West Bank Weekend Events: August 1-3, 2008

Friday

Algiers night at Zephyrs Baseball.  OK, so it’s not just Algiers night, it’s also Fireworks Friday and Jefferson Parish night.  But I happen to know a busload of Algierines that are heading over to the stadium to spend a lazy Friday evening cheering on our local boys.  Can you think of a better way to start the weekend?  Visit the Zephyrs website for ticket information.

 

Saturday

The Jefferson Parish Summer Reading Party will be held Saturday from 2:30 to 6 pm at Skate Country on Terry Parkway in Terrytown.  Admission is free and you can rent skates or bring your own to celebrate the end of the summer.  I wonder who has bragging rights for the most books read?

Algiers Goes Back 2 School  Free school supplies will be given away (while supplies last) to all students accompanied by an adult.  The party includes music, games, drinks and fun activities from noon to 2 pm at the Algiers Regional Library, 3014 Holiday Drive.  The giveaway is hosted by the Algiers Women of Action.

Another school supply giveaway will be held by the Mason Pride of Marrero Lodge 291 and the Eastern Stars Daughters of Marrero 41 on Saturday from 11 am - 2 pm at 1429 Mansfield Avenue in Marrero.  In addition to the generous giveaway of school supplies, there will also be refreshments served.

 

Sunday

St. Julian Eymard Catholic Church in Algiers will celebrate its final Mass before the closure of the church this Sunday at 10am.  Past and present students, teachers, pastors and priests are invited to attend.  St. Julian parishioners are becoming part of the Holy Name of Mary family in Algiers Point.

 

Upcoming Events

Wednesdays on the Point continues this week at the Gulf Pizza in Algiers Point from 5:30 to 7 pm.  Free music will be provided by David & Roselyn and food and drinks will be available for purchase.  Come out and support your local West Bank businesses!

Fall Soccer  Have you seen the signs around Algiers?  Fall soccer registration is underway at Plantation Athletic Club (PAC).  For information or to register online, visit www.pacsports.org.

Make it a great West Bank weekend!

FHA Down Payments to Increase

Yesterday, the President signed into effect the Housing and Economic Recovery Act of 2008.  One of the key changes in this act is the immediate increase in down payments from 3% to 3.5% for anyone using FHA financing.  With drastic changes in the mortgage industry and the death of 100% lending, FHA has once again become a very popular way for many home buyers (especially first time home buyers) to finance their home purchases. 

What Does This Mean for Home Buyers?

For the average home sale on the West Bank of about $175,000, the minimum down payment required for FHA financing has increased from $5,250 to $6,125.  Additionally, the new act has done away with seller funded down payment assistance programs such as AmeriDream and Nehemiah as of October 1, 2008.  Down payment gifts will no longer be able to be provided by the seller in any way, but can continue to be provided by family, churches or other non-profits and employers.  As always, saving for a home and having cash reserves for emergencies continues to be the most prudent path for potential buyers.

What Does This Mean for Home Sellers?

Whenever buyers have to come up with more cash to get to closing, some of them will be knocked out of the market for a period of time or will have to purchase a less expensive home.  The pool of qualified buyers for homes falling within FHA guidelines just shrank overnight as it will take time for many of those buyers to save the additional funds needed for the new down payment guidelines.  If you have an accepted offer on your home that includes a seller funded down payment, your agent needs to follow up on the status of the buyers finances right away.

There are other changes legislated by the Act, but in my mind these are the most significant and will have the most immediate impact on our local West Bank housing market.  I’m not sure that the increase in the down payments are necessarily a negative, since many of the foreclosures are a result of buyers with no money to invest in a property getting in over their heads and then going through the trauma of losing their homes.  I’d rather see someone wait a little longer and be financially comfortable with their mortgage payments than to face foreclosure down the road.

For more information on FHA loans, contact Lisa Heindel.  I have a trusted team of mortgage professionals that can explain the ins and out to you.

Copyright 2008.  All rights reserved.  Lisa Heindel/West Bank Living

I’m Sorry, I Can’t Tell You That

Where are the best West Bank neighborhoods?  I’m sorry, I can’t tell you that.

What kind of people live in this neighborhood?  I’m sorry, I can’t tell you that.

Are there a lot of (insert description here) people in this neighborhood?  I’m sorry, I can’t tell you that.

Is this a safe area?  I’m sorry, I can’t tell you that.

I know that buyers relocating to the West Bank can often feel as if they have run up against a brick wall when trying to get answers to what they feel are important questions regarding the location of their new home.  Sometimes they think that their agent is not truly working for them.  I’ve heard complaints like “my last agent sent me nothing but homes in bad neighborhoods”. 

Here is why I can’t tell you that…

From the Housing and Urban Development (HUD) website:

Title VIII of the Civil Rights Act of 1968 (Fair Housing Act), as amended, prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability)….

In the Sale and Rental of Housing: No one may take any of the following actions based on race, color, national origin, religion, sex, familial status or handicap:

• Refuse to rent or sell housing
• Refuse to negotiate for housing
• Make housing unavailable
• Deny a dwelling
• Set different terms, conditions or privileges for sale or rental of a dwelling
• Provide different housing services or facilities
• Falsely deny that housing is available for inspection, sale, or rental
• For profit, persuade owners to sell or rent (blockbusting) or
• Deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing.

From REALTOR.org:

For the Home Seeker: You have the right to expect that housing will be available to you without discrimination or other limitations based on race, color, religion, sex, handicap, familial status, or national origin

This includes the right to expect:

• Housing in your price range made available to you without discrimination
• Equal professional service
• The opportunity to consider a broad range of housing choices
• No discriminatory limitations on communities or locations of housing
• No discrimination in the financing, appraising, or insuring of housing
• Reasonable accommodations in rules, practices and procedures for persons with disabilities
• Non-discriminatory terms and conditions for the sale, rental, financing, or insuring of a dwelling
• To be free from harassment or intimidation for exercising your fair housing rights.

Recently, the U. S. Department of Justice filed suit against a real estate brokerage in Illinois, alleging that some home buyers were steered to particular areas, while others were advised that the same areas were dumps.  When I counsel you to take the time to drive around, get the lay of the land and find the neighborhood that best suits your needs and your lifestyle, I’m not trying to pass the buck. 

Quite the contrary…I’m following the LAW.

For more information about Fair Housing, visit the HUD website.

Copyright 2008. All rights reserved. Lisa Heindel and West Bank Living

Algiers Point: West Bank Neighborhood of the Week

As the second oldest neighborhood in New Orleans, Algiers Point offers a step into days gone by.  Walkable streets, front porches made for sitting and relaxing on and corner stores and restaurants to fill your needs.

A designated historic district, Algiers Point offers homes built in the late 1800s, the early 20th century and even a few newly built houses as well.  Single family homes in the Point are priced from the upper $100s for homes needing a little TLC to over $500,000 for stunning, renovated historic properties. 

Multi-family homes are located throughout the neighborhood, with doubles remaining a popular choice.  Many owners choose to live in one side and rent the other side out, offsetting some of the monthly mortgage costs.  Doubles in the Point are priced from the low $100s for small homes with about 600 square feet per side to the upper $300s for larger homes with around 2000 square feet per side. 

More information about the Algiers Point real estate market

If you are considering buying or selling your home in Algiers Point, stay local and contact Lisa Heindel. 

 

Copyright 2008. All rights reserved.  Lisa Heindel and West Bank Living.

What Lifestyle Are You Looking For?

As part of the decision to purchase a home, buyers usually are armed with a list of must haves.  The number of bedrooms, bathrooms, garage size, and upgrades you want gives your agent a good starting point in finding the perfect home for you.

But, there is another factor that all buyers should consider when determining the possible location of a new home  - what is your lifestyle?  Taking the time to think about your lifestyle can help to avoid buyer’s remorse later on down the road if the home you choose doesn’t fit the way that you actually live.

If you are an avid golfer, buying a home close to or right on the course makes perfect sense.  If you value the privacy of your backyard, a golf course lot (and the golfers driving and walking by throughout the day) may not be your best choice!

Think about how and where you spend not just your days, but your nights and weekends as well.  Outdoor enthusiasts may want to be located near parks, while parents of students may want to be near schools.  Some buyers place a high priority on easy access to major medical facilities while others are more concerned with getting away from the hustle and bustle and want to look out their back window at trees instead of other homes. 

With the cost of gasoline at an all time high, many people are looking for neighborhoods with short commutes to their jobs and amenities such as restaurants and shopping that are within walking or biking distance to reduce their reliance on automobiles.  All of these are lifestyle choices that impact where they will be the happiest. 

When buying your next home, take the time to think about not just what you are looking for in the perfect house, but how that house works with your lifestyle as well.  Finding just the right fit will pay off in many years of happiness in the end.

Other home buying tips

 

Copyright 2008. All rights reserved.  West Bank Living

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