These Days Spring Is Not the Only Optimal Time To Purchase a Home

 Typically spring and early summer are the best times for the real estate market. The past 15 months have changed the way the industry sees as the peak real estate season. Experts say that around Labor Day will be the best time to buy a home this year.

The market “will still be relatively competitive. But I think fall will be less competitive than spring and summer, than what we're experiencing in the housing market right now,” says Danielle Hale, Realtor.com’s chief economist.

According to the National Association of Realtors, now that pandemic restrictions are easing up, more sellers are willing to put their houses on the market. There is also an upward trend in home construction and there should be more housing inventory by this fall.

“There aren't as many other buyers out there looking. And at the same time, you still have some sellers that are hoping to close before the end of the year that are in the market,” Hale says.

Many experts say that the end of the year will be a great time for buyers. There are great deals out there in November and December.

“And if you're buying late in the year, you might even be able to pick up a house at a good price because the seller has already moved and doesn't want to carry an empty house,” says Joey Sheehan, a real estate agent and author in Bryn Mawr, Pennsylvania.

“Buyers who are not quite as serious tend to kind of fade out,” he says. “For buyers that are willing to keep their eye on the prize at that point in time of the year, I think there's a real opportunity to potentially find that home.”

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Five Reasons Why To Always Get a Home Inspection

Buyers are finding ways to get their contract to win in bidding wars but there is one thing they should not skip out on. Some buyers today are skipping home inspections to entice sellers to choose them, however, this is not in the best interest of any buyer.

“With a lack of housing inventory in Louisville and across the country, it’s tempting for buyers to waive the home inspection, but there’s extreme danger in doing that,” Brad Lawler, the HomeTeam Inspection Service owner of HomeTeam Inspection Service of Kentuckiana says. “Waiving an inspection can open a buyer up to unforeseen costs down the road that could have otherwise been avoided.”

Here are five reasons why you should never skip a home inspection according to Lawler.

1. An inspection can help buyers avoid overpaying.

With such a hot market, home prices are on the rise and buyers are already paying a premium for a home. According to a report released by Redfin, the median home price in the U.S. rose 17% year over year to $341,250. Bidding wars are causing buyers to bid asking and often over asking, so added expenses for repairs are not usually feasible.

“Recently, one of our home inspectors uncovered a structural problem that ended up costing the seller $35,000 to repair,” Lawler says. “If the buyer had purchased that home without an inspection, they would have not only paid a premium for the home but they would have also been forced to handle the costly repair on top of it all. It’s a fast way to rack up negative equity. Today’s buyers are already overspending, so taking on additional risk by waiving the inspection is cause for concern.”

2. An inspection can uncover problems that the seller might not even know about.

By law, sellers are required to disclose any problems they are aware of, but this does not mean there aren't underlying issues that they might not know about. An inspector can make sure all issues are out in the open and can be resolved. A buyer can negotiate the price of the home to reflect the cost of the repairs.

“I don’t know many sellers who would have gone into their crawl space or climbed up onto their roofs prior to putting their home on the market,” Lawyer says. “We’re also seeing a lot of issues on homes that have exterior insulation and finish systems. If that type of product is installed incorrectly — and it often is — it can cause significant damage to the house because water will permeate the system.”

3. An inspection gives buyers a chance to budget for future repairs.

“One of the things that we do at HomeTeam is provide buyers with a punch list of maintenance items, so they can start to budget for future repairs and replacements,” Lawler says. “For example, we look at the age of the HVAC system and offer buyers a timeline of how long it will likely last. You don’t want to wait until something breaks to fix or replace it.”

4. An inspection can uncover problems that might affect your health.

Things such as radon cannot be seen, smelled or tasted so the only way to make sure the home you are purchasing does not have radon is to test for it. A home inspection will include environmental testing looking for mold, lead paint, air pollutants and pests.

“Unfortunately, we often have problems with radon in Louisville because of the type of lot that the city is situated on,” Lawler says. “Radon is the leading cause of lung cancer for nonsmokers and it can be in any type of home. It doesn’t matter if it’s brand new construction or a third-floor condominium.”

5. An inspection can prevent buyers' remorse.

“Buyers are closing on houses faster than ever in order to stay competitive and we’ve been getting a lot of buyers’ remorse calls lately,” Lawler says. “We recently heard from a buyer who was advised by his agent to skip the home inspection in order to close quickly on the home. When the buyer walked into their new home they were met with serious electrical problems that will likely cost thousands of dollars to repair. It doesn’t have to be that way,” Lawler says. “A home inspection shouldn’t be an obstacle. At HomeTeam, our goal is to help real estate agents and buyers reach the closing table with the knowledge that they’re making an informed decision. You can’t do that if you waive the inspection.”

