-home-sales-increased-21-april-2012-vs-april-2013- 

Also, THE ADVOCATE Newspaper reports on Greater Baton Rouge Home Sales here: http://theadvocate.com/news/5995793-123/br-area-homes-sales-jump-28   According to The Advocate for East Baton Rouge, 

"East Baton Rouge has seen 1,381 homes sold in the first four months of the year, up 18 percent. The number of new listings during this period was up 6 percent to 2,593. The average number of days on the market was 95, compared with 103 a year ago."

"Web Appeal IS the NEW CURB APPEAL" - A Quote From Birmingham AL Real Estate Broker, Collier Swecker. 

MY ADVICE: DON'T hire an Agent that uses their smartphone to take listing photos of your home, period!  You deserve better service! 

Home Sellers and REALTORS® Need to Use Professional Photography - Real Estate Broker Advice! 

Why? Because there's a new study that says professional photos help home sell faster and for thousands more! 

Photo Credit Above: Fotosold.com Greater Baton Rouge Photographers

I wrote an article with photos about this topic here: 
http://activerain.com/blogsview/3729004/web-appeal-is-the-new-curb-appeal-baton-rouge-sellers-need-pro-photos

FHA Mortgage Guide has an interesting article on why FHA mortgage loan volume could shrink, one of the primary reasons being permanent "MI" or mortgage insurance for the life of the loan, which is an extra $150/month to $300/month.  Over 30 years, that could be an extra $21,600 to $108,000 just for mortgage insurance.  

Article Source: http://www.fhaloanpros.com/2013/01/fha-loan-share-may-shrink/

Don't Make A Financial Decision based on "Rosy National News" but rather on your own Local Research of the subdivision and immediate you plan on purchasing in!

Exactly - Locally Driven!  Even within a large metro area like Baton Rouge with 804,000 population, it's fair to say that some cities within Greater Baton Rouge are participating in the recovery and some are not at all. While Baton Rouge itself is recovering, it's even fair to say that some subdivisions in Baton Rouge itself are not participating in the Good Times of Baton Rouge Real Estate, subdivisions like Sherwood Forest, Park Forest, Monticello. Even Broadmoor is struggling with an oversupply of listings and some of these have been on the market for well over 1 year, if not longer.  

The goal in buying a home is so that in 5, 10, 20 years, you achieve equity and that $150,000 home you bought in 2013 is worth $175K to $200K into the future. I've seen homes purchased 10-15 years ago in Baton Rouge be worth $100K or more in 2011-2012.  HOWEVER, IF YOU CHOOSE TO BUY in areas or subdivisions where the "NEIGHBORHOOD LIFECYLE" has run its course and there is no more price appreciation and possibly a price pull back, then it might not be wise to buy in that area.  This is why some that paid those 2005-2007 Hurricane Katrina high prices in some local subdivisions are upside right now in 2013 and are stuck with their purchase and/or may choose a short sale option.  

Neighborhood Life Cycle Defined from RealEstateAgent.com: 

"Changes occurring in neighborhoods over time. The neighborhood life cycle includes the phases of birth, early growth, maturity, and decline. Not all neighborhoods pass through them more quickly the others. Neighborhoods decline for several reasons. The physical aging and deterioration of the building structures as well as the aging of the population contribute to the overall decline. Architectural obsolescence also makes these neighborhoods less attractive. Other changes include the intrusion of a business or industrial area into the neighborhood detracting from its overall quality."

This is an article penned by Woody Jenkins in 2007 and still applies in 2013! 

1.) The Warmth and Graciousness of the People.

2.) Safety and Security

3.) Great Neighborhoods and Great Neighbors

4.).......

Article Link: http://www.zacharylouisianarealestate.info/10-reasons-zachary-la-is-a-great-place-to-live/

Baton Rouge Home Prices Near New Peak, Research Your Subdivision or Area Before Making A Financial Decision Based On Such News!

This is GOOD NEWS for local housing market. This LPS report states, "According to a report in USA Today citing data from real estate tracker Lender Processing Services, Baton Rouge is among a handful of housing markets in the country that are at or near previous price peaks." 

