Home After Home

Negotiating the Best Deal

Bridget Fredericks (Home After Home) — Thu, 08 Apr 2010 22:15:54 -0400

When you are buying real estate or selling real estate in Baton Rouge or anywhere for that matter, the negotiations are one of the most critical components. Ask yourself a few questions before entering into any negotiation.

1. When do I want or need to close the sale?
2. What is the most I will pay for this home? or What is the least I will sell this home?
3. What incentives can I give to the other party so that they will want to work with me?
4. What else is a make-it or break-it factor for me?

Number 1 is important because it can control your move in and move out dates. If you have a lease you may want to close near the end of your lease, but not AFTER the expiration of the lease. If you have a home to sell and a home to buy you may need to coordinate these dates so that they "sync".

2. Price. They say that's all that matters, but it's not ALL that matters. Price is important but I doubt a few thousand dollars within your target number would keep you from moving forward... or at least it shouldn't. Know what you want your bottom line to be, but be flexible enough that if you get close to it, you can still make progress. Here's another tip that may help. Don't make a counteroffer over a couple of thousand dollars either. Yes I know that $2,000 is a lot of money. But is it enough money to keep you from realizing your goals and making the move you're wanting or needing to make? It shouldn't. That's not enough money to keep you stagnant so don't let it stall you in a negotiation. Your real estate agent should be compentent enough to provide you with cost estimates so that you know how much money you need to bring to the closing or how much money you'll walk away with from the closing. These numbers are "estimates" but they should be close enough for you to make an informed decision. Ask your realtor for a "seller's net sheet" or a closing cost workup if you are a buyer.

Incentives! Don't forget the gravy. Gravy is what makes the deal more palatable to the other side. If you are a seller leaving the washer, dryer, and refrigerator might be the gravy to the buyer. If you are a buyer, coordinating a closing date that works for the seller may be the gravy for them. Buyer's: It's also helpful to know that if you are preapproved or have proof that you have cash to buyer and don't have to sell a home then you are more attractive to the seller than other buyers. Figure out what little "extra" you can give the other side to help them out and you're negotiation will start and end much smoother!

Number 4: Make-it or Break-it. You need to know what is a deal-breaker for you before you enter into the negotiations. This will save you time, effort, and stress! For instance, if you are a buyer and you only have $5,000 to work with and you know that will cover your downpayment but not your closing costs, then you know that it's a deal breaker for you if the seller doesn't cover your closing costs. If you are a seller and are moving for a job relocation, your deal-breaker may be if the buyer can't fit with your closing dates. Know what your absolute deal-breakers are upfront. When you start to think through this process, you'll realize that some items that you thought were deal-breakers may be more flexible.

That's only a few items that go into a good negotiation. It's not like buying a car. If you don't like the deal at the car dealership you can leave and go to another dealership and find the exact same car. No. With houses it's different. You're buying a home. Or you're selling a house. In either case, you can't just turn tail and walk away. There isn't always another exact replica of that house that you want to buy in that neighborhood (although, I guess in some neighborhoods there are) and if you are selling there isn't always another buyer standing in line to buy your home. So work with what you have to get you what you want. In the end, you'll be happy that you made a deal that works for everyone AND you got to move on with your life!

Relocating to Baton Rouge? Hit the Hot Spots!

Bridget Fredericks (Home After Home) — Wed, 24 Mar 2010 16:56:35 -0400

If you are considering a move to Baton Rouge, then you might want to read up on what's going on in and around town. Of course, you want to look at the real estate in Baton Rouge, but you also need to know that there's lots of action here and lots to do if you know where to find it. Here are a few of my top picks.

Sports
With two universities in Baton Rouge, LSU and Southern, there's lots of sports action, year round. This time of year, most of the action is in the new Alex Box Stadium at LSU and it's a home-run hitter for Baseball fans. To keep up with LSU sports schedules (basketball, football, baseball, and more) go to www.LSUSports.net. That's where all the current information is along with the results of the latest games. And to get current sports information for Southern go to www.subr.edu/athletics/.

