Rezoning Moratoriums in St. Tammany Parish Will Stay the Same for the Time Being

 

December 2020 began a debate among the St. Tammany council whether to proceed with an amendment that would have fewer restraints on establishing or extending a moratorium. The St. Tammany Parish Council has decided to table the amendment that would change how rezoning moratoriums are adopted and extended.

In April 2021, council members narrowly voted to introduce a version that would remove the requirement that the council member requesting a moratorium present a written justification and a timeline and process for addressing the reasons for applying it, and an account of any progress being made toward addressing the issues when requesting that the moratorium be renewed.  It was again set aside on May 6th’s meeting, and another version of the amendment was moved by District 11 Councilman Steve Stefancik and seconded by District 14 Councilman T.J. Smith.

This newer version would change the requirement for written justification regarding the enacting moratorium. The time for which a member would have to update the council regarding a new moratorium would be pushed back from three months to six months. Among them were several council members, District 7’s Jimmie Davis, who did not agree with changing the time frame from three months to six months.

District 13 Councilman Jake Airey moved to remove the amendment from the table completely. “What’s existing in law will stay there. If people then want to make changes, so be it, but this alphabet soup is just too hard to follow,” Airey commented. This motion was seconded and passed unanimously.

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2021 Will See Another 7% Surge In US Home Prices

 

Home prices are rising the fastest we have seen in 15 years. According to Goldman Sachs, US home prices will rise another 7% in 2021. In fact, Goldman upgraded its 2021 house-price appreciation forecast to 6.8% from 4.7% previously.

January 2021 saw the fastest rate since 2006 stemming from the low-interest rates and low inventory. The S&P CoreLogic Case-Shriller house price index increased 11.2% in January 2021 year on year. James Orlando, senior economist at TD Economics gives credit to the pandemic. Since spending more time at home during the pandemic, people want to improve on their living situations. Now more than ever, we are seeing more buyers entering the market.

“Underwhelming supply appears to be the primary driver of continued high levels of house price appreciation,” noted Apurva Gundaria and Marty Young who lead Goldman Sachs.

“In our view, this supply crunch is driving another leg up in home prices,” the analysts said. “Though mortgage rates have backed up in recent weeks, they still remain below their pre-pandemic tights and the backdrop for housing demand remains supportive.”

If you are in the market for a new home, now is the time to take advantage of the low-interest rates. Be sure to purchase through a local sales agent who can help you navigate this aggressive current market.

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The New Slidell Casino Will Come With Some Awesome Amenities

 

Residents and the casino resort developers gathered in the Slidell Municipal Auditorium for a “show-and-tell” of what’s to be included with the $250 million casino resort. St. Tammany Parish will be the home of the future casino resort that will be located on 120-acres close to the Interstate 10 twin spans in Slidell.

The casino resort’s amenities will include a lazy river, water slide, resort pool, a 6,000-seat outdoor amphitheater, an indoor entertainment area with 1,500 fixed seats and a stage and a crab leg buffet. The Blind Tiger will also be included in the development in a new location close to the marina and boat slips.

P2E, a Los Angeles-based developer, purchased the land for just under $14 million. This same developer owned DiamondJacks in Bossier City which closed down after COVID-19 restrictions were lifted. The Bossier City casino was  the lowest-performing casino in the saturated Shreveport/Bossier City market,

Concerned residents and businesses were not present at the meeting but they have been sharing their concerns relayed Slidell City Councilman at Large Glynn Pichon. There is a chance that the site plan will change but as of now, the site plan shows the casino located farther away from subdivisions than originally planned.

“My only concern is that the company has closed a casino in Bossier City,” said Deb Horrocks, who lives in Eden Isles, not far from the site. “What’s going to happen to the property if they decide to do the same thing?”

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The New Year Began With Strong Single-Family Permit Gains

The National Association of Home Builders Eye On Housing reports that January 2021 was a month to celebrate in the housing industry. Single-family permit gains saw a year-over-year 19.2% increase from January 2020. In January 2020 the level was reported at 70,386 and in January 2021 the level reached 83,921 year-to-date YTD.

