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by Pat Wattam


Here is the Real Estate Market Report for East Baton Rouge Parish for the month of October 2017.  

This snapshot gives you an idea about how the real estate market is doing as we

head into the holiday season.  Want more info?  Just email me at pat@patwattam.com!

 

East Baton Rouge Parish October 2017 Market Report

South_East_Baton_Rouge - Available vs Pending Listings
South_East_Baton_Rouge - Sold vs Expired Listings
South_East_Baton_Rouge - Sold vs Active DOM
South_East_Baton_Rouge - Median Sold Prices (last 6 mos.)
South_East_Baton_Rouge - Median Sold DOM (last 6 mos.)

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How to Make Your House Sell!!!

by Pat Wattam

Sellers always want to know what they have to do to make their home sell.  First off, real  estate is very local.  What works for Baton Rouge Real Estate might not work for Los Angeles real estate.  Our Market was very hot last spring and early summer but has cooled off significantly.  As I have mentioned before, the homes that flooded that are being rehabbed and flipped are gorgeous.  Most have been converted to more open floor plans, and everything is new - flooring, cabinets, counters, lights, etc.  It's very hard for a home that did not flood to compete with these unless the buyer is dead set against purchasing a home that flooded once in it's entire history.  But if the buyer has a choice between a beautiful flooded home and and updated home that did not flood, which one do you think they will select?

So here are my observations if you want to make your house sell:

1.  Roof - buyer and their insurer want a roof that has good life left it in and that it is in good condition.  Sometimes a few repairs are all that's necessary.  A roof near the end of it's life is a turn off for a buyer.  They will move on to another house.

2.  HVAC - again, the buyer is going to want a new unit if yours is at the end of it's life, even if it is in good working condition.  They know it's going to go out at some time.  You can always put a Home Warranty on it, especially if you have it serviced and it's shown to be in good working condition.  BTW, adding freon every so often is not GOOD working condition.  Let's face it.  Most of us live with small issues with our homes all the time.  But when it comes time to sell, the buyer doesn't want your small issues.  They want things to work properly and they don't want to be facing any additional expense, especially the first year they own the house.

3.  Wallpaper is really a matter of personal taste and those big cabbage roses on wallpaper from the 80's do nothing for young people today.  Wallpaper has to go.  Paint a neutral color but not white.

4.  Speaking of color, a little paint will go a long way to update a house.  Get a decorator to help you select what's current.  Make your house look it's best.

5.  No WALL OF FAME (hall with all those family photos) and DECLUTTER.  This means to depersonalize the house (don't take down ALL your family photos but don't have them in the buyers face either) and make the house as sparce as possible so the buyer can visualize their 'stuff' in your house.  Take a photo of a room with your phone camera.  Most people shop on their phone so look at the photo you took and see how cluttered a room looks or what is the first thing you see.  If the first thing you see is beautiful furniture, then that does not sell the house.  You are selling the 'purpose' of a room such as - is the bedroom large enough for a bed and whatever.  

6.  Furniture.  Yes, your old outdated furniture can affect the price you get for the house and can affect it selling at all.  The young person looking at your house will think it is really old if you have your 30 year old worn furniture.  Try to update it.  Sometimes the right throw pillow can do the trick.  Or the right bed covering.

7.  Curb appeal.  You have to get the buyer to want to see inside the house so the outside needs to be inviting.  Fresh landscaping can really make a house 'pop'.

8.  Outdoor kitchens are the rage these days along with deep covered backporches, expanded patios and pergolas.  If you don't have this, then set your backyard up with some patio furniture you will like at your next house and an outdoor grill of somekind.  Make the backyard inviting where people can see themselves enjoying their friends and family.

9.  Updated kitchens - especially countertops and appliances.

10.  Sparkling clean and good smell throughout.  Nothing like the smell of fresh paint and carpet.

11.  Speaking of carpet - I know you don't want to change the carpet because the next buyer might not like it.  They won't like you old stained carpet either.  Unless you have small children or pets, change the carpet.  If you do have small children and pets, then get a sample of the carpet you are going to change it to and leave it for the buyer to see.

12.  No bugs in the light fixtures!!  No dust on the fan blades.  Pay attention to the AC register vents - make sure there is no mold or mildew.  AND the intake register should be really clean plus a new filter.

13.  What makes your house special?  Each house has something very unique or cool that will make it memorable to the buyer.  Make your house STANDOUT from the comeptition!

14.  Price it to sell.  If you want a higher price, just show us the 3 houses the appraiser will have to use to justify the price.

