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!

This home has a wonderful front yard with professional landscaping and a courtyard.

Will the Fall Bring a Cooler Housing Market?

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The National Association of Realtors says the housing market is hinting at cooling off this fall. This doesn’t mean the market still will not be viable, it just will not be as hot as we have seen in the first half of 2021.

“There has been a turn in the market from superheated to still very strong,” said Lawrence Yun, NAR’s chief economist.

High home prices have detoured many from purchasing but this scenario is improving a little according to Yun. Unsold homes increased 7.3% from June 2021 to July 2021 and unsold inventory is up at a 2.6 month supply at the current sales pace. There is a balanced market currently at around a 6 month supply of homes.

“We see inventory beginning to tick up, which will lessen the intensity of multiple offers,” said Yun. “Much of the home sales growth is still occurring in the upper-end markets, while the mid-to lower-tier areas aren’t seeing as much growth because there are still too few starter homes available.”

As of July 2021, the median home price for existing homes was up 17.8% from a year ago to $359,900. The year-over-year gains have increased for the past 113 months in a row. Cash purchases have remained strong with all-cash sales making up 23% of home sale transactions in July. This was up 16% from July 2020. Low mortgage rates are still helping the current market and homebuyers.

“Despite the ongoing challenges of today’s housing market, including limited inventory, lightning-fast home sales and competition from investors with deep pockets, many buyers are finding ways to persist until they find and close on a home,” said Danielle Hale, Realtor.com chief economist.

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This home sits on a cul de sac lot and features three bedrooms and three bathrooms.

Buyers’ Must-Haves When It Comes to Kitchen and Bath Features

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The National Association of Home Builders’ publication What Home Buyers Really Want, 2021 Edition, gave us the top features buyers want in a kitchen and a bathroom. In the kitchen, four out of every ten buyers feel that a double sink is essential and expressed they would probably not purchase a home without this feature. For bathrooms, most buyers said it was essential for a separate shower and tub in the primary bathroom.

The kitchen top 10 kitchen features that rated essential or desirable were a double sink (side-by-side) 81%, walk-in pantry 81%, table space for eating 78%, a central island 77%, drinking water filtration 76%, granite/natural stone countertops 73%, recessed lighting 69%, customized backsplash 69%, pull-out shelves 68% and a breakfast bar 64%.

Broken out by buyers who say it is essential and buyers who say a feature is desirable were surprising. For the top 10 features that were essential 42% of buyers said a double sink, 35% table space for eating, 34% chose a walk-in pantry, 32% said a central island, 32% drinking water filtration, 26% granite/natural stone countertops, 26% recessed lighting, 23% customized backsplash, 22% pull-out shelves and 19% breakfast bar.

Bathrooms are deemed very important to today’s buyers, especially the primary bathroom. The top ten on the list for the home’s primary bathroom were a linen closet 76%, both shower stall & tub 74%, double vanity 69%, private toilet compartment 67%, toilet, tub & sink-white 65%, granite vanity 65%, ceramic tile walls, multiple shower heads 59%, whirlpool tub 56% and body spray panel 56%.

Buyers who said that the bath shower stall & tub were essential ranked the highest at 36% while the linen closet ranked the highest in desirable at 49%. The lowest-ranked feature for both essential and desirable were dual toilets.

If you are in the market for a new home, now is the time to purchase one due to historically low interest rates. Remember to use a Realtor who can help you with the process from choosing a home to closing.

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Home Buyers Will Need Patience When Purchasing a Home in 2021

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The current housing market is booming which is good news but is it for buyers? Homebuyers are facing many obstacles in this seller’s market. In fact, it is one of the most competitive markets we have seen for homebuyers recently. According to the National Association of Realtors (NAR), homes that are for sale are getting around 4.8 offers per sale! This is due to the lack of inventory in the current housing market.

“The housing market is still relatively under-supplied, and buyers can’t buy what’s not for sale. Relative to what we saw in 2017 to 2019, March 2021 was still roughly 117,000 new listings lower, adding to the pre-existing early-year gap of more than 200,000 fresh listings that would typically have come to market in January or February. Despite this week’s gain from a year ago, we’re 19 percent below the new seller activity that we saw in the same week in 2019,” says Danielle Hale, Chief Economist at realtor.com.

Many are blaming the pandemic for lack of inventory because sellers are scared to have potential buyers in their homes but this is not the case. The main cause is the shortage of new construction of single-family homes. A chart which shows the completed single-family homes per decade shows a dramatic decrease from 2000-2009 to 2010-2019. From 2000 – 2009 12.6 million single-family homes were constructed and from 2010 – 2019 only 6.5 million single-family homes were constructed.

