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What ARE you waiting for?

by The Pat Wattam Team

Wow!  The real estate Market is really heating up and it is reflected in the fluctuation mortgage rates!  Did you see rates dipped below 6% AGAIN yesterday!!!  Yeah, they bumped back up to 6% by days end, but this is a FABULOUS time to be buying a home - or even an investment property.  AND are you aware you can buy a brand NEW home in Baton Rouge for around $150,000?!!!!  Check out my Listings at http://www.patwattamteam.com/properties.asp?navpage=3&  for several homes in different areas in the $150's!!

Think you can't get a home loan???  Think again! Money IS Available.  We are seeing people use FHA Loans again since they are more flexible with debt to income ratios, credit scores, and down payment.  We still have bond money with 4% assistance for closing costs or downpayment.  If you have a high enough credit score, you can still obtain a 100% loan!  Some things you need to know:

1.  YOu need to have stable employment of at least two years, with sufficient income to cover the monthly mortgage payment and living expenses, adequate savings to make your downpayment, and a FICO credit score of at least 620 (the higher the better but this is a good place to start to see what you qualify for0.

2.  Many mortgage products are available to suit all types of buyers and not every lender offers the same programs or has the same investors.  It really pays to shop your mortgage before you look for housing.  Get fully credit approved and then you will be a stronger buyer when presenting an offer.  If one lender turns you down, check out another.  We will gladly refer you to several lenders who can be of assistance.

3.  Affordability has improved!  During the Katrina years it was difficult to find good housing under $150,000.  Now we have a nice supply.  Call me today and we'll get you started.  Whether you want to show East Baton Rouge, West Baton Rouge, Ascension, or Livingston, we'll help you find the right property!!

Pulse of the Greater Baton Rouge Real Estate Market

by The Pat Wattam Team

Spring is just around the corner and the buyers are out there buzzing around looking at homes!  Interest rates are fluctuating between 5.75 and 6.25 for 30 year fixed.  We do have some new guidelines coming down from Freddie Mac and Fannie Mae - where investors bundle loans together to sell them - which is greatly going to affect the borrowing power this spring.  For credit scores under 680 the buyer may have to pay as high as 1.75% extra to get the loan.  We are highly encouraging the buyers to get preapproved for their loan so they know exactly how much money they are going to need to close.

On a positive note, we have excellent inventory for buyers to choose from and we have some new subdivisions that will soon be on line targeting the first time homebuyer - priced in the mid $100's. 

An interesting statistic about our Market is that we have consistently seen over the years an average list to sales price ration of around 98%!!!  Of course, each house and subdivison will have factors that make that figure higher or lower, but on AVERAGE, 98% is an awesome figure!! 

Our average sales price is still over $200,000 and holding!  If you are thinking about selling or buying, we have several resources to make it easier for you.  Sign up for automated home searches or to get an electronic Market Analysis here at www.PatWattamTeam.com!

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Photo of Pat Wattam Real Estate
Pat Wattam
RE/MAX First, Independently Owned and Operated
4750 Sherwood Common
Baton Rouge LA 70816
Office Direct: 225-298-6900
Office Main: 225-291-1234
Fax: 225-295-1234

RE/MAX First
Each Office Independently Owned and Operated
Main: 225-291-1234

Licensed by the Louisiana Real Estate Commission