Friday, November 6, 2015

October 2015 Market Stats

Residential Real Estate Sales
October 2015 Absorption Rates
Northwest Louisiana (NWLA)


The following figures are for the month of October 2015 :

Currently, there are 2347 homes for sale in NWLA.
Last month 374 homes actually sold.
That’s a 6.3 month supply of homes if no more homes come on the market.
Last month 639 homes came on the market.


Currently, there are 222 homes above $400,000 for sale in NWLA.
Last month 10 homes actually sold.
That’s a 22 month supply of homes if no more homes come on the market.
Last month 35 homes came on the market.


Currently, there are 432 homes priced between $250,001 and $400,000 for sale in NWLA.
Last month 62 homes actually sold.
That’s a 7 month supply of homes if no more homes come on the market.
Last month 111 homes came on the market.


Currently, there are 735 homes priced between $150,001 and $250,000 for sale in NWLA.
Last month 129 homes actually sold.
That’s a 5.7 month supply of homes if no more homes come on the market.
Last month 204 homes came on the market.


Currently, there are 958 homes priced at $150,000 or less for sale in NWLA.
Last month 173 homes actually sold.
That’s a 5.5 month supply of homes if no more homes come on the market.
Last month 289 homes came on the market.

  
6 month supply = balanced market
<6 br="" market="" month="" supply="seller’s"> >6 month supply = buyer’s market


Source: Northwest Louisiana Association of Realtors MLS, Inc., 11/6/15

Information believed to be accurate but not guaranteed.

Wednesday, November 4, 2015

Top 10 Reasons a HOME WILL NOT SELL

Having a listing that won’t sell is an incredibly frustrating situation. Why can’t you get that home sold? Here are the top 10 reasons a home won’t sell and what you can do to remedy the situation.
top 10 reasons a home won't sell

1. The House is Overpriced

This is usually the number one reason a home won’t sell. An overpriced home just isn’t a practical investment for most home buyers. As should’ve been revealed in the comparative market analysis (CMA), what other, comparable homes have recently sold for should give you a good estimation of a reasonable selling price for the listing in question.
If the seller is standing in the way or insists on a higher selling price due to his/her emotional attachment to the home, try to help him/her be more objective regarding the true value of the property.

2. The House was Recently Purchased

According to a recent report by Redfin, homes that were purchased or refinanced in the past seven years aren’t likely to sell in the current market. This is because buyers are more likely to buy a home that has been occupied by the current owner for more than seven years.

3. It’s a Buyer’s Market

If the current market is a buyer’s market, meaning there are a lot of homes on the market to choose from, then the home may not be selling due to tough competition. If it’s a possibility, you may decide to take the home off the market and wait for inventory to drop.

4. The House is Overly Personalized

You want buyers to imagine themselves living in the home, so make sure your clients remove or store their personal items. It’s rare that a buyer will have the same taste as the seller, so making the house as neutral as possible is your best bet. Making the house less cluttered and more tidy will also make buyers feel more comfortable in the home.

5. The Seller is Inflexible

If you are having difficulty with your clients, it may be time to sit them down for a chat. Some sellers are inflexible with showing times and don’t make their homes as accessible and available as possible. With these clients, you need to reinforce that their lack of flexibility will result in their home spending a longer time on the market, and the longer a home is on the market, the lower the selling price will be. Furthermore, reinforce that if the house doesn’t get shown, it won’t get sold.

6. The House Isn’t in the Best Location

Unfortunately, you can’t do much about this. Real estate really is about location, location, location, and if the property isn’t in a good spot, it may take a while to sell. Make sure the sellers know that they may need to come down on the asking price in order to find a buyer.

7. The House is Poorly Planned

Once again, there’s not much you can do about a poor floor plan. However, sellers can incentivize prospective buyers by offering to pay for the home warranty or the services of an interior designer.

8. The House is in Need of Some TLC

If it’s obvious to the naked eye that the home needs some TLC, it won’t sell very quickly—if at all. Encourage sellers to give their property a facelift by doing small things like repainting certain rooms, making small repairs, replacing fixtures, and doing some landscaping. Buyers interested in fixer-uppers are few and far between these days, and two-income families want to spend the weekend relaxing, not repairing.

