New Orleans Louisiana Real Estate and Community Blog 

If you have been thinking about buying a new home or a resale home then the time is NOW. There is inventory and the interest rates are still historically low. Buyers have lots of inventory to choose from. It is a “Buyer’s Market”. The investors are saying that by year end we will see 6%, hope we don’t. Call a realtor to help you with the process, tell the Realtor what you are looking for and let the Realtor do your work for you.

The Northshore (Mandeville, Covington, Madisonville, Abita Springs) of New Orleans offers buyers a great lifestyle and affordable housing. The Northshore commuter is close to New Orleans, Baton Rouge and the Gulf Coast (Stennis).

Another good reason to buy a home NOW is the Federal Tax Credit which can go up to $8,000. It is a good incentive to use if you are eligible and have not owned a home in the past three years: (See Federal Tax Credit guidelines or talk to your CPA). You will need to have a purchase agreement on a property accepted by end of April 2010 it must close by the end of June 2010. There is another credit if you have not moved in the past five years. With this you could be eligible for up to a $6500 Federal Tax Credit. Again consult your tax advisor for details.

Contact me Louise Brady at lbrady@latterblum.com or (985) 951-9328. You can also call your local Realtor. I would be happy to help you locate your new home.

Real Estate always has been a good investment!

Posted by:Louise Brady

The Pontchartrain Home Show at the Pontchartrain Center in Kenner is here. In its 22nd year, the show also features The Breaux Mart FoodFest. For the latest on all types of products, services and technology for the home, inside and outside, please take advantage of this tremendous show.

This is a wonderful opportunity for all. There will be food samples, prize drawings, live demonstrations and activities for children.
Show dates are Friday, February 26th through Sunday, February 28th. For show information, call 1.800.776.4220.

What’s the connection? Easy. One Stop Shopping for one of the greatest assets you have.

If you are considering selling or have your home on the market, you can find ideas, information and products to enhance the appeal of the property.

If you are building a home, you can get fantastic information on appliances, floor covering, windows, roof covering, insulation and so on. There will be lots of info on landscaping and gardening, Spas, Pools. If you are in the process of buying a home, gather all the info and brochures you can; but, please do not make any major purchases without contacting your loan originator first.

This is a wonderful time to prepare for spring cleaning, home improvement projects and upgrades in the home. As homeowners, we are responsible for taking care of one of our most valuable assets, our homes.

By the way, I still promote and sell the River Parishes. It’s awesome how accessible the larger cities with their amenities are. Kenner, it’s a 15-minute ride from St. John Parish; and a 35-minute ride from St. James Parish. Real Country Livin’ with all of the amenities and benefits of the big cities (New Orleans, Baton Rouge, Houma, Metairie, Kenner)

Remember, the tax credit expires 30 April 2010. 1st time and repeat homebuyers may qualify.

For information on real estate in The River Parishes, dial 504.616.3539 Vanessa B. Scott, REALTOR. Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. If you or someone you know is interested in buying or selling a home in the River Parishes, hire Vanessa B. Scott to work as REALTOR. Fellow REALTORS/Agents: I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

This is a question home owners often ask. “Should I wait until after Christmas, or wait when the market improves, etc?”

Anytime is the best time to sell! It’s just a matter of having your home available for the right buyer to see when he/she’s looking.

What is important once you list your home is:

Have the grounds look well maintained and inviting…good curb appeal. Don’t leave your garbage can in front of your home. Weed that garden, mow the grass, and if the house has peeling paint, PAINT IT!

The interior should be light and airy with no clutter….this is the perfect time to get rid of all the junk you’ve collected over the years and don’t use. Each room should be spotless. The walls and ceiling paint should be perfect…no chips, no scuffs, and NO LOUD COLORS… No offensive pet or cooking odors. The floors should be gleaming (wood and ceramic) and steam cleaned/vacuumed (carpet).