“Even before the COVID-19 pandemic and current recession, the housing market was facing a substantial supply shortage and that deficit has grown. In 2018, we estimated that there was a housing supply shortage of approximately 2.5 million units, meaning that the U.S. economy was about 2.5 million units below what was needed to match long-term demand. Using the same methodology, we estimate that the housing shortage increased to 3.8 million units by the end of 2020. A continued increase in a housing shortage is extremely unusual; typically in a recession, housing demand declines and supply rises, causing inventory to rise above the long-term trend,” says am Khater, Vice President and Chief Economist at Freddie Mac, Economic Housing and Research Division.

Freddie Mac estimates that close to four million homes will need to be built to meet the current demand. NAR reports that as of March 2021, there were 1.74 million housing starts which is the highest they have been in 14 years. This is an increase in both single-family and multifamily units. It will take around 4-8 months from start to completion on new construction so patience is needed.

If you are considering purchasing a home this year, you will definitely need some patience. A good idea is to contact your local real estate professional to help you navigate this demanding housing market.

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This home has a wonderful front yard with professional landscaping and a courtyard.

Motivations for Buyers To Move During the Current Housing Market

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The current housing market is flooded with buyers with low-interest rates and slim inventory making it hard to compete. So what motivates these buyers to make the decision to move during the current market? Buyers across the country blame it on the health crisis. Your living space has become one of the most valuable assets during these uncertain times.

“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life,” according to the 2020 Annual National Movers Study.

These different perspectives have shaped homebuyers’ new view on homeownership. Here are some reasons why buyers are considering now the time to buy.

1. Working from Home

This has become the norm in the working community. After the stay-at-home orders were mandated last year, the workforce had to change their perspective on working from home. Nowadays your work commute is not as important as it was in the past. There has been a residential migration because of remote working. Fifty-three percent expressed that they would be more likely to move.

2. Room for Fitness & Activities

Health has become more prevalent during the COVID-19 pandemic. This has become a top priority for all of us. Fitness Trends 2021: New Trends in Fitness [Global Report] states the fastest growing fitness training areas are at-home fitness equipment rising up 50%, personal trainers/nutritionists up 48% and online fitness courses, classes and subscriptions are up 17%. This means having a place at home for workouts is a must.

3. Outdoor Space

Now more than ever a place to enjoy nature is important when it comes to a home. Better Homes & Gardens released outdoor living trends which included that 60% of homeowners want an outdoor kitchen, edible gardens are also high on the list as well as secluded outdoor spaces.

Moving up to a bigger home might be your best option when it comes to accomodating any of these features. Now is the time to make the move with historically low mortgage rates. Take the plunge and choose a Realtor who knows your neighborhood and the current housing market.

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This mudroom is off the side entry door that opens into the mudroom.

Several Reasons Why A Home Has Good Resale Value

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When looking for a new home, it is always a good idea to purchase a home with good resale value. A house is a real estate investment and you never want to invest your money into something that will not profit a good return. Resale value can save buyers a lot of money in the long run but is not always a guarantee. When looking for a home, here are seven signs to look for to make sure the home you are purchasing is a good resale value.

1. The neighborhood’s hopping…

When house hunting, don’t just focus on the house itself but also the neighborhood and its surroundings. If you love to walk, make sure the neighborhood is walkable. It is always a plus to have good proximity to shopping and restaurants.

“If you buy in an area that is not well-developed and doesn’t have good infrastructure—like shopping close by—you will not have a high rate of return on the home,” says Realtor® Patricia Vosburgh. “The more amenities, the higher chances the home will sell faster and for more money,” Vosburgh explains.

2. ….but the street itself is quiet

As mentioned in the first sign, you want your neighborhood to be hopping but you do not want a restaurant right in your backyard. Even if you love the quaint place to get a bite to eat right next to your front door, not every buyer will think this way.

“We advise against buying on a busy street or purchasing a home surrounded by commercial properties nearby,” Vosburgh says.

3. The home’s systems are in good shape

A home might be located in the right neighborhood and have all the bells and whistles, but if the major systems are old, you will spend a lot more on the home, making your return less likely.

Make sure to have a home inspection before you close. An inspector can give you a rundown on how your major systems are working. Before making an offer, closely inspect the roof, water heater, HVAC system, windows and foundation.

“When these items are new or in good standing, that’s a great sign,” Kukwa says.

4. The schools are great

If you do not have kids, then you think schools do not matter, but this is not necessarily the case. If you ever have to sell your home, you limit your buyers if you are not in a good school district.

“Even if buyers personally don’t have children, for resale it is imperative that they buy in a great school zone,” Vosburgh says.

“Often agents will advertise a property as being near such-and-such school area, but not necessarily specify the district, which can be very confusing,” explains Tina Maraj, a Realtor with Re/Max North Orange County in Fullerton, CA. “It can be a real eye-opener if a buyer closes and they’re on one side of a main street that is the dividing line between the top-rated and the lowest-rated high schools.”

