The article in today's paper might cause one to wonder what is really going on in the Greater Baton Rouge Real Estate Market.  Here is a video that has details and explains how our market compares to this same time period in 2009.

This information just sent to me by

Chad Landry at NOLA lending. 

225-226- 8248  cel@nolalending.com

Tips Gleaned From the Best Credit Repair Services

Top 5 Ways to Maximize Your Open House

If your home is currently on the market, you may be considering whether or not to work with your real estate agent to host an open house. You may have heard that open houses are ineffective or "old-fashioned" in today's world of online marketing.  Open houses do not work on every house, in fact, we know statistically that very few home actually sell from having an open house. BUT, an open house can create some buzz for your house - if you do it right!

As a Member of the Top 5 in Real Estate Network®, however, I, along with my team, know first-hand that it takes a combination of different marketing strategies to sell your home quickly and for the best possible price. While online marketing and mobile technology are certainly critical parts of the equation, an open house can have a tremendous impact on a successful sale -- when done correctly, that is. Here are our Top 5 tactics for a successful open house. Make sure your agent is incorporating all — or at least some — of these strategies for your home's open house:

1. Staging well in advance - Don't bother having an open house if your home is not properly staged both inside and outside. Now is the time to work with a professional landscaper because curb appeal will never be more important -- prospective buyers won't bother coming in if they don't like what they see from the outside.
2. Proper advertising - These days, people are so inundated by life and media that unless your open house is promoted far and wide — and frequently — they will never even know about. Your agent should be: advertising in newspapers; using social media to promote your open house; networking with other agents in the area to make them aware; circulating direct mail to neighbors and nearby communities; and personally inviting key prospects.
3. Enlist the neighbors - Start polling your neighbors on what they like best about your neighborhood: the schools, the convenience, the community services, the people, etc. Compile this into a handout for your agent to distribute at your open house. After all, what better testimonial could you ask for than the next-door neighbor?
4. Consider a theme - Some of our fellow members in the Top 5 Network have hosted some unbelievably creative open houses. Consider inviting local restaurants to set up food stations so visitors can experience a "taste" of the community; ask a local antiques shop to stage the home with their showcase items; invite a local gallery to create an art exhibit throughout the home; or highlight something of interest about your home. One Top 5 member, for example, listed the home of an antique car collector and put all the owner’s cars on display and invited car enthusiasts.
5. Have the right materials on hand - Your open house will be for naught if you don't have the proper materials on hand, such as: a guest directory that asks for names and e-mails (find a creative incentive for guests to leave their e-mail addresses, such as entry into a drawing for a local restaurant gift certificate); professionally done photo brochures of your home or even a DVD of a video tour; payment and financing information.

Be sure to ask your agent how he or she intends to follow up with open house visitors -- this is the most important factor of all. Without a quick and effective follow-up system in place, you could very well pass over a potential buyer.

Everybody is curious about what has really happened to the Greater Baton Rouge Real Estate Market since Katrina.  Those of you who have been reading my blog for years will remember that prior to hurricane Katrina in 2004, the average sales price for our MLS area was $144,000 with 8789 sales for the year.  The following year the average sales price had increased to $164,592 by the end of the year, with a total of 11,349 homes closed.  Now, if you go month by month it is even more interesting!  In August 2005, just before Katrina hit, there were 811 homes closed that month.  In September that number more than doubled with 1838 closings and then in October, 1374 homes closed!  It was an absolutely crazy time in real estate and it was a very difficult time for all Realtors.  It wasn't just the number of sales we were making, but it was how you had to work.  Think about this - no MLS - no phone service - you didn't know what homes had sold and what homes had come on the market.  You couldn't get from point A to point B easily.  And then you would work so hard for the client, for them to decide not to buy here but to go someplace else, or they lucked out and found a rental.  I much prefer the market we have today to what we experienced then!

The good news is that although our home prices peaked in 2008, and then we had the economic disaster which slowed home sales, our prices have only dropped to an average sales price of $193,000 YTD - which is up a little from last year.  Sure, fewer homes are being sold and there is plenty of inventory, but the fact that the days on market have only gone up about 15 days (the length of time on average it takes to sell a property) since 2004 and the fact that the average sales price is STILL significantly higher than 2004, leads me to believe that our real estate market is still healthy.

At the Pat Wattam Team, we have experienced multiple offers on properties that were well priced and in tip top condition, and the homes that meet that criteria, even though they may not have multiple offers, will generally sell in the first 30 days.  Homes that need some updating or repairs, even when priced well, tend to take a while to sell. 

