Real Estate Information

Baton Rouge Real Estate Blog

Pat Wattam

Blog

Displaying blog entries 1-10 of 365

Why Do I Have To Reduce My Price? Baton Rouge

by Pat Wattam

Why do I have to lower the list price of my house?

First off, as a home seller, you do not HAVE to lower the price of your house but you may need to in order to find a buyer!  When REALTORS list a house there are many factors that are considered.  We rely most heavily on the most recent sales around the house - homes in the same subdivision, same size, and same amenities.  Many times a lot of weight is placed of the living area square footage.  Other times the seller insists that their house is better than any others that have closed so their house should be priced higher.   And sometimes the house has more amenities than the others in the subdivision so we want to give those updates some extra value.  However, in the end you just make a judgement call together based on the information you have.  BUT, by the time you have had 10-15 showings and you don't have an offer, then price becomes the issue.  Remember, Price and Location attracts buyers but once they see the house it is all about Price and Condition.   So, if you have showings and no offers you have to do something - or you will continue to get the same results!  You have to change the price to find the sweet spot where the buyers for YOUR house are shopping. 

The next possible issue is that the real estate Market starts declining and the price you started with is no longer in line with the most recent sales. That's why you have to look at the market monthly to see where the market is headed.  You want to jump ahead of a downward trend instead of chasing it down and always being behind. 

If the condition of the property is not as updated as the homes that are closing, then that might be the best option - spend a few dollars updating and make it sell! 

Keeping things the same with price and/or condition with generate the same results!  So, what's your best course of action?  Give me a call and together we will look at the market and determine the best price to start with - and if the market rejects it - then we move on to a different price to REPOSITION your house in the market.   That's how you get your house sold!  Call me anytime for a free consultation.

Many people in the Baton Rouge Real Estate Market ask me why can't they just sell their house in it's current condition - just sell it 'as is'.  You know, they have lived for years with the house in this condition and it worked fine for them.

Let me explain a couple of terms.  To sell a house in 'as is' condition in Baton Rouge real estate  typically refers to the buyer accepting the house AT CLOSING in the condition it is in, giving up their recourse against sellers for problems the seller did NOT know about.  That is customary and typical here.  What it is NOT typical is selling the house with NO REPAIRS at all - which is what most sellers think of when they think of AS IS!  

When a seller sells a house in AS IS condition, even if the condition is excellent, it sends a red flag to a buyer and they will generally pay much less for a home like this.  We will see this mainly in estate sales where the heirs are not going to come in and redo a house just to sell it.  A seller can save thousands of dollars by first of all, putting the home in good condition, and then selling it but not selling it without any repairs.  Want to know how that makes you money as a seller?  Just give me a call and I'll show you how!  I also have several videos available for you to view - all are under 18 minutes long.  

5 Things To Make Your House Sell Faster - Baton Rouge

by Pat Wattam

Here are the 5 things you can do to make your home sell faster and for more money:

 

1.  Kitchens and bathrooms sell homes.  Make sure both your kitchen and your bathrooms are as up-to-date as your budget will allow.  If you only have a small budget, this pays big dividends when selling.

 

2.  Paint freshens up a home in amazing ways.  It can make a worn, live-in home look almost brand new.  Repainting your rooms will do wonders to making prospects love your home.

 

3.  Make sure your carpets are completely clean and stain-free ... or replace them with new ones.  If you have hard wood floors, make sure they look dynamite.

 

4.  Fix everything.  Prospects notice the smallest things, and it's usually the small things that kill a sale.  Leave nothing to chance:  replace all burned out bulbs, screw in all handles and knobs, repair cracks in tiles or in your driveway, etc.

 

5.  Get rid of the clutter.  Prospects want a big, spacious home to put their stuff.  So get rid of "stuff" in your house so the rooms look bigger and more spacious.

Unsure of where to start? I have a set of free videos available for you to watch.  Or give us a call at the Pat Wattam Team and we'll help you sort out what needs to be done and in what order!

Buying in a Sellers Market - Baton Rouge

by Pat Wattam

One of the questions we get from Buyers in the current Greater Baton Rouge Real Estate Market is how sound it is to purchase a home when the inventory is limited and they may have to pay over full price.  They are worried about what will happen when they are ready to sell.  The good news I learned today at the Trends Real Estate Seminar in Baton Rouge  is that with the steady appreciation we have typically experienced in our area, if a buyer holds onto their house for 4 years they should at least break even when they sell.  This is the same information I have given buyers most f my career in real estate with the exception of the 'Katrina years'.  The appreciation we have experienced in our area has typically been betwen 1-3% a year.  Right now we are exeperiencing closer to 5% appreciation. With interrst rates as low as they are this is still a great time to buy a house!!

Horses, Horses, and More Horses in Baton Rouge

by Pat Wattam

You might not think of Baton Rouge immediatly when thinking horses but horsemanship is alive and well - from westers to hunter-jumpers to dressage!  I've tried all of them but my favorite was always dressage.  In dressage a rider truly engages with their horse with practically invisible cues that can make a horse dance!  it's a beautiful thing to behold.  

This Sunday Baton Rouge will have the chance to see  high level dressage preformed at a fund raiser for GaitWay Therapeutic Horsemanship, which works with people with disabilities using horses.  I had the plesaure to work with a group like this years ago.  it was amazing to see children who could't walk suddenly be mobile on the back of a horse and children who were autistic and didn't like to touch things fall in love with petting a horse.  