If you are considering purchasing a home, call a local Realtor who can help you through the process. A Realtor will be able to determine what's in your best interest when it comes to making an offer on your next home.

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Ten Things You Can Do To Increase Your Homes Value

 There are simple things you can do that will significantly increase the value of your home. The awesome thing about this list is you can do them yourself and inexpensively. Here are the ten DIYs that you can do to increase your home's value.

1. Freshen Up With Paint

A fresh coat of paint can do wonders. Whether it is a new color or the same color, this is one of the most cost-effective home improvements you can do. A good rule of thumb is to keep the new color in neutral tones. Neutral tones make for an easy slate to add a designer's touch. If you are in the market to sell your home, a buyer can envision themselves in your home with neutral colors. A simple fresh coat of paint on your front door can give your home's curb appeal a lift.

2. Install Crown Moldings

Crown molding can dress up any room and bring value to your home. This upgrade can make any room looked finished and complete. This is a simple DIY project and can add character. Simply purchase decorative strips of wood and add them to your ceiling with a nail gun.

3. Update Fixtures

This can be a simple upgrade that can be easily overlooked. Updating door fixtures and plumbing fixtures can update your home easily. Other great ideas are to change light plates, outlet covers, light fixtures and curtain rods.

4. Install Ceiling Fans

Ceiling fans are a great way to save on energy. The idea is to install ceiling fans in the bedrooms and common living areas. Lighted ceiling fans are even more of a plus for your home.

5. Treat Your Windows to Some TLC

Outdated curtains or old worn-out curtains can really put a hinder on a room's look. Replacing your curtains is an inexpensive way to update your rooms. Spend a little more on wooden blinds or custom drapes that will appeal to potential home buyers.

6. Update Bathroom Fixtures

Updating your bathroom fixtures is a simple way to update your bathroom's look. Old grimy outdated fixtures can really hinder your bathroom's appeal. New modern fixtures will give your bathroom an up-to-date look. Go a little extra further and replace your towel bar, light fixtures and showerheads.

7. Update Hardware

Cabinet hardware or doorknobs can dress up your cabinets and doors. Swapping these simple things can update your house.

8. Install a New Front Door

Curb appeal is very important. Updating your front door can do wonders for your curb appeal. This also adds value to your home.

9. Replace Your Front Door Mat

Just like an old door, a welcome mat can give a fresh welcoming look. An old ugly front door mat can influence a potential buyer. A fresh welcome mat will be a great first impression.

10. Add Closet Storage

Storage is a big must for buyers. Having tons of storage space is a plus. Buyers see big benefits when they see ample storage space in a home. Customizing closets with shelving and drawers can also add value to your home.

Follow these ten DIY projects and you will increase the value of your home. Your home will also have a leg up in the housing market for potential buyers. A professional sales agent can help you decide what DIY projects will be most effective to improve your home's value.

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Another Economic Corridor For St. Tammany

Wadsworth Estate and another adjacent property might just be the next economic corridor in St. Tammany. Wadsworth Estates, north of Mandeville, was sold last week at auction to Mandeville developer John Crosby for $9-million. The 65 acres adjacent to the property is owned by Azby Fund. St. Tammany Parish economic development agency's CEO Chris Masingill and St. Tammany Parish President Michael Cooper are talking with both parties about using the land for an economic corridor.

"We plan on really leaning in on this site development," said Masingill. "We see it as a significant step in a much bigger initiative.

All three parties are in agreement to develop the 160-acres into a commercial hub. The development would include some combination of advanced manufacturing, transportation and distribution, which they say would create hundreds of new high-paying jobs for the area.  The development will more than likely be eligible for tax breaks and other incentives. Masingill hopes that the tax breaks and incentives will entice manufacturers and distribution facilities.

"That is the largest ... development tract in south Louisiana that has wetlands and zoning approval," said Beau Box, a commercial real estate broker who is advising the Azby Fund. "There is a lot of positive momentum behind development there now that there is a new owner for Wadsworth."

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The National Association of Home Builders' HBGI Find Surprising Results

 

The quarterly NAHB Home Building Geography Index (HBGI), released the first of this month, shows that home building throughout the country has increased in areas with the shortest commute times.  The HBGI also shows the suburban shift in new home construction to low density, low cost markets stemming largely from the COVID-19 pandemic and first reported in the second quarter of 2020 continued into 2021.

