Here at Bedico Creek Preserve, we are about information for our builders, our buyers, our homeowners, our partners, and our vendors. If you are looking for a dependable source of information about real estate in Southeast Louisiana, specifically the Greater New Orleans area, please use our blog as much and as often as possible to read informative and timely real estate information. We promise you, you won’t be disappointed!

Is Today’s Current Housing Market A Challenge Or An Opportunity For Homebuyers?

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Is Today’s Current Housing Market A Challenge Or An Opportunity For Homebuyers?’
The housing market is slowly turning from a seller’s market, giving home buyers breathing room.
COVID-19 caused havoc on the housing market, especially due to health scares and stay-at-home orders.  During the pandemic home buyers were up against low home inventory which caused bidding wars.  Even though we are still seeing these challenges, many professionals in the industry say they are now a buyer’s opportunity.  In today’s current the inventory is still low but buyers are not as eager due to the higher mortgage rates. 
The low inventory is still a challenge because of underbuilding since the market crash in 2008. The current moderating of demand is slowing the pace of home sales which is starting to even out so builders are able to catch back up. For the buyer, this means there are more options to choose from.  Good news, as this will also lead to fewer and fewer bidding wars as home buyers have more options.  According to the National Association of Realtors (NAR) Realtors Confidence Index bidding wars are letting up month-over-month.   The average number of homes sold between April 2022 – June 2022 are as follows: April 5.5, May 4.2 and June 3.4.   Those that have been outbid for the past two years can see the light at the end of the tunnel.
If you are in the market for a new home, it is still a good idea to consult with a local sales agent who can guide you through the process.  With an agent, you will definitely make the strongest and best offer upfront.  Partnering with a real estate agent will just ramp up your home buying experience.

The Four Separate Parts of A Full Bath

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How to determine the size of a bathroom?

The size of the bathroom can be determined by the number of utilities in the bathroom.

There are several types of bathrooms that can be found in a home which include full, half, and three-quarters. What do these dimensions refer to when it comes to a bathroom? Here is what the professionals say when it comes to how determining the size of a bathroom.

Bathroom Components

When it comes to a full bathroom, there are four main parts, which include a shower, a bathtub and a toilet. If all four of these components are not there, then it cannot be officially called a full bath. When it comes to the description of the size of a bathroom it is not the square footage but the components that are included in the bathroom. Each component is a utility found in the bathroom and if a utility is not included, you would then deduct one-quarter for each utility missing.

If a bathroom has just a sink and toilet it is considered a half bath because it only has two of the four components. A bathroom with a sink, toilet and shower is considered a three-quarter bath because it only has three of the four components. Also, think twice about upgrades vs utility when it comes to the count. A nice rain shower head will not boost the bathroom in the count.

Importance of a Tub

Remember the utility count is what constitutes the description. Some master bathrooms today only have a shower and not a tub so does this mean it is only a three-quarter bath? According to Ginny Ollis, a Realtor with Coldwell Banker, it will not especially be if there is a tub in another bathroom in the home. “Many homebuilders put only a shower in the master now,” she says.

Other Realtors tend to disagree. “There must be a tub in the house,” says Kathryn Bishop of Keller Williams Realty. ” I’ve seen buyers walk away because only showers are available. Where do you wash your kids?”

A Home’s Bathroom Count

“Bathroom count and bathroom size-full, three-quarters or half-are extremely important to all my buyers. More family quarrels occur when the bathroom accommodations don’t fit the family’s needs, and my buyers are very aware of that,” Bishop says.

Sharing a bathroom with someone else, especially teenagers is not the ideal situation. The number of bathrooms in a home is very important to most buyers. In fact, the number of bathrooms are almost as important as the number of bedrooms in a home.

Whether you are planning to remodel or planning to sell your home, the amount and size of your bathroom does matter. If you are in the market to purchase or sell a home, contact your local real estate agent who can help you with the process.

Click Here For the Source of the Information.

Housing Market Is Making A Turn for The Best for Buyers

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Is the housing market slowing down?

The housing market has seen an increase in inventory but the high home prices and higher mortgage rates are hurting some home buyers.

According to Realtor.com, inventory rose to 31% in July making it a peak in three straight months.  This means there are tons more homes for buyers to pick from.

“The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy,” Danielle Hale, Realtor.com’s chief economist said.

She goes on to explain that the rise in mortgage rates caused buyers to tighten their spending budget.  It has caused sellers to reduce their listing price.  Although there are more options, the rise in inventory is because most home buyers cannot afford what is out there.  As of August 4th, the 30-year fixed rate averaged 4.99%.  Freddie Mac said this was down from the prior week but still up .77% from the same week a year ago.

Realtor.com also reported a decline in new listings in July showing a shift in many sellers’ plans to list.  Sellers are still in a good position as homes that are priced right are selling very quickly. The recent spike in home prices has also cushioned my homeowner’s equity so they can be a bit more flexible with their listing price.  According to the New York Federal Reserve Bank, the median expected increase in home prices dropped to 3.5% from 4.4% in June and 6% in January.

Bad news Fannie Mae’s Home Purchasing Sentiment Index dropped 2 point to 62.8 which is the lowest level since 2011.  The survey point out that only 1 of every 6 consumers (17%) surveyed said that it’s a good time to buy a home and for sellers, 67% believe it is a good time to sell.

“The Sentiment Index has declined steadily for much of the year, as higher mortgage rates continue to take a toll on housing affordability,” Doug Duncan, Fannie Mae’s chief economist, said in a statement.

