Several Reasons To Purchase a Home This Winter

 It has been said that springtime is the perfect time to buy or sell a home, but is this always the case? Not necessarily, while springtime is the most popular time, winter months can work in a home buyer’s or seller’s favor. This can include having more time on your side to decide, not as much competition, and real estate agents have more time to focus on just you. Here are several reasons that this winter might be the right time to purchase a home.

1. Winter-Tested Houses

The winter brings harsh cold weather to most every area in the US. During the harsher cold weather, a home inspector can see the home’s flaws a little better. If you close on a home in the summer, you might have some surprises in store next winter. Professionals in the industry will tell you that the best time for a property inspection is during the rain and snow.

2. Motivate Sellers

Inventory is fairly low and slow in the winter. If someone puts their home on the market in the winter it usually means they are a motivated seller. If you are in the market for a new home, sellers will be more prone to accept offers and negotiate more on the price and closing costs during the slow winter months.

3. Fewer Buyers

The winter months are a great time to hibernate indoors so to speak. This means that there are fewer buyers out there during the colder months that are looking for a home to buy. You definitely will have less competition in the housing market during the winter. This means you can take your time and make sure you are not rushed into making an offer.

4. Available Realtors

Since winter is considered an “off-season” for realtors, this means that realtors have more time on their hands to devote to you and your search. A realtor will not only be able to devote more time but also support your specific home search.

5. Discounting Movers

Colder winter months are also slow for professional movers. This means that many movers might give company discounts for their services during this time. Since they will also have a lighter schedule, they will have more free time so they should be able to accommodate when you would like to move.

If you are ready to move before the spring, contact a local real estate agent who can help you with the home-buying process. A realtor can not only find you the home of your dreams but can get it at the right price and right terms.

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Myths About Custom Homes

 A custom home is a home that is built to the specifications of the buyer. Basically, the buyer of the home will get to choose every detail when it comes to their new home. Many home buyers shy away from building a custom home due to several myths.

The biggest myth is that a custom home is too expensive. Although this can be true, there are tons of ways to save when building a custom home. You do not need to have a massive budget for a custom build. Another big issue is that many home buyers feel it takes too long to build a new home. Many custom homes are actually built faster than mass-produced homes.

When it comes to custom builders, there are plenty out there and they are easy to find. The best way is through recommendations and searching online. You will want to be sure to ask the builder you have chosen about their experience, process and pricing.

Remember, working with a builder who understands what you want and knows your budget is the key. A good builder will help you find ways to save money through the homebuilding process.

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Will the Madisonville Bridge Be Changed?

 Madisonville is a quite small town outside of a big city so why would the town need to expand its two-lane bridge? If you are a resident or are familiar with Madisonville, then you know about the two-lane swing bridge crossing the Tchefuncte River along Louisiana 22. Traffic is a nightmare so many commuters come through that way. Will changing the bridge to accommodate the traffic hurt the quaint town?

Mandeville Mayor Clay Madden discusses the bridge and says it is the topic of discussion for two years in a row at a traffic summit that he organized. He goes on to explain that the small bridge plays a big part in Western St. Tammany Parish’s traffic problem. Rep. Mark Wright of Covington has put forth a resolution to the state Department of Transportation and Development to conduct a study on how traffic can be alleviated over the Tchefuncte River. He backs it up by saying that St. Tammany has been rapidly growing and the Madisonville bridge is a detournement to economic development. No matter what the study shows, the bridge is part of the town’s landscape.

“What can be done to a two-lane bridge in a small town? I don’t know,” says Madisonville Mayor Jean Pelloat.

The town does not want a huge high bridge, which is what would happen if they turned the bridge into a fixed bridge with more lanes. Boats have to pass beneath the bridge if it does not swing to give clearance. “No one wants to make a high rise over Madisonville,” replies Sharp. St. Tammany Parish Council member Michael Lorino says this just might have to happen to accommodate the traffic pile-up. He feels that raising the bridge height to allow most boats to go through without having an open bridge can be done by keeping the quaint town atmosphere.

Some relief has already come in the form of a new bridge opening schedule which will begin in April. Instead of opening on-call every half-hour, it will open every hour on-call. This will help with the morning and afternoon rush. There are also several projects that will improve traffic flow that will be done in the surrounding areas. This will include a roundabout at Louisiana 1085 and Louisiana 22, rerouting Main Street traffic to Cedar Street along with a roundabout at the intersection with Louisiana 22, the state also plans to add a turning lane on Louisiana 22 from Tangipahoa Parish line east to Perrilloux Road.

“You can’t make the traffic disappear, because you can’t make the houses disappear. But you can make it move a little better, says Lorino.

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Exciting New Trends for the Current Homebuyers

 The current housing market is starting to cool along with the buyer frenzy. Professionals in the industry have three trends that can benefit a buyer when they go to buy a home.

1. More Homes To Choose from

For the past several years, the housing market has hit a record low in housing inventory. This coupled with high buyer demand made it hard to even find a home to purchase. The Calculated Risk reported that homes for sale increased by 39.5% in the last week of October 2022 from the same time in 2021. It is still a seller’s market, but the good news for buyers is that there is more inventory to choose from when finding your new home.

2. Bidding Wars Have Eased

With the demand for buyers over the past several years came huge bidding wars. Luckily, for buyers today, things are different. According to the National Association of Realtors (NAR) the offers on sold homes have declined recently. This fall, September showed the average was 2.5 offers per sale, which was down from the 3.7 offers per sale from last September 2021. Since this has started to slow down, the bidding wars are as well, making it a great time to get back into the market and search for a home without the huge influx of competition.