Here's hoping for no more hurricanes, for our industry to continue to lead the country out of recession, and for our own market to remain stable so that all my clients can take advantage of these fabulous interest rates!!

Year  Ave Sales Price   # Sold

  How Peggy Bain Helps Consumers Improve Their Credit Scores

Taking time to listen to potential clients primary requirement allows me to give them their options on loan programs that will fulfill his or her requests. This will be one of the finest investments made and as their Loan consultant, I want them to benefit not only now, but for their future also.

WAYS TO IMPROVE CREDIT SCORES

1. Pay down your credit cards.  Paying off your installment loans can hel your scores, but typically not as dramatically as paying down or paying off revolving accounts such as credit cards.  lenders like to see a big gap between the amount of credit you owe and your available credit limits.  Getting your balances below 30% of the credit limit is ideal
2. Use your cards lightly.  Big balances can hurt your scores, even if you pay your bills in full each month.
3. Check your limits.  Your scores might be lower if your lender is showing a lower limit than you actually have.  Most credit card companies will quickly update this information if you ask.
4. Use an old card.  The older your credit history, the better.  if you stop using your oldest cards, issuers may stop updating them at the credit bureaus and although the accounts will still appear, they won't be given as much weight in the scoring formula.
5. Get some goodwill.  if you have been a good customer, a lender might agree to simply erase that one late payment from your history.  usually the lender requires a request in writing.  There is no guarantee that the lender will adjust your history, but it can't hurt to ask.
6. Correct significant errors.  Your credit scores are calculated based on the information in your credit report file, so errors can really cost you.  not all that's reported in your file matters to your scores.  Here are some items that's usually worth correcting with the bureaus:  late payments, charge-offs, collections or other negative items that are not yours, credit limits reported lower than they actually are, accounts listed as unpaid that were included in bankrupcy and accounts listed as derogatory if you paid htem on time and in full.  Some items that you typically shouldn't worry about are misspelling of your name, outdated or incorrect address information, most inquiries, accounts closed listed as being open and accounts closed that don't say 'closed by consumer".

Keep in Mind that asking a creditor to lower your credit limits, making a late payment, consolidating your accounts and applying for new credit if you already have plenty, can lower your credit scores.

Call Peggy Bain today to help you decide which loan product fits your needs, and to get suggestions on raising your credit score!

Peggy Bain

Senior Loan Consultant

Nationwide Home Lending

225-248-4002 Direct Line

225-335-7908  Cell

4212 American Way, Ste. C

Baton Rouge, LA  70816

With mortgage interest rates at an all time low, at least since I have been in real estate, now truly is the time to buy a home, move up to your dream home, refinance your home, or buy that investment property!!   A 30 year fixed rate home mortgage is running about 4.25%.  On a $200,000 loan, that would be a principle and interest of approximately $893.88 - compare that to $1104.01 with a 5.5% rate!  That's a savings of over $100 a month!!  Or, think of it this way, you can buy a home that costs $5000 more!! 

Of course, home mortgages are credit score driven and the higher your credit score the more options you have open to you.  The 15 year interest rate is the one that got me really excited....it's at 3.75% which is terribly exciting when you think only 7 years ago the 15 year rate was 5.25%.

Not sure where to start? Give the Pat Wattam Team a call and we'll help you sort out how to take advantate of this market.  With more homes to choose from, we know you can find something that will make you want to take advantage of this great real estate market!

Top 5 Tips for Buying a Luxury Home

Despite the doom and gloom the media portrays regarding today’s real estate market, several unique opportunities exist for home buyers, in particular, luxury or high end home buyers.

While home prices across the country have dropped or stabilized to varying degrees, according to our colleagues in the Top 5 in Real Estate Network®, luxury home prices have been slashed, in many cases, as the market for such high-end properties has dwindled in challenging economic times. This presents a great opportunity, for those who have the financial resources, to purchase a luxury home that might have been completely out of their range six years ago.

Purchasing a luxury property, however, is unlike a standard home purchase. We advise all our luxury-home clients to consider the following before embarking on their search:

1. Weigh the finances carefully.
Even if you’re ready to pay cash for your luxury home, you still want to ensure you’re getting the best possible value and potential return on investment from your home purchase. Make sure you truly have the financial wherewithal to remain in the home as long as you’d like. Consider the stability and growth potential of your future income before moving forward.