15.  Seller the right REALTOR!

 

Want more tips?  Just look through the blog at http://www.BatonRougeRealEstate.com/blog  or give us a call at the Pat Wattam Team at RE/MAX First.  225-298-6900!!

Do ALL Sellers WIN in a Sellers Market?

by Pat Wattam

Much of the country is experiencing a shortage of available Listings in their real estate Market - a shortage of homes for the buyers to choose from - and each home may receive multiple offers!  I discussed in my last blog how a buyer can structure their offer to WIN in a multiple offer situation.  Remember. all real estate is local so I can only really give advice for my area in the Greater Baton Rouge and surrounding parishes.

So, to the answer to the question - Do All Sellers Win in a Sellers Market in the Baton Rouge Real Estate area - the short answer is NO!  

Don't be too surprised. As I stated earlier, real estate is hyper local.  There are price ranges where the inventory is very low and I am receiving offers on these homes in the first 2 days - multiple offers.  But all of these homes were  in Tip Top condition, staged well, no clutter.  I have seen homes in these same price ranges languish for weeks because they were really not ready for the market and the market responded with a 'NO" to that house.  

I have homes in higher price ranges where there are plenty of homes and the buyers can be very picky as they have ample inventory to select from.  These homes cannot afford to not be in PERFECT condition.  Yes, the buyer wants new carpet and NO, they do not want an allowance.  They want to see and smell that new carpet when they walk in the door.  They don't want WALL PAPER!  You can price your house lower to accomodate some updates but honestly, most buyers don't have the time, or extra cash, to do the updating the house has needed for years.  And due to the flood it is hard for them to even consider getting a contractor to help them.  Of course, there are always exceptions.  If you have dogs, then the buyer would rather you put in carpet after you have moved - and this is when an allowance would probably work!

When contemplating selling your home, talk with an expert first.  Someone who can guide you through the process.  Of course, I prefer if you call on us, the Pat Wattam Team at RE/MAX First!!  We'lre here to help!

Help Your Agent To Win on an Offer! Baton Rouge

by Pat Wattam

Most buyers correctly assume that their real estate agent will do a great job for them in promoting their offer to the sellers agent.  Here are a few tips to help you help your REALTOR put you in the best light for the seller and their agent to take YOUR offer seriously!  These apply mainly to Louisiana but can be relevant in other states too.

As a Listing agent, here are a few things that impress me with an offer, and in a multiple offer situation, will help move you to the head of the list!

1.  Large Deposit.  In Louisiana you don't even have to have a deposit in order to make an offer on a home.  However, as a listing agent, and recently, as a seller myself, I can tell you that the buyer who appears the most serious is the one with a serious deposit.  Some agents don't want to tie up their clients money or they worry that if the buyer does something - as in back out of the sale - then they could lose that money.  Think about it from the seller's standpoint.  You are putting up serious money because you are CONFIDENT that you qualify to purchase the home and are serious about buying it.  Your next question may be - what is a large deposit?  Well, here it's not as large as you would find in any other state!  On a $100K home I would like to see $1000 instead of $250 or $500.  On a $300K home, I would expect to see $2000.  Get the idea?

2.  Put a short deadline for the inspeciton period.  Call your inspector before you make the offer and see when you can schedule and do it then.  You can always cancel and if you cancel quickly your inspector would be o.k.  

3.  Get a true Pre-APPROVAL letter stating that the lender has looked at your credit score, run your info through desktop underwriting, has VERIFIED the information provided, and that your TAX RETURNS have been given to the lender.  These are items that impress me and the sellers out there who understand.

4.  Use a LOCAL lender.  When I see the pre-approval letter by Quicken Loans I want to run.  I have had more of these loans not close than did closes and when we had an issue, it was virtually impossible to have someone to call who could help.

5.  SHORTEN the time for closing.  Don't have a 60 day closing if you want to impress the seller.  In fact, it's a great idea for your agent to call the listing agent and ask what would work for the seller.  Maybe the seller needs time to finish the school year.  Maybe they are in the process of building a house.  Or maybe they have an offer on another house and need to close quickly.  See what they need and try to make it happen for them.  However, if the house is  vacant  and you can close quickly, you might get a better deal on the house.  In a multiple offer situation last week, the buyer who won the deal was the one who could close the fastest.

6.  Realize that when you ask the seller to pay part or all of your closing costs, even at full price, the seller looks at what your net offer is.  In a multiple offer situation the person who asks for no or little closing costs has a better chance of winning.  