Theater
If you want to take in a play or a musical you'll probably be looking for the Baton Rouge Little Theater company or Swine Palace Productions. Both offer a great selection of plays. For a nice evening out, try their websites to see "what's playing". www.BRLT.org or www.SwinePalace.org

Arts
If it's Art you're looking for there are several smaller galleries around town, but I'll mention only two here. There's the Baton Rouge Art Gallery and the Shaw Center for the Arts. Both have interesting schedules. The Shaw Center for the Arts is a newer building in downtown Baton Rouge near the riverfront and it includes a theater which shows plays and a sushi restaurant on top floor.

Entertainment
If you're looking for a little entertainment you might want to check out Live After Five which is an outdoor, open-air music concert (party) on the streets of downtown Baton Rouge on Friday's 5p-8p. Before you go, be sure to view the current schedule so you can see who's playing!

Now, that's enough to get you started. Even if you are only in town for a few days to look at homes that are available, try to make time to enjoy yourself while you're here!

Baton Rouge Real Estate Market Update - March 2010

Bridget Fredericks (Home After Home) — Thu, 18 Mar 2010 21:25:30 -0400

We experienced a drawn out market slow down following Hurricane Gustav in Baton Rouge, LA. The slowing in the market seemed to have caused a slight dip in the overall average sold price of homes in Baton Rouge. I have been tracking the average monthly sold price in Baton Rouge from 2002 to present and charting the values to keep up on the current status of the market. The chart is very revealing.

First, many people think that our market prices skyrocketed after Hurricane Katrina and remained overpriced. However, that's not the case -- as the chart shows. Hurricane Katrina caused a spike that rapidly dropped right back down in just a few months. Following Katrina, the national economy started to experience a downturn as housing values in major markets across the nation plunged. From the media, the public perception was that housing values were plunging everywhere - including Baton Rouge. That, too, was a myth. Yes there are areas around the country experiencing plunging values, but Baton Rouge was largely insulated from the effects of the failing economy. This too can be seen in the chart.

Baton Rouge did experience a slow down during 2009. But recently real estate activity has picked up. Reports are coming in from local lenders and agents that they are busy. But now, we can also see the values reflecting the upswing on the chart. You'll notice what appears to be a fairly stagnant rate in the values for 2009, and an uptick for Feb 2010. I've been telling people that I'm expecting a great 2010 and February is evidence of that possibility. No one can predict the future - not even me - so I think it's important for sellers to stay ahead of the market and to be realistic on their pricing if they expect to sell their homes. Buyers, now is not the time to try to be overly lowballing sellers on your offers. Insulting the sellers, will not accomplish anything. And, if the market really is taking an upswing, you need to be realistic on your offer prices. If everyone is realistic, the market will continue to move in a positive fashion and provide an improvement in the overall economy for Baton Rouge.

For your review, here's my chart of Baton Rouge real estate values. Remember, this is NOT a valuation of your home. It's an average of all homes sold all over Baton Rouge.

Patience is a virtue when buying short sale properties!

Linda Fredericks (Home After Home) — Thu, 18 Mar 2010 11:00:49 -0400

How does buying a "short sale" affect the buyer? So many buyers are asking this question and it’s a good one. Sometimes us REALTORS sound like we are speaking a foreign language. We talk about ARM’s, Buy Downs, BPO’s, CMA’s, Negative Am, and so on. It’s worth explaining rather than using our “industry dialect”
Lets first talk about “short sales” and how it affects buyers. A short sale is simply a transfer of ownership with the seller’s lender agreeing to accept less then the total amount owed on the seller’s loan or loans. All of the seller’s loans on the property must be paid or satisfied by the banks in order to convey a “clean” title to the buyer. There are situations when the proceeds of the sale will not satisfy the seller’s payoff. So the seller is “short”, thus a “short sale”. For any buyer purchasing such a property it can be a blessing in disguise.

● GETTING GOOD VALUE - The buyer is likely to get these properties below appraised value. Ultimately the bank has the final say on all the terms of the agreement.

