West Bank Living

West Bank Real Estate FAQs: What Information Do I Need Before I List My Home?

Lisa Heindel — Tue, 18 Nov 2008 21:01:42 +0000

Once you have made the decision to list your West Bank home for sale, there are a few things that you will need to have available to make the process a little smoother. While this list might not cover everything, it’s a good starting place.

As you gather all of this information together, I recommend making a file folder to keep it all in. Of course, don’t forget where you put the folder.

Documents Needed

Floor plan (if available) Buyers love to have a floor plan for their new house, especially if they plan to make changes OR if additions have been made to the home over the years

Flood insurance policy There are 2 reasons for this: (1) it contains your flood zone, which is needed to complete the disclosure and (2) many of the flood zones have changed over the years. If you have a flood policy that allows you to be "grandfathered" in under an old zone, buyers may want to assume that policy.

Most recent appraisal If it’s more than 90 days old, the value may have changed, but the measurements have not. Being able to say that an appraiser measured the square footage of your home (instead of an agent) lends more credibility to the number.

Survey The wonderful thing about surveys is that they are rarely outdated. Unless you have given away or sold a portion of your land, the boundaries of your lot are the same now as they were when you purchased your home. A survey is especially important to buyers if you don’t have a fence around your yard, since one will be needed if they plan to install anything around the property lines.

Flood elevation certificate (if available) Many lenders are now requiring flood elevation certificates during the loan approval process. If you can provide an existing certificate for the buyers, this is one less thing that could possibly delay a closing.

Home Owner’s Association Covenants and Restrictions Residents of gated communities or those that have deed restrictions should provide copies of any and all information related to the Home Owner’s Association. Rules, regulations, covenants, restrictions and contact information for association board members can all be requested by the potential buyers, so it’s better to have this package prepared ahead of time.

Information Needed

The Louisiana Property Disclosure form has page after page of questions for you to answer about the history of your home. To save yourself some time, gather the following information before you meet with your West Bank REALTOR:

Names of all people who are on the title of the house Not only are the names of all of the owners needed, but their signatures are needed as well on all of the listing documents. Don’t schedule a time with your agent when everyone who needs to sign is not available!
Age and type of air conditioning/heating systems
Age of hot water heater
Dates of any damage to the home and details on how/if it was repaired
Termite contract details Who is the contract with? When does it expire?
Home warranty information (if applicable)
A list of any improvements done to your home The very things that you love the most about your home are probably the things that will attract a buyers interest as well. You can help your agent craft the perfect description of your home by sharing all of the recent changes and improvements made to it!

Still have questions about listing your West Bank home for sale? Give me a call or drop me an email and I’ll be happy to discuss your personal situation with you privately.

Is Your House Invisible to Buyers?

Lisa Heindel — Tue, 18 Nov 2008 03:17:23 +0000

I know…I’ve gone on and on about the statistics. Over 85% of today’s buyers are looking on the internet for their new home. Listings with multiple photos and virtual tours get more views and more attention from buyers than those without. Kind of common sense, huh?

Well, if I know this, and you know this, then please tell me why there are agents who still don’t get it. I’d really like to understand.

I was going through the MLS this morning, looking for the perfect new listings to send to my buyers. Here’s the info on the 40 that I viewed this morning:

4 had only 1 picture (the MLS allows us to upload 8 photos)
19 had NO pictures and
Zero - that’s right - not a single one of them had a virtual tour

Despite the glowing descriptions, carefully crafted by the listing agents, it all comes down to one question. Is this how you attract a buyer to your property?

Interested in buying a West Bank home or selling your West Bank home? Contact Lisa Heindel. It would be my pleasure to assist you with all of your real estate needs.

New Orleans West Bank Home Sales by Neighborhood

Lisa Heindel — Mon, 17 Nov 2008 23:52:22 +0000

Almost without fail, after the monthly West Bank real estate market reports come out someone contacts me about their particular neighborhood. I’d love to be able to do monthly reports on every subdivision, but the West Bank is pretty big and I do need a little time sell a house or two now and then.

The chart below shows the October 2008 home sales for a few of the most popular communities. If you don’t see yours here, drop me an email and I’ll be happy to add it.

