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Updated Market Statistics for First Quarter 2007

by The Pat Wattam Team

It's interesting all the news in the paper that our Market is down 21% compared to last year.  I guess numbers say whatever you want them to say. I also know that those of us working in this market day in and day out may have a different take on the activity than the numbers show.  Let's look at the first quarter of 2006 vs 2007, putting East Baton Rouge, Acsension, and Livingston Parishes as our market.

Year        New Listings      Sold Properties         Average Sold Price       Average Days on Market

2006       3260                       2454                            $174,092                           76

2007        3712                       1904                            $191,035                           67

Compare these numbers to the entire 2006 year end stats:

2006      13,542                      10,293                         $186,964                            65

While it is true that our closings are down so far for this year, the days on market statistic is stable, and the average sold price keeps climbing - a nice steady growth.  Everyone who thought our market would have crashed by now knows that isn't going to happen soon.  Are some price ranges stronger than others?  Sure!  But that was always the case.  We have a very healthy real estate market in our area.  It's a great time to buy and sell property - so call me today and let's get started!!!!

Greater Baton Rouge Market Statistics as of March 1 2007

by The Pat Wattam Team

The Greater Baton Rouge Real Estate Market continues to thrive.  Interest rates are remaining low and I believe that has helped our market to stay strong.

STATISTICS:                                    Jan/Feb 2006                                             Jan/Feb 2007

Number of New Listings:                             2244                                                           2371

Number of Pending Sales:                          2325                                                          1830

Number of Sold Properties:                         1624                                                          1128

Average Day on Market:                                    79                                                                67

Average Sales Price:                             $170,186                                                   $189,446

The main thing I noticed is that the avearage sales price moves up and down quite a bit each month, and that the number of Listings remains steady.  If you are curious about what the value of your home is - a generic market analysis by subdivision - go to www.housevaluesbatonrouge.com.

Make Your House Stand Out!

by The Pat Wattam Team

It's time to think about selling the house.  Where do you start?  At the front, of course!!!  A house with excellent curb appeal will bring in the buyers AND, if you have really beautiful landscaping, it can help bring in a higher offer.  "Why?" you may ask.   Think about it, it's like the wrapping on a package.  If you have two packages with the exact same gift inside but one with pretty wrapping and one with no wrapping, which one do you PERCEIVE to be more valuable?  It's the same with houses. 

Neat flower beds with fresh mulch and some colorful plants can make a drab time of year - well, prettier!!!  Prune the trees, edge the walks and you are ready to go.  Oh, don't forget the backyard too.  It is pretty strange when you see a house with a beautifully landscaped front yard and then nothing in the back!!!

Now, if you have done your job well, and you have people wanting to view your home for sale, you better make sure the inside looks as good as the outside!!!  More about this later!

Boomers Starting to Retire

by The Pat Wattam Team

Not that it's any big news, but the first of the boomers are beginning to retire.  Many of them are choosing to retire to a nearby recreational area - someplace where they can be close to family, and a metropolitan area, but also a place where they get to kick back and enjoy the life they have worked so hard for! 

As beach front, lake front, and other water front properties dwindles in numbers, these boomers will search out other places that offer a great view!  Perhaps that is why Arkansas and N Carolina are doing so well!  The trend shows that boomers are starting to purchase homes in areas they have vacationed in for years, and perhaps even own a second home but now want to move there permanently.

Have you wondered where you would enjoy having a second home or retiring?  Check out www.bestplaces.net.  Fill out a questionaire and see what part of the country will help you select what part of the country to move to for that life of your dreams!

Housing Bubble....Myth or Media Hype?

by The Pat Wattam Team

At the Louisiana Realtors Meeting last week, the speaker discussed the changing real estate Market around the country.  As agents and companies around the country were polled, it was discovered that although sales in some areas are off, that overall, housing prices are still on an upward trend!!!  The media hype over the 'real estate bubble'  causes buyers to pause, waiting for the prices to drop significantly - and while waiting, the interest rate can rise, and the house they really want, but want to wait until the price comes down, as they are told it must, will sell to someone else!!

It's interesting how the media can make a story, even when there isn't one there.  The first thing that comes to my mind is the Millennium and all the doomsday predictions!!  Of course, I chose to head to Hawaii, because if all the power were to go out, and all kinds of computers crash, I figured what better place to be than Hawaii!!  Oh, then I remember back to 1974 when we had the 'gas shortage' and years later we find out that that wasn't the truth either - but maybe we can't blame that on the media!