● BEING PREPARED - The sales process takes longer then traditional sales. Since there is one more person involved, obtaining an accepted sales agreement takes longer. In light of the fact that many lenders across the nation are flooded with Short Sales and Foreclosures, the one property that you are buying is of little priority to the bank. It is only one drop in the bucket that is already full to the rim. We sometimes wait weeks or even months to get a response from a bank on an offer on a property.

● ACCEPTED AGREEMENT - Once the bank agrees, the buyer then proceeds with the terms of the agreement just as they would with any other sale. Inspections, appraisal, and all the usual details spelled out in the sales agreement. Keep in mind, the property may or may not have utilities turned on. Many times the buyer will turn on the utilities in order to do inspections. In some cases, the buyer is so thrilled with the terms of the sale they may elect not to have utilities turned on for inspections. This is on a case by case basis to the satisfaction of the buyer and in compliance with the terms of the agreement. In most cases, the buyer will be purchasing the property in its “as is” condition. Expect no repairs to be done by the seller or the bank. This is one reason the buyer will get a good value. The bank will have their process. After receiving a complete package from the listing agent and the seller, it is highly likely the bank will order a Broker’s Price Opinion (BPO) or an Appraisal. Then the bank will present to their investor for approval of the contract. This all sounds easy, but is a time consuming process that can take weeks or even months. When the REALTOR tells you the property has been assigned to a short sale negotiator, then the ball will begin rolling. Until then, time is frozen, and no progress occurs. Having successfully closed many short sales in Baton Rouge, La, I have learned to teach agents and buyers to expect enormous delays in the process. Remember “patience is a virtue”.

● CLOSING THE SALE - The bank must also approve the final sales documents before the closing takes place. Primarily they are interested in approving the HUD which is a statement showing the details of all money involved in the transaction. Since it’s a short sale, they definitely do not want to see any proceeds going to the seller. Will the buyer be faced with any unusual title issues? As long as a reputable closing agent does their job, the answer is no. One of the jobs of the closing agent is to verify that the title conveyed is clean with no liens or encumbrances. The buyer can also buy an owner’s title insurance policy from the closing agent. So when you accept the keys to your home at the act of sale, you can feel good about your home.

● HOME OWNERSHIP - It’s been said that the misfortune of one can be the fortune of another. This can be true to buyers who are buying such properties. Just remember, your penance is weathering the time factor and remaining patient. This is can prove to be money in the bank for you. Happy house hunting!

New Home Owner Checklist

Bridget Fredericks (Home After Home) — Thu, 18 Mar 2010 11:21:19 -0400

Gareth posted this great checklist for new home owners. Here you go....

Via Gareth Beale (Choice Title):

The closings over, you have the keys, and your ready to move in. Buying a new home is an exciting time, and busy time. It is very easy to over-look some basic things that need to be done as soon as you get into your new home.

Call the utility companies. Gas, electric, cable, telephone, garbage service, and any other providers for your home must be called to ensure service is in your name. You can also double check what day your garbage will be picked up and when your bills will be due.

Local Parish Tax office. Don't forget to apply for a homestead exemption. Visit your local Assessor's office and bring your settlement statement given to you at your closing.

Your New Address. Don't forget to inform creditors and magazine subscriptions of your new address. In most areas, you can now change your address online through the Post Office.

What's Your Number? Make sure your street number is identified and easily visible from the road. Reflecting house numbers on your mailbox work well.

Find your Main Circuit Breaker. Take time to locate the main breaker box for your home and label each breaker correctly.

Fire Extinguishers. Be sure to have at least one basic "all -purpose" fire extinguisher on each floor in your home and one for the kitchen. It is much better to be safe than sorry!

Emergency Exits. Get the family together and plan your evacuation routes in case of an emergency such as a fire.

Emergency Kit. Make sure emergency phone numbers are all posted in one place where everyone can find them quickly in case they are needed. Also put together a first aid kit and make sure everyone knows where it is.

Smoke Detectors. Make sure there are adequate smoke detectors in your home and all work properly. Change batteries every six months.

Locate the main water shut-offand make sure all household members know where it is located. It is also a good idea to purchase a water cut-off wrench in case it is necessary to turn off your water supply from the meter. (When you need this, it tends to be an emergency, with yelling and screaming...I know from experience)

I know that likely much much more, but once you have these things done, relax a little, and enjoy your new home.

