Find out about the latest news in Madisonville, Louisiana as well as St. Tammany Parish. We will keep you “tuned in” to all of the information about Southeast Louisiana as well as the real estate industry in general. Many new home buyers are concerned about the market, mortgage information, and builder trends. We plan on keeping you as up to date as possible on these and many more topics. There is a lot going on in the Greater New Orleans area, so you will have plenty to read!

Homes Sales Are Rising But Still Below Pre-Pandemic Years

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There are many challenges when it comes to selling and buying a home, but today’s market is seeing a setback if you are a buyer. The reason for this is that there are so few homes on the market with too many potential buyers that are interested. If you are thinking about selling your home, now is the perfect opportunity.

“There are 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy ona typical day than there were a few years ago,” according to Realtor.com‘s Monthly Housing Market Trends Report.

Active monthly listing counts for the last six Januarys show a big increase between 2022 and 2023. There is still a lag between what was reported in January 2018 versus what was reported this January so the market has not caught up to prepandmic levels. January 2018 listings were up to 1,042,660 on a monthly basis, in January 2019 they slightly increased to 109,507, January 2020 saw a drop to 953,045, January 2021 came in at 532,603, January 2022 decreased to 378,189 and jumped in January 2023 to 625,875.

If you are a potential seller, this is great news. Buyers have been frustrated with the low inventory and many gave up altogether. This has changed this spring due to the lowered interest rates, buyers are coming back to the market. “Home buyers are edging back into the market after being sidelined last year….,” reports the New York Times.

If you are thinking about selling your home, now is the time! Choose a local realtor who can help you with the sale of your home. A local agent knows the area and will help you get the best price from a trusted buyer.

Click Here For the Source of the Information.

Tips For First-Time Home Buyers

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Buying a home is one of the most exciting adventures, however it can be both exciting and stressful especially for first-time home buyers. Here are several tips to follow when you are looking to purchase a home.

Don’t buy a home primarily as an investment

Even though home prices are on the rise, this will not always be the case. If you are looking for a financial return, you might want to stick with the stock market. Owning a home should be more of a personal investment than a financial one. If you are unsure of your job location in the next five years, then owning a home might not be in your best interest right now. Remember, you need to own your home for more than five years to really see a good return on investment.

Know what you can afford

There are tons of mortgage calculators that can help you determine how much of a home you can afford. The amount you are able to borrow depends on many factors, especially on your monthly income and your other financial obligations. In general, your housing costs should not be over 31% of your gross monthly income.

Check your credit score

A good credit score means a good mortgage rate. If you have a high credit score, then you will qualify for a lower mortgage rate. Before you start the home buying process, check your credit report to see if you need to improve your credit before purchasing a home. Remember, paying your bills on time and keeping a low credit card balance can help improve your score.

Understand the other costs involved

There are more costs involved than just the monthly mortgage payment. You will also be responsible for property taxes and homeowner’s insurance. Other costs will include your closing costs, home inspection and some communities have HOA fees. These can be a lot when added onto your monthly expenses.

Plan to put down at least 20%

The rule of thumb is usually a lender will want you to put down 20% of the home’s purchase price. If it is any less, you will be charged PMI (private mortgage insurance). You will have to keep paying PMI until your loan-to-value reaches 80%. Also, if you put down a bigger down payment, it means you are a serious buyer who wants to win the bidding war.

Know what documents you will need for your loans

When you are ready to get approved for a loan, you will need certain documents for the lenders. These include the sales contract, financial statements, pay stubs, previous W2s, IRS forms and homeowner’s insurance policies.

Once you have these documents you are ready to get pre-approved for a loan. Getting a pre-approval lets others know that you are a serious buyer. If you are considering purchasing a home, hire a local real estate agent that can help you with the home buying and lending process.

Click Here For the Source of the Information.

Is the Housing Market Slowing Down?

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According to data from the National Association of Realtors, pending home sales increased for the first time in six months in December 2022. Along with this it also reports that new home sales and mortgage applications are rising.

This has many in the industry asking if the housing market is slowing down. “The recent low point in home sales activity is likely over,” says NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

The new home market is seeing some progress even with higher construction costs and low affordability.