9. The House Smells Bad

This may seem like more of a cosmetic issue, but you’d be surprised how many potential buyers are turned off to a home because of a bad smell. Whether the sellers forget to take out the trash, have pets, or are smokers, they need to make sure their home smells spiffy when it comes time to show. Recommend that sellers get a professional cleaning done before any showings are scheduled, and, if necessary, to have carpet cleaning and furniture cleaning performed as well.
Experienced Realtor Bill Gassett recommends an ozone machine for those hard-to-get-rid-of odors. According to Bill, “An ozone generator will not only remove pet odors, but other troublesome odors caused by mold and mildew, fire, water damage and others.”

10. The House is Too Hot or Too Cold

Just like Goldilocks likes her porridge, buyers like seeing homes that are at just the right temperature. Selling in the summer? Turn on the air conditioning unit to a comfortable temperature. Selling in the winter? Pump up the heater so prospective buyers aren’t shivering during showings just waiting to escape to their warm car. Yes, sellers may need to spend a bit more on their electricity and/or gas bills, but if buyers aren’t comfortable in the home, they won’t take the time to see it.
Reasons-Your-Listing-Wont-Sell
Encountering problems that are keeping a listing on the market—especially if due to uncooperative clients—is one of the most exasperating things an agent can experience. If you find a home that’s not selling due to one of the aforementioned problems, try to work with your clients to remedy the situation as soon as possible. On the other hand, if the seller won’t budge on lowering the price or fixing up the home, it may be time to say goodbye and focus on more profitable uses of your time.

Have you experienced any other problems when selling a house? Please let us know in the comments below.
Top 10 Reasons a Home Won’t Sell by 

Thursday, August 6, 2015

July 2015 Real Estate Market Report

Residential Real Estate Sales
July 2015 Absorption Rates
Northwest Louisiana (NWLA)


The following figures are for the month of July 2015 :

Currently, there are 2321 homes for sale in NWLA.
Last month 482 homes actually sold.
That’s a 4.8 month supply of homes if no more homes come on the market.
Last month 756 homes came on the market.


Currently, there are 231 homes above $400,000 for sale in NWLA.
Last month 25 homes actually sold.
That’s a 9.2 month supply of homes if no more homes come on the market.
Last month 55 homes came on the market.


Currently, there are 435 homes priced between $250,001 and $400,000 for sale in NWLA.
Last month 83 homes actually sold.
That’s a 5.2 month supply of homes if no more homes come on the market.
Last month 117 homes came on the market.


Currently, there are 712 homes priced between $150,001 and $250,000 for sale in NWLA.
Last month 184 homes actually sold.
That’s a 3.9 month supply of homes if no more homes come on the market.
Last month 257 homes came on the market.


Currently, there are 943 homes priced at $150,000 or less for sale in NWLA.
Last month 190 homes actually sold.
That’s a 5 month supply of homes if no more homes come on the market.
Last month 327 homes came on the market.

  
6 month supply = balanced market
<6 br="" market="" month="" supply="seller’s"> >6 month supply = buyer’s market


Source: Northwest Louisiana Association of Realtors MLS, Inc., 8/6/15

Information believed to be accurate but not guaranteed.

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Thursday, July 9, 2015

Why a Pre-Approval is CRUCIAL when your buying a NEW HOME

Why getting Pre Approved for a home loan is crucial. I get calls often of buyers wanting to see a property, my first question to you would be have you spoken to a Mortgage lender and been pre qualified/ approved. Why? The answer is simple. You must know what you are qualified to purchase. If you are looking at a 400$ home and are only qualified for 250$ you've #1 gotten your hopes up on something that won't happen. #2 asked a seller to show their home to a non qualified buyer. #3 it's just crucial to know what your affordability is when purchasing your new home. When I list a home I assure my sellers that I pre qualify my buyers before we look at any property. Plus what benefit would I be doing to get you all excited about a home you can't or don't qualify for.
FIRST STEP in your new home purchase is getting pre qualified / approved. Allow me to provide you with a few great Mortgage lender recommendations to get you ready for your new home purchase.
FIRST STEP in your new home purchase is getting pre qualified / approved. Allow me to provide you with a few great Mortgage lender recommendations to get you ready for your new home purchase.