Subdivision	# Active Listings	# Pending Sales	# Homes Sold	Average Listing Price	Average Sold Price
Tall Timbers	17	3	0	$246,408	N/A
Bocage	17	1	1	$178,500	$195,500
Park Timbers	9	2	0	$264,355	N/A
Walnut Bend	11	3	2	$183,881	$126,000
Barkley Estates	10	2	1	$424,960	$290,000
Plantation Estates	4	2	1	$347,500	$284,000
Bent Tree	7	3	4	$215,000	$160,500
Springwood	8	1	0	$510,725	N/A
Village Green	5	0	1	$238,380	$190,000
Stonebridge	36	3	6	$319,750	$395,000
Timberlane	17	3	1	$359,000	$220,000
Magnolia Trace	4	0	0	$372,500	N/A
The Residence	3	0	0	$471,900	N/A

All information provided by GSREIN and is deemed reliable, but not guaranteed. The number of active listings and pending sales are as of 11/17/2008. Sold data is for the month of October, 2008.

The most interesting thing to me is the wide gap in most neighborhoods between the average listing price and the average sold price. If you are a seller wondering why your West Bank home hasn’t sold, here’s your sign.

Don’t Talk to the REALTOR!

Lisa Heindel — Sun, 16 Nov 2008 16:08:11 +0000

There is a perception of many REALTORS as middle aged women or men with too much/not enough hair, too much make up, too much perfume, too much gaudy jewelry, too big of a car….everything in excess and then on top of all of that - they are PUSHY, PUSHY, PUSHY!

Don’t talk to the REALTOR…if you give them a phone number, they will call you every day and hound you about buying or selling a house.

Don’t talk to the REALTOR…if you give them your email address, they will send you more spam than those male enhancement companies about buying or selling a house.

Don’t talk to the REALTOR…they are desperate now that the market has changed and will tell you anything to get you to buy or sell a house.

You get the picture…

I, for one, am tired of the old REALTOR cliches, as true as they may be for some in the industry.

I’m looking forward to the day when I can hear:

Talk to my REALTOR…she communicates with me in the way that I want and keeps me up to date with useful information about the market in my area

Talk to my REALTOR…he sends me the newest listings and lets me decide what I like

Talk to my REALTOR…she knows what’s going on in today’s market and the neighborhoods

Talk to my REALTOR…he has contacts for everything - mortgages, inspectors, title companies

Talk to my REALTOR…she made buying/selling easy and fun

Am I dreaming too big?

Saturday on the West Bank: Farmer’s Markets

Lisa Heindel — Sat, 15 Nov 2008 21:05:32 +0000

What a gorgeous Saturday! Sun shining, a sky so clear it almost hurts to look at it, and the fall breeze is finally blowing. What a perfect day to be outside on the West Bank. After showing a couple of houses this morning, I spent some time wandering around the farmer’s markets, picking up a couple of things here and there and taking pictures. How was your Saturday?

First stop, Gretna Farmer’s Market

Besides all of the salsas and sauces and fresh produce, there were some wonderful homemade breads. After much deliberation, I chose the tomato, olive and goat cheese pizza bread- YUMMY!!

While strolling through the market, I saw that a gentlemen was selling muscadine wine, so I stopped and asked him about muscadine jelly. It’s one of my favorites…my grandmother used to make it for us all of the time, but I rarely find it anywhere. He didn’t have any, but he kindly suggested that I try some of the other local farmer’s markets - it’s out there, I just need to find the right person. OK, I know just where to go.

Back in the car and off to the Westwego Farmers and Fisheries Market.

There were pony rides for the kids (and some adults too!), a band playing on the stage, local art on display, and lots of fresh produce. After grabbing my bag of satsumas, I continued to explore. Finally, JACKPOT!

A table full of jams, sauces, pickled green beans and (YAY!) muscadine jelly. Nichole Rodrigue, of Jovial Jellies Pickles & Preserves had a great selection of reasonably priced items and will even create made to order gift baskets all year round. I can’t wait for breakfast tomorrow - anyone want to join me for coffee and a hot, buttered biscuit with muscadine jelly?

Please support your West Bank businesses!