Changes Coming Down the Pipe to FHA

Bridget Fredericks (Home After Home) — Thu, 18 Mar 2010 10:02:45 -0400

The lending industry is constantly changing. This year new changes are coming to the FHA loan. The good news is that FHA is keeping the low down payment of 3.5%. Here are a few of the upcoming changes:

Upfront mortgage insurance premium is increasing to 2.25%. Previously it was 1.75%. FHA will continue to allow buyers the option of paying the premium upfront or financing it into the loan.
Borrowers with a credit score below 580 will need a 10% down payment. All other borrowers will be able to stick with the 3.5% minimum down payment.
FHA is looking to increase the annual premium which is currently capped at .55%. By increasing this number, the upfront MIP may be reduced. (Note to the consumer: The annual premium affects the MIP that is added to your monthly payment.)
Maximum seller concessions will be limited to 3%. (Previously sellers could contribute up to 6% towards the buyers settlement fees.)

When will the changes go into effect? The upfront MIP increase will be implemented in Spring of 2010. FICO Score and down payment requirements will be implemented in the Summer of 2010. The seller concessions change will start in the Summer of 2010.

Live Everyday Like It's a Vacation! - Toledo Bend Waterfront Home

Bridget Fredericks (Home After Home) — Tue, 16 Mar 2010 23:10:38 -0400

Enjoy a year round resort life-style in this stunning architectural masterpiece, located on a private peninsula, overlooking one of America’s most prestigious fishing lakes – Toledo Bend Reservoir. This four-bedroom, five-bath phenomenon is just 13 years young with over 4,800 square feet of unparalleled, upgraded amenities and open floor plan, which was smartly designed to be conducive to day to day living and gracious entertaining. No stone was left unturned as each and every feature is of the finest quality, and professionally planned by an interior designer and space planner. This home is situated on the property to maximize the waterfront views from each room and to capture the serenity and tranquility of Mother Nature’s surroundings.

Live the dream of owning this one of a kind custom waterfront $1.5M home, as you may never find another one like it again! Words, alone, cannot capture the excellence of this home. Experience it as you view the video below.

Specs:
4 Bedrooms Plus a Loft
5 Full Baths
2 Half Baths
4804 SF Living Area
1.17 Acres
130 Catfish Dr., Zwolle, LA 71486

View Larger Map

Averge Price per Square Foot in Baton Rouge Real Estate

Bridget Fredericks (Home After Home) — Mon, 22 Feb 2010 13:02:24 -0500

I was out the other night at the poker tables when the player next to me found out that I am a REALTOR. She asked, "What's the average price per square foot for Baton Rouge?" What a question! I figured it would be good to answer that question in a blog post.

First, let me say that Baton Rouge hasn't been hit hard by the failing economy around the rest of the country. We have not had the bottom fall out of our real estate market. In fact, while we have felt the repercussions of weakened economy, the impact has been minimal. Throughout 2009 we felt the impact of fewer sales. Coupled with fewer sales there has also been a slight drop in home prices. As the lending practices have tightened, the sales have slacked up. Here's a chart that shows the number of sales in Jan and the number of sales for the whole year for the Baton Rouge Real Estate Market over the past few years.

Jan 2007 376 Year 2007 5693 Jan 2008 275 Year 2008 4434 Jan 2009 242 Year 2009 3971

Here in 2010, we've had 204 transactions for January. This number actually surprised me when I looked at it. What we are feeling is an increased demand in the movement of buyers and an increase in the number of sellers ready to list.

But that's just the "number" of transactions in Baton Rouge. Now, let's look at average sales price over the same period.

Jan 2007 $ 182,475.34 Year 2007 $ 197,811.31 Jan 2008 $ 201,482.78 Year 2008 $ 204,500.02 Jan 2009 $ 194,209.20 Year 2009 $ 197,275.88 Jan 2010 $ 195,109.99

Those numbers show some movement and stabilization in the market. You can see that our prices haven't just bottomed out like some other markets around the country. Now, my prediction - not that I'm an expert in statistics - is that we'll see prices graduate upward a bit in 2010.