“The first quarter HBGI indicates that home building not only continued to overperform in lower cost markets like suburbs and exurbs, but also expanded the most rapidly for single-family and multifamily construction in areas with the shortest commutes,” said NAHB Chief Economist Robert Dietz. “As workplaces increasingly adopt hybrid work models for roughly 30-40% of the American workforce, renters and buyers will have increased market power to minimize travel times and reduce both housing and transportation cost burdens.”

Nationwide the average commute is around 26 minutes. For single-family homes, this quarter construction growth rose in areas with the shortest commuting times. The index data showed a four-quarter moving average year-over-year growth rates of 22.2%.

The study discovered that for single-family home building there was an 18% decrease from the first quarter of 2021 in the market share for large metro core counties. The data found an increase from 17.2% to 17.9% in outlying counties of large or small metro areas.

“With the shift to telework brought on by the COVID-19 pandemic, housing demand continued to show the strongest gains in lower density markets in the first quarter as people have flexibility to live further out and even outside some metro areas,” said NAHB Chairman Chuck Fowke. “Given the regulatory burdens and lack of lots in higher density, higher cost markets, builders are better able to meet demand in suburban, exurban and rural areas because of the lower cost to build.”

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The Chef Soiree Moves Back To Bogue Falaya Park This Year

This year the Chef Soiree will be this Sunday, June 13, 2021, from 5pm - 9pm. It will be moved back from the Covington Trailhead to Bogue Falaya Park. The Youth Service Bureau, the event's beneficiary, decided to move the event back to the park to all more social distancing. More space will allow the 50 plus restaurants and purveyors to serve food and beverages. 

 “We’re excited to be back at the park, which will have a new look, but the same feel,” Chef Soiree organizer Bobbie Calandro said. 

Calandro, who has helped organize Chef Soiree for the past 25 years, is excited that the event will take place this year in June instead of its regular time in March. Patrons will now have the opportunity to wear linen to the soiree. A new 2021 Ford Mustang or Escape will be won by drawing at 8:30 pm before the fireworks. The car raffle tickets are $25 each or five tickets for $100. 

 Last year the Chef Soiree was cancelled due to COVID-19. The event organizers are following the Centers for Disease Control and Prevention guidelines. The layout will be a little different this year due to the guidelines. This year there will be walkways, tents and tables for eating and enjoying two stages of continuous music and a festival-style dance area. Patrons can purchase tickets for $145 per person which includes all the amenities that are offered. The two stages will host live music by The Dominoes, Sweet Crude, Deja Vu and Nashville artist Jake Gunter. 

 This year mark's the Youth Service Bureau's 40th anniversary. The Youth Service Bureau is a St. Tammany organization that helps youth and their families reach their full potential. The service does this through programs for advocacy, counseling, education and intervention. “This is their 40th year and they are doing something right," said Calandro. 

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Madisonville Town Council Looks at Allowing Golf Carts Permission To Use Town Streets

 

The Madisonville Town Council wants to discuss allowing golf carts and other low-speed vehicles to cross La. 22 where it runs through Madisonville. Louisiana Transportation Department gave a third ruling that will not allow golf carts or other low-speed vehicles to cross La.22.

Town attorney Bruce Danner introduced the letter that was signed by the Louisiana Department of Transportation and Development Deputy General Counsel Jason Bruzik at the council's May 12, 2021 meeting. The letter does confirm that the District 62 office located in Hammond ruled not to allow golf carts or low-speed vehicles to cross the highway for safety reasons.

The federal and state law defines low-speed vehicles as four-wheeled motor vehicles that have a top speed of 20 to 25 miles per hour. Danner will research whether this is official without a public hearing and comment period. If he finds the public is allowed a hearing, it will then go back up for discussion.

In other council news, an agreement to assign leasing rights for the next 50 years to a disclosed company to Madisonville's cell tower was also discussed. Danner was assigned to come up with the agreement that will in turn give Madisonville a lump sum payment of around $701,000 from the disclosed company. This is good news for the town since the tower brings in around $38,000 a year in revenue.

The majority of the council agreed to the lump sum over an annual payment for 50 years. They want to take the lump sum and turn it into grant matching funds to further help with capital improvement projects. Danner believes this is a good idea given that there is some uncertainty in a stream of revenue would continue at the level it is currently generating. Corporate consolidations and technological changes that are taking place in the cellular industry.

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