7.  If you raise the sales price to cover your closing costs, be aware that if the appraisal comes in short, the seller will delete those closing costs.  By raising the price you have ELECTED to roll the closing costs into  your mortgage.  The seller wants to net whatever  you all agreed the net offer would be.  So if you offer $205,000 on a $200K house, and want $7000 closing costs, the net offer to the seller is $198K.  If the appraisal comes in at $202K then the seller is only going to give you $4000 closing and you need to have a source ready to cover any shortfall.  Some people think because the seller agreed to all those closing costs that they should still pay for them.  In a hot Market, they may have a back up offer that you are not even aware of and they will bump you off the contract.  Always have a contingency plan for your closing costs!

8.  DO NOT ASSUME that the seller will counter ALL the offers at once in a multiple offer situation.  And on a house that just came on the market, don't make a low offer or ask for a lot of closing costs.  If it is a great house, then you might not even be aware there are other offers  - especially if the other offers are significantly better than yours.  

 

I hope these ideas will help you help your agent when you are negotiating on your new home.  And if you don't have an agent to help you, we would love to be your REALTORS!!!

I


Nobody Is Buying My House!!!

by Pat Wattam

How many times have I heard a seller say "Nobody is making an offer on my house", or "They can always make an offer - why don't they?"

Here's the deal, plain and simple.  Location and price brings in the buyer.  Price and condition will sell the home.  So with proper marketing you will have people looking at your home.  But then, what is stopping them from making an offer?  PRICE!!  If you house is $40K over priced because of location, condition, or the Market, MOST buyers don't want to 1.  Insult the seller  2.  Make an offer to a seller who is unrealistic on their priceing and therefore can't sell because they may owe too much or won't sell at the market price because they don't have to.  The buyer just moves on to the next house.

Let's say your house is priced right, you get lots of showings, and no offers.  Sometimes the feedback from other agents say it all such as:  "Nice home but buyer put in an offer on another house".  That sentence tells me that 1.  The buyer found a home in better condition for the same price  2.  The buyer found a larger home in the same condition for the same price.  It all boils down to PRICE in the end.  

But sometimes Price alone won't make a buyer make a move unless it is a drastic price reduction.  The buyers don't have the money to fix or update a new house, or they just don't want to, OR, in a good market, there are other homes to buy and they just move one.

If you are unsure how to proceed as a seller to get your home ready for market, just give us a call.  We'll show you what you need to focus on to get you that sale on your house for the best price!!!

Real Estate Market Stats February 2017 East Baton Rouge Parish

by Pat Wattam

Here is the latest Market report on East Baton Rouge Parish.  You will notice the highest number of sales continues to be in the $200-300K price range.

http://www.realmarketreports.com/reports/LA05005_South_East_Baton_Rouge.pdf

We also notice that the homes have to be in very good, updated condition to sell for top dollar, even with the low inventory in the market.  Buyers appear to be willing to wait for the better homes to come on the market rather than settle for one that is not quite up to par.  
If you are thinking about selling your home, contact us to help you decide what the house needs to get you top dollar without spending a lot!  Call the Pat Wattam Team at RE/MAX First anytime at 225-298-6900!

How to Structure Your Offer to Win in a HOT MARKET!

by Pat Wattam

Are you trying to purchase a home in a HOT REAL ESTATE Market where there are multiple offers on the homes you want to buy?  If so, I have these great tips for you.

1.  Bring your highest offer first.  Many agents think that if there are multiple offers on a house, the listing agent and seller will counter all of them asking for 'highest and best' offer to let everyone have a shot.  THIS IS NOT TRUE!  If the sellers have one offer that stands out from the rest, they may not counter everybody else and risk losing an offer they are happy with.  HOW MUCH OVER LIST PRICE SHOULD YOU OFFER?  Well, each market is different.  In the Greater Baton Rouge Market, typically agents will get their buyers to offer $1000 over list price.  That won't cut it in a multiple offer situation.  We just had one with 4 offers.  The one that won offered $10K over list price.  The sellers did not counter the other 4.

2.  Know what closing time frame works best for the seller and make that work for you.  if they want to close in 2 weeks, make sure your loan is already approved, just waiting for the appraisal to be ordered.

3.  Do not have any other  conditions such as:  Do Not make the offer Subject to any inspections.  I know, you don't know what you are buying but if you really want to WIN, you have to give this up.  Do not make it subject to appraisal.   This means if you offer $10K over, you need to have that as cash in your account to pay the difference between the appraised value and what you offer.  You REALLY need to want to win in order to give up both of these.  After Hurricane Katrina when the inventory was so low, thesse are the things buyers gave up in order to even purchase a house.

