A shortage in homes and a strong job market in the Greater New Orleans area definitely strengthened the housing market, especially in new home construction and the advent of new subdivisions. Solid hiring in the job market, low mortgage rates and easier credit conditions have driven the demand for new home buyers to purchase a new home
for sale. The Greater New Orleans area alone represents 20% of the new jobs that have been created this year in the state of Louisiana which has led to the strong home sales on both the north shore and the south shore.
West St. Tammany Parish has seen a decrease in housing inventory making the average sales price increase. The housing market in general is leaning more towards a seller’s market because of the lack of supply of homes for sale. This lack of inventory in homes priced from $190,000 – $300,000 is causing a bidding war pulling the average sales price for metro New Orleans up by 7.8% from $197,300 to $212,610. New Orleans has seen an increase from 21,954 homes sold annually in 2010 to 30,322 in 2014. Homeowners are starting to realize that this is the time to sell, and for home builders now is the time to build new homes for sale in St. Tammany Parish on the northshore.
On the flip side, home buyers will not have long to wait because more homes are being built which means the inventory problem will start to correct itself. According to Richard Haase, president of NAI/Latter & Blum, who 
reported at the UNO/Latter & Blum Economic Outlook & Real Estate Forecast Seminar for the Northshore Region, which was held at the Clarion Inn & Suites Conference Center in Covington, ”There’s a lot of pent-up demand,” he said, because tight lending standards have kept potential buyers out of the homebuying market, even as the economy recovered. ”For the next one or two years, I’m extremely optimistic about housing prices and housing affordability,” Haase said. ”We’re in a very healthy supply-and-demand market.”
Bedico Creek Preserve in Madisonville, Louisiana, offers new homes for sale that could plug the dearth of homes priced from $190,000 – $300,000. Two neighborhoods being built in this master planned community in St. Tammany Parish offer new homes for sale from the $230’s – $300’s. These two neighborhoods are called Cypress Crossing and Deer Park. Also, if you purchase one of our lots for sale in the Garden / Courtyard section of this St. Tammany Parish subdivision, you can build a home starting from the $290’s. For more information about our homes for sale, Contact Bedico Creek at 985-845-4200 or E-mail Info@LiveBedico.com.
Keep Covington Beautiful (KCB) is a non-profit organization led by the community and is an affiliate of Keep America Beautiful. It is an organization committed to preserving and improving the beauty of Covington, Louisiana in St. Tammany Parish. Originally formed as the Covington Gardens Partnership, the organization works with others in the community to improve Covington’s quality of life through beautification, litter prevention and recycling
activities.
The organization not only helps keep Covington beautiful but it also holds events, educates and partners with the people in the community to encourage neighbors to take responsibility for keeping Covington clean and beautiful. Recently the organization partnered with Louisiana Department of Agriculture to conduct a study to gather data on existing trees, signs, overhead and underground utilities, driveways and parking areas located along the streets in the community. The data gathered, will be used to determine locations to plant new trees. A meeting was held with the residents of the community revealing the results of the study and explaining the guidelines and recommendations not only on planting new trees but also removing existing trees on city right-of way’s in residential areas. Through the hard work and passion of KCB, Covington was named one of the 10 most beautiful towns and small cities in Louisiana. For more information about KCB’s events, how to become a KCB volunteer or member, visit www.keepcovingtonbeautiful.org or contact KCB at 867.3652 or kcb@covla.com.
When relocating to the Greater New Orleans area, you may want to buy a new home on the Northshore at Bedico Creek Preserve. If you are considering relocating to the tight knit area of West St. Tammany Parish, you can enjoy the ambiance of downtown Covington, LA, which is located approximately 7 miles from Bedico Creek Preserve. 
