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!

Ways To Update Your Dining Room

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What are some updates you can do to your dining room?

Add a modern or vintage chandelier
Add vintage chairs
Add a garden-inspired tablecloth
Add a built-in breakfast bench
Add a reclaimed wood table

A great easy and inexpensive way to create a new look in a room is to upcycle. Upcycling has become a popular trend where you use unwanted products and use them to create a new product for your space. Instagram shared five upcycling projects that are perfect for a dining room transformation.

1. Modern linear chandelier

A new light fixture is a perfect touch to brighten up the space. There are many DIY chandelier projects that are easy and inexpensive. “Midcentury modern design is back in a big way for furniture and lighting alike,” says Adriene Ged, lead interior designer for Edge Interiors. “This linear light fixture is no exception. The clear round globes and metal and wood make this one a definite throwback piece that dresses up a space.”

2. Vintage cantilever chairs

When you think of cantilever chairs, you think of the 70’s and 80’s but they can be a great recycled item for your current dining room. “These are Italian vintage dining chairs from the ’70s,” explains designer Amy Youngblood. “I love the retro look and use of the rattan back and aged brass frame. It’s a very fun look and great for small spaces, as seen in this small dining area. These chairs are vintage, so the best way to source them is through an online search or vintage furniture dealer.”

3. Garden-inspired tablecloth

An upcycled tablecloth can transform a dining room table and space. Instagram gives an example of a nice garden-inspired theme. “This tight, small floral-printed tablecloth is tipping its hat to the vintage vibe,” says Ged. “Tablecloths like these will come in handy at summer activities such as outdoor barbecue and pool parties.”

4. Built-in breakfast bench

“Built-in banquettes are a popular seating option because they provide ample room for guests and kids to sit, eat, play, read, etc.,” says Ged. “But the real benefit here is that they also serve as extra storage in many cases. Built-ins also provide a custom aesthetic that you wouldn’t achieve as easily if you opted for a free-standing dining table and chairs.”

5. Reclaimed wood table

Reclaimed wood furniture is a perfect addition to almost any space. “Custom-made wood slab tables are super popular right now,” says Youngblood. “They work with many different styles, including farmhouse to contemporary. These tables are made with interesting woods and various styles of bases. My team’s currently having one made for a client that will be 12 feet long in walnut with beautiful brass bases.”

Click Here For the Source of the Information.

A Drop in Refinancing Hurt Mortgage Rates in May

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According to Black Knight’s monthly market monitor, May saw a 5% drop in rate lock volume due to a slow month for refinancing. The drop in refinance activity fell for both rate term refis and cash-outs. This is not good news for lenders because they rely on the purchase market for origination volumes.

Black Knight’s monthly market monitor report watches the trends in the homeownership life cycle. It is the leader in the industry with its own software, data and analytics program.  The combined insight of the Black Knight HPI and Collateral Analytics’ home price and real estate data provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP-code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.

The report revealed that slower monthly mortgage originations caused a dip
of 4.8% in rate locks. Mortgage rates are down this month 7 basis points from April which came in at 5.34%. There was a 23.6% decline in rate/term refinance lending activity from April and an 89.9% dip year over year. As for cash-out refinance locks they were down 11.9% from April and 42.2% from the same time last year.

“We’ve seen rate/term refinance activity essentially evaporate and cash-out activity is now suffering as well,” said Scott Happ, president of Optimal Blue, a division of Black Knight. “While there is volume pressure across the board due to rising rates, purchase volumes are holding up the best and are now driving 82% of all origination activity.”

Click Here For the Source of the Information.

What FEMA Says About New Flood Insurance Rates for St. Tammany Residents

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A Federal Emergency Management Agency (FEMA) official, Gilbert Giron, has addressed St. Tammany residents’ concerns regarding the huge increase in their flood insurance premiums. The spike in rates can be contributed to the “overhaul currently taking effect” with a complex new system. The official explained that for years Louisiana residents have been paying artificially low rates for years while the state has had a large amount of claims paid out.

“We are addressing that not just in Louisiana,” said Giron. “We’re addressing this in the entire country.”

This new system is called Risk Rating 2.0 and will take the place of FEMA’s maps for setting rates. The system will look at each property taking into consideration the individual characteristics basing the premium on each property. The change will bring FEMA’s national program up to date with how many in the private sector practices.

FEMA says that rate increases to existing policyholders will be phased and will be at a maximum of 18% per year. The increases will continue each year until the policyholder’s home reaches their full risk rate. Insurers and real estate agents in the state have already seen some premiums quadruple or more compared to what they saw with the old system.

Parish leaders are afraid of what these new rates will do to the housing market in Louisiana. The state has the most residents participating in the National Flood Insurance Program. The state and parish leaders want to be able to set a limit to increases but so far they have not been able to set a limit.

“We have people who are leaving because they simply can’t afford to live there anymore,” said Bonnie Peyroux, president of the homeowners association in the Moonraker Island subdivision.

Although FEMA officials have explained in detail the new system, residents still are taking the new rates hard. St. Tammany President Mike Cooper was thankful for FEMA’s presentation to St. Tammany residents, but this still does not put their concerns at ease.

“Last year when we were aware of this, there were too many unanswered questions,” Cooper said after the meeting. “And Congress has tried to intervene. Our local officials have met, other parish presidents have met. And we have asked Congress to intervene with FEMA.”