 What if you don't have the extra cash or need closing cost assistance.  Then  you have to find a home that no one has purchased, that has been on the market for a while.  Maybe it's over priced.  Maybe it needs updates.  Maybe it's not the area you really want to live in.  In a hot market, if you can't do the 3 items I listed above, then you have to make adjustments somewhere.

The Pat Wattam Team knows how to structure offers.  Let us help you find the home you want and help you win it!

FEMA and SBA INFO Louisiana Flood 2016 - Baton Rouge

by Pat Wattam

Many clients have called me to get informatoin on what to do next.  This is the information I have gathered so far with my personal experience with one of our rental houses that flooded.

If you are a home owner and your personal home flooded and you have flood insurance, your first call is to your insurance agent.  Your next call is to FEMA or to register on line.  The web site to register is http://www.disasterassistance.gov.  If you would prefer to have them take your application over the phone, the phone number for FEMA is 1-800-621-3362.  My wait time was between 20-30 minutes and it takes about 20 minutes for them to take the application.  You can then elect to do everything on line - nothing is emailed to you, you have to set up a password and an account to look at things they send you.  You can also elect to do everything via regular mail.

If you are a home owner and did not have to have flood insurance (not in a flood zone), your first call is to FEMA - same as above.  You will be elibigle for up to $33,000 in grant money assistance.  One of my clients said that when she did the FEMA application on line, it sent her to the SBA site.  Not sure why but just make sure you apply with FEMA and get a FEMA claim number.

IF if it your rental property that flooded and you do not have flood insurance, even though FEMA has nothing for you, during my application with SBA (Small Business Administration) to get a low interest loan, it asked for my FEMA number.  So, I suggest you go ahead an apply for FEMA - in fact, our governor told us to all be sure to register with FEMA so I did.  The phone number for the SBA is 1-800-659-2955.  FEMA person also told me to call IRS at 1-800=829-3676 and ask for publication #2194B.  I think that was to see how the cost to repair our rental would impact taxes.  Haven't checked that out yet.  

FEMA  1-800-621-3362 Helpline

SBA  1-800-659-2955

 


Mold Testing for Flood Victims

by Pat Wattam

 

I received this information from Advantage Inspections Today.  Just pulling out the wet flooring and sheetrock isn't enough.
See Below from Kevin Dinkel.
Mold Testing for Flood Victims
Have Peace of Mind Knowing Your Home is Safe 
Mold and bacteria have ideal breeding grounds in the warm, damp flooding areas of Baton Rouge and surrounding parishes. Exposure to these harmful organisms may affect your and your family's health. The CDC warns that "molds can cause nasal stuffiness, throat irritation, coughing or wheezing, eye irritation, or, in some cases, skin irritation." Contact with mold and harmful bacteria may cause severe reactions for those with weaker immune systems, children, and the elderly. 


We are ready to work to bring Baton Rouge residents back to safe homes. If your home or office was impacted by flooding in the past few days, please give us a call at Advantage Services (225) 753-8114 to inspect your home for harmful bodies that may have grown while you were away. 
If you know someone in need of an inspection, please pass this information along. We would like to wish you and your loved ones a safe and speedy recovery!

 

Baton Rouge Louisiana is a Wonderful Place To Call Home

by Pat Wattam

In light of the events one week ago today I wanted to take a moment to talk about this wonderful place we call home, Baton Rouge, Louisiana.   The senseless attack and murder of our policeman and deputies have brought this commuity together, instead of tearing it apart.  I had just sold a home in the subdivision, and across the street, from police office Matthew Gerald.  The first memorial service to him was on his street, his life celebrated by his neighbors.   In this modest neighborhood neighbors gathered together to surround his family with love and support.  

The location where the ambush occurred has become a shrine to the fallen heroes with flowers and memorials piling up.  I stopped by today and met 3 formally dressed Idaho State Police.  People were coming up to them, hugging them, and speaking with them.  I had hoped to meet a chaplin from New Jersey that had been there all week to meet and pray with people.  Unfortunately, he was not there today.

The outpouring of love for our fallen heroes can be seen as each funeral procession proceeds down the main highways lined with thousands of mourners - some who stood in the heat and then the pouring rain for hours waiting for the procession to come by so they could honor our fallen protectors.  Hundreds of officers from across the United States also came to pay their respects.

You would think this was a small town as this is what would have happened in my home town of Ozark, AR - population 3500.  But this is a huge city and people all have the same common goal - to show the solidarity of our city, to back our first responders.  We bury one more tomorrow and start the healing process. The community has come together to financially support the families as well as the one officer we have who is still struggling for his life.  What a lovely show of support.  You should see the streets lined in blue, LSU Stadium lit in blue, etc.

                       

 

  

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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