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Interest Rates Rising Effect Real Estate Market

by The Pat Wattam Team

The question all of us are asking is what effect is the rise in interest rates affecting our Market in the Greater Baton Rouge Area.  We have seen a 'slow down' to some extent but due to the time of year, is it just our usual June with lots of families on vacation?  I think it is probably a combination of things - including the increase in interest rates.  However, our phones started ringing again this week and we are starting to see our inventory start to move again.

In the past whenever we had a rise in interest rates you would see a buying frenzy - trying to buy before the market went up any further.  And for those of us who have been around for a while, we remember when 9% was a good rate - and 8% was excellent!  In fact, when we bought our current house 7 years ago, rates had gone up to 7 3/4 so we went with a 7/1 ARM which we rolled over to at 30 year fixed when rates dropped to 6.5%. 

We are also experiencing a lot of new construction on the market which increases our inventory and that sometimes makes people stop buying so quickly because they have more to look at. 

I will post a blog next week once the June stats are in to the Board of Realtors and we will be able to look at some real numbers to compare how our market is doing this year to the first half of last year.

Emergency Phone Numbers

by The Pat Wattam Team

Hurricane season is here once more and one of my friends sent me some phone numbers you might want to keep handy when EXTREME WEATHER hits!

Louisiana office of Homeland Security and Preparedness  225-925-7500  www.dhs.gov

Louisiana State University Hurricane Center (www.hurricane.lsu.edu)   225-578-4813

Louisiana State Police Road Closure Hotline  800-469-4828

Louisiana Department of Insurance   225-342-5900

American Red Cross  866-438-4636

FEMA   800-621-3362

NOAA  National Weather Service    www.nws.noaa.gov

NOAA WEATHER RADIO:  All hazards is a nationwide network of radio statios broadcasting continuous weather information directly from a nearby Nation Weather Service office. NWR broadcasts Naitonal Weather Service warning, watches, forecasts, and other hazard information 24 hours a day.  These stations can be found at these MHz:  162.4, 162.425, 162.450,  162.465, 162.500, 162.525, 162.550

Keep these numbers in a safe place and hope you never need them!

 

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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