So, now that we've covered the background here are some rough numbers for a few neighborhoods around town. This is not intended to be a market analysis for your home. Your home should be compared to homes that have similar finishings, similar size, and similar age. These are averages based on the past year of of all sales in each area.

Area Avg Active $/SF Avg Sold $/SF Southdowns $ 149.48 $ 137.98 Shenandoah Estates $ 96.34 $ 89.48 Sherwood Forest $ 81.94 $ 74.99 University Club $ 167.95 $ 164.50 Glenmore $ 162.95 $ 164.69 Capital Heights $ 141.36 $ 132.68

For information on your home or a home you are looking to buy talk to your realtor about specific data that pertains to your subject property.

The important point in all of this is not just that real estate is local. It's more than local. I could provide you with an average price per square foot for Baton Rouge, but what would that tell you? I say it would tell you absolutely nothing about Baton Rouge. The ranges vary greatly from neighborhood to the next. All of the neighborhoods on the list above are very desireable areas with lots of activity, but still there is a great variance from one part of town to the other.

2009 Realtor of the Year - Linda Fredericks

Bridget Fredericks (Home After Home) — Sat, 30 Jan 2010 10:18:02 -0500

I am very proud to announce to you all, that one of my favorite people, Linda Fredericks was awarded the top honor this year as REALTOR of the Year by the Greater Baton Rouge Association of REALTORS. Ok, yes she's my mom and I am, admittedly, partial. But after all these years of knowing how great she is, it's wonderful to see that quality admired by the rest of the professionals in our association. So, in honor of Mom, here's a little bit about her career that contributed towards her being named the 2009 Realtor of the Year.

Linda's career started a long, long time ago in a galaxay far far away... ok, well, a long, long time ago. She began her career in real estate as a secretary for an appraiser where she worked for five years. Her next step was to get a real estate license, which she did in 1975. Back then it was a simple process to get a real estate license and no training was available to her. So, for her first sale, her client signed a blank purchase agreement and gave her a $100 bill for a deposit. She took the cash and the blank contract back to the office, handed it to her broker, and said, "Now what?" She's certainly come a long way from that first sale. She quickly rose to become the top producer at her office and has remained one of the top producers no matter what office she's worked at since then.

In 1990, she opened up a RE/MAX franchise in Baton Rouge. She and her partners recruited the best of the best to work with their office until deciding to sell 9 years later. She moved to another RE/MAX office and continued to excel in sales and wining awards each year. In 2001, her daughter (that's me), came to work with her on her team. In November 2009, the two of us decided that we could be of greater service to our clients by opening a new office called Home After Home.

Linda has not only helped thousands of families with their real estate needs. She was the first ABR in Baton Rouge and one of the first in the state of Louisiana. After obtaining her ABR (Accredited Buyer's Representative) designation, she then teamed up with a local real estate school to train other agents on Buyer Agency. Buyer Agency was a major change in the way real estate business was conducted and it required a paradigm shift in the way REALTORS think about their business. Prior to the onset of buyer agency in Lousisiana, the Realtor was an agent of the seller... even if they were taking the buyer around to see houses. This great new step in real estate enabled the buyer to receive their own representation.

Staying on the cutting edge of real estate Linda been on the Internet marketing herself and her listings as long as it's been available. She keeps her business on the leading edge of technology, and even opened her new company for that purpose. Home After Home is, by design, a technology-based real estate company.

Within her local association she has been a member of almost every committee at some point during her career. She has chaired committees, heard arbitration and ethics hearings, and played a part in setting policy within the Greater Baton Rouge Association of REALTORS. She is even a past president of 2008. At the state level she has been a director and been on many committees. She has attended the NAR legislative meetings and is an active participant in the real estate industry at all levels.

She is a firm believer in giving back to the community and believes in charities that keep the money local and provide assistance right here in her own city. To that end, she has been an active participant in the Children's Miracle Network for many years and has participated in a woman's build with Habitat for Humanity. She offers her time to Our Lady of the Lake Hospital and Ollie Steel Burden Manor as a volunteer. At Ollie Steel she is a Eucharistic Minister and particiaptes in activities with the residents.