The event is Sunday, April 17, 2016 at Live Oak Arabians, 6300 Jefferson Hwy.  it's worth the $10 admission just to see this place!!!  The event is from 2-5:30 with Anne Hornbeak, professional rider and a United States Dressage Federation Medialist, perform the art of dressage.  The silent auction starts at 2 with a parade of horses at 3 p.m.  $10.  This is an event the whole family will enjoy!

Fine Art in Baton Rouge!

by Pat Wattam

Fine Art is Abundant in Baton Rouge and today, April 9, 2016, you will have the opportunity to view lots of art and purchase some too!  

From 4-7 p.m. the Baton Rouge Art League sponsors their spring show and reception at the Burden Rural Life Museum off of Essen Lane.  Probably 100 pieces of fine art for you to view!

Then tonight from 5-8 p.m. N the Art Space holds their spring open house which inclues the grand opening for Biletnikoff Gallery.  These are at the Settlement at Bocage on Jefferson Hwy.  This open house is in 4 buildings with over 35 artists in all different mediums.  A great place to see a lot of different art and meet the artists!

Low Inventory in a Semi-Hot Baton Rouge Real Estate Market

by Debbie Hanna

If you are currently in the Market to buy a home in the Baton Rouge area, you need to be aware of the lack of inventory we are experiencing in many areas and price ranges. If you are actively searching for homes on the internet, you may have seen some of your “favorites” disappear within days or even hours after they are listed for sale.  

How can you successfully maneuver through the home buying process in these circumstances?  Don't be caught unprepared when market conditions change. Whether it's a Buyer's market or a Seller's market, your homebuying strategies & techniques need to adapt to what's happening. In this "Semi-Hot" Seller's market, buyers can find themselves in multiple offer situations and/or having to move on a house very quickly. 

 It’s important to work with an experienced Realtor, one who understands the current market & can help you negotiate a “winning” offer.  If you have any questions about the homebuying process and need more information about the Baton Rouge Real Estate market, give me a call!

 

 

Debbie Hanna,  REALTOR®  
RE/MAX First 
The Pat Wattam Team   
225-298-6899

Debbie@patwattam.com

Should I Downsize Now in Baton Rouge

by Pat Wattam

How do you know when it's time to Down Size in Baton Rouge?  And what exactly is 'Downsizing'? 

It's an interesting phenomon to see.  I have clients in their 40's wanting to downsize already!  Typically, we think of downsizing when the kids are all gone and we don't need as large a home as before.  Sometimes people like the idea of buying a smaller house so they can save time cleaning and maintaining - and it's nice to sell the big house and stash away some cash!  But what I am seeing in the Greater Baton Rouge Real Estate Market is mainly downsizing the yard!  Yes, people still want a big house for the kids to come back home to and someday bring some grandchildren home too, but they just don't want the yard maintenance.  That's why subdivisions such at The Settlement at Willow Grove have become so popular.  They have all the amenities the buyers want, plus a neighborhood pool and park - lots of green space they don't have to maintain.

To recap - it's time to downsize when you no longer need as large a home as you currently have, or when you want to downsize the lawn maintenance!  If it's time for you to make that move but don't know where to start, give me a call and we'll help you find the right home and explain how to go about selling your house at the same time!!

Pre-qualification vs. Pre-Approval - Baton Rouge Real Estate

by Blake Hanna

Pre-Qualified

Getting pre-qualified is the first step you should take after finding a Realtor you like and trust. It's highly recommended as it's let's you know where you stand financially and if you can in fact obtain financing to buy a home. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone, on the internet, or in person, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.

The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation.

Getting pre-qualified for a loan gives you an idea of how much you might qualify to borrow. You have not actually applied for a loan and the mortgage lender has only your word on your income, assets and liabilities. None of your information has been verified, the loan amount is in no way guaranteed. You may be given a pre-qualification letter that merely states you are likely to be approved for a mortgage.

Pre-Approved

Getting pre-approved is the next step, and it tends to be much more involved. You'll complete an official mortgage application and supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating  From this, the lender can tell you the specific mortgage amount for which you are approved. You'll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock in a specific rate.

Getting pre-approved  means that not only have you given the mortgage lender information on your income, assets, and liabilities, but your information has been checked and verified. The mortgage lender may also have pulled your credit report to learn about your credit history and credit-worthiness.

Blake Hanna, Realtor

225-298-6900

Blake@patwattam.com

The Pat Wattam Team

RE/MAX First

The Highest and Best Use? - Baton Rouge Real Estate

by Bill Arey

Whenever I drive by this location near the intersection of Old Hammond Hwy and Jefferson Hwy I think back on what used to be at this very location. This location was the epicenter for fine dining in Baton Rouge when I was growing up. I found this brief history in the Baton Rouge Business Report - In 1973 Charles Brandt opened Chalet Brandt, a refined gourmet restaurant, and for the next 30 years the restaurant would serve as one of Baton Rouge’s finest dining establishments. Known for its traditional French cuisine, Chalet Brandt was beloved by locals and renowned for its top-flight service and elegance. In 1995 Brandt sold the restaurant to his son Eric, who continued to operate it until its closing in 2002.  

The original Chalet Brandt building was demolished some years ago and on the site a new restaurant was built - the architectural design is garish and shabby chic. It doesn't strike me as the best and highest use of this once hallowed ground to fine dining.

Bill Arey   REALTOR

The Pat Wattam Team

ReMax First

bill@patwattam.com

Displaying blog entries 1-10 of 365

Syndication

Categories

Archives

Contact Information

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