St. Tammany Project Christmas Gives Back to the Community

You could call them St. Tammany “elves,” those are the volunteers who dedicate their time and skills at this time every year to make sure that families in need in St. Tammany Parish have both food and gifts to give their kids for Christmas.  The organization is called St. Tammany Project Christmas, and its purpose it to provide toys and a Christmas feast to 1,650 children, 30 senior citizens, and 650 families on the North Shore.

A vetting process is in place to make sure that the families that are being provided for are qualified to receive the gifts. The volunteers are employed to put together gift baskets filled with non-perishable

food and vouchers for the Christmas meat selected by each family.  They also help with assembling gifts, including bicycles, to be given as gifts for the kids. Sometimes, there will be as many as 300 bikes to make sure they are in working order.

The centers and distribution sites where this project is conducted is located in Mandeville, Madisonville, and Slidell, Louisiana.

“The absolute worst thing that could happen would be for a child to be forgotten,” said Penny Weaver, who has been volunteering for the past six years.

The gifts and gift baskets are distributed all at once on what is known as Distribution Day, which is Saturday, December 16th. Volunteers of Project Christmas have been donating their time and efforts for years – one volunteer has been doing it for 11 years.  This year’s officers include Mike Callaway, vice president; C.J. Giffin, treasurer; Suzanne Switzer, secretary; and Rene Arsenault, Jewell Bayhi, Margaret Diaz, Elizabeth Lamulle, Wendy Norlin and Rick VanArsdale.

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Know Your Credit Score and Other Helpful Home Buying Tips

There are many tools that new home buyers can use to prepare to become a homeowner, which were not available even a few years ago.  On the Internet, new home buyers can access home loan calculators, tax appraisals, pre-qualification opportunities, and constant credit monitoring.  Some new home buyers may not realize that the last item – credit monitoring – is one of the most important factors that lenders use to determine eligibility for a new home loan.  Staying on top of your credit right before you are about to buy a home is the most important thing you will need to do unless you are planning on being able to purchase a new home for sale with cash.

If you have the availability, sign up for a free credit monitoring agency which will not only be able to constantly inform you about your credit report, but it will also alert you if there are any changes to

your credit report.  You are going to want to know exactly where you stand with your credit when you go to apply for a loan.

If you check your credit report, and you see items on it that you don’t recognize, be sure to immediately report those errors to the credit agencies so that they can be removed.  Any good credit monitoring company will have information where you can dispute items on any of the three credit agencies’ reports.  You will need to have as clean a credit report as you can when applying for a home loan.

Finally, if there are legitimate items on your credit report which need to be addressed or paid, you will want to be sure to take care of those before applying for a loan.  Some banks won’t approve you for a loan with derogatory marks on your credit report.  Others will give you a loan, but it will be for a higher interest rate than you would have gotten with a better credit rating.

Credit is the biggest factor in getting a home loan, but don’t forget that you will need to have enough income to qualify for a home loan. Make sure you know how much you qualify for before going out to search for a house, so that you don’t go out of your price range during your search.

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Madisonville Mayor’s Name Used in Naming New Library

The mayor of Madisonville and the man responsible for the construction of the new library which overlooks Lake Pontchartrain on the shore of the Tchefuncte River is Peter (Pete) Gitz.  Even though, typically, it is customary for someone to be deceased for 7 years before naming a building or a road after them, Peter Gitz watched his name being unveiled on the side of the new Madisonville Library on Wednesday, December 13th.  The old Madisonville library, which formerly stood on Cedar Street was damaged during Hurricane Katrina.

This unique event came about because the Louisiana Legislature approved an exception to the state law which was introduced by Parish president Pat Brister and sponsored by State Representative Reid

Falconer, R-Madisonville which allowed the naming of the new library after Peter Gitz while he was still alive. The purpose was to reward him for his years of service to the community and the accomplishment of seeing the new library constructed.

“This is one of those times when a good thing happens to a good person,” current Madisonville Mayor Jean Pelloat said in remarks which preceded the unveiling of the new building sign where dozens of people showed up to support the mayor. Described as a humble, small town mayor who was respected, 83-year-old Gitz served Madisonville for 10 terms as mayor.  Just as humbly, Gitz accepted the accolade with simplicity saying, “I just felt like we shouldn’t be without a library. I’m thankful to a lot of people who helped get this done. I’m really proud of everything that we’ve done and all the hard work people put into it.”

Located on donated land consisting of 1.5 acres, the library is a raised structure which is 14 feet off of the ground, and the cost of construction had a price tag of $4.7 million. With 15,000 square feet of space, it is one of the biggest libraries within St. Tammany Parish.

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Important Home Buying Information

In case you haven’t been “in the market” to buy a home in a very long time, now its as easy as a touch of your finger to begin the search for the perfect home you wish to buy.  However, this article gives you some helpful tips on how to process and move forward with the information that you find online during your home buying process.

Before you even get started with buying a home, make sure you know what type of home that you want.  That doesn’t just mean, bedrooms, bathrooms, square footage, and location, although those are pretty much mandatory pieces of information you will need when searching for a home to buy.  Make a list of the items that you can and can’t “live without.”  If you definitely need a space for an office, make sure that the home you are buying has a room with enough outlets and phone lines to install your office equipment and hook up a modem.  If you need a lot of cabinets in your kitchen, make sure that you put that on the list and don’t settle for a home that has a kitchen which won’t be functional for you.  When you have your list of of absolute must-have’s, then make sure you know how much home you can afford so that you can find a home that not only fits your needs but fits in your budget.

Once you have established the exact type of home that you want, start your real estate search online.  There are hundreds of websites out there which carry what is called an IDX feed, which is access to the MLS feed (Realtor listings) of all homes for sale in your area.  By using a useful website, you can actually sort the homes for sale by bedrooms, baths, square footage, and price.  Once you have sorted down the homes which fit your basic requirements, you can view multiple pictures of the homes for sale to see what type of features they include.

After utilizing all of these preliminary tools, you may consider hiring a Realtor who can take you around, get you access to homes for sale, educate you on parts of town, school districts, and realistic pricing.  A Realtor should have their finger on the pulse of the real estate market and should be well-informed on where homes with your price range and parameters may be located. Also, a Realtor can assist you throughout the entire buying process as well.

When you are doing your preliminary research, be sure to pay attention to any open house information you may see about homes in which you are especially interested.  It is also advised that you drive the neighborhoods in which you are interested, as well as the surrounding area to see if they are going to fit your lifestyle as well as your budget.

All of these tools should help you make an informed and intelligent decision about the home you wish to buy.  These tips should also get you as close as possible to any existing home on the market which is in your price range, with the features you want, where you and your family can be happy.