Children have her heart. For many years she was a sponsor of various child soap box derby racers who participated in the NDR (National Derby Rallies). She helped children in Texas and Louisiana obtain the materials to build their race cars and traveled to races around the country.

Linda is a giving person who credo is "helping others." That's why she is a REALTOR... so that she can help other people. Whether it's helping a buyer, helping a seller, or just giving a home owner advice to make it though a tough time, she has had a healthy career because she enjoys what she does.

Grand Opening Party! You Are Invited

Bridget Fredericks (Home After Home) — Tue, 01 Dec 2009 09:04:15 -0500

The day is quickly approaching. We've been working everyday adding technology and furniture to create a great office experience for clients and agents. Next week, we unveil the product of all our hard work and we'd like to invite you!

Please join us for our Grand Opening/Christmas Celebration at Home After Home. Here are the details:

When: Thursday 12/10/09, 4pm - 8pm

Where: Home After Home
5800 One Perkins Place
Building 5, Suite C
Baton Rouge, LA 70808

RSVP: 225-341-BRLA or 225-341-2752

Please stop in for a visit and enjoy a refreshment or two!

If you are interested in helping us plan or provide for the party please contact Linda or Bridget Fredericks.

Launch of Home After Home

Bridget Fredericks (Home After Home) — Fri, 06 Nov 2009 23:10:51 -0500

Baton Rouge has a hot new real estate company in town called Home After Home. Founded by two REALTORS with a lot of experience in the Baton Rouge real estate market, we expect Home After Home to be a great success. The principle is simple. The way of the Internet is now and far too many real estate companies are falling behind the game when it comes to properly marketing their listings and allowing an interface on the web that empowers home buyers and home sellers. Home After Home is a progressive technology real estate company that will fix that problem in the real estate marketplace.

We'll write another post when the website is launched, but for now, know that something great is about to happen. Phase 1 will be powerful web search allowing home buyers to search for homes available in the market and for home sellers to see what their competition looks like. Phase 2 which we plan to launch towards the end of 2010 will be the most innovative and powerful real estate website available. For that, you'll just have to wait and see!

In the meantime, it's business as usual. As we work to build the web platform we are continuing to help buyers and sellers using a combination of both traditional and innovative methods to achieve their real estate goals.

For the real estate agents who are looking for a better way to serve their clients, our office space is designed differently from most. We have mobile workstations in "The Lounge" and conference space where you may work on the go or meet with clients.

We're ready to help you achieve YOUR real estate goals! Are you ready? Call or text us today at 225-341-2752.

Getting Started Buying a Home in the Baton Rouge Area

Bridget Fredericks (Home After Home) — Tue, 29 Sep 2009 17:23:36 -0400

If you are in the market to purchase a home, this blog post will help you as you prepare on your journey to make that move. This is a step by step checklist to help you.

1. Start looking online. Ah, but what are you looking for? Well, you want to look at houses in the areas that you think would be of interst to you. Pick out a few different neighborhoods that you might want to drive through. And start to get a feel for what a dollar will buy you in certain neighborhoods. If you are moving in the Baton Rouge market, it may be helpful for you to know, that even in "this" economy, homes sell very near the asking price. In fact, on average, Baton Rouge area homes are selling just under 97% of the list price. What exactly does that mean for you? Well, if you are looking to spend no more than $200,000, you should be looking up to $206,000 but not looking at $225,000 or $250,000. Sellers just aren't coming off their prices by large margins. So, look at homes that are priced very close to your price range.

The second thing you are looking for online is the realtor. What realtor might you want to work with? Who's sites do you like? You might even want to read up on the realtor, their designations, qualifications, experience, and work practices. This will give you a jump start on who you want to interview to be your agent. Yes, I said "interview". We're going to talk a little more about this later, but for now, remember that "who" you choose to represent you is one of your most important first steps.

Here's a website to use to start looking for homes: www.HomeAfterHome.com.