When you’re ready to find a home, the last thing you want to do is limit your possibilities. Dream big, right?
But you’d be totally bummed if you found a perfect pad, only to learn you don’t qualify for the home of your dreams.
If you don’t earn a loan pre-approval before you start looking, you might actually prevent yourself from finding—and buying—your dream home.
Here’s why.

Streamlined Hunting With Pre-Approval

Most homeowners start out by browsing homes for sale online to get an idea of what neighborhoods and housing styles they like. If you don’t know what you can afford, you may be looking out of your price range and wasting your time. You may also be looking below what you would have qualified for and not getting the right home for you.
If you start off by getting a pre-approval, you can sort by price, identify the right neighborhoods, and find your dream home much faster.

Better Results From a REALTOR®

Please, Mr. P

The bottom line is this: REALTORS® prefer to work with home buyers who have a pre-approval in hand for two reasons.
First, a REALTOR® knows the deal isn’t likely to fall through, and second, when they know what you want and what you can afford, REALTORS® are able to do a better job of finding your dream home.
For example, you told a REALTOR® you want a historic home, but the asking price for these homes varies widely. If they don’t know what you can afford, they can only do a general search across several price ranges and may miss hidden gems.
On the other hand, if you have pre-approval, a REALTOR® would know what exactly what to focus on and would be able to suggest different neighborhoods, sizes and conditions of homes to match your needs—making it easier to get you exactly what you want.

Higher Acceptance Rate for Buyers With Pre-Approval

Once you find the perfect home, the next step can go two different ways depending on a pre-approval.
If you’re not pre-approved and you find a home you want to make an offer on, you’re taking a gamble. REALTORS® and sellers are less willing to accept offers from a buyer without a pre-approval. Odds are, they’ll go on to the next offer—and you’ll miss out.
However, if you are pre-approved, you have more room to haggle. Sellers may be more willing to lower the asking price, include appliances, cover closing costs or make other allowances to work with a pre-approved buyer.

Less Stress With Pre-Approval

Finally, skipping this step can wreak havoc on your stress level.
If you aren’t pre-approved, you’ll spend longer looking for homes. You may not feel like you’re getting great service from a REALTOR®. You may get turned down once you’re ready to make an offer.
All of this adds more time and stress to what should be a very exciting time in your life.

On the other hand, if you’re pre-approved, you have less to worry about: you know you’re a qualified buyer, you know there are lenders willing to work with you, and you can feel pretty confident when you make an offer

Wednesday, July 8, 2015

June 2015 Real Estate Sale in NWLA

Residential Real Estate Sales

June 2015 Absorption Rates Northwest Louisiana (NWLA) The following figures are for the month of June 2015 :


Currently, there are 2310 homes for sale in NWLA. Last month 466 homes actually sold.

That’s a 6.4 month supply of homes if no more homes come on the market. Last month 790 homes came on the market.

Currently, there are 227 homes above $400,000 for sale in NWLA.
Last month 22 homes actually sold.
That’s a 10.3 month supply of homes if no more homes come on the market.
Last month 52 homes came on the market.

Currently, there are 444 homes priced between $250,001 and $400,000 for sale in NWLA.
Last month 80 homes actually sold.
That’s a 5.6 month supply of homes if no more homes come on the market.
Last month 150 homes came on the market.

Currently, there are 708 homes priced between $150,001 and $250,000 for sale in NWLA.
Last month 157 homes actually sold.
That’s a 4.5 month supply of homes if no more homes come on the market.
Last month 273 homes came on the market.

Currently, there are 931 homes priced at $150,000 or less for sale in NWLA.
Last month 207 homes actually sold.
That’s a 4.5 month supply of homes if no more homes come on the market.
Last month 312 homes came on the market.
6 month supply = balanced market <6 market="" month="" supply="seller’s">6 month supply = buyer’s market Source: Northwest Louisiana Association of Realtors MLS, Inc., 7/6/15 Information believed to be accurate but not guaranteed.