5. The light is inspiring

No one wants to live in a dungeon. Natural light is a great selling factor.

“Any apartment in any neighborhood that has good light will sell—and will always sell,” says New York City broker Noemi Bitterman.

With good light, “there is always a good feeling—a feeling of embracing and belonging,” she continues. “When [a home] is dark, no matter how nice and new it is, it doesn’t feel inviting, it takes a much longer time to sell, and the price reflects the lack of light.”

6. The floor plan is family-friendly

Even if you do not have kids, this is a big selling point. A family-friendly home will more likely bring in a profit. Look for at least three bedrooms with an open concept kitchen and at least one bathtub.

“Look for a home with a floor plan that will appeal to families,” says broker Kris Lindahl.

“Buying a home that is too quirky or has very untraditional features can result in a decreased ROI and smaller pool of potential buyers in the future,” Kukwa says.

7. The community is restrictive

Who wants to buy a nice house and have the neighbors yard full of junk or the house a tacky color? Homeowners associations can be a pain sometimes, but they are a positive when it comes to resale value. HOA’s are there to keep everyone in line and bring value to your home.

Good resale value is never a guarantee but with these seven indicators, a buyer has a better chance of purchasing a good investment. If you are in the market for a new home, contact a Realtor in your area.

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Seven Improvements To Make in Your Bathroom Before Selling Your Home

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Two of the most important rooms during the sale of your home that should be in tip-top condition are the kitchen and the bathrooms.

“Kitchens and bathrooms sell homes,” says Kris Lindahl, CEO and founder of Kris Lindahl Real Estate. “If a buyer sees a bathroom that still needs projects or upgrades, the home is going to be much less appealing to them.”

To get top dollar for your home, here are some bathroom improvements that are a must.

1. Go for double sinks

Realtors and other home professionals will tell you that a double vanity upgrade is a must on most home buyers’ checklists. Even a small bathroom can fit two small sinks which are better than one sink in a home with limited bathrooms.

“Upgrading to double sinks is always appreciated by buyers,” Lindahl says.

2. Install new bathroom hardware and accessories

This small task can update a dated bathroom in minutes. This DIY project takes only a screwdriver and a couple of hours to instantly give your bathroom a new look. It is ideal to have your faucet, doorknobs and shower frame complement each other and not clash.

“Swapping out hardware like light fixtures, towel bars, cabinet pulls and sink fixtures can make an impact relatively affordably,” Lindahl says.

Another simple trick to update your bathroom’s look is to frame the mirror above the vanity. This tip is inexpensive and adds value to the space.

3. Replace or paint your vanity

The vanity is an important piece found in a bathroom for both functional and designer purposes. Many pros describe a bathroom vanity as the centerpiece in any bathroom. When updated a vanity make sure to use high-quality stone such as quartz or granite. If a new vanity is out of your price range, then paint the cabinets of your current vanity a high-gloss white or pale gray.

“Luxe sophistication and clean lines: That’s the theme for bathrooms in every price point,” Susan Kelleher, an associate broker at R New York. “I love the mirrored medicine cabinets from Restoration Hardware—functional, beautiful, and tres chic.”

4. Update old floors

A perfect way to add appeal to rooms is to update the floor. Carpet in your bathroom is not the desired look. This can be a DIY or hire contractor project.

“Updating old floors to tile or luxury vinyl tile really adds appeal,” Lindahl says.

5. Install new light fixtures

Simple, sophisticated light fixtures are what every bathroom needs. Updating the lighting and fixtures are simple yet dramatic changes.

“Great lighting [and] high-end faucets and hardware appeal to buyers in every price point,” Kelleher says.

“Updating light and plumbing fixtures is a quick way to modernize an old bath.”

6. Add space and storage

“Buyers are looking for more space in new homes, and the bathroom is no exception,” Turner says. “Think about expanding the shower in the master bathroom to fit a bench or seat. It’s an important feature that can be utilized in a lot of different ways.”

During the pandemic, homeowners have been finding ways to make the most of the space. Expanding a bathroom to have storage space or room for necessities is important to the current homebuyer. In fact, some professionals go as far as to say it might be worth borrowing space from a neighboring room to expand your bathroom.

“Take the adjacent linen closet to make a larger bathroom,” Kelleher says. “Even a small closet can make a big difference, and you can create cabinet space under each sink for maximum storage.”

7. Make your bathroom bright and light

Buyers are attracted to clean neutral colors in a bathroom. Potential buyers desire a clean slate. A neutral base to work from will make your bathroom improvements stand out.

“Classic white never goes out of style in a bathroom,” Lindahl says. “Replacing an old, colorful tub with a white one is a good idea.”

It’s amazing what these simple steps can do to update your old drabby bathroom. If you are in the market to sell your home now is the time to make those improvements.

Click Here For the Source of the Information.