“Builder incentives and declining mortgage rates during the month of December helped push new-home sales up for the month,” says Jerry Konter, chairman of the National Association of Home Builders.

“The new normal for mortgage rates will likely be in the 5.5% to 6.5% range,” Yun says. “Job gains will steadily become important in driving local markets. The South, in particular, is set to outperform the rest of the country, thanks primarily to better job market conditions in this part of the country compared to other regions.”

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2023 Will Be a Big Year for St. Tammany When It Comes to Road Construction

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St. Tammany residents are very familiar with traffic congestion in the parish. There is faster growth in St. Tammany Parish than the road capacity can handle, especially at major corridors like Interstate 12. In fact, residents have gone to social media about such issues. Outdoor Living Space WIth Custom Furniture.

“Treat yourself like I-12 and never stop working on yourself, no matter how inconvenient it is to everyone else,” a poster quipped on one Facebook page devoted to the topic.

According to the state Department of Transportation and Development, they are in the second phase of the $187 million project of widening I-12. This includes 3 miles from Lousiana 21 to US 190 and along with that stretch, they will widen the bridge over the Tchefuncte River. The third phase will include from Louisiana 21 to Louisiana 1077 which will be bid on in July 2023. Sec. Shawn Wilson noted that it is taking a long time because the interstate work must be done in phases.

Along with the I-12 project, there are several other road construction projects happening in St. Tammany. One to note is the new 20-mile four-lane highway that will stretch between Lacombe to Bush. Another one is the new Bridge on US 190 over the Bogue Falaya River in Covington.

“These are very impactful projects to ease traffic and make it safer,” St. Tammany Parish President Mike Cooper said.

Over the next year, the DOTD will spend around $172 million on 22 projects in St. Tammany Parish. Another one to note is Louisiana 3241 which is funded by the 4-cent-per-gallon gasoline tax.

“It should have been here 30 years ago,” Wilson said of the highway that will run from the juncture of I-12 and Louisiana 434 in Lacombe north to Bush.

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How the Mandeville Children’s Museum Rang in the New Year

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The Children’s Museum of St. Tammany Parish in Mandeville came up with a unique way for a family fun event to ring in the New Year. Children and their families can to the museum early on New Year’s Eve to celebrate ringing in 2023. The courtyard entry is a private enterance that welcomes you into this home.

There were tons of games and activities for everyone and they celebrated by having a noon balloon drop. Kid-friendly music was performed live by the Imagination Movers.

The museum has also recently celebrated and welcomed Christy Myers as its first executive director. She has worked closely with the museum since it opened.

“I’m really looking forward to thinking in the long term now,” Myers said, expressing thanks for a board that envisions the museum as a place “where play is encouraged, creativity is nurtured and learning is enjoyed on the north shore. Our board members are very hands-on ” Myers said.

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The Mortgage Rates of 2022

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The end of 2022 saw a dip in mortgage rates with the 30-year fixed-rate mortgage at an average of 6.49% even though this is down from the week prior at 6.58% it is still way up from the same time last year which averaged 3.11%.

The Federal Reserve has been boosting the interest rates due to easing the rising inflation but they are falling because inflation has “reached its peak.” According to Jerome Powell, Fed Chairman, they started to cool off on the spike in rates December 2022. Although the rates were dipping and home prices were easing up, homebuyer demand was still slowing down at the end of 2022.

“Mortgage rates continued to drop this week as optimism grows around the prospect that the Federal Reserve will slow its pace of rate hikes. Despite some promising developments, we have a long way to go,” said Sam Khater, Freddi Mac’s chief economist.

“The Fed is indicating that the aggressive rate hikes this year have been enough to start slowing inflation,” according to George Ratiu, Realtor.com’s manager of economic research.

He also goes on to explain that the falling away from 7% rates is a relief to homebuyers. Due to the dip, homebuyers have been more positive and welcome the slow down. Mortgage applications have been rising according to the Mortgage Bankers Association.

“The silver lining is that inventory of homes for sale continues ramping up, even with sellers taking a step back from the market this fall. Buyers who are ready can expect more properties to choose from, and a better negotiating position,” says Ratiu.

Click Here For the Source of the Information.