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Housing Market Prices Increase With Mixed Results

The housing market has completely rebounded and nationally home prices have risen 49.9% according to CoreLogic. The next challenge that builders have been facing is a labor shortage in the construction market and an increase in materials, especially after this year’s hurricanes and wildfires.  To offset this cost, builders and developers alike have been looking at setting a new trend called densification.  This basically means that because of the scarcity of lots available to build, builders and developers must divide up the lots that they can purchase to put more houses on each lot, thus reducing the overhead cost and property taxes per house that they build.

Home prices have come completely back to the record high that they were in August, 2006, before the housing market crashed.  For this reason, it is lucrative to be in the home building and real estate

industries right now. However, depending upon what market you are in, home prices may have been on a continual increase, or some builders may have seen a volatile up and down trend in their local community’s home prices.

According to the Census Bureau’s Survey of Construction (SOC), the following statement was issued.

“The median lot size of a new single-family detached home sold in 2016 stands at 8,562 square feet, or just under one-fifth of an acre. This is a new record low and a small decline since 2015, when the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of Construction (SOC) started tracking the series for single-family detached homes.”

By reducing overhead costs, builders and developers will be able to make more profit. Thus, shrinking lot sizes is one answer to reducing these costs.  However, some communities have covenants which require a certain lot size, or pre-engineered plans have delineated the size and scope of the lot and house in new developments, so the trick is to be a crafty business professional and seek out opportunities to rezone lots to a smaller size.

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Fireworks Have Been Made Legal for New Year’s Eve

For those diehard celebrants of national holidays who love their fireworks, there is good news to celebrate in Covington, Louisiana, this year. Fireworks have been made legal in Covington for the major holidays of the 4th of July and New Year’s Eve. A unanimous vote by the city council of Covington, Louisiana lifted the fireworks ban and have allowed the sales of fireworks for the 4 days

surrounding the New Year’s Eve holiday as well as 3 days in July for the 4th of July.

For many people, this will come as welcome news as they had already been putting on small fireworks shows in their driveways or backyards, or even full-scale displays for rural areas where there was a lot of land to catch any fallout from falling debris, but the fact that the sale of fireworks is now official will help with the local economy during these times of year as well. This change did go into effect for our upcoming New Year’s Eve celebration, so neighbors should expect a bit more noise during this holiday than normal, now that they will have local access to more fun-filled firebrands.

Even though the municipal law had only prohibited the shooting off of fireworks within city limits of Covington, it was up the police department’s discretion at some places as to where the city limits ended and unicorporated Covington began. This will take a lot of the pressure off the police department during these holidays to pursue other calls not involving unhappy neighbors and fireworks. The city council held a public hearing before voting unanimously in favor of lifting the ban and received positive support.

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Appraisals a Big Challenge But Getting Easier

One of the biggest challenges facing builders and people selling their homes in St. Tammany Parish and Southeast Louisiana are the appraisals that are given for the homes for sale and built new homes.  Recently, in the last few years, laws were established requiring banks and mortgage companies to choose appraisers from a universal list, giving each appraiser an equal amount of work. However, because appraisers are not required to go through intensive training and maintain continuing education, some appraisals that were turned in to the banks and mortgage companies fell far below what the perceived value of the house was.

This causes a problem for the closing process in that the loan amount is often more than the house is worth, according the appraiser.  The appraisal process for a home for sale or new home for sale in a

new neighborhood or in a rural part of St. Tammany Parish, where there aren’t a lot of “comps” (comparisons of homes previously sold in the area) can be a stressful one for a home buyer looking to buy a new home or existing home for sale, unless it is a cash sale.  The appraisal dictates to the mortgage company or the bank how much the loan amount can be based upon the value of the house and / or the down payment of the buyer.

“An appraisal can vastly impact the mortgage process. This number alone can impact how much a buyer needs to bring to closing, or the current equity a homeowner has when refinancing,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “If homeowners are aware of local home values and how they are changing, it will assist with a smoother mortgage process.”
However, there is good news for the real estate industry, the distance (difference) between the amount of the appraisal and new home and existing home prices has narrowed for 4 months in a row according to the National Quicken Loans home Price Perception Index (HPPI). Appraised values are still falling short of home prices, but the most recently logged margin during the month of September was 1.14%. This is good news for builders looking to sell their homes (and have them appraise) at market value.

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Interest Rate Increase Expected in December

Interest rates have been driving the housing recovery, as well as the economic recovery in the United States since the housing market dropped out in 2008.  The Fed has kept interest rates at zero for approximately 8 years which has been attractive for both home buyers, new home buyers, and people looking to refinance their mortgages.

As the U.S. economy has recovered at a very gradual, yet very steady pace, the Federal Reserve,

called The Fed, has, within the last year, started to gradually increase the interest rates, once in December, 2016, again in March and then in June, 2017.  During the last meeting of The Fed, October 31st and November 1st, during a two-day meeting in Washington, kept the interest rate the same.  This could be  because a new pick for The Fed chair was expected on Thursday. Rates have stayed within the 1% and 1.25% range, with a rate increase expected in December.

New picks for the chair for the Federal Reserve include the current chair, Janet Yellen, and Jerome Powell, a Fed governor and John Taylor, an economist at Stanford University.

The economy is said to be strong enough to handle another rate increase, especially with the job growth and recovery due to the hurricanes in both Texas and Florida and the wildfires, which have increase restoration construction in California.  In addition, the United States unemployment rate is the lowest it has been since 2001 at 4.2%, and the job growth has increased for the last 83 out of 84 months.

The December increase in the interest rate will not cause a huge disruption in the home building industry as, even with the rate hikes, mortgage rates are still at historic lows.  However, the refinance market has slowed down a great deal once rates rose above 4%.

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Builder Confidence High for the Month of October

A jointly sponsored survey from the National Association of Home Builders (NAHB) and Wells Fargo to a selection of builders in the United States rates builder confidence in three different areas: current sales conditions, prospective buyers, and expectations for future sales. The results of this survey are published each month in the NAHB/Wells Fargo Housing Market Index (HMI). Any rating by builders that is higher than 50 is considered a positive sign. During October, 2017, the builder confidence index rose to a total of 68 for all three categories, which is the highest level it has

been since May of this year.  March – June are considered some of the best months for real estate, so to have this high of a score during October from builders is a very positive sign for the real estate industry as a whole.

“This month’s report shows that home builders are rebounding from the initial shock of the hurricanes,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. “However, builders need to be mindful of long-term repercussions from the storms, such as intensified material price increases and labor shortages.”

It is also interesting to note that builder confidence is so high when the hurricanes have eaten up a lot of the construction labor available to builders with flood restoration and home repair.  Some construction companies have one year and year and a half waiting lists for hurricane-related home repairs. In fact, the typical number of new home permits issued in Houston in a year has been surpassed by the number of permits requested for home repairs.

The price of lumber is also up 21% and is expected to continue to rise. However, builders are also seeing a surge in demand for new homes after the hurricanes, so this has probably helped with builder confidence levels during this month.

The exact numbers of the three survey factors are as follows: current sales conditions rose five points to 75. Sales expectations over the next six months also rose five points to 78. The component measuring buyer traffic rose just one point to 48 and is the only measure in negative territory.

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Construction Careers Experience Highest Increase Ever

The National Association of Home Builders has been publishing news articles that tout the increased need for construction workers throughout the entire United States, and this need was reflected during this year’s Virginia Tech’s Myers-Lawson School of Construction career fair.  The result of the job fair for the students was 100% employment for all students who attended the fair. The need for construction employees, whether they are workers, sub-contractors, or project managers, was one reason that the fair was so successful; but the other reason was the location of the career fair.

Virginia Tech’s Myers-Lawson School of Construction offers a program which not only trains students in their field or major but also teaches life skills and professional skills which are highly desired by potential employers. 

“There is simply not enough young talent being produced to keep up with the growth. This particular

school is preparing them not only with construction techniques, but life skills and professional skills,” says Ken Taylor, executive vice president of W.M. Jordan Company, who graduated from Virginia Tech’s building construction program in 1979.

In addition the National Association of Home Builders (NAHB), the U.S. News & World Report also released a study that showed the popularity of construction-based majors, saying that enrollment in construction-related majors grew by 26.4% over the past year at four-year colleges and universities. Right now, this increase holds the record for the highest increase of any major ever, according to the National Student Clearinghouse Research Center. Construction careers are projected to have the fastest growth of all occupations over the next decade (adding more than 7.2 million construction jobs by 2024) by the U.S. Bureau of Labor Statistics.

Meanwhile, for the students of Virginia Tech, the 900 participants who attended the career fair were offered jobs with starting salaries of at least $66,000.  More than 117 companies showed up to this career fair, and other companies had to be turned away from getting a booth at the fair.

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St. Tammany Parish Students Prepare for New Industry Jobs

Dual enrollment in both high school and college will be available to St. Tammany Parish students with the advent of joint enrollment programs with St. Tammany Parish high schools and Southeastern and Northshore Technical College.  Programs are being implemented in local high schools focused on getting students to think about their career goals, whether they want to attend a 4-year college, a 2-year college, or go to a technical school.  For those students who have no plans for additional education after high school, the program gives students direction on where they can get technical certifications in a field in which they are interested.

In addition to this early planning for St. Tammany Parish high school students, a new task is now

being considered by  a panel of experts who met Tuesday, October 10th to brainstorm about how to prepare upcoming graduating students to be able to join an ever-changing workforce.  One of the unique ideas being discussed is preparing students for jobs that do not yet exist.  The panel of experts include educators, members of the economic development foundation, and business associates.

St. Tammany Parish Schools’ Superintendent Trey Folse, as well as Assistant Superintendent Regina Sanford are members of this panel.  Representing Northshore Technical Community College is Chancellor William Wainwright and university president John Crain represents Southeastern Louisiana University.

Programs are being developed and will be developed based on a supply and demand basis, which is why these experts are constantly touching base with local businesses to see what demands will need to be met by the emerging workforce.

“If our school system fails, your business is not far behind,” Folse told the audience.
Wainwright, meanwhile, said educators are constantly consulting with industry and economic development leaders to determine what programs are needed to meet future demand. “The programs we offer are supply and demand driven,” he said.

One of the tools that will be used to assist high school students to reach the next level will be the $10 million science, technology, engineering and mathematics campus that has been built in Lacombe and opened in February of this year. The industries that will be offering programs through this campus are biological sciences, maritime, information technology and business preparation for students interested in moving forward to get a 4-year degree.

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New Home, Less Space? Here is Some Advice

If you have been able to purchase a new home, and you were able to afford a little less space than expected, there is no reason why your new home has to look or feel crowded, even if you have less square footage. Below are some tips to help you expand the look and feel of your newly purchased home.

1. Even if you like a lot of light, overhead lighting illuminates a room too much and actually emphasizes the size of the room. This means that if the room is smaller than you would like, excess lighting will reveal this. It is recommended that you use smaller lamps and focused lighting on the areas of the room in which you will occupy or spend the majority of your time. Table lamps and unique lighting selections can also make your decorating eclectic and inviting.

2. Color coordination – maybe a small palette of just a few colors – will make the house seem to “flow” together instead of using a different color in every room.  By using too drastically different of

colors, you are highlighting the fact that every room is separate, which may make the focus on the room size more stark. With a blended palette throughout, your room spaces may blend together more seamlessly.

3. Some people think that getting a shower enclosure is a good way to create more space in the bathroom. However, by installing a shower door, you only are creating two cramped spaces instead of a larger vanity area space. By installing a panel that can open, which only covers 1/3 to 1/2 of your shower space, you are creating a versatile space between your vanity area and your shower area.

4. When choosing your decor, think, small and delicate in order to utilize your cubic space instead of your square footage.  Oversized couches, beds, and bedroom furniture can take up all of your space and make the rooms seemed cramped and tight to move around. Have fun choosing decorative furniture that is simple in design and takes up less space.

5. If you have the ability, try to use all light colors in your kitchen, including your kitchen cabinets. Dark cabinets make a room seem much smaller, especially if your kitchen cabinets go all the way to the ceiling. Even though the storage space is great, the cabinets will seem to “swallow” the room, and a lighter color may deflect this feeling. If your cabinets don’t go all the way to the ceiling, and you have your heart set on dark cabinets, try using a sharply contrasting wall color (black and white) to set off the cabinets and give them a more aesthetic appeal.

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Historic District of Covington to Feature New Art Market Location

Located between N. Columbia Street and N. Florida Street is a slight street in Covington, Louisiana’s downtown district named Hotel Alley.  Streets in the historic district of Covington, formerly known as Division of St. John, are laid out in unique patterns of squares within squares called ox lots. This peculiar design is how the downtown district got placement on the National register of Historic Places in 1981.  The main streets, laid out horizontally, are accessed by alleyways.  That is how this particular street – Hotel Alley – came to be named.  Now, the St. Tammany Art Association is

planning on completely “renovating the street,” and renaming it: Art Alley.

Art Alley, currently a strip of asphalt, will be getting a new look, complete with cafe-style lighting overhead, connecting between the Art Association’s Art House and the H.J. Smith & Sons General Store and Museum; a lit-entry archway, a mural, and removable bollards to close off the street for special events. The special event, which will benefit from this street renovation is the Covington Art Market.  This year’s Covington Art Market will be held on October 7, 2017, from 9am – 1pm at the new Art Alley location.  Formerly located at the Covington Trailhead, the October Art Market will feature artists: Susan Carver, Wess Foreman, Julie Katich, Richard Lo Piccolo, Linda McNeely, Jeffrey Minzey, Ruth Ostarly, Allison Radtke, Jason Ronquillo, Kristy Ruffino, Robert Wagner and Chuck Wright.

