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!

Open House At Bayou Gardens

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St. Tammany is beautiful in the spring and the Bayou Gardens in Lacombe is the perfect place to enjoy nature’s beauty. The 10th annual Bayou Gardens Open House centered around camellias but also featured many interesting plants, naturscaping and wildlife.

Thanks to the St. Tammany Master Gardeners who created a naturscape at the gardens, many wildlife that have left the area will hopefully return.

“A naturescape is one whole habitat that includes water, food, shelter and space” for a species, said Rebecca Larkins, supervisory ranger at the site.

How it works? Native plants and plants that attract pollinators are used to create an environment to sustain species.

Sue Wilder, a retired USFWS ecologist, spoke on naturscaping and how it helps boost wildlife by creating a habtitate. Jim Bates, a St. Tammany Master Gardener and beekeeper spoke on growing bee and pollinator friendly gardens and yards.

Bayou Gardens is the headquarters of the Southeast Louisiana National Wildlife Refuges and has over 400 varieties of 400 varieties of camellias and azaleas in bloom. The gardens is part of the Big Branch Marsh federal wildlife refuge.

The gardens land has been home to many. The gardens were an attraction from 1935 through 1956. Before that, it was the home of Louisiana Gov. Richard Leche, and also a Redemptorist seminary and high school.

The free 10th annual Bayou Gardens Open House was held from 9 a.m. to 4 p.m. Saturday, Feb. 23, at the complex, 61389 La. 434 in Lacombe.

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Mortgage Applications Hit A High Third Week In A Row

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Lower mortgage rates have helped with the average loan size which hit a record for the third week in a row. The size reaching $327,500 is just one of the benefits homeowners and potential homeowners will see. Total mortgage loan applications rose 1.6 making the volume of applications 1.8% higher than a year ago.

“This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks,” Joel Kan, the MBA’s associate vice president of economic and industry forecasting said.

The 30-year fixed rate mortgages is the lowest we’ve seen since February 2018. The average interest rate with a loan balance of $484,350 or less went down from 4.64% to 4.55% with points decreasing from 0.47 to 0.42.

Refinance applications are also on the rise which rose 4%. The refinance volume is a good 3.5% higher than data shows this time last year.

“Entry-level housing supply remains weak and is likely hindering some would-be first-time buyers from finding a home,” Kan said. “This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks.”

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The Quaint Village of Folsom To Get A Face Lift

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Folsom is a quaint village located close to the city of New Orleans. Located just 12 miles north of Covington, the village sits among rolling hills and towering pines.
Some streets and homes in the village boundaries need some TLC.

Mayor Lance Willie and the village’s Board of Alderman are producing a plan of action to remedy the rundown conditions of some properties and streets in the area. The Mayor says there are some trailer parks with deteriorated homes with trash piled all around them.

The Mayor believes that the problem stems for the lack of board power to take remedial action. The village’s code of ordinances needs to be revised. Willie will work with village attorney Roy Burns to draft an ordinance pertaining to the issue.

As for cost, Aldorwomen Jill Mathies does not see how Folsom will pay for street repairs since the village does not collect a property tax. The Mayor plans to ask for help for the parish and state officials.

As for now, the board approved a purchase of an excavator for the village maintenance department.

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Patience Pays Off

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The Federal Open Market Committee is taking it slow in determining the future adjustments to the federal fund rates.The Fed’s monetary policy is reacting on the conservative side but the ooutcome will be a positive for the 2019 housing market.

The first month of the year the Committee agreed to hold steady the federal funds top rate at 2.5%. The Federal Open Market Committee is taking a more flexible approach this year according to Fed’s January 2019 statement.

The January 2019 statement concluded that the Fed will “be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.” This peaceful approach is different from the Fall of 2018 and is more than likely the reaction to the inflation expectations and some of the sluggish economic sectors.

The Fed will look at modifying its ongoing balance sheet reduction which will ultimately lead to higher rates. This decision which will reduce its net holding of Treasury bonds and mortgage-backed securities and will only be implemented if the economic conditions call for this kind of change.