The only way to know what the real estate market is doing is to take a look at historic trends.  If you look back over the past 20 years, the ONLY time there was a real housing downturn all around the country was during the energy crises in the '80's.   The rest of the graph is a steady growth, with a few dips here and there, but still heading up - much like the stocks!

Time for a Vacation Home

by The Pat Wattam Team

Have you ever wondered what it would be like to own a vacation home?  Someplace to spend a relaxing weekend.  We bought our first vacation property about 2 years ago - a condo on the Diversion Canal.   looked at it as a great investment and now it's a place we really call home!  Because it is so close to home, we tend to go there many weekends.  This was unexpected - I always thought if we bought a vacation home it would be far away - someplace to take us away from it all.   I find that a lot of us really enjoy a water view and there are so many options for us around Baton Rouge.  I don't own a boat but love to go for rides when invited.  My favorite part is reading a book in a comfy chair on our balcony overlooking the water.  It's so peaceful and serene. 

In Baton Rouge we can go to False River, or the Tickfaw, or the Diversion Canal...so many choices and so many different price ranges.  Another place that would have also been fun would be a little place in the woods around St Francisville - a historic town where you can go hiking, or take nice drives out into the country side.  When some people had to evacuate to our area after Katrina and wanted to buy something, they decided to find a little vacation place out in the woods noth of here, a place that they would be able to continue to enjoy even after they rebuild back in New Orleans.

Dream a little bit!  With interest rates still hovering around 6%, this is a great time to take the next step.  A place for you to recharge your spirit, or a place that your grand children will want to visit often...a place for you to create memories to last a lifetime!

As we said in the 60's - Live for Today! 

What's Happening Down Town Baton Rouge

by The Pat Wattam Team

Isn't it exciting that downtown Baton Rouge appears to be coming into it's own!  Have you been to the Manship Theater?  Isn't is wonderful to have so many events you can attend in one week?  I can't remember ever having this many choices of musical events to choose from in one week?  This week we have an exciting guitarist, the Baton Rouge Symphony - in  2 different venues, as well as many recitals and concerts at LSU!

And have you been to the Planitarium, or any of the numerous restaurants?  A lot of exciting things are happening in our city.  Have you check out the Capital House Hotel?   

If you haven't been downtown in a while just to look around, take a Sunday afternoon and explore our city.  I think you will be very pleased with what you see!

Great Market for Vacation Homes!

by The Pat Wattam Team

You've worked hard and it's time to enjoy yourself.  It's time for a vacation home at the beach!  One of the favorite areas people love to vacation is Gulf Coast!  With Orange Beach/Gulf Shores only 3.5 hours from Baton Rouge, it is the idea place to buy a vacation property! 

Even though the Greater Baton Rouge Market has continued to appreciate in value since Hurricane Katrina, other markets have overbuilt and have gone down!  This is very true of the Gulf Coast!  It's prime time to purchase there before the prices rebound - as we expect to happen this summer.  I just previewed a 3 BR/2BA unit at Phoenix ! for under $500,000!!!  Great views of the ocean and a beautiful unit.  Check out www.GoBeachRealty.com for properties in that area. 

Baton Rouge Market Statistics

by The Pat Wattam Team

It has been very interesting to watch the Greater Baton Rouge Market since hurricane Katrina.  If we look back to 2004 here is what the market looked like:

2004      Ave Sales Price $147,251       #Homes closed  8278       Days on Market      81

2005                                     $168,605                                      9935                                          76

2006                                     $190,198                                       9531                                           62

As most of the country experiences a slow down in the real estate market, our economy continues to thrive.  The higest increase is still in homes under $200,000.  The higher the price, the slower the market.  New construction continues to strongly affect our market.  With interest rates low, bond money available, our market should continue on this course for some time.  It is definitely a great time to buy or sell!

That said, the houses that are not selling are the ones that are over priced or not in top condition.  A lot of the buyers are using 100% financing, even in the higher priced homes, and don't have any money to update or do repairs to homes.  So, just like before hurricane Katrina, the homes that are in the best condition and priced well will sell. 

For a Computerized Market Analysis of your home, go to www.HomeValuesBatonRouge.com.

Displaying blog entries 401-409 of 409

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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