To be sure, “with home-price growth slowing, and projected to slow further, we believe consumer reaction to current housing conditions is likely to be increasingly mixed,” Duncan said.

“Some homeowners may opt to list their homes sooner to take advantage of perceived high prices, while some potential homebuyers may choose to postpone their purchase decision, believing that home prices may drop.”

 

Click Here For the Source of the Information.

A Change in the St. Tammany Schools’ Budget

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What will the new budget for St. Tammany public schools be for 2022-2023 school year?

The new proposed budget for the 2022-2023 school year is $488 million.

The St. Tammany public school has announced a new budget for 2022-2023 which amounts to $488 million. The larger budget is in part of the recent salary hikes, 40 new school buses and expanded mental health services for students and staff and increase funding for school security.

The salary hikes are $20.8 million on staff salaries and benefits. The parish teachers union and the school system finally agreed to the pay boost. The money will come from the district’s general operating fund. Supplementing the general fund is the district’s special revenue budget, which includes federal aid schools received to make up for losses sustained during the coronavirus pandemic.   The district has until September 2023 to spend the $114 million in federal allotment and so far have already spent $37 million.

Along with putting funds toward professional development for health providers, they will also be putting it towards starting a new positive behavior intiative. The program is called “Leader in Me.” This is a social-emotional learning initiative that seeks to help students manage their emotions and maintain relationships.

As for ramping up security, the district will spend 4% over last year which will total a school security fund of $8.9 million. This will cover salaries and benefits for security employees which include secuirty officers, law enforcment officers who work at schools and mental health profiders.

The 40 new school buses will be delivered in Decemeber of this year. With the new buses, the number of district-owned buses will double. Revenue from FEMA-administered community disaster fund grants will cover the costs. In the past, independent bus owners and operators have been used. The school district will be able to cut back on hiring indpendent buses and drivers.

“Last year we had over 300 drivers. This year, the number of bus owners/operators is between 240-250,” said Wichers.

Click Here For the Source of the Information.

Reasons For The Continuing Price Appreciation

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The current shift in the market will cause a slow down in price growth but professionals in the industry report that price appreciation will keep going. Good news for sellers as the home prices will not drop.  There are two reasons why this is the case: supply and demand. 
Housing inventory is increasing in 2022 but it is a slow increase and housing demand is still low.  The reason we do not have enough homes on the market today stems from the 2008 crash.  After the crash, many builders and businesses in the industry closed shop.  Now that the housing market is hot with buyer’s demand, there are not enough houses being built.  After the crash in the housing market there has been a long period of underbuilding.   Since this has been going on for fourteen years, it will take awhile to build back from the underbuilding of new homes.
Even though we are seeing higher home prices and an increase in mortgage rates, this does not mean that buyer demand is cooling off.  In fact experts predict that Millennials will keep the buying momentum going.  The reason we are seeing the Millennials flooding the market is due to their agining into their peak homebuying years.  The Millennial demand coupled with low housing supply is causing the pressure to rise on home prices.
” Millennials continue to transition to their prime home-buying age and will remain the driving force in potential homeownership demand in the years ahead”, says Odeta Kushi, Deputy Chief Economist at First American.
” After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials “, says Bankrate.
Home prices are not going to fall due to these changes. Since there is still an unbalance between demand and supply.  Like with all products in any market, supply and demand  will predict the market.  A local sales agent can help you navigate the home buying process even when the market is shifting.
Open and bright family room with a brick accent wall.

Ways To Sell a Home in a Buyer’s or Seller’s Market

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How to determine which type of home buying market you are in?

If there are more buyers than sellers then it is a seller’s market. If there are more homes for sale than there are buyers, then it is a buyer’s market.

If you are a seller, then being able to sell your home whether it’s in a buyer’s market or a seller’s market is the goal. Selling your home is a big life-changing event that can be bother costly and time-consuming. This is why it is so important to know what kind of market you are in and approach the market accordingly.

The first step in the process is to figure out what type of market you are currently in. It can only be one of two types, a seller’s market or a buyer’s market. When you are in a buyer’s market, it is a little bit harder to sell a home. This means that there are more listings than there are potential buyers. You have a lot more competition when it comes to selling. In a seller’s market, it is less demanding on a seller. This means there are more potential buyers than there are listings. A seller can usually list for top prices and get multiple offers, selling their home more quickly.

A seller has to work hard in a buyer’s market. That means a seller needs to do more to have their house stands out in an inundated market. Make sure your home is staged. You want a potential buyer to come into the house and be able to envision themselves in the home. Professional home stagers can work with your Realtor to stage your home. A big part of the process is cleaning, decluttering and removing personal artifacts.

Not only is the interior important but your home’s curb appeal must be eye-catching. The yard and exterior are the first things that potential buyers see when they come to see your home in person. Make sure your yard is clean and tidy. You will also want to repaint outdoor fixtures and your front door.

Buyers have the upper hand so a seller needs to be prepared to make concessions. Keep in mind that in a buyer’s market, you might need to negotiate on your asking price, be flexible with the closing date, pay for some of the repairs, and waive certain contingencies if requested.

In a seller’s market, the demands are not as demanding. This doesn’t mean that you should list your home for an inflated price, but you should price your home fairly. If you price your home too high, it can be skipped by potential buyers who are looking online within a certain budget. Remember some offers may sound too good to be true. You will want to weigh multiple offers very carefully. Sometimes choosing the highest offer is not always the best way to go.

No matter what the current market, it is important to use a Realtor when it comes to selling your home. A Realtor can help you navigate both markets and get you the best price for the best home.

Click Here For the Source of the Information.