3. More Negotiation Power

When there is less competition for buyers, then there is more negotiation power on your side. The last couple of years has seen buyers willing to skip things like appraisals and inspections in order to win a bidding war. The National Association of Realtors (NAR) shows that buyers in today’s market are not waiving all contingencies. Appraisal and inspection are two very important factors when it comes to purchasing a home. A survey from Realtor.com shows that 95% of current sellers are accepting a house inspection from a buyer. Sixty-seven percent of sellers negotiated with buyers on repairs found during an inspection.

There are still challenges buyers must face in today’s market, but they are becoming more scarce. Now is a great time to purchase a new home, first find a local realtor who can help you on your journey to getting your dream home.

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To Build or To Buy a Home

 If you want to own a home but haven’t decided whether to build a house or buy one, there are several things to consider. If you love a custom look with features and finishes that are in your taste, then building a custom home would be for you, but if you like historic charm and an older established neighborhood then purchasing a resale is right for you. If your budget is a factor, what is cheaper: building a home or buying an existing one? The National Association of Home Builders and the US Census Bureau reports that the median cost to purchase a home is $410,600 and is less by $28,800 than building a home.

Pros and cons: Building a house

According to the professionals in the industry a basic home can be built for around $150 per square foot. This is for a basic home, but this price can jump up to over $500 per square foot if you want the best of the best. When you build a home you get to choose what you want such as an eat-in kitchen. A new home also has less long-term expenses than an older home. A new home will be more energy-efficient and will have lower utility bills. There are also less repairs and lower maintenance costs.

On the other hand, a new construction home will take longer to get into. Especially nowadays with labor shortages and shipping difficulties. According to the US Census Bureau it takes around 6-8 months to build a new construction home. You will also have an alternative place to live while your home is being built which is an added expense. Since there is a shortage of home inventory, demand is up and the cost of building is higher. The US Census Bureau reports that new construction home costs have risen $84,700 over the same time last year.

Pros and cons: Buying a house

Most of the time, there are fewer construction costs when purchasing an existing home. The only time this will not be the case is when you purchase a fixer-upper. When you purchase a home, the transaction time is also a lot quicker. This would be the best option if you need to relocate or have a short time frame. If location is important, purchasing an existing home will be much easier than finding a lot to build on.

You do not have to build to get an all-new home. You can opt to purchase a new construction home that is completed and listed for sale. You will still have all new everything without the hassle of building a home yourself.

If you are in the market for a new home, find a local realtor who can help you with your purchase of a newly built home, custom-built home or an existing home. A realtor can help you determine which is best for you and your lifestyle. They can also help you with financing options and refer you to a lender.

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Benefits of Homeownership

 Even with the rising mortgage rates, inflation and the slowing housing market there are benefits to homeownership. The secret is how you gain equity and wealth due to home values rising over time.

“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments,” stated the National Association of Realtors (NAR).

The Federal Housing Finance Agency (FHFA) released data showing the gains over the last five years. Home prices grew around 64% on average across the country during that period.
Meaning, the home’s value can increase a lot during a short time period.

Think that is good? They also revealed that over a thirty-year span home prices went up over 290% (on average)! Even with the price increases coming in different by state and local areas, a homeowner who purchased a home thirty years ago saw their equity triple.

The cooling house market will still see home price appreciation in 2023. If you purchase a home, it will still grow in value over the next year. It will just grow over a slower pace than we have seen the last couple of years.

The cooling market should not detour you from owning a home. Rental prices have also been climbing and there are no benefits to throwing your money away to rent. Home buying is an investment that will set you up for long-term gains. Contact a local real estate agent to start your homeownership journey.

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A New Family Entertainment Venue Is Coming to Covington

 The building that once used to be Rouses will now be redeveloped as a fun, family entertainment venue.   The center will be two venues including a trampoline park and a swim school.  The businesses are expected to draw in patrons from a sixty-mile radius.

The Rouses, which closed last month, is a 58,000-square-foot building located at 50 Park Place and sits next to Home Depot.  Gulf State Real Estate and Construction Services purchased the building making it a multi-million-dollar acquisition.  The company will handle the construction of the two venues that have been in the works for five years.  Rouses came to the company and asked them if they would like to do a project in one of the sites that they wanted to exit.  Gulf State Real Estate and Construction Services built several of the Louisiana grocery store chain’s locations.

Mike Saucier of Gulf State Real Estate and Construction Services, says the plan is to start the redevelopment project at the beginning of 2023.  They will break up the space into two spaces, one for Urban Air which will be 48,000 square feet and one for Goldfish Swim School which will be 10,000 square feet.

Goldfish Swim School teaches swimming and water safety for infants to 12-year-olds and this will be their first Louisiana location.  The goal is to open the swim school in the summer.  This location will hold a 3 to 4-foot deep indoor pool explains franchise owners Rachelle Nurse and her husband Joe Goodly who also owns Urban Air Adventure Park.

Urban Air Adventure Park will be the second Louisiana location and will open in November.  The first Urban Air Adventure Park is located in Denham Springs.  The trampoline park not only includes trampolines, but also a zip line, climbing walls, virtual reality and much more.  The franchise is particular when it comes to choosing a location for one of their franchises.  They take into consideration how many children live in the area and if a site can provide a regional draw.

Saucier is excited about the new projects and believes it will only enhance the desire for corporate relocations to St. Tammany.  “This checks the entertainment box,” Saucier said. “It fills a gap and brings us up to the level of other cities.”

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