The Gretna Farmer’s Market is located on Huey P. Long Avenue between 3rd and 4th Streets and is open every Saturday from 8:30 am to 12:30 pm, rain or shine.
The Westwego Farmers & Fisheries Market is located on Louisiana Avenue in Salaville and is open every Wednesday and Saturday from 9:00 am to 1:00 pm, rain or shine.
Jovial Jellies Pickles & Preserves - visit them at the Westwego market. You can order gift baskets by calling (504) 352-5115 or emailing Nichole Rodrigue at nlrivere@cox.net.

If you are considering buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel. It would be my pleasure to assist you with all of your real estate needs.

Is Your West Bank Home A $4 Latte or A Value Menu Item?

Lisa Heindel — Wed, 12 Nov 2008 01:55:04 +0000

This week, the news came out that Starbucks projects a more than 90% drop in 4th quarter 2008 earnings. As changes in the economy are forcing some consumers to tighten their budgets, high priced coffee is no longer selling at the rapid pace that it once was. At the same time, McDonald’s posted an increase in third quarter 2008 earnings, with much of the continued growth attributed to the value levels of its menu.

As the economy tightens, how long will consumers continue to justify paying $4 for a cup of coffee when they can get an entire breakfast, coffee included, right down the block?

I don’t think that it’s a stretch to apply this same question to the current West Bank real estate market as many sellers cling to their higher listing prices while loudly and proudly proclaiming “I’m not giving my house away”.

Sellers need to review the current market and their pricing and ask themselves: How many buyers are dismissing you as the Starbucks of the neighborhood and driving down the street to order from the value menu at McDonald’s?

Area	2007 Average Sale Price	2008 Average Sale Price	Change (+/-)	October 2008 Average Listing Price
Algiers 70131	$178,124	$154,649	-13.18%	$190,862
Algiers 70114	$160,479	$124,523	-22.41%	$173,401
Algiers Point	$265,060	$219,343	-17.25%	$266,408
English Turn	$595,342	$506,829	-14.87%	$669,736
City of Gretna	$145,018	$143,246	-1.22%	$158,337
Terrytown	$186,981	$172,380	-7.81%	$226,697
Belle Chasse	$295,894	$262,802	-11.18%	$386,993
Harvey	$170,015	$156,469	-7.97%	$190,561
Marrero	$166,684	$156,244	-6.26%	$173,769
Westwego	$117,190	$108,667	-7.27%	$133,811

Information from GSREIN and is deemed reliable, but not guaranteed.

Take a close look at the 2008 and 2007 year to date average sale prices on the West Bank. There is not a single community that hasn’t been affected by falling real estate values. Obviously, some areas have been affected more than others, but the general trend is for lower sales prices.

Now look at the average listing prices in the same areas.

It seems to me that there is a large supply of $4 lattes on the market. That’s too bad, because I’m taking my qualified buyers to McDonald’s.

Buying or selling on the West Bank of New Orleans? Contact Lisa Heindel. It would be my pleasure to assist you with all of your real estate needs.

Thank A Veteran Today

Lisa Heindel — Wed, 12 Nov 2008 00:31:02 +0000

Take a moment today and remember that freedom is never free. Thank a veteran for their service. You’ll feel good about it, I promise.

And don’t forget to Email Our Military during this holiday season. Veterans Day shouldn’t be the only day that we take the time to appreciate the men and women who continue to sacrifice for our country every day.

Thanks from the bottom of my heart to both my father (U.S. Navy) and my father-in-law (Marine Corps) for their service.

Algiers LA 70131: October 2008 Home Sales and Real Estate Market Reports

Lisa Heindel — Tue, 11 Nov 2008 16:33:56 +0000

Current real estate statistics for Algiers LA 70131 as of 11/5/2008:

210 active listings, priced from $22,000 to $975,000
Average listing price of $190,862
6 pending (but continue to show) listings, priced from $80,000 to $195,000
30 under contract listings, priced from $19,900 to $295,000
Based on October 2008 sales, there is a 21 month supply of homes for sale in Algiers LA 70131
Note: this information excludes English Turn home sales

Algiers LA 70131 - Number of Homes Sold October 2008

While the first half of 2008 showed home sales on the rise in Algiers, the number of homes sold each month has been steadily declining since June. Year to date, an average of 19 homes are