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

 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.

“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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The Cost of Buying a Home

Buying a home is one of life's big moments and is a huge financial expense. If you are in the market for a home, then you will want to factor in all the costs associated. Here are the true costs of owning a home.

A home inspection is a cost that you will occur and if there are any issues with the home, you will either negotiate with the seller or have to come up with the money to fix the problems. A detailed, in-depth home inspection is a good idea to get on the home you are going to purchase.

When you purchase a home, you will need to bring closing costs to the table. Closing costs include title fees, lawyer fees, contract fees, and more. Future homeowners need to realize the listing price is not the only expense but closing costs will be added on.

Potential homeowners will need to consider monthly utility expenses. Operating home expenses can be a surprise to first-time homebuyers. Some of these expenses, just to name a few, include heat or cooling, appliances, lights, gas, water, trash and recycling.

Along with a mortgage monthly payment, you will need to pay homeowner's insurance. A homeowner's insurance agent can explain what is included in these monthly costs. The homeowner's insurance premiums are held in the escrow account and paid each year. They are collected monthly on top of the mortgage monthly payment.

Moving costs are many times looked over. These costs need to be considered whether your move is local or far. These costs can include time off work, packing, loading and unloading, and in some cases storage facilities and packing supplies.

When you live in a neighborhood with a homeowners association there will be HOA fees that are due each year. These will be paid either monthly or annually. You will need to factor this cost into your budget.

If you are in the market for a new home, using a Realtor is a smart choice. Remember to leave the house shopping, buying, and selling to the professionals.

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Inventory Is Rising As of July 2021's Report

According to the National Association of Realtors (NAR) housing inventory is starting to improve. Industry leaders predict that home prices will begin to level off as the inventory starts to increase.

As of July 2021 on a year-over-year basis sales were up by 1.5% over this time last year. Existing home sales including single-family homes, townhomes, condominiums and co-ops also increased. Total existing-home sales jumped 2.0% to a seasonally adjusted annual rate of 5.99 million.

July also reported the current sales rates of unsold inventory sits at a 2.6 month supply. This is up from June 2021 but is still behind from this time last year. New construction will benefit from the low level of existing homes on the market.

Homes were on the market an average of 17 days in July which is an all-time low. This time last year homes stayed on the market for an average of 22 days. This summer homes 89% of homes that were sold stayed on the market for under a month.

Low inventory is still pushing home prices up. July reported a 17.8% increase in the median sales price of existing homes to $359,900. This is the 113th consecutive month of year-over-year increase according to the NAR. Multifamily existing homes were up 14.1% from a year ago to a median price of $307,100.

If you are in the market for a home, contact a local Realtor. Working with a local sales professional will help you save money and time. Realtors know the community the best.

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Three Must Have Features for the 2021 Homebuyer

The COVID-19 pandemic has shifted the way buyers think when it comes to the features they must have in a new home. The list of desired features can be a litany of things, but these three top the list when it comes to the broader overall trends.

Spaces in a home usually have a sole purpose, but in this day in age, a dining room can also be a classroom. Buyers are wanting flex space in a home that can be transformed effortlessly.

“Great rooms divided by screens to create privacy, spare bedrooms converted into offices, and areas that function as a workspace by day and a dining room by night,” lists Doreen Trudeau, Global Real Estate Advisor with Venture Sotheby’s International Realty in Hawaii. “The need to create secluded workspaces, especially with more than one professional in the house, has owners repurposing nooks and closets.”

Modularity can be done in a hundred different ways. Realtors are demonstrating this key factor to clients when showing a home. Two great examples are fold-out desks and retractable walls. Realtors are also coming up with ideas for flex space outside of the main home.

“There are many creative ways to achieve a dedicated workspace with under-utilized outdoor spaces. Some that I’ve seen include detached office sheds and gazebos,” said Clark Niemeyer, a Real Estate Professional with Realogics Sotheby’s International Realty in Seattle.

Openness has also become a big selling factor when it comes to a home's floor plan. Today, buyers are seeking a floor plan to be functional and versatile and connective, and borderless. Good features that can help achieve openness are high ceilings, floor-to-ceiling windows, properly scaled furniture, and connectivity to the kitchen. Color can also hinder or enhance the openness of a home. Dark rooms usually appear smaller than light-colored rooms.

“Buyers are looking for seamless transitions between interior and exterior areas,” explains Trudeau. “Glass doors and negligible window coverings are two ways to create the illusion of larger space.” 

The stay-at-home orders caused everyone to look at their home in a different light. Your home became your retreat 24/7. Realtors are now finding areas in the home that are designed for joy, escape, and relaxation.

“Comfort has become paramount as we spend more time in our homes,” says Trudeau. “Most of my buyers still want a clean, linear space—simplicity with an emphasis on durability. Performance fabrics are becoming more popular as we live and work from home. Quality still resonates with the affluent buyer, but in design, less is more.”

A sanctuary for a homebuyer could be a separate home spa or an ensuite bathroom with high-end amenities. A tranquil setting could be created with soft, white neutrals and natural, organic materials in a home.

A good Realtor can help a homebuyer find a home that has one or all three of these features. A local sales agent can shed light on instances of modularity, openness, and sanctuary in a new home.

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Tips To Shorten Days on Market for Sellers

 Days on Market (DOM) is an important term when it comes to selling a home. DOM is defined as the number of days a home has been listed for sale basically the time from the date a home is listed for sale to the date it closed.

The lower DOM the better the housing market in that certain area. The longer a home stays up for sale, the more detrimental it can be for the listing. Higher days on market can raise a red flag to buyers who will question why it hasn’t sold yet.  Here are some tips to follow to help ensure a fast sale of your home.

Understand your local housing market

Today's market in almost every location across the country is a seller's market. It comes as no surprise that there are more buyers than sellers with such low inventory in today's housing market. When it is a seller's market, homes stay on the market for a shorter period than if it is a buyer's market. This can vary from the location in the country and even by neighborhood. Get to know your local housing market to get a better understanding of buyer demand for your house.

Check your price

Listing for the right price can be very important to your listing. If you price your home out of the local market you can potentially cause a high DOM and make it harder to sell your home. The goal is to list your home for a price that reflects an accurate and realistic value of your home. A smart move is to list your home with a licensed agent who knows the local market.

Prep your home

Staging your home is a must. You want your home to look move-in ready for buyers. A staged home will appeal more to a buyer than a home that is not staged. It is very important this day in age because many buyers are viewing your home online. Small things you can do such as a fresh coat of paint or decluttering.

Remember listing your home with a Realtor can be a smart move. A local Realtor knows the current and local market so they can help you along the way.

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