In the kitchen, move all your toasters, George Forman’s, can openers, etc. off the countertops and into a pantry or closet….clean that stove top and oven, “immaculatize” (made this word up, but it fits) that refrigerator in and out!

Bathrooms….these babies better be sparking clean with no offending smells! Clean the tile, clean the toilet and sink, and clean all the spots off that mirror!

Bedrooms….organize the closet…don’t think a buyer won’t look in there…he/she will. Make the bed, remove the clutter.

You get the drift….CLEAN, CLEAN, CLEAN!

Remember, any day can be the day that Mr. or Ms. RIGHT tours your home!

Once you have your home ready, really ready, then get the best agent to market the property for you. Don’t choose a friend or relative. Choose the best realtor in your area!

Feel free to call me at 504-957-5116 or email me at ljlacoy@latterblum.com for more information.

Posted by:Lane Lacoy

New Orleans Saints have won Super Bowl XLIV and are the world champions and our city is so proud of our Saints. The coach, Sean Payton, the quarterback, Drew Brees and the entire Saint’s team all need to be congratulated on a job well done.

New Orleans has overcome a lot in the past 4 ½ years since Hurricane Katrina and Sunday,February 7th proved that New Orleans can finish on the top. This is a great story for the Saints and for New Orleans which is shown proven results of the recovery we have made in rebuilding the city.

GEAUX SAINTS … . we are all proud of each and everyone of you and look forward to seeing you in the parade today.

Posted by:Louise Brady

I don’t know about pigs flying, but I do know “The Saints did go marching in!” And, are the victors!!! For the 1st time in the Saints history, the team has won the Super Bowl to become National Football Champions. During this season, the Saints celebrated many firsts.

• 1st time as National Football League Champions!
• 1st time playing in the Super Bowl!
• 1st time winning the Super Bowl.
  

And so many other 1st’s. WHO DAT! Congratulations to the WHO DAT! Nation. Translation: all of the Saintsational fans and supporters of the New Orleans Saints.

Speaking of 1st’s.

For 1st time homebuyers this is an opportune time to invest in your 1st home in one of the Saints Parishes. There are so many wonderful financing options available to you. Home prices start in the low 100’s. For a free, no obligation consultation, call VBS today at 504-616-3539.

For repeat buyers desiring to move-up or scale down, the Saints Parishes is where you want to live. Prices range to over $500,000.

Hurry! Tax credit extension expires April 2010. Act of Sale must be consummated by June 2010. 1st time as well as repeat buyers may qualify.

So as we continue to celebrate the New Orleans Saints’ many victories, let us plan on celebrating the purchase of your 1st or next home! Call VBS at 504.616.3539 WHO DAT! Saint James Parish is situated between Baton Rouge and New Orleans. This is the epitome of enjoying country living while having access to the amenities of the big cities. Saint John the Baptist Parish is approximately 30 minutes from New Orleans. Do you know The Southeast Louisiana War Veterans Home is located in Saint John Parish?

For information on real estate in The River Parishes, dial 504-616-3539 Vanessa B. Scott, REALTOR.

Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. If you or someone you know is interested in buying or selling a home in the River Parishes, hire Vanessa B. Scott to work as your REALTOR. I welcome incoming and outgoing referrals.

St. James Parish, The Bonfire Capital of the World

St. John the Baptist Parish, The Andouille Capital of the World

Posted by:Vanessa B. Scott

In a positive step forward last week, the federal government defined what homeowners must do to formally determine that they have contaminated drywall in their home. These requirements are useful because they not only establish what evidence a homeowner must collect to prove they have a problem, but should help ensure homeowners do not destroy evidence when remodeling if they later want to take part in a lawsuit and/or obtain proposed government financial assistance.

When gathering the required contaminated drywall evidence, homeowners need to look for and document signs of corrosion such as blackened copper wiring and blackened air-conditioned evaporator coils. Other evidence should be gathered such as documenting that the drywall was made in China. A photographic catalog of these markings can be found here. Pictures and/or a third party report of these findings is always advised to ensure the evidence is gathered and documented with objectivity and clarity.