 

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Insight For The 2019 Housing Market

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The economy and the real estate market go hand in hand. If the housing market cools then the financial sector is hit with an ice storm. Last year the housing market held up while other global economic sectors took a real hit. Forbes outlook on the 2019 housing market marks this year as a crucial year for both US housing and commercial real estate. Here a several reasons why this will be a pivotal year.

The first positive factor is the Opportunity Zones. This program is part of the 2017 Tax Cuts and Jobs Act that was established by President Trump. It is basically a program that offers tax advantages for investors through capital gains tax deferment, capital gains tax reduction and capital gains tax elimination. The Opportunity Zone is an economically-distressed area that both the State where the community resides and the Secretary of the U.S. Treasury deem qualified. It is a great way for a hard hit community to become attractive for economic development. The reason it is good for the 2019 housing market? To make sure and gain the maximum benefit from the program, 2019 is the year an investor will need to purchase making this the crucial time for investors to take advantage of the program.

Secondly, will be the changes to mortgage interest deduction. This will be a sore subject for many American homeowners. With tax season around the corner, many are gathering their information to prepare their taxes. Homeowners will realize the impact of the cap on the mortgage interest deduction. Under the 2017 Tax Cuts and Jobs Act legislation limits the amount of mortgage interest a homeowner could deduct off their taxes. In the past there have been no limits to the mortgage interest deductions for homeowners. Tax deductions have always been an advantage for owning vs. renting. This is still the case, however the advantage has limits now.

Volatility in interest rates can make or break the housing market. The yield on ten-year treasuries rose from 2.47% to 2.67% in 2018 but the ten-year treasury rates dropped from 3.23% to 2.7% as of date. This level of volatility can be looked at as a catalyst for a downturn in the economy. This might make investors, future homeowners and builders shy away from investing a good chunk of change into the housing market. On the other hand, it could force housing to decrease in value making housing more affordable for many.

This leads to the next reason, a slow-down in home price is increasing in coastal markets. In the past 10 years extreme price increases in the housing market have hit in places like New York City and San Francisco. In 2018 however, the increase slowed way down. This little hiccup in the housing market can have its benefits. It can keep the supply of homes on the market in check. If the houses are priced out of most peoples pocket, then they will sit on the market a lot longer causing an oversupply in the market.

The last reason and one of the biggest is the rest of the economy. The affect from the slow down in other economic sectors and the government shut down will definitely play a part in the 2019 housing market.

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Things To Know About The Home Builders Warranty

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Buying a new home can be both exciting and nerve racking. So many decisions can make or break a deal. If you are planning on purchasing a new construction home, you should definitely require a builders home warranty. Not all builders warranties are created equal and not everything is covered. Before you decide, here are some tips to follow.

What’s covered in the warranty? As mentioned earlier, not every warranty is alike but there are standards that most warranties fit into. Workmanship and materials used in the building of a new home are covered. Typically this covers an umbrella of things such as exterior siding, roofing shingles, windows, HVAC system, insulation, septic, plumbing, electric and waterproofing. Structural issues such as roof or foundation (things that can impact the structural integrity of the home) are also covered.

What’s not covered in the warranty? Let’s start with the obvious, general wear and tear. Fading paint or small hairline cracks are examples of general wear and tear. Defects that are a result of something the home owner has done is also not covered. An example would be a sewer back up from a child flushing a stuffed animal down the toilet. Household appliances are not covered. Even if the builder puts the appliances in the home, they are not covered under a builders warranty. If a manufacturer warranty came with the appliance, the builder will pass this along to the new home owner. Lack of maintenance is also not a fault that is covered. These include pest control, HVAC maintenance etc. Last that are not covered would be natural disasters. An example would be Acts of God such as a hurricane, flood or earthquake.

Most home builders take claims seriously and will work with you, while others will fight you in the situation. Always dot your i’s and cross your t’s when dealing with a claim. Stay on top of deadlines.  Some warranty issues that are covered have an expiration date. Some structural components will have a 10 year coverage while other materials will only be covered for 1 year. Know who you are dealing with when presenting a claim. In some instances you many be dealing directly with the builder or a third-party insurance provider. Familiarize yourself with the process for submitting a claim. The specific warranty should list the process of how to submit the claim.

Do your due diligence. Have your home inspected prior to closing, a professional can spot things that may be or become a concern.

 

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