Click Here For the Source of the Information.

High Home Prices Saw a Spike Due to the Change in the Way People Live

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The pandemic has shifted our normal in more ways than one. During the stay-at-home orders, we learned to live, work and play from our home. Studies show that working from home played a huge part in the increase in home prices. Home prices saw a 23.8% increase during the pandemic according to Zillow’s home price index between December 2019 and November 2021.

Everyone had to learn to do most anything remotely from home. Working remotely allowed us the flexibility to live where we wanted even if it was farther away from our place of work. It started a trend of buying larger homes to accommodate the live, work, and play way of life from our home.

“There hasn’t been a peacetime period where we have changed the way we do work in such a quick fashion,” Johannes Wieland an associate professor of economics at the University of California, San Diego said. “Suddenly, we are moving further away from where our work is located. We don’t need the office space. We now need this home space for work.”

Two factors that played a big role in rising home prices according to the Federal Reserve Bank of San Francisco and the University of California, San Diego were the demand for more house and moving to a warmer climate. Wieland suggests that the evolution of remote work is likely to have a large impact on the future path of home prices and inflation.

“We were pretty shocked remote work had this impact, once we saw the estimates,” Wieland said. “We thought about how people moving to different locations would be important. And it is. But it is the people who are remaining in a metro area — the people who need more space at home if they work at home — that is really pushing up prices. That is the majority of the story.”

This finding is backed by the economists at Zillow. The shift has been deemed the “Great Reshuffling” and can contribute to the influx of demand for larger housing in warmer climates. Before the pandemic, economists saw an increase in home purchases in Austin, Texas, and Raleigh, North Carolina, but this influx grew greater in size to more areas once the pandemic hit. Now people can choose where they want to live because they are not tied down to moving close to work.

“There is more remote work where the weather is nice,” Wieland said. “When you’re not tied to a location because of your job, you can choose where you want to be. Many of these places…are attractive to people who can move to a place for lifestyle and not for work.”

Click Here For the Source of the Information.

2022 Roof Shingle Color Trends

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The top renovation to the exterior of a home in 2021 was the roof. This is still true in the 2022 home improvement market. Not only are there many options for shingles but also many colors to choose from. In fact, it is reported that the roof shingle color can boost your home’s resale value. Before selecting the perfect color for your roof, here are some tips you should know.

Tones can be important when it comes to selecting the right color for your roof.

Neutral Tones

1024 Cypress Crossing beautifully designed front exterior of this new construction home is both stucco and brick. The roof is composed of custom architectural shingles and has a pleasing contour. The yard on this new construction home is fully landscaped.When you think of neutral, you sometimes think of boring but this is not the case. Neutral colors such as brown and gray can look amazing on a roof. There can be different subtle color variations. A great example is Timberline HDZ in Weathered Wood. This is currently one of GAF’s most popular neutral shingles. The shingle has both dark and light brown towns which will go with a range of home styles and exterior paint colors. Neutral tones are very practical making them popular in 2022. Since they can go with many changes, they can bring a higher resale value. These shingle tones are versatile and classic in looks.

Bold Earth Tones

Earth tones have been popular on both the interior and exterior of homes from 2021 and still in 2022. Nature-inspired shingles such as the GAF architectural asphalt shingles are good examples. These shingles alternate in color which offers a dynamic variation with a pop of color adhering to a cohesive look. A neutral exterior is perfect for this type of shingle. It will give your home more contrast and pop your curb appeal.

Classic Black

You can never go wrong with the classic black shingle. These have become very popular in 2022 due to the ongoing desire for a modern farmhouse look and easy accessibility to solar shingles. There is nothing more classic than a white home with black trim and black shingles. This combination can fit on most any architectural style from a traditional home to a modern home. Now there is even a black solar shingle that gives your home the traditional roof look. These eco-friendly roofs are currently in high demand.

Remember your shingle color can either make or break your home’s curb appeal. It not only can affect the curb appeal but can also affect your home’s resale value. The right shingle paired with the right roof can make your home have a higher market value.

Click Here For the Source of the Information.

2022 First Quarter Sees a 3% Increase in Homeowner Equity

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According to a report published by CoreLogic, homeowners with mortgages in the first quarter of 2022 saw their equity grow by 32.2% year-over-year. There was a collective equity gain of $3.8 trillion in the first quarter. This was an average gain of $63,600 per borrower. Homeowners with mortgages accounted for around 60% of properties across the country. Home equity and home prices both rose together, in fact, home prices were up 20% in March 2022 compared to March 2021.

“This has led to the largest one-year gain in average home equity wealth for owners and is expected to spur a record amount of home-improvement spending this year,” Patrick Dodd, CEO of CoreLogic said in a statement.

Homeowners across the nation, approximately 62,000 homeowners regained their home equity. Good news but CoreLogic still reports that around 2% of homeowners with a mortgage still remain underwater. This is about 5.3% less than those reported underwater in the fourth quarter of 2021.

There is still hope, the report predicts that if home prices increase by 5% then around an additional 130,000 homes would regain equity. Lets hope it takes this trend, if it doesn’t and the market turns the opposite way, then around 167,000 additional homes will go underwater.

Click Here For the Source of the Information.