 

A homeowner can also hire a firm (home inspector, home forensic firm or environmental consulting company) to test for chemicals in the home and/or in a specific sheet of drywall or copper piping. Again, results should be documented and retained by the homeowner. But be careful. There currently are no set standards or practices these firms must adhere to when reviewing and documenting drywall contamination so make sure you understand what they will and will not test for, as well as the associated costs since many simple tests can start anywhere from $400-$800.

As part of this process, homeowners must have documented evidence of when their drywall was installed during the known contamination period between 2001 and 2008. This installation date determines how many pieces of evidence the homeowner must gather to support their claim on drywall contamination. Government rules mandate that if the drywall was installed between 2005 and 2008, a homeowner needs to find only 2 pieces of corroborating evidence. Drywall installed between 2001-2004, however, requires that four pieces of corroborating evidence be gathered.

The next step the government needs to take for those unfortunate homeowners caught up in this mess is to outline the proper remediation process for handling and destroying contaminated drywall. Right now, some people are taking the drywall out themselves, often putting it out with the local trash so they can quickly and cheaply get rid of it. Others go to the opposite extreme – hiring men in airtight bunny suits to remove the contaminated walls in a manner similar to how asbestos is handled. Either way, the need is the same – to remove the dangerous drywall from the home and make it habitable again for the owners.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

If there’s one thing that is certain, it’s that time waits for no homebuyer. And this definitely applies to the benefits a first time homebuyer can receive if they buy a home now versus waiting.

One of the main benefits of a first time homebuyer signing a contract before April 30, 2010 to buy their first home is that they can receive an up to $8000 tax credit when they file their 2010 taxes. There’s no gimmicks with this credit. It is added to the “bottom line” of your taxes and refunded to you when you file. For example, if you owe $2500 on your 2010 taxes and claim this first time home buyer tax credit of $8000, you’ll end up receiving back $5500 in cash from the federal government. See www.irs.gov and look for form 5054 for the details of how to qualify for this credit and/or talk to your tax advisor for more information.

Another benefit of buying a home right now is that interest rates are presently floating around historically low levels, with general consensus in the financial markets being they will more than likely go up in the near future. The financial impact of an increase of even one percentage point on a mortgage rate can be expensive for a borrower. Say for example you borrow $100,000 at 5% over 30 years. Your monthly principal and interest payment would be $536.82 and you’d end up paying $93,256 in interest over the life of the loan. If this same note, however, was done at an interest rate of 6% instead of 5%, not only would your monthly payment go up to $599.55, but you’d end up paying $115,838.44 in interest over the life of the loan – a difference of over $22,500!

Finally, another benefit of buying right now is that lending requirements are slated to become even tougher in the Spring and Summer of 2010. Right now, FHA has one of the lowest downpayment requirements for borrowers at 3.5% and some of the most lenient credit score requirements. Thus it’s been a key lending source for most first time homebuyers.

FHA, however, has recently announced that sometime between the Spring and early Summer of 2010 they will increase the downpayment requirements to 6% for those borrowers with credit scores below 580 AND that sellers will only be able to pay up to 3% of buyer’s prepaid and closing costs instead of the 6% currently allowed. This means that some home buyers will not only have to potentially come up with a larger downpayment to get a loan, but that they may also have to pay a larger portion of their closing costs and prepaid items which they traditionally could have gotten the seller to pay on their behalf.

Other costs associated with FHA loans – such as the mortgage insurance premiums buyers who put down less than 20% on a new home purchase must pay as part of the loan and FHA annual premiums – will also increase in this same timeframe as FHA strives to increase its dwindling reserves and stabilize its lending business.

Where does this leave first time homebuyers? With not much time to act. I’m counseling all my clients that if they want to take advantage of the current tax credits and be able to get a loan at reasonable terms, they need to move now. If they don’t they will pay for their tardiness in entering the market and/or perhaps even forgo their dream of buying their first home.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett