West Bank Living

Tracking how people get to my website allows me to see, in detail, exactly what kind of information consumers are looking for about West Bank real estate.  Recently, I had a website visitor that came to me by way of a search for "louisiana property disclosure vs. as-is".  I figure that if one person asked that question, then there are other folks out there wondering the same thing.

FIRST, it is important to point out that under Louisiana law, sellers (with few exceptions) are required to provide a property disclosure, whether they are selling the property "as is" or not.  Disclosing or selling "as is" is not a one or the other decision.   Unless you are one of the few who meet the state mandated exceptions, you MUST provide a disclosure to all purchasers.  The law applies equally to those using a professional REALTOR® and those attempting to sell their property on their own.

• For details on what has to be disclosed when selling your West Bank property, read more about Louisiana property disclosures here.
• For a list of those exempt from providing a property disclosure, contact Lisa Heindel.

As a listing agent, I always recommend that my sellers transfer their Louisiana property to the new owners with an As-Is Clause and Waiver of Redhibition.  (For people living in other parts of the country, Redhibition is basically the Louisiana civil version of a lemon law, allowing purchasers to sue for unseen defects.)  The waiver of redhibition is intended to minimize the number of lawsuits brought by purchasers against the sellers of real property in Louisiana.  IMPORTANT NOTE:  This does NOT mean that the purchasers cannot do inspections or that they cannot walk away from the purchase if there are inspection issues that cannot be resolved by negotiating repairs or a price adjustment. 

It does mean that after inspections have been completed to the purchaser’s satisfaction the following language will become a critical part of the act of sale documents (the highlights are mine).

From the Louisiana Real Estate Commission Website:

Do you still have questions about As Is and Waivers of Redhibition?  Please contact Lisa Heindel, REALTOR®.  I’d be happy to refer you to a local real estate attorney who is well versed on this topic.

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

Copyright 2008.  Lisa Heindel, All rights reserved.

According to the National Association of REALTORS®, over 80% of home buyers begin their search for a new home on the internet, long before they ever contact an agent or view houses personally.  This makes perfect sense, since google has entered our language as a verb.  We "google" maps and people and even ask questions online to find more expert information on topics of interest.

From the REALTOR.org website:

According to the 2007 National Association of REALTORS® Profile of Home Buyers and Sellers, 84% of all homebuyers used the Internet as an information source. (Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers.)

With the staggering number of potential home buyers utilizing the web to find their dream home, it has become more important than ever to use a West Bank REALTOR® who has embraced technology as a staple in the advertising of their listings.

What type of technology should a professional West Bank REALTOR® use?

Email

Whether through their desktop computer, cell phone or via wi-fi access to their laptop, today’s REALTOR® should have the ability to send and receive emails without having to run to the office computer to do so.  Sending documents to lenders and title companies immediately via email makes for a much smoother transaction and provides documentation that tasks were completed in a timely manner.  Since time is of the essence in real estate transactions, email is one tool your agent should never be without.

Digital Camera 

Pictures are the number one request of today’s home buyers who are searching online.  Homes with multiple photos and virtual tours receive many more views than homes with no photos or only one photo of the exterior.  

The New Orleans MLS service allows agents to upload 8 photos to every listing, yet many still have just one photo of the front of the house.  I haven’t seen a home yet that I couldn’t take eight photos of to showcase in the best possible light and capture the attention of both buyers and their agents.  Remember, buyer agents are using the information provided in the MLS to decide which homes best suit the needs of their clients and often will skip over homes with only one photo. 

Website

Not just a company provided website, but one that serves as a resource for both buyers and sellers and ranks well with the search engines.  Most people surfing the internet for information never go beyond page 2 of their search results.  If your agent’s website doesn’t show up in the top 20 spots for homes for sale in the area, how many buyers will find it (and your home)?

Additionally, round the clock, 24/7 web access to the activities taken to market your home is a convenience that few agents are offering.  See the snapshot below of how easily my clients can remain informed of all activity on their homes while listed.

