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!

Housing Market Report for the Beginning of the New Year

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The New Year rang in with home values dropping 0.1% which made the average home value at $329,542 according to the Zillow Home Value Index (ZHVI). This is down from the record-high of 18.8% that was reported last April.

This Zillow Home Value Index was the first reported on the new version. The new version is now based on the neural network-driven Zestimates that Zillow produces for nearly every home in the United States. So this means that the ZHVI closely tracks the vitality in the market when it is changing very fast and will be able to report a better picture for higher-priced sellers.

The mortgage rates are dipping which is great news for both buyers and sellers in the housing market. Year-over-year home value appreciation is highest in Florida. For the 50 largest metro areas the leaders included Miami (12.8%), Jacksonville (9.3%), Hartford (8.6%), Richmond (8.6%) and Orlando (8.4%). On the other end were Western and tech-centric metro areas the prices were down with San Francisco (-4.9%), Sacramento (-2.6%), San Jose (-2.3%) Austin (-1.1%) and Seattle (0.8%).

Buyers did begin to return to the market at the beginning of the year but the newly pending listings were still 20% lower than the same time last year. January saw a 30% increase from December when it came to newly pending listings. The strongest winter season was still reported pre-pandemic.

Unfortunately, sales were down the lowest this January since 2018. The year began with only 232,000 new listings where it was reported at 328,000 new listings in January 2021. The listing pool will probably stay on the low side due to a much lower “normal” volume of homes listed.

If you are in the market to list or buy a home, it is still a good market. Choosing a local real estate agent to help you with the process is a wise decision, especially in the current housing market.

Click Here For the Source of the Information.

Another Drop in Mortgage Rates

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The end of March saw another rate drop for the second week in a row even with the uncertainty stemming from the economy and bank failures. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.42% which was down from 6.60% the week prior. Unfortunately, this is still no match for the 30-year fixed-rate mortgage rate from a year ago at 4.42%.

“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s chief economist.

“If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season,” replies Khater.

The Fed will still likely boost the rates a little to offset the volatile economy we are currently in. Robust economic data suggested the Federal Reserve was not done in its battle to cool the US economy and would likely continue hiking its benchmark lending rate. The rate was raised by the Feds at the end of March by a quarter point but the Fed also said that the aggressive rate hikes will more than likely stop.

“Depending on the extent of the impact of a tighter banking sector, Powell expressed a ‘wait-and-see’ approach to further contractionary policy. However, the federal funds rate is expected to remain elevated through the end of the year, meaning that a higher interest rate environment is here to stay for the time being, including for home loans,” says Hannah Jones with Realtor.com.

The rate is based on the yield on 10-year US Treasury bonds which will move according to the Fed’s action. Basically, when the Treasury goes up, mortgage rates will also go up and when the Treasury goes down, so do mortgage rates.

“At the current price and mortgage rate level, the typical housing payment on a median-priced home is 43% higher than one year ago,”said Jones.

Click Here For the Source of the Information.

Where To Go in Covington To Get Israeli and Lebanese Dishes

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Tavi, located at 330 N Hampshire Street in Covington is a Northshore cousin to Shaya. Chef Fariz Choumali, the executive chef at Tavi, has worked for BRG Hospitality as an executive chef. He and his wife moved to New Orleans after visiting the city and felt like it was home.

“Beirut, where I’m from, shares a French culture and vibrancy with New Orleans. The first time I went to the French Quarter, with its architecture, music and culture, I felt at home. People come from all over the world to eat food here. I knew this city was for me,” explains Choumali.

Tavi opened its doors in January in Covington and shares many dishes with Shaya but he has also added some Lebanese street dishes. “Here we have so many regulars. People were waiting for this food. Covington doesn’t have a place like New Orleans, so our opening was a big deal to the community,” he says.

Tavi is located in a former barber shop that has been converted into the 85-seat restaurant. There is tons of natural lighting along with a 10-seat bar and a wood-fire oven. Tavi is named after one of the partner’s grandsons and is the Hebrew word for good.

Patrons will enjoy foods like buttermilk-soaking fried chicken spiced with turmeric and coriander, hummus, house-pickled vegetables and wild mushrooms with sage brown butter in za’atar-spiced hazelnuts. The Lebanese dishes include arayes, a grilled pita sandwich stuffed with ground kafta or seasoned lamb. Confit chicken is another dish that is cooked in duck fat and served with basmati rice.

The 10-seat bar offers some unique cocktails for patrons. The Road to Kfar is made of sumac-infused tequila, pom liqueur, lime juice and hibiscus syrup. Wines are also served that are Californian, Lebanese, French and Israeli along with beer from Greece and Lebanon.

“I still call my mom with questions about recipes. She can cook everything,” says Choumali.

Click Here For the Source of the Information.

St. Tammany Invests in Water and Sewage Upgrades

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St. Tammany Parish, with the help of the American Rescue Plan Act, will embark on water and sewage infrastructure projects. The projects, estimated at $48 million, will be done over the next several years, explains the Parish President Mike Cooper.

“This allocation renews my commitment to ensuring that every citizen of St. Tammany Parish has safe drinking water and reliable water and sewer infrastructure,” Cooper said.

The initial project estimated to cost $20 million, will upgrade water and sewage for around 6,400 St. Tammany residents located in the west part of the parish around Brewster Road. Seven new wastewater pumping stations, five miles of force main, new emergency generators and monitoring technology will be part of the project.

The east side of the parish which will include residents from Cross Gates and River Oaks and the surrounding areas will have $20.4 million in upgrades. The current water system has been having a hard time supporting the area’s fast population growth. This project will include two new elevated water towers, eight miles of water main, two generators and remote monitoring technology.

Click Here For the Source of the Information.

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.