“Throughout the United States, cities of all sizes are embracing what’s known as ‘Creative Placemaking,’ the art of transforming ordinary spaces into extraordinary places that promote a sense of community, spark commerce and enhance areas by creating cultural hubs of activity,” said Kim Bergeron, STAA’s executive director.

The October Covington Art Market is also doing something a little different.  They are partnering with American Art Therapy Association and the South Texas Art Therapy Association to provide hurricane relief efforts to children affected by Hurricanes Harvey and Irma.  The visitors of the Art Market can contribute to an art supply drive which will then be donated to those children in need. The effort is being spearheaded by Jaclyn Warren MS, ATR-BC, a STAA Artist Advisory Board member and president of the Louisiana Art Therapy Association. Colored pencils, crayons, cay-pas, unruled journals and sketchpads, and coloring books are just some of the supplies that can be donated.

“We hope the community sees the possibilities that Art Alley offers and embraces our efforts to bring that vision to reality,” Bergeron said. “And, of course, a visit to the art market is an opportunity to discover new talents and to celebrate our community’s artists.”

For more information, call 985.892.8650 or visit www.sttammanyartassociation.org.

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Walk-On’s Opens in New River Chase Commercial Development

The new community of River Club is located behind the new River Chase commercial development right down the Brewster Road extension near Sam’s club.  An enormous apartment complex is being built out in view of Interstate 12 one exit up from Highway 21 at the Pinnacle Parkway exit. Ron Lee Homes is selling a new, totally custom, unique home for sale in River club featuring 5,627 total square feet with 4 bedrooms, 3.5 baths, and a game room.  This southern farmhouse-style home is priced at $925,000 has 4,086 living square feet, complete with a 3-car garage, spacious outdoor living and entertainment areas with outdoor kitchen, and a durable metal roof.

In addition to the convenient location of being approximately 1 – 2 miles of shopping at the Pinnacle Nord du Lac shopping complex off of Highway 21, Walk-On’s, a sports bar and restaurant with a

rooftop bar is finishing construction in the River Chase commercial district.  The sports bar will be open Monday, September 25th at 11am at its location at 69796 Stirling Blvd.  This is the 12th location of Walk-On’s in Louisiana and the first and only one to have a rooftop bar.

Saints quarterback Drew Brees is co-owner of this location with general manager Brandon Mier. He said everything patrons have come to love and expect from Walk-On’s — upscale bar food with a Louisiana twist, an excellent beer selection and a lively, family friendly atmosphere — can be found at the Covington location.

To maintain local loyalty and flair, Walk-On’s has an entire back wall mural with Louisiana legends, and it is using Duece McAlister’s waste management company, Waste Pro, as well as beer supplied by Zach Strief’s brewery, Port Orleans brewery.

“Walk-On’s is really a community driven restaurant,” Mier said. “I can’t tell you how proud and excited I am to introduce Walk-On’s to our city.”


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Residents of St. Tammany Parish to Miss Holiday of Lights

In the Greater New Orleans area, holiday celebrations abound and are also a very popular tourist attraction.  However, here locally in St. Tammany Parish, there are a few events that always draw a huge crowd and are anticipated by the residents of St. Tammany Parish every holiday season.
For those who call St. Tammany Parish home, they have always looked forward to the Holiday of

Lights celebration at the Tammany Trace Trailhead on Koop Drive in the city of Mandeville.  Unfortunately, this will not be the case come holiday season this year.  Pat Brister, President of St. Tammany Parish government, informed residents that the two-weekend holiday celebration will be cancelled due to the lack of funds.

This free annual event was enjoyed by residents for 17 years and featured entertainment by local schools, musical and theater performances, caroling, carnival rides, pictures with Santa and a tour of the holiday lights display in the Koop Drive campus. The St. Tammany Parish government was one of two sponsors which funded

the annual event that reportedly cost the parish $75,000 each season.

While this sad news might come as a surprise to the community, parish officials anticipated it as a cut to the St. Tammany Parish operating budget for 2018 which forecasts an $18 million-dollar revenue shortfall. The parish feels there is no way around the budget cut which stems from the failed attempt to renew sales taxes linked to the jail and courthouse.
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Increase in Private Residential Construction Spending

Private residential construction spending is spending on construction by private parties and homeowners.  Data about this construction spending is collected from retail and wholesale outlets nationally. It seems that homeowners and small builders have a positive outlook on the economy and are spening money on new home construction on their own land or lot, as well as additions and remodeling to existing homes that they own.  Many people buy land and hold it for awhile before they decide to build a new home.  By owning land, there is an opportunity for new home builders to be able to more easily qualify for a construction loan by utilizing the equity in the land.

In addition to new home construction, homeowners are improving their homes as well, by contracting popular remodeling projects, such as kitchen, master bath, and outdoor area remodels.  Additions of pool houses, mother-in-law suites, and over-the-garage apartments are also popular construction projects for existing homeowners, which contribute money to the total amount of private construction spending during the month of July.

The National Association of Home Builders (NAHB) did an analysis of the Census Construction Spending, and the data showed an increase of private residential construction spending of .8% in July over June, 2017, to an amount of $523.1 billion.  This increase was also an 11.6% increase year-over-year compared to 2016, and it was the third consecutive monthly increase for private construction spending after it went down slightly in April, 2017.

The breakdown in construction spending between single-family home construction and home improvement of existing homes shows that new home construction went up by .8% compared to June to reach $264.1 billion, and $192.4 billion was spent on home remodeling or renovation, which was a 1.41% increase month-over-month.  Also remodeling / renovation spending was up a total of 16.5% year-over-year compared to July, 2016.

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NSA Index Is Reporting an Increase in Home Prices

The U.S. National Home Price NSA Index is reporting an increase of 4.3% over the peak of the same index in 2006, which was at its highest level right before the housing crash.  Home prices went up in June, 2017 5.8%, which was slightly higher than May’s 5.7% increase.  The index, which is formally called the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, was also up 43.7% above its lowest point in 2012 after the housing market crash.  Home prices have continually risen since the real estate market began its recovery, and they continue to climb. In fact, housing pricing reached another all time high in June.

“The trend of increasing home prices is continuing,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “Price increases are supported by a tight housing market. Both the number of homes for sale and the number of days a house is on the market have declined for four to five years. Currently the months-supply of existing homes for sale is low, at 4.2 months. In addition, housing starts remain below their pre-financial crisis peak as new home sales have not recovered as fast as existing home sales.”

According to Blitzer, the housing market now has the “problem” of not having enough supply to meet the demand.  Even with the increase in home pricing, there is a reason that home buyers are still purchasing homes for sale despite the continuous price increases.  Unemployment rates continue to decline, and jobs are being added to the market at an average pace of 200,000 jobs per month.  Mortgage rates have flinched with increases from the Federal Reserve, but they are still holding steady at or below 4%, which is a historically low interest rate for home buying purchases.