Blog

Many people don’t even know what a blog (web log) is and may not even realize that they are reading one when surfing the net for information.  This article is part of a blog!  REALTORS® who blog have committed to providing the most up-to-date information to their customers and clients and are more likely to keep up with other advances in the real estate industry that will enhance their ability to market and sell home listings. 

Video and Virtual Tours

A new market is emerging for real estate videos and virtual tours.  No longer are buyers content with seeing just photos, they want to see more of the homes they are most interested in along with neighborhood information.  The ability to provide video tours of your home is offered by very few REALTORS®.  Doesn’t your home deserve the best marketing your commission fees can buy?  YOU could be one of the first home sellers on the West Bank to take advantage of the power of video advertising!

What’s in it for you?

Participating in online networking and advertising has had the benefit of increased exposure for all of my clients’ homes for sale as I’ve continued to expand the number of places that my listings are advertised.  Here are just a few of places you can expect to find your home when listed with Lisa Heindel…

Want to know more?

Feel free to contact me at (504) 616-6262 for details on my entire marketing plan and how I can help you sell your West Bank home.  Or, just google me…

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

Copyright 2008.  Lisa Heindel, All rights reserved.

A recent article in City Business magazine states that foreclosures in the Louisiana real estate market rose 70% from the 4th quarter of 2007 to the 1st quarter of 2008.

One in every 944 households in Louisiana received a foreclosure filing in the first three months of this year. That’s well below the U.S. rate of one in every 194 households, according to an online foreclosure database.

Irvine, Calif.-based RealtyTrac’s first-quarter 2008 U.S. Foreclosure Market Report lists 1,938 Louisiana properties with foreclosure filings, an increase of 70 percent from the fourth quarter of 2007 and 31 percent from the first quarter of 2007. 

 

Read the rest of the article here.

Although this is a drastic increase, Louisiana is still ranked #37 in the nation for foreclosures.  (Finally, a low ranking that we want).  The article made me realize that I haven’t taken a look at the foreclosures on the West Bank for quite awhile and that it’s time to see how this shift is affecting our neighborhoods.

Back in February 2008, there were a total of 77 bank owned or foreclosed properties on the West Bank listed for sale in the New Orleans Multiple Listing System (MLS).  As of today, there are 69 active bank owned or foreclosed properties for sale on the West Bank. 

While this may sound like it contradicts the City Business article, it is important to realize that when a bank starts the foreclosure process on a property, it does not list it for sale right away.  It takes time to go through the legal process of foreclosure…time during which the property is typically not well maintained is often without utilities.  With our long, hot, humid summers, a lack of air conditioning can cause a home to deteriorate very quickly, making repairs to it even more extensive AND more expensive.  Additionally, some disgruntled and frustrated owners are stripping their homes of everything they can, leaving behind a shell of a house when forced to move out by the bank.

I’ve received lots of inquiries recently from people who are convinced that the best deals to be had on the West Bank are in foreclosures.  And that may be true for some.  But many of these homes need more tender loving care than a first time home buyer or amateur investor is prepared to put into them in terms of time, money and effort. 

There are more homes for sale on the West Bank than we have seen in years in many areas.  Buyers should not let the media focus on foreclosures give you tunnel vision when shopping for your next home, causing you to pass up some of the great deals that can be had on properties that don’t require the repairs that a bank owned property may need. 

In the meantime, sellers need to keep a close eye on the number of foreclosed properties for sale.  When the number of bank owned homes in an area increases, it can have a negative affect on the prices of ALL of the homes in a neighborhood as buyers seek out the best perceived value for their mortgage dollars.  Staying up to date with your neighborhood competition just became more important than ever.

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When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. List Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed,

Copyright 2008.  Lisa Heindel, All rights reserved.

Although we are hearing about how bad the real estate market is, there ARE homes still selling on the West Bank of New Orleans.  With the right pricing and marketing plan your home can stand head and shoulders above the rest!