2. Start talking to lenders. This is where we start to part from your online research. It's always best to deal with a local lender. So, start with the bank where you have your checking/savings accounts. Ask to speak with a loan officer and let them know that you intend to purchase a home. Tell them that you would like them to pull a credit report, qualify you, and provide you with a good faith estimate. The credit report now, will give you a chance to catch any errors that may be on your report that would inhibit you from buying a home. Having them qualify you will put you at ease and give you some comfort with the price range. And having the costs (the good faith estimate) will help you to prepare for the normal buyer costs (in addition to the downpayment) that you will have associated with your loan and closing. This step is all about preventing you from having unwanted surprises when your time might be more critical. During the home buying process there are many deadlines to meet to stay in compliance with your contract, so having those unwanted surprises can throw everything off for you and make it much more stressful. You probably want to talk with and compare 1-3 lenders.

Note: If you are paying cash for your home, prepare by obtaining a letter from your bank stating that you the appropriate sum of money as available cash on hand. This will serve as proof to the seller that you are "for real". You might think that it's everybody's dream to have a cash buyer, but I have seen both agents and sellers become uncertain or doubtful when they have a cash buyer. So have that letter on bank letterhead or letterhead from your financial planner. If you are paying cash, we want to make sure that the other side of the table understands that you really do have the cash, have access to the cash, and are much better for them than a financed buyer.

3. Drive around. Now it's time to go ahead and drive through the areas. Check out which areas you might like to live in. Make the drive from work to a potential neighborhood at "quitting time" to see what kind of traffic you can expect to endure in different areas. Visit neighborhoods you've never been in. See what you like/don't like and make a list of any for sale by owner properties that you find in the areas that you like.

4. Interview REALTORS. I mentioned that we would come back to this. At this point it's time to get started with an agent. You've figured out what areas you like. You have begun the financing process. And you may even have found a few houses that you would like to see. Now is a great time to check out which realtor is best suited to meet your needs. In selecting a realtor, many people pick one that they like or a friend or family member. That's fine, but check their credentials. This is a big purchase, and selecting the right REALTOR now can go a long way to you in the future. You need someone who see's hundreds of homes, knows the real estate market, understands the data, and has great negotiation skills. It's not just about finding a home. A good agent will help you save thousands. These thousands are saved by helping you select the right home, negotiating the right price, negotiating repairs with the seller, and helping you get to a sucessful closing.

Once you select a REALTOR, they'll help you select homes to view and you'll move on to the next step.

5. Viewing Homes. Now you'll get to go out with your agent and see your top picks.

6. Everything Else. The rest of the process of buying a home will be managed by your agent. In a nutshell, once you select a home, your agent will help you negotiate a purchase agreement. Next up, is to secure your financing and conduct inspections. Next, you may need to get insurance in place and coordinate a closing appointment.

The Everything Else section is where most deals fall apart. The home buying process gets more complicated throughout the "under contract" time period and having an expert help you will make things go more smoothly. Understand that step 6 doesn't have to be stressful. It can be, but having professional help will minimize that stress.

Contact me if you would like help getting started. I can help point you in the right direction and, when you are ready, I would like to interview to be your agent. Put me to the test! Just call 225-341-BRLA and we'll help you get started.

The School Year Slow Down

Bridget Fredericks (Home After Home) — Sat, 05 Sep 2009 10:07:42 -0400

Here we are in September and the school year has caused a little slow down in the real estate market. The thing this year is that there are still first time home buyer's out there in the market place looking for homes they may purchase by November 30. The problem that I'm running into is that there aren't as many homes coming on the market right now.

So what's the solution? Well, if you have a home you want to sell, don't wait. Now is as good of a time as any to sell. There are buyers looking for homes, why not yours? Many of the serious buyers in the real estate market today have a limited time left to take advantage of the first time home buyer's tax credit.

Additional help has been provided to these buyers. The Louisiana bond authority has issued a part of the bond program that let's buyer's use a portion of the tax credit as a downpayment today. Wow! I sure wish they had done this 3 months ago! Well, they've done it now, and it is more reason why sellers don't need to "wait" for a better time to sell. Now is a great time to move.