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French Country and French Acadian Style Homes

A single-story home, commonly called a ranch home doesn’t have to be a “boring box” floorplan.  There are many French Country and French Acadian style homes built throughout the Greater New Orleans area which offer a variety of floorplans that are elegant and stylish while still within the price range of either a first-time home buyer or a fully custom home with all the “trimmings.”  Single-story of ranch style homes also can save homeowners money because their design is easy to make energy efficient without the necessity of cooling and heating the 2nd floor area. With all of the choices of one-story floorplans available from French Country Design to French Acadian Style, home buyers can work with their builder to customize their floorplan design to build a Semi-Custom New Home with selections chosen buy the new home buyer.

Another reason to purchase a ranch style, one-story home is that these homes offer amazing opportunities for empty nesters, baby boomers looking for low-maintenance homes, and young families.  Avoiding having to use stairs or having to clean an entire second story of a house is a detracting factor for home buyers in these categories when it comes to buying a home. In terms of fire safety, it is also easier for home buyers in these categories to be able to escape a home through a first-floor window in case of fire or an emergency.  So, a French Country or Acadian-style home may be an attractive home style to purchase.

Ranch-style homes also offer unique floorplan designs that can accommodate a “roommate” floorplan.  This means that the master bedroom can be built on the opposite side of the house, away from the “action” of other family members or visitors to be active in other parts of the house without disturbing those in the master bedroom. This also comes in handy for homeowners that require a home office – this room can be separated from the rest of the house during “office hours.”

A final benefit of buying a one-story, ranch style house is the opportunity to renovate or expand the house if you wish.  Adding an extra room, an addition, or expanding existing space to a one-story home is much easier than building on to a two-story home.  Whether you are making room for a bigger family, adding on studio space or a home office, or upgrading a kitchen, master bath, or great room to make the home more livable, you will have less cost and hassle doing these types of renovations to a one-story home versus a two-story home.

It is your choice as the home buyer as to which type of home is attractive to you, where you and your family can live “happily ever after,” but the options on a one-story, ranch-style home offer many benefits to new home buyers.  Ron Lee Homes offers a huge variety of floorplan designs to accommodate the one-story lifestyle. Contact Us Today to begin your home design process. Call 985-626-7619 or E-mail Info@RonLeeHomes.com.


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Good News for Residents of St. Tammany Parish

Even though the 10-year statistical snapshot for the parish of St. Tammany includes 2006, a “boom” year for the parish, the snapshot revealed some very good news for residents of St. Tammany Parish, as well as home buyers looking to move into the parish. A report by the St. Tammany Parish

Economic Development Foundations shows a 10-year overview of the population, employment, wages, income, housing, and much more.

According to the report, the population increased 26% from 223,062 to 253,603 from 2006 to 2016. The really good news was that total wages increased by nearly 63% from $2.4 billion in 2006 to $3.9 billion in 2016.  Most of the job growth was seen in the science and technology sector, which saw a 40% increase.  Overall, household income increased from $75,016 to $88,614 during the 10-year period, which is an 18% increase.  Science and technology job wages grew from $163 million to $293 million in 10 years, with an average wage of $62,400.

“I think the biggest impact, to me, is knowing the opportunities and wages for science and technology jobs increased so much,” said Brenda Bertus, the foundation’s chief executive officer. “That tells me

there are more of those jobs here. Those are really good jobs,” Bertus said.

Local real estate companies as well as the U.S. Census & U.S. Bureau of Economic Analysis contributed to the statistical data about the residents and economic information in St. Tammany Parish.  They also reported on building and business permits, housing prices, apartment rent, and sales taxes.

After the initial boost of buildling permits just after Hurricane Katrina in 2006, the report showed that housing sales increased around 42% over the last 5 years, and the average rent for apartments went up 38%. Business numbers increased from 6,728 in 2006 to 7,900 in 2016, which is approximately a 17% increase.
Access the Full 10-Year Report Here.
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Know Your Home Buying Process

There are many tools that you can use during the home buying process.  You can do the majority of your own research by using online resources on the Internet.  You can manage your finances and credit and get quotes from lenders and banks on your mortgage.  You can research different areas of

town to find the best locations to buy your home by checking out reviews of area information.  Once you find out how much you are able to spend, where you want to purchase your home, and different homes that you would like to actually go out and visit, you can retain a Realtor to act as your buyer’s agent to buy your new home.

Even if you hire a Realtor, you are going to want to stay the savvy, “in the know” home buyer who knows the questions to ask and the information to get in order to get the best home for the huge investment that you are going to make on your home.  Below is information which is important to know when buying a new home.

What Is Allowed

Unless you are buying a home in an established community with known restrictive covenants and a homeowners association, you are going to want to make sure that anything you want to do to or store at your home is allowed.  Zoning laws can hamper a new homeowner’s aspirations by not allowing you to run a business out of your home, build a workshop at your house, build a fence, store your boat or RV, or add an addition.  So, before you sign on the dotted line, be sure to know if the home you are buying has any zoning or covenant restrictions.

Use an Inspector

If you are buying your home “as is” with no changes or required improvements by the seller, then you won’t need to worry about the condition of the home.  However, if you want to make sure that you get your return on investment, and don’t “buy a lemon,” you will want to make sure you get a home inspection.  Realtors know many people in the real estate industry, so they may be able to recommend a quality inspector to you, but make sure that the inspector they use is extremely thorough and has your, as the buyer, best interests in mind when making the inspection.  You definitely don’t want an inspector who glosses over a report so that your Realtor can “make the sale.”  You may want to get a referral and hire your own inspector.  If necessary, get the seller to cover the cost of a home warranty that covers all major appliances and structural systems of the home to “cover your bases,” as well.

Your Contract

Just like your parents and teachers always taught you, don’t sign anything unless you read it.  This applies to every piece of paperwork that you are going to sign regarding your new home purchase, from your contract, to counter offers, to waivers, to your closing documents.  Not only should you make sure that you read everything, but you should also be sure to “read all of the fine print.”  If there is anything that you absolutely don’t understand, make sure you get it clarified before you sign anything.  Another important point about this is to get everything extra in writing.  This includes everything that is outside of or not written on the paperwork that you are reading and signing.  If the seller promises to fix a faucet, repair a door frame, or include additional equipment to “make the sale,” make sure you get it in writing.

Negotiate Everything

Most everything is negotiable when buying a home from the home price, the purchase of a warranty, home repairs / deductions, and closing costs.  Any chance you see to save yourself some money, attempt to negotiate.  It never hurts to ask the seller, especially if you are already qualified with guaranteed money from your lender.  The worst thing that can happen is that the seller can so no.
Using the tips above along with the other tools at your disposal to make a good home buying decisions, you can retain a Realtor and then monitor the process yourself to make sure that you are fully informed during your home buying process.


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Buying a New Home – Fix Your Financing!

