Archive for the 'Buyers Agent' Category
Cold and raining in New Orleans! Buyers have stopped Looking! Not at All!!! They look on the internet!
January 9th, 2010 categories: Buyers Agent, Selling your Condo
Not many New Orleans buyers are physically looking at condos or homes bad weather and rain. That however does not mean they are not interested. They are looking on line using the Internet to search for places that they may like. They are using all types of sites to see what is out there for them. They are looking for information and going to all the places that they can find. Some of the sites are:
Local Broker Sites- Such as Latter and Blum and Prudential Gardner will have all the listings in the local MLS. All the listing by all the brokers will be on those sites. The New Orleans Realtor board does not allow agents to have these properties on their sites. Just do not want more competition!
National Lead Generation sites- such as Realtor.com, Home Gain, Trulia, NOLA.com, Google and others buy feeds or act as brokers. They in turn sell the leads to agents and to the brokers. They know almost nothing about the local New Orleans market. They want to ad revenue and lead generation. The leads that they generate get sold to agents and brokers. They will sell you loans as well. These may not be the best for you however. Buyer Beware!
Craigs List- This is a site where everyone can put listings up. This is for sale by owners plus Realtors who want more exposure. It allows the owner or agent more freedom in promoting the properties. As a listing agent you will get some response as buyers want to cover all bases.
Agent Sites- Are much harder to find as not all agents have sites and many who do have not spent the time to build them with local content. On my sites I try to give you a feel for the condo associations and the neighborhoods where people are looking. I understand what people are looking for. Besides this site I have a couple of websites, New Orleans Condos and New Orleans Real Estate.
Agent Blogs- This is a great way to get a feel for the markets. Its much more friendly and people recognize that you are talking about a period in time. Updates, Trends, Advice, Happenings, plus present pricing. Easy to review a condo association and advise on the basics.
Along with this blog, I have another blog New Orleans Homes and Neighborhoods which is photos and short notes on the various places where one can live. I will begin to review neighborhoods in the near future to give you a feel of the lifestyle. Now it is mostly photos of neighborhoods.
The buyer needs to be aware that leads are sold to the highest bidder or sold to an agent that needs the business. They may or may not be the right agent for you. They may know little about the area or have that much experience in real estate. The better agents tend not to take the leads as they are expensive and they are able generate their own leads. They could be great but think about the chance you take with such a large investment?
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When Buying a condo ! Think about the resale value? When you are Buying!
December 27th, 2009 categories: Buyers Agent
When you are looking to buy a New Orleans condo in this type of market you as a buyer need to make sure you are thinking about the resale value down the road. In a fast market it was not as important as it is now. I see a lot of condos and show a lot of people. Most people tend to think along the same lines. Here are some of the ideas I have come up with to think about when you are looking.
1. Price- Make sure you do not overpay for what you are getting. Have all the negatives been factored in.
2. Condition of the Unit- People want to buy things in prime condition these days. Buying something needing cosmetic updating is OK if you can stay within a budget.
3. Condo Association - Is condo association in good shape from a financial standpoint. Is there major repairs needed in the future. can it be easily financed.
4. Does the Condo Association present itself well. Do the common areas of the association look like its a place you want to live. Is this the style of the individual condo that will appeal to most buyers in New Orleans.
5. High Condo Fees- Most people want to pay moderate condo fees. As fees go most likely your services do as well. However people do not like high fees.
6. Views and Light - It means a lot and you do not want to underestimate the value of natural light and windows.
7. Parking- Make sure there is available parking. Do not buy the odd ball condo without parking if others have it. Just not worth it.
8. Amneties do matter The common areas do matter. It may be the deciding factor as you narrow the search down.
9. Security and Safety- You need to think like a single 29 year old female. This is very important for many many buyers. Perception can be reality.
10. Location, Location- Is the location going to get better in the future or is it going to get worst. People pay for location. What is happening in the area to make it better. Is it easy to duplicate?
I can write a blog on each of these points. These are some you can think about and add some of your own. None may be perfect but its what you can do with it in the future.
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$8000 Tax Credit is yours! Add that to a couple of things that people forget! Building Equity and the Interest Deduction!
December 7th, 2009 categories: Buyers Agent, Grants and Incentives
Besides the federal tax credit there are two very important aspects of buying that you may forget about.
1. Interest deduction is big. You get to deduct your interest on your taxes for every year till its paid off. The deduction is based on your tax rate. If you are in the 25% bracket and you pay $10,000 then your savings would be $2500 per year. Taxes are also deductible as well.
2. Building Equity. Your note is is interest and principle. Each Month you are paying down your note. The amount of equity increases with every payment. If you borrow 200k you are paying down your mortgage by more than $200 per month. Its paying down the mortgage by at least $2500 in year one. This is building equity.
Federal Tax Credit $8000/$6500
The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.
This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.
Now you add up thses savings and if you qualify you could have all three of the savings of owning in year one. $8000 plus $2500 plus $2500 equals $13000 for this example. Its hard to beat that return !
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Still a Buyers Market in New Orleans Condos!
October 13th, 2009 categories: Buyers Agent, Condo Knowledge
When I say it is a buyers market it means almost everything favors the purchaser in this market at this time. All the factors are lining up to be in your favor. You can enjoy the negative sentiment and buy condos much cheaper than anytime in the last 5 years. Still have to be selective !
Seasonal Discount- You can always buy cheaper this time of year as less people are looking. it happens in the good and bad years.
Sellers getting Weary- Sellers who were asking to much have now begun to finally know they were too expensive. Buyers passed them by as well as agents. The listing is now stale. Much better buy now !
Very Low Interest Rates- 4.875% is a great rate. The U.S. is forcing rates low in hopes of getting the hosing markets and banks moving. The rates otherwise only make sense to the buyers. $538 per 100k borrowed
Condos Below building Cost! Some developers are dumping their unit to raise cash. They are out there. Its mostly at the lower end of the market. Great buys for a second home.
Sellers need Cash Owners of second homes may just need to sell. We have been seeing this mainly in the French Quarter as some sellers just want out. Be on the lookout for better deals.
FHA Loans are still Here! Owner occupied condos only. 3.5% down for accepted condo associations. Much lower mortgage insurance rates and seller can pay most of your closing costs.
$8000 tax Credit almost gone- Its good till November 30, 2009. That’s a gift of $8000 for the taxpayers.
Seller Concessions- Just need to ask for reasonable things and it can be worked out. Paying closing cost, leaving furniture, ect.
Lenders are not Busy- Stay local and be the center of attention! All the new rules will add time to the deal. Start early and get the process started.
Condo Fees are Level - The Katrina Insurance costs are working their way out of the system. The high rates are fading.
Property taxes are down 29% over 2008 in New Orleans- This favors the new buyers. Taxes are deductible on your State and Federal taxes.
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