St. Tammany Invests in Water and Sewage Upgrades

 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.

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How Professionals Choose the Right Kitchen Cabinetry

 Your kitchen is one of the main and most important spaces of your home.  It goes with the old saying the kitchen is the heart of the home.  Kitchen upgrades are very important for this reason alone.  When upgrading the space, you want to make sure you choose the right cabinets.  Thomasville Cabinetry can help with the choice of your cabinets with the Thomasville Concierge program and can help you from start to finish giving you the perfect style of cabinet for your kitchen.  Here are some tips to use when choosing cabinets from professionals in the industry.

Select a Style

Jen Samson of Jen Samson Design says that a flat panel or shaker can be used in almost any style of kitchen.  If you love the traditional kitchen, choosing a traditional style with intricate woodwork design and trim will fit the bill perfectly.  A transitional look is something in between a shaker and the more ornate traditional look. “We like to add details, like a thin bead detail around the Shaker or v-groove for a fun, more Craftsman-style kitchen,” says Samson.

If you need to see the looks in your space, you can always contact a Thomasville Concierge who can bring samples to you in your kitchen.  They can help you with choices and refer you to a Thomasville technician who can answer questions when the cabinets are being installed.

Consider Shelving Carefully

Implementing shelving in your home and choosing just for show can make or break your design.  If you are a cook who loves your ingredients and does not want to have all your dishes perfectly displayed 24/7 then an open cabinet shelf is not the way to go.  If you like a tidy space, then this might be a perfect solution to displaying your favorite kitchen items.

“I like to mix open shelves and closed storage cabinets. If the home is more traditional, I still like to incorporate one open shelf, perhaps with a pretty brass rod detail on the front, to be used for cookbooks and displaying attractive objects.  When there are added design details like a rod or decorative brackets, open shelves can add to the unique personality of the kitchen,” Samson says.

Find a Finish

There are tons of options for finishes such as laminates, matte paint, glazes and stains.  One big factor to decide on before deciding on the finishes is if you want a cabinet in color or more of a natural look with a stain.  A stained wood cabinet is a classic feel but a laminate cabinet is very easy to clean.

Size Storage Up

A professional like a Thomasville Concierge, can help with not only the design, but also choosing the right amount of counter space and storage.  If you customize your kitchen, you can lay it out and choose specialty storage options that will work best for you.  Options like wall lift-up cabinets are a great option if you need to have a place to hide appliances that are used frequently.

Remember everything from the hardware finishes,  to the style of the cabinet itself is important and needs to fit your style.  Having a professional help you along the way will not only be a benefit but also help alleviate the stress allowing you to enjoy the whole experience.

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Factors That Help Determine Your Mortgage Rate

 The lower the interest rate, the more you can spend on a new home but 2023 is seeing a rise in the rates. If you are in the market for a new home, you want to lock in the lowest rate possible. Trusted lenders are a great resource to have when it comes to your mortgage rate. Here are four things that will help determine your mortgage rate.

Your Credit Score

“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate,” explains Freddie Mac.

A better credit score leads to a lower mortgage rate so you want to make sure you keep a good credit score. If your score needs improving, a lender can help with advice on how to best do this so that when it comes time to get approved, you will get the best rate.

Your Loan Type

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose,” comments Consumer Financial Protection Bureau.

Keep in mind that there are several types of loans and each loan will offer different terms for each qualified buyer. When looking into a loan, contact your local real estate advisor who can tell you what is available in your specific area and which types of loans it looks like you would qualify for.

Your Loan Term

Just like a loan type, there are also different loan terms that are available. These can all be different according to your situation and the life of your loan.

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan,” according to Freddie Mac.

Your Down Payment

“In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have a more stake in the property. So if you can comfortably put 20 percent or more down, do it – you’ll usually get a lower interest rate,” explains the Consumer Financial Protection Bureau.

If you are a homeowner and want to move, you can use the equity from the sale of your home as the down payment. A lender can help you determine the difference if you put a higher down payment down up front.

These are several factors that are looked at and will help with how much your mortgage rate will be. If you are searching for a home, go ahead and find a local sales agent and a local lender who can help you through the process.

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Homes Sales Are Rising But Still Below Pre-Pandemic Years

 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.

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Tips For First-Time Home Buyers

 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.

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New Home Sales Are Still Climbing

 The New Year started off right when it came to new home sales as they rose 7.2% from December 2022 according to the US Census Bureau and the Department of Housing and Urban Development. This makes the seasonally adjusted annual pace at 670,000 homes. This is great news but is still down 19.4% on a year-over-year basis.

“January marked a surge of people signing contracts to buy new homes. The increase in contract signings can be attributed to a decline in mortgage rates in January after a run-up in rates in October and November. Rates have bounced higher since January, which likely is acting as a drag on new home sales in the meantime,” according to Holden Lewis with NerdWallet.

“The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season. Many home builders are offering incentives to buyers sweetening the deal just enough to bump sales from the month prior,” said Nicole Bachaud, Zillow’s senior economist.

This caused a price drop which landed the median new home sales price to drop to $427,000 in January 2023. As far as the different regions, the sales price on a month-over-month basis was down 25,000 homes in the Northeast, 67,000 homes in the Midwest and 127,000 homes in the West. The South had jumped 17.1% to 451,000 on a monthly basis and the West was the largest drop at 46.9%

“There is still a large chunk of new construction homes currently under construction, and when those homes hit the market, especially over the next few months, we will see spring home buyers – those who can afford the higher new construction price tags- having more options and opportunities to break into homeownership,” says Bachaud.

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