Financing is one of the biggest factors in buying a new home.  From the appraisal, to the loan application, to the Good Faith Estimate, to the mortgage, to the large amounts of paperwork that get faxed, scanned, and e-mailed; you can almost spend as much time acquiring money to buy your home as you did finding the home itself.  Sometimes searching for a home takes less time & effort! In order to have the best chance at bidding for and putting a contract on the home that you are going to buy, we recommend that you begin with a lender commitment letter which shows your potential seller that you have the financing and ability to close on the loan. This gives you an edge over other home buyers and also dictates the amount of money you are able to spend on a loan.

Before you ever get this letter from your lender, you are going to need to seriously examine your financial situation in order to determine if you are ready to go through the rigorous loan process required most banks and lenders.  In order to do this, you will need to look at the amount of money you make, how long you have made this amount of money, if you are employed and how long you have been at your current employment, how much your monthly bills are (minimum payments on credit cards and fixed loans), and your credit score.

Your credit score should always be a work in progress in your daily life.  Pretty much all of your financial decisions in life affect your credit score, so you are not going to want to just wake up one day and decide to buy a home.  You will want to check your credit score, and if it need improvement, come up with a plan to get rid of all of the negative information on your score before you apply for a mortgage.  The earlier you start on your plan and get your score up, the longer you have a consistent good credit history, the better chance you have at an excellent interest rate and quality loan offering.

If you have low / no credit, there are several things you can do to “get some credit.”  Secure loans and credit cards are a great way to establish credit because these products are designed to report to the credit agency monthly with your on-time payments.  This establishes that you can maintain payments / credit and also boosts your score.  Another way to work on establishing your credit is to stay super strict on your credit usage.  This means that you should use a low percentage of the credit available to you and make your payments on time. Keeping your “credit utilization ratio” below 30 percent makes the credit agencies “happy.”

Finally, kind of a no-brainer, common sense concept, but you want to get rid of all derogatory marks on your credit.  This includes old utility bills, written off credit cards, old medical bills, and any other reported debts that you owe.  Really working on your credit score is vital to having the best chance at financing a new home loan with a lender or bank.  When you are ready to get started on your home buying process, Contact Ron Lee Homes for Homes for Sale to Build a New, Custom Home.  Call 985-626-7619 or E-mail Info@RonLeeHomes.com.


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How to Be the Expert Home Shopper

Finding a new home to buy is an exciting and even entertaining way to spend your time.  The thrill of knowing that you are soon to become a homeowner and “have your own place” is one of the best experiences that you can have.  However, below are some tips on how to be the expert home shopper when it comes to finding either your dream home or your next investment.

Timing

There are a couple of things to take care of before you start your home shopper experience.  First of all, make sure you give yourself plenty of time, dependent on your personality, to make a good choice

of a home to buy.  This means that you don’t want to start looking for a new home when your lease is about to expire in a week or your are required to move within a couple of weeks.  Because it’s such a huge investment, buying a home shouldn’t be a rushed decision unless you are good at seeing something and making a quick decision, and you are comfortable with this process.

Secondly, find out how much home you can buy – how much you can afford. You will want to carefully and thoughtfully narrow your search to homes for which you are able to actually get a loan, so you don’t waste your time touring homes that may be out of your price range.  Also, be sure to put yourself in the best position as a buyer by getting a lender commitment letter to show that you pre-qualify for the financing on a new home.

Decide Your Features

This is your dream home, so dream big.  Sit down and brainstorm the features that you want in your new home.  Decide what you can and can’t live without and then stick to your list.  If a home that you are touring measures up to most of your wishlist, and you are willing to compromise on some items; that’s o.k. as long as your began your search with a clear idea of exactly the type of home you wanted to buy in mind.

Be Organized

Once you have given yourself plenty of time, gotten pre-qualified for your loan, decided what you wanted in a house; then you can begin the home buying process.  Stay organized by possibly using an app to map out the homes you are going to look at, take notes about the homes that you especially

like so you can keep your choices straight, and make sure you have enough time in a day to tour everything you want to see. If necessary, break up the tour days to allow yourself time to take a lunch break, relax and consider home options, and simply take care of yourself.  This isn’t a race, it’s a marathon, and there may be many homes in the bunch that you look at before you find the perfect one.  Dress comfortably with the weather in mind, and you might even want to wear shoes that slip on and off for those particular homeowners who require you to keep their floors neat and clean.

A Second Look / Comparison

Once you have your list of top selections, go out and tour them again because the second time through might help you see pros and cons that you didn’t see the first time through.  You will want to do this in a timely manner for homes that you really like because real estate is booming throughout the country, and homes are not staying long on the market. Home inventory is down to just over a 4-month supply which is the sign of a healty economy.

If you are interested in buying a new home for sale, Contact Ron Lee Homes at 985-626-7619 or E-mail Info@RonLeeHomes.com for more information on New Homes for Sale.


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Items to Negotiate When Buying Your Home

So, you think you got the hard part out of the way when you were able to find a home to buy, in your price range and location, and it’s either a new home or quality home that is perfect for you.  However, before you hand over your precious investment money, there are several items to negotiate that you are going to want to address in the offer that you make on your new home.

Financing

In order to make you a more “quality buyer,” you are going to want to have a very good idea as to how much home you can afford.  Before you ever start your home buying process, you should make sure that your income and credit are in order, and you should meet with a lender in order to get a

lender commitment letter to use in making the offer on your home.  This letter shows the seller of the home and the Realtor or Realtors involved that you are a real buyer with financial backing who will be able to close on the home in a reasonable time period with minimal hassle.  This will make you a solid prospect, and you may be able to use this to beat out any other interested bids or prospects on the home.

Inspections, Repairs, & a Home Warranty

Unless the home that you are buying is an “as is” purchase, where you are taking the home without any changes, you will want to make sure you get a home inspection.  For the sake of expediency, you may want to put a time limit on the amount of time a seller has to get an inspector and make the inspection of the home. If there are repairs or major systems that have issues, you will want to negotiate the cost of these repairs off of the seller’s price or have the seller repair them before closing.  If the home passes inspection but is an older home or has questionable systems or appliances that will potentially bread down quickly, you can ask the seller to provide a home warranty on the home as part of the items to negotiate.

Closing Date

The sooner that you offer to close on the home, the better as far as any motivated seller can attest.  However, there will be times when a seller is selling and trying to move into another home and may be “stuck” in between the two homes during your home buying process.  In order to make you a

“better buyer,” you can offer a short-term lease back as part of your offer which gives you a small break on the purchase price and gives the seller more flexibility in their moving timeline.  Then you and the seller can agree on a fixed closing date that works for both, making you an attractive buyer with your willingness to negotiate to fit their lifestyle.

Closing Costs

In most of the items to negotiate above, you as the buyer are making yourself totally flexible and available to the seller, but don’t forget to take care of you.  If possible, you should ask that the seller help you pay some of the closing costs associated with your home purchase.  They may stick firmly to their selling price, but some sellers will be willing to give a little if they are getting a solid home buyer prospect who will close quickly and work with them on repairs of the home.  Closing costs can add up with the abstract of title, title insurance, deposits into escrow – prorated taxes and insurance – and your loan origination fees, so definitely try to negotiate these costs to get the seller to step up for some of them.  Remember, all the seller can say is “no,” so it doesn’t hurt to ask!