Living in Madisonville, Louisiana, at Bedico Creek gives you easy access to shopping, entertainment, and dining at the many locations of the two shopping areas Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center off of Highway 21. In addition to the prolific shopping at mall stores such as JC Penny, Belk, and Lane Bryant, Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center also showcase box stores such as Academy Sports, Kohls, Best Buy, Marshalls, Target, Hobby Lobby, as well as the Hollywood Stadium 14 movie theater. This Covington, Louisiana shopping area also features restaurants such as Olive Garden, Longhorn Steakhouse, Texas Roadhouse, Cracker Barrel, and Panera Bread Company. For faster food and service, you can visit Steak & Shake, Firehouse Subs, and Dickeys Barbeque Pit.
Bedico Creek Preserve offers lots and homes for sale in its masterplanned community in St. Tammany Parish. Lots for sale start in the mid $40’s, and new homes for sale begin in the $230’s. If you are interested in building your own new, custom home or if you are looking to relocate to one of our existing homes for sale, you can find any lot or home in a selection of different neighborhoods in this St. Tammany Parish subdivision. Contact Bedico Creek today to schedule your tour. Call 985-845-4200 or E-mail Info@LiveBedico.com.
The housing market is hot right now as can be seen in all the statistics gathered from real estate professionals. Multiple offers and shortage of homes on the market along with low interest rates have driven the market to where it is today. This can make for a challenging situation for home buyers. Bidding wars could lead you, as a buyer, to purchase a home priced higher than the appraised value of the home, or you may even spend more than you can
afford. One of the downfalls of the Recession is that homeowners ended up owing more than their home was worth – home buyers don’t want to repeat this trend.
In the market for a new single-family home but are a little apprehensive because of the low inventory, increased prices and bidding wars? Don’t be…here are some guidelines to use when purchasing a home in a seller’s market.
Recognize the Supply and Demand. If there are not many real estate listings, it can be difficult to find what you are looking for when your pickings are slim. When you do find what you are looking for, you can bet other buyers want the same thing which will only drive the price up. You do not want to purchase a home at a higher price when the price rise is determined by low inventory versus a strong economy. A strong economy can support a strong market.
Scout Out the Neighborhood. Are there any signs of new construction or have the housing starts increased? If so, this is a good sign that the local housing market is thriving. Remember, if the local economy is strong it can sustain a rising housing market. Research the market by noting the number of developed lots in the community and the amount of building permits that have been issued. The St. Tammany Parish Residential Permits office provides information regarding the amount of building permits that have been issued in the Greater New Orleans area. Speak to a Realtor in the neighborhood market in which you are interested. They can tell you if new home construction is strong in the neighborhood and how many lots are for sale in the area.
Sometimes Losing Can Be in Your Best Interest. Buyers who push to any limit to win the bidding war can overpay and loose in the long run. Go into the bid with your game shoes on…set a budget and think about getting a preapproval from a mortgage lender. When setting a budget, remember to compensate for living expenses and emergency funds. If the bidding war sets the price too high, walk away!
Do Not Let Your Guard Down. Use smart self-defense when purchasing a home. Many buyers who want to win the bid give up rights that are standard in sales contracts. Contingencies are there to protect the buyer. It is pretty risky to give these up to appease a seller into accepting your offer. Buyers can lose their deposit if they do not have a preapproved mortgage and have been denied a mortgage after they have a house under contract or the inspection comes back with costly repairs. Another way a buyer can lose cash is if an appraisal comes in low and the mortgage lender reduces the loan amount making the buyer put up the cash to compensate for the gap between the loan and purchase price. If you feel you have found the house for you, then determine if the risk of waiving any contingency clauses outweigh any hidden financial surprises you might find.
Now is still a good time to buy as mortgage rates are low. In St. Tammany Parish at Bedico Creek Preserve, we have many new homes for sale from which to choose, including new homes priced from the $230’s – $300’s in two exclusive Neighborhoods called Cypress Crossing and Deer Park. To find out more about our homes for sale, Contact our sales office at 985-845-4200 or E-mail Info@LiveBedico.com.