2. Have your documentation in order.
Many luxury home buyers derive their net worth from a variety of sources and investments. Given the high-end purchase price of a luxury home, along with today’s unstable economic climate, prequalification is often necessary when it comes to luxury purchases.

3.Investigate alternative search methods.
The best luxury property deals might not be found through traditional real estate search engines but rather through word of mouth. Make sure you’re working with a professional real estate agent or team who is well connected and networked in the communities your are considering

4. Seeing is believing.
Expansive square footage, sprawling property, and a bevy of incredible views often make luxury homes difficult to completely capture in photos, videos or virtual tours. A visit in person is an absolute must to make sure you’re not missing any potential details and, conversely, to make sure the property lives up to its image.

5.Consider the future.
Your luxury home investment needs to be carefully considered for the future, in particular your expectations in terms of your return on investment. Most luxury home buyers are buying a lifestyle and don’t intend on flipping their home anytime soon. Given the volatility that still exists in today’s market, make sure you’re not headed into your luxury purchase with unrealistic thoughts of financial gain but rather to enjoy a spectacular home for many years to come.

We would be happy to share more insights and strategies for buying a luxury home.

It's been hurricane season for a couple of months now, but typically, if we get one here in the Baton Rouge area, it will be in August or around Labor Day.  I have put together your shopping list.  Print it out and carry with you so that if the time comes, you have it at your finger tips

Some Tips to Help You Get Prepared

1. Pick one person to be the single point of contact, preferably someone out of your area in case of busy phone lines in your area.
2. Get Cash
3. Fill up the gas tank
4. Get enough food and water for 3 - 7 days for each family member
5. Evacuate when told to do so.
6. Plan ahead for the evacuation – hotels book up quickly so have a plan
7. If you have pets, make sure you have a plan that includes them
8. Fill all the family medications
9. Batteries, batteries, batteries!!
10. Charge up all your computers, extra batteries, phones, etc.
11. Get gas for your generator (remember, not high octane gas!)
12. Make sure your flash light is working
13. Get UNSCENTED candles or, preferable, light sticks
14.  Hand cranked flashlight
15. Battery powered radio
16. Take photos of your property before the storm so you have proof of it’s condition if necessary
17. Fill containers of water in your freezer to help keep it cool longer.  Also, a full refrigerator stays cool longer than one sparsely filled. 
18. Fill bathtubs with water in case
19. Turn your refrigerator and freezer down as cold as possible and don’t open
20. Turn your AC down as cold as possible before the storm.  Don’t keep going in and out. 
21. Make sure your pet has on an identification collar
22. Make sure you know how to turn off your water, electricity, and gas, just in case!
23. Get First Aid supplies
24. Take down any outside objects that could be projectiles – such as wind chimes
25. Cut down any tree that is not healthy that could damage your house
26. During the storm, stay in an interior room and away from windows.
27. Don’t go outside during the storm to take videos and photos because of flying debris
28. Battery operated cell phone charger
29. Entertainment items – games, books, magazines
30. Battery operated fans

Shopping List for Food:

1. Water – 1 gallon a day per person (enough for 3-7 days)
2. Food for 3-7 Days
3. Non-perishable of canned food/juices
4. Bread in moisture proof container
5. Canned vegetables
6. Raisins, and other dried fruit,
7. Canned soups, stew, chili
8. Dry mild
9. Instant coffee, tea, and cocoa
10. Unsalted nuts
11. Powdered drink mixes
12. Bouillon cubes
13. Canned pet food
14. Packaged condiments
15. Cookies, crackers, or chips
16. Cereal bars
17. Baby food
18. Peanut butter and jelly
19. Small boxes of dried cereal
20. Nonperishable pudding and gelatin
21. Ice and Ice chest

Other Items:

1. Mosquito spray
2. Sun Screen
3. Waterproof matches or butane lighter
4. Light Sticks
5. Tarps, canvas or anything to make temporary roof repairs
6. Lantern with extra fuel
7. Electric drill with screwdriver bits
8. Hand tools such as hammer, nails, axe, knife, wrench, etc
9. One flashlight or hot light per person
10. Lots of spare batteries of all sizes
11. Duct Tape
12. Fire Extinguisher
13. Clean containers to store water (fill before the storm)
14. Manual can opener
15. Disposable utensils and plates
16. Paper towels and napkins
17. Moisture towelettes
18. Antibacterial hand moisturizer
19. Garbage bags
20. Propane for grill