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New Home Buying Trends of Millennials

Since the late 1990’s, home buyers interested in a buying a home have dramatically increased their usage of the Internet to find available homes for sale. In fact, 2016 statistics from the National Association of Realtors show that 95% of home buyers used Internet searches throughout their home buying process.  Of that 44% of home buyers started their home search online. And, 100% of home shoppers used the Internet to search for a specific property address.

Of these home buyers, 99% of Millennials, the new generation of home buyers, used the Internet to search for homes for sale compared to 89% of the Baby Boomer generation.  And, Millennials are known for their intensive and overwhelming dedication to complete research of any product that they will buy.  This generation is known for visiting multiple websites to compare just one product before purchasing it.  Also, Millennials are just now able to find employment in their field and begin to pay off student loans and begin their search for a home now that employment is on an upward trend after the Recession.  Because of the limited availability of extra cash for a down payment and the tightness of home inventory available to new home buyers, especially first-time home buyers, Millennials are interested in purchasing a home that does not need a lot of work or improvement in order to be able to support themselves and not spend money on repairs or renovations.

What has materialized out of this information is that Millennials may purchase a new home for sale, built brand new buy a builder instead of a “fixer-upper” home that requires additional money for upgrading or improvements.  Also, Millennials typically purchase their “starter home” with plans to move again soon in the future to a 2nd or 3rd home choice, so they actually spend less time in their first home purchase than previous first time home buyer trends would indicate.

This information has given valuable insight to professionals who assist Millennials in the search for the home that they are buying.  Builders know that Millennials may prefer to buy a new versus a previously owned home, so as long as they are a quality builder whose work is showcased effectively to a Millennial buyer, they start out with an “edge” over the competition.  This information has also helped Realtors who assist Millennial buyers by helping prep home sellers who have homes to sell in the price range of Millennial buyers to make sure their homes are improved, upgraded, and ready to sell without any additional construction or renovation work required.  Millennials tend to buy homes that are “just right.”

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Amazing 1st Quarter Building Permit Data from the EDF

During a report about the 1st quarter of 2017, the St. Tammany Parish Economic Development Foundation has once again brought great news to the residents of St. Tammany Parish about the economic health of this area of the Northshore.  Building permits for the year 2017 so far show a year-over-year increase of 23.6% compared to 1st quarter 2016 for a total of 319 building permits. In addition to this exponential increase compared to last year’s 1st quarter, it also showed a 37.5% increase in building permits compared to the 4th quarter of 2016 (last quarter).

Numerous reports have been bringing the news that May, 2016, saw a decrease in housing inventory on a national scale to just a 2.6 month’s supply, so this drastic increase in building permits is excellent news for home buyers who are entering an extremely tight and competitive housing market in search of a home to buy.

Of the building permits issued, 82 of the permits were commercial building permits, which is a 3.8% increase compared to the first quarter of 2016. The St. Tammany Parish EDF also reported that house sales in the 1st quarter netted 761 houses, which is a 3.8% increase compared the previous year, and the average sales price was $238,068, which is actually slightly less than 2016, which was $238,151 – bucking the national trend.

The number of businesses being incorporated during the 1st quarter of 2016 was 777, which was an astounding 61% year-over-year increase compared to the 1st quarter of 2016.

“Every quarter, we report the number of new domestic entities filed with the Louisiana Secretary of State for St. Tammany Parish,” foundation CEO Brenda Bertus said. “The drastic increases in the months of January and March of 2017 from the same months in 2016 show an increase in growth and stability in St. Tammany.”

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New Home Sales Enjoy a 12.2% Increase in May

1st quarter results are reporting an 11.3% increase in new home sales for the first 3 months of the year and a phenomenal 12.2% increase in new home sales compared year-over-year to May, 2016.  April’s home sales numbers increased the total amount of homes sold to 593,000, and the number of total new homes sales is 210,000. More good news for new home sales is that there has been a 2.9% increase in contracts for new homes for the month of May, bringing new home contracts to 610,000.

New home sales numbers are also calculated by a 3-month moving average that advances each month to encompass a new data set.  According to this moving average, new homes sold stood at 616,000, which compared to all post-recession numbers is near the high of 619,000. And, the month of May makes the third consecutive month of calculating 3-month moving averages that new home sales have been over 600,000.

According to a joint report by HUD and the Census Bureau, home inventory is on the rise, increasing from 240,000 where it stood for most of 2016 to 268,000, which averages out to a 5.3-month inventory, which will give home buyers a bit more breating room as they place bids and write contracts on homes for sale.

Builders, however, have gotten the message and a good start on new homes being built.  Homes under construction are up by 6% compared to last year, and completed builder new homes are up by 5% last year for a total of 62,000.  In St. Tammany Parish, building permits have increased by 23.6%, which matches the national reports of not-yet-started homes increaseing by 43% for a total of 53,000 in May.  May, 2016 only saw 37,000 homes-to-be-built.  The southern region saw a 6% increase in home sales during the month of May. Predictions of successful sales of single-family homes in the upcoming months are punctuated by solid builder confidence and tight inventory on existing and new homes for sale.

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A 20% Increase in Home Sales During May

There is absolutely no doubt that the housing market is recovering steadily without any pit stops along the way. As statistics are released each month by multiple agencies, the news is always the same: records are being set, year-over-year increases in new home sales, existing home sales, and all home sales are happening almost every quarter, and the built-up housing inventory of the Recession is in its 103rd consecutive month of year-over-year decreases since the market dropped out in October, 2008.  That last statistic is pretty mind boggling when you think about how bad builders and home sellers alike were suffering, holding onto properties and paying the taxes, mortgages, and expenses on these properties – waiting for the market to turn.

Well, the good news is – it has! May, 2017 is showing the strongest sales numbers for any May in the 9-year history of the RE/MAX National Housing Report – a 20.6%, year-over-year increase of total home sales compared to 2016.  Two other records were also set during the month of May: the average time a home for sale was on the market was only 51 days, and the housing inventory supply shrank to a shockingly low time period of only a 2.6 month’s supply.

What isn’t news and is still being watched by many economists is the average home price increased to $232,500 – the second highest price in the month of May in the history of the report behind the median sales price of $236,062 in August, 2008, right before the Recession. Home prices and rising interest rates have been a concern as home buyers are trying to get loan approvals to being the home buying process.

“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”

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Should I Rent or Should I Own

Do you ask yourself the question should I rent or should I own? If you are looking for a smart investment then owning is the way to go. Here are some things to think about when weighing owning versus renting.
Whether you are renting or purchasing your money matters!  Research where to get the most return for your money. The amount housing prices go up will greatly affect your return.  There are many resources to tap into where you can find great information about retirement, saving for college, investing and online financial services.
Look at a mortgage on a home as a means of saving money. A great advantage for homeownership is the ability to deduct your mortgage interest from your taxable income.