All four regions saw increases. The Midwest saw an increase of 21.5%, right behind the Northeast with a 20.7% increase, the South 20.3% and the West came in last with a 15.1% increase. Sources feel that the Midwest saw the biggest increase due to the area's more affordable housing.

Not all states saw a YTD increase from January 2020 to January 2021. The highest increase was in South Dakota going from 99 to 202 with a 104% increase. The biggest decline was seen in Montana from 171 in 2020 to 144 in 2021 making this a decline of 15.8%. The top 10 states with the highest numbers combined accounted for 64.1% of the total single-family permits issued.

Metropolitan Statistical Area Single-family Permits: Jan (Units #YTD, NSA)

 

Metropolitan Statistical Area	Single-family Permits: Jan (Units #YTD, NSA)
Dallas-Fort Worth-Arlington, TX	4,330
Houston-The Woodlands-Sugar Land, TX	4,258
Phoenix-Mesa-Scottsdale, AZ	2,656
Atlanta-Sandy Springs-Roswell, GA	2,622
Tampa-St. Petersburg-Clearwater, FL	1,954
Austin-Round Rock, TX	1,940
Charlotte-Concord-Gastonia, NC-SC	1,506
Washington-Arlington-Alexandria, DC-VA-MD-WV	1,335
Jacksonville, FL	1,275
Nashville-Davidson–Murfreesboro–Franklin, TN	1,208

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Investing Your Money In Real Estate Versus Stocks

A study conducted by the Federal Reserve Bank of New York found that the majority of homeowners believed investing in their house over the stock market was a better investment. In fact, over 50% of the households surveyed in the New York Fed survey said they would choose to invest in a rental property versus the overall stock market.

The SCE Housing Survey was conducted in February 2020, October 2020 and February 2021. Most data confirmed that housing represents the largest asset owned by most households and is a major means of wealth accumulation, particularly for the middle class. Those surveyed were asked what they would say to a couple in their early 30's when it comes to investing their money. Over 90% of the respondents said they would invest in a primary residence over the stock market.

The study did see a change from February 2020 to February 2021 in people's outlook on a home. Respondents chose high house prices and lower volatility in 2021 versus 2020 respondents who selected the choice of desired living environment that provides stability. This change has been pinned on the COVID-19 pandemic. The survey showed a dip in October 2020 of preference for housing. Consumers were worried during the pandemic about health safety and job stability.

Overall the survey highlights the importance that is currently put on housing as investments. Investors and homeowners alike feel that the housing market is currently more stable than the aggregate stock market.

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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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How A Down Payment Can Affect Your Purchasing Power

Down payments are a big part of purchasing a home with a mortgage  Your minimum down payment depends on the type of mortgage, the lender and your finances.

When borrowing money from a lender to purchase a home, the more cash you put down, the better your financing terms will be. It is important to understand what a down payment is and how much cash you need to have. A down payment is the cash that is put down on a large purchase such as a car or a home. The amount of the down payment is usually a percentage of the total amount of the cost. A $350,000 home with a down payment of 10% would be $35,000.

Different lenders and different loans will require a different percentage of the whole cost for the down payment. If you are obtaining a VA loan or a USDA loan you are not required to make a down payment because these are backed by the federal government. The magic number in most cases, when it comes to a down payment, is 20%. With most lenders, 20% down on the purchase of a home will give you a good mortgage rate and allow you to bypass mortgage insurance. An FHA loan that is backed by the FDA, requires a minimum of 3.5% of the purchase price. Many conventional loans (Fannie Mae HomeReady and Freddie Mac Home Possible) mortgages require as little as 3% down.

Remember, a larger down payment will get you a better mortgage interest rate, lower upfront and ongoing fees, more equity in your home from the start and a lower mortgage payment. Lenders like a larger down payment because the risk becomes lower for them. A professional lender can help you through this process. They can help you determine how much to put down and how it affects your monthly mortgage amount.

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