Take a look at these homes that I sold last week on the West Bank:

202 Norland Avenue  Algiers, LA

3 bedrooms, 1 bath

Listed for $144,500, SOLD for $135,000

3807 N. Teak  Algiers, LA (Tall Timbers)

4 bedrooms, 2 1/2 baths

Listed for $249,900, SOLD for $222,000

3319 Knightsbridge Harvey, LA (Barkley Estates)

4 bedrooms, 2 1/2 baths

Listed for $335,000, SOLD for $335,000

Are you thinking about selling your West Bank home?  Be sure your research includes the 5 Steps to Choosing Your New Orleans West Bank Real Estate Agent.  In today’s competitive market, just sticking a sign in the yard and putting your listing on MLS is not enough.  Hire a local expert who can guide you through the entire selling process.

Related Reading:

5 Dos and Don’ts for Home Sellers

Spring Home Selling Tip #1 - Curb Appeal

Spring Home Selling Tip #2 - Clean, Clean, Clean

Spring Home Selling Tip #3 - Clear the Clutter

Spring Selling Tip #4 - Neutralize

Copyright 2008.  Lisa Heindel, All rights reserved.

The real estate market on the West Bank of New Orleans has been in a state of flux since Hurricane Katrina.  Prior to August 2005, we were seeing a slow, but steady, increase in values across the entire West Bank.  Since flooding was limited to just a few affected areas in Jefferson Parish, there was a rush to purchase homes on the West Bank as people began to return to the city…pushing both rents and home prices up very quickly. 

After the initial spike in the market, these increases in value have been difficult, if not impossible, to maintain over the long term.  An unfortunate side affect is that many people who purchased a non-flooded home in 2006 paid a premium for it.  As these homes are coming back on the market for sale, some sellers are finding that they are upside down - they owe more than their house is appraised for.

The standard Louisiana purchase agreement allows the purchaser to make their offer contingent (conditioned) upon an appraisal that is equal to or greater than the purchase price.   Financing is usually a contingency as well, with the buyer’s mortgage company requiring an approved appraiser inspect your home and determine the current value based on recent comparable sales in the area.  Recent means just that.  It doesn’t matter what price your neighbor got for his house when he sold a year ago.  An appraiser will be researching sales within the last 6 months and prefers sales within the last 90 days.

What can you do if your West Bank home appraises for less than the agreed upon sale price?

• Cry.  Go ahead, I’ll pass you tissues and hold your hand until the moment passes.
• Yell.  You are welcome to vent about the qualifications (of lack thereof) of the appraiser, but please don’t yell AT me.
• Have the buyer pay the difference between the contract price and the appraised value.  Take your best shot, but I’ve never seen this happen except in the buying frenzy post Katrina.  Those days are long gone.  Stop and think…Would you pay more for a house than it’s worth? 
• Cancel the sale and go back on the market.  Keep in mind that the next appraiser may come up with the exact same numbers. If you are in an area that is seeing declining values, the next appraisal could even be lower.
• Reduce the sales price to the appraisal amount.  This is the most common (and common sense) solution.  Will doing this cause you undue financial hardship?  Then it’s time to take the sign down and settle back into your home until the market turns.  Please remember that my crystal ball is on the fritz again, so I cannot tell you when that might be.

There is one other option when an appraisal comes in low, and that is for your REALTOR® to provide additional comparable sales for consideration by the appraiser.   Occasionally, this additional information will be considered and result in an adjusted value, but it is the exception, not the norm.

The best way to keep from being surprised with a low appraisal is to hire an experienced West Bank REALTOR® who will keep you informed about market changes during the time your home is listed.  A monthly update of neighborhood sales keeps you on top of things and allows you to adjust your price as needed.  If you need more information about setting the right price for your West Bank home, please contact Lisa Heindel, REALTOR®.  I’d be happy to go over the real numbers with you.

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.