Interest rates remain low. Buyers are looking for homes to buy. And inventory seems to have slowed down with the commencement of the school year. So, if you were considering the possibility of selling your home, give us a call and we'll help you plan for today's real estate market! 225-341-BRLA (225-341-2752)

NACA: Update - $0 Down, $0 Closing Costs Loan

Bridget Fredericks (Home After Home) — Wed, 02 Sep 2009 22:45:35 -0400

Well, I wrote a post earlier about this great loan program for anyone making a purchase under $200,000. Today, I'm writing to say that maybe it's not for "anyone". It is a loan program that has it's merits, but if you are a buyer who is qualified to do an FHA loan, NACA may not be the best route for you.

I was considering using NACA to purchase a new home for myself. I sent a friend of mine (with whom I'll be purchasing) to the NACA workshop. What I found out was a little disturbing. First of all, if you are responsible with your money, I doubt you will want to sit with one of their "mortgage consultants" who will go through your budget with you and coach you on fine tuning that budget. Secondly, I heard that they got into about FHA. At the workshop they talked about FHA being "loan sharks" and talking badly about the FHA program.

By what logic can anyone call FHA a loan shark? I mean it's a government backed program that offers a minimal down payment and lower mortgage insurance than a conventional loan. Plus FHA is more forgiving on credit scores than conventional financing. Sure, if you compare it to a $0 down, $0 closing cost loan, the no money down loan may be more appealing.

But let's all keep in mind that even if you have no money up front when you purchase the home, you're still paying for it in the long run - every penny of it.

There are those critics out there who diss the NACA program as well. They complain that if people have no money to put down then they shouldn't buy a home. And, while there may be some truth to this statement, it is my belief that everyone deserves a chance. And that's why I still think NACA is a good program. Because at it's heart, it is there to help people who really wouldn't have had any other method by which to purchase a home. That's a good goal. The credit counseling is a good part of this program, because the typical buyer who can't qualify for FHA probably needs the credit counseling.

So, if you are a buyer with poor credit, no downpayment, and you're willing to put some effort into making the dream of home ownership a reality - the NACA is the program for you. Agents: if you have a buyer who is qualified for an FHA loan already, they probably do not need NACA, and they may not want to spend the time to go through the program as it's a longer process than normal.

Summary: NACA is a good program for people who need it. And, quite frankly, I don't think NACA wants the people who have other loan options to come through their program.

School Year is Underway - Home Sales May Take a Mini-Vacation

Bridget Fredericks (Home After Home) — Wed, 12 Aug 2009 16:55:45 -0400

Well, as school is getting underway around town, I'm starting to notice fewer phone calls coming through the office. This, of course, is the typical start to the school year. As parents' attention is focused on buying school supplies, uniforms, and books their atttention on a potential move get's pushed to the back of their minds. So if you have a home on the market, what are you to do?

Well, first of all, let's remember that this school rush is temporary. As all the kiddies get settled into the school year, the parents will turn back their attention to other details. If a move was in their minds before, they'll remember that when September rolls around and start looking again. Patience truly will get you through the school year.

It's also good to note that while fewer buyers may be viewing your home for sale now that school has kicked off, those that do view your home must be serious buyers. (Or buyers without children!) Seriously though, the people who are devoting precious time to looking at homes during this time of the year, have certainly put their homesearch as a top priority. It's important to keep your home ready for showings and be ready to leave for people to see it. This is a time when you'll want to be sure that any serious buyers that come out get a chance to see your home and consider it as one of their top choices.

If you are a buyer in this market, remember that there are many people who are working around school schedules now. It may be helpful if you schedule your viewings during the day while the kids are in school. This can make life easier for you (if you have children) and for the sellers living in the homes that you intend to view. Making life easier for everyone is a good way to lay the groundwork for a sucessful transaction.

And most of all, remember that we're here to help you! Linda and I (Bridget) focus on helping to make your move less stressful. For buyers we help to make the searching process a little easier and less time consuming. For both buyers and sellers we strive to take the emotions out of the negotiations so that your transaction may be smoother and more pleasant. Give us a call to get started today: 225-341-BRLA