“Another primary advantage is the opportunity to build wealth via earned equity that is not available through renting,” says Daren Blomquist, senior vice president for ATTOM Data Solutions. “We know that home values do not always go up. But over the long term, they have consistently trended higher.”
Many people think of stocks, bonds, savings accounts, retirement accounts and cd’s as solid ways to save your hard-earned income but there can be challenges with these as well.  You might plan on and begin to set away a certain amount of income to one of these investments each month, however a life-changing event such as aging parents, growing children, job loss or health issues can wreak havoc on this plan.

Right now, a mortgage is more affordable than rent.   According to the U.S. Department of Housing and Urban Development, Bureau of Labor Statistics and Realty Trac, fair market rent on a 3-bedroom home is less affordable than a mortgage on a median-priced home in a majority of the counties across America.  Monthly rent takes up 38.6% of average wages where a mortgage only requires 36.6%.  Fair market rents across America are rising faster than the average wages.

Blomquist comments, “Today’s near record low homeownership rate, combined with low inventory of rental property, have combined to push rental rates higher during the housing recovery. In the majority of markets, home price appreciation has been outpaced by growth in rental rates.”
Remember it is not just a financial choice but an emotional choice as well when making a decision on your primary dwelling. Where we live makes a huge difference in our everyday life. From use of space to a lush backyard garden, to the installation of a fountain, outdoor kitchen, firepit, or home pool, Homeowners can enjoy more privacy and flexibility to make changes to their living space.

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It’s a Seller’s Market

Home pricing, fast home sales, bidding wars, and tighter inventory are the national trends for people selling their homes in 85% of the major markets around the United States. As the housing recovery has had a steady and substantial upward trajectory since its crash in 2008, home pricing has been both a boon and a warning for economists worried about too much, too fast causing a double-dip Recession scenario.  For now, for the first time in a long time, sellers have the advantage with a reported $44,000 increase in equity in a home sale during the 1st quarter of 2017.

This means that price gains from a purchase increased by $44,000, according to Attom Data Solutions’ report. There hasn’t been a sales gain this high since 2007.

“I am guessing we will see it get even better before it gets worse,” said Daren Blomquist, senior vice president at Attom. “If you are considering moving this spring, it could be a really good time to sell.”
This type of return on investment real estate sales results has caused bidding wars in competitive markets that have very low housing inventories. The time on the market for a home for sale has been a factor with an average of 45 days for “normal” markets and an average of just 21 days for fast-moving markets. Some homeowners thinking about selling are holding on a bit longer to see if this home pricing increase trend continues before they are willing to sell – getting the most bang for their buck. Also, “warnings” in the industry are indicating that if they do sell their home and sell it quickly, they may be stranded looking for a place to buy as the inventory is so tight. So, it can be blessing and a curse – a two-edged sword.

According to the report, the median home price for the 1st quarter of 2017 was $225,000, which is a shocking 13% increase from just a year ago. For those homeowners who went “underwater” with their mortgages during the Recession, the increase in home pricing / home equity has been a huge help, but some markets such as Las Vegas and Miami are still struggling with their housing recovery. Las Vegas is still showing a 26% decline in home pricing and Miami is at 22%.

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Home Prices Skyrocket in 1st Quarter

To see national total homes sales which include single-family homes and condos grow 5% year-over-year and 1.4% compared to the 4th quarter, 2016, reaching a total of 5.62 million total sales is incredible for the first quarter of 2017, but to know that it is the second highest growth rate in real estate sales since 2007’s 5.66 million is outstanding.  However, that is where home sales stand in the

first quarter of this year.  Currently, there is only a 3.7 month supply of homes available for purchase, turning the market into a buyer’s market vs. a seller’s market.  Unfortunately for buyers, this has caused a problem when trying to buy affordably because home pricing has once again been on the rise after leveling out after the Recession.

For three quarters in a row, home prices have been on the rise.  The national median sales price for a single-family home was $232,100 in the 1st quarter which is an increase of 6.9% in a year-over-year comparison with 2016.  The highest growth of prices was actually seen in the 2nd quarter of 2015 when prices went up 8.2% in one quarter. This is the second highest growth rate since. During the 4th quarter of 2016, home buyers experienced a 5.9% in home prices, so the startling upward trend in the 1st quarter of the year is of concern with inventory dwindling and more buyers entering the market.  The most problematic part of this is that as home prices rise, the interest rates have also been increased, so the combination of the two have shown a slight lull in home sales as buyers have had to

adjust and try to qualify with the new pricing and rates.

“Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” Lawrence Yun, NAR chief economist said. “Those able to successfully buy most likely had to outbid others – especially for those in the starter-home market – which in turn quickened price growth to the fastest quarterly pace in almost two years.”

Added Yun, “Several metro areas with the healthiest job gains in recent years continue to see a large upswing in buyer demand but lack the commensurate ramp up in new home construction. This is why many of these areas – in particular several parts of the South and West – are seeing unhealthy price appreciation that far exceeds incomes.”

In the southern region, there is encouraging news as total home sales increased 5.8% year-over-year compared to the 1st quarter of 2016 but also quarter-over-quarter as compared to the 4th quarter of 2016. However, one thing to watch was the 8.8% increase in home pricing compared to the first quarter of 2016, bringing the average home price to $209,000 in the South.

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Mandeville Trailhead Acquires Italian Cuisine

The Mandeville Trailhead will soon enjoy the authentic Italian cuisine of a local restaurant owner – Giovanni “Gio” Vanchere – who was also a high-profile chef in Vegas while operating award-winning restaurants and briefly acting as the catering director at Caesars Palace. Vanchere will be moving his 10-year-old restaurant Gio’s Villa Vancheri to the corner of Woodrow and Lafitte Streets at 690 Lafitte St. in Mandeville.

This well-known Mandeville treasure has been located on the East Causeway Approach next to a Vietnamese restaurant for over 10 years and has had a steady and loyal clientele, especially considering that getting to the restaurant was sometimes hampered by the road construction that had

been an almost 3-year ordeal for people living and working off of Florida St. and Hwy. 190.  The new location previously housed the Opal Basil restaurant, which served its last meal April 29th.

The new location of Gio’s Villa Vancheri will open around June 17th. Vanchere is pleased to now own a location, instead of renting one, and he is going to use all of the available square footage to showcase his wares.  The bottom level of the new restaurant will features tapas – European-style – and an antipasti bar.  Outdoor seating will be available on the second floor and will be the main part of the restaurant serving the authentic Italian dishes that have made Vanchere popular over the last 10 years.

“It’s been very gratifying to have the following of friends we have now and our new location will have more room for them,” he said. “And, it will be my own building.”

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