CAUTION: While I do take delight in this good news, I'm a local Home Appraiser that examines numbers all week long and know that not ALL local subdivision nor zip codes are experiencing such positive numbers.  The reason I state this here is to caution locals when considering making a financial decisions to refinance or purchase a home based solely on such new stories like this. Relying on "Average Sales Prices" can be misleading because those Million Dollar home sales help artifically raise the Average Sales Price in our market.....and the strength in Baton Rouge Real Estate has been in the over $500,000 homes market for the past 2 years. I strongly recommend you research the specific subdivision or market you're making a financial decision on. Markets like Sherwood Forest 70815 are still struggling and NOT ALL of Baton Rouge Real Estate is participating in this market rebound!   Bill Cobb, Appraiser 

Read more from Business Report here: http://businessreport.com/Baton_Rouge_home_prices_near_new_peak#ixzz2SYANmF2C

This is fantastic news for Greater Baton Rouge Real Estate and a hint to builders and developers build more senior living type subdivisions, instead 1 street, dead end developments with no sidewalks or amenities for fitness minded seniors!  

Article Source: Businessreport.com

21 Page Downloadable PDF!

Denham Springs, Watson, Walker Home Sales April 2012 versus April 2013 Summary: 

The median sold price is up 8%,Median Sold Price by Month Apr-12 vs. Apr-13: The median sold price is up 8%, number of sold properties is up 30%, number of under contract properties is up 33%, average days on market is down 2% and average months supply of inventory is down -39.6%!

Visit: http://activerain.com/blogsview/3730970/denham-springs-watson-walker-home-sales-april-2012-versus-april-2013?share_opt=1

From Collier Swecker:

"Collier Swecker video blogs about a recent study by the real estate brokerage Redfin, that showed that sold homes that had professionally shot photographs sold on average for $3,000 more than those homes that had owner shot or agent shot photography.  Since Web Appeal is the new Curb Appeal, photography may be the absolute most important aspect of the marketing process. We use professional photography on over 90% of our listings and it has made an incredible difference in ensuring that our listings sell faster and for more money. Make sure you ask your agent if they intend to have your home photographed by a professional photographer."

I wrote an article with photos about this topic here: 
http://activerain.com/blogsview/3729004/web-appeal-is-the-new-curb-appeal-baton-rouge-sellers-need-pro-photos 

Seasoned advice on the home buying process.  I recently saw a rant on Facebook by a Mortgage Loan Officer referencing these same DO NOTS!  

Article Link: http://activerain.com/blogsview/3723435/5-absolute-do-not-s-when-purchasing-a-house

During this episode of Tuesday Morning Coffee, Murfreesboro TN Real Estate Agent and Broker, John C. Jones, discusses why we often hear "your first offer is your best offer". He also explains the importance of competitively pricing your home so that it sells quickly!

Locally, supply of housing in the more desirable zip codes is tight as well. In fact, today I performing a Greater Baton Rouge Home Appraisal in Easterly Lakes Denham Springs 70706 and found only 1 competing listing that wasn't under contract. There were 18 competing solds in past 12 months and only "1" competing active listing.

However, this IS NOT the case for all zip codes of Greater Baton Rouge! 70815 in Sherwood Forest has 59 available active listings from $91,000 to $260,000 with an average asking price of only $76/sf according to GBRMLS. Not ALL of Baton Rouge Real Estate is participating in this market rebound! 

GBRAR MLS NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 05/01/2012 to 05/06/2013. This information was extracted on 05/06/2013.

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A Hint For Builders and Developers on Senior Living Subdivisions and that it NOT COST $150/SF TO $225/SF! 

This is fantastic news for Greater Baton Rouge Real Estate and a hint to builders and developers to build more senior living type subdivisions, instead 1 street, dead end developments with no sidewalks, no green areas or amenities for fitness minded seniors!  And, to not think of TND's as senior living where just the lots cost $100,000 to $200,000 before they even build the house.  Why can't Baton Rouge Real Estate include senior living subdivisions with nice wide sidewalks, green areas, rec facilities with affordable pricing.....and $150/sf to $225/sf is not affordable for "Baton Rouge Louisiana"!  

TND Concepts, such as The Settlement At Willow Grove, are fantastic  concepts and win awards but end up with the top 1% of local income earners living inside. How does the next subdivision development priced in the $225K to $300K range include TND amenities?  We don't live in Californa where you expect to pay such high prices for real estate....this is "Baton Rouge Louisiana" where real estate is supposed to be priced lower, which is the reason Louisiana was just ranked #2 for retirement. 

Article Source: Businessreport.com

Baker LA Distressed Home Sales Highlights 

*Median Sales Price dropped from $100K in 2006 to just $49K in 2013, a -51% Decline

*Sold Price Per Sq. Ft. From $76/sf in 2006 to $43/sf in 2013, a -43% Decline

*Distressed Sale Increased from 7% in 2006 to 56% of Total Sales In 2013

SEE VIDEO EXPLANATION HERE: 

http://activerain.com/blogsview/3713612/baker-la-70714-housing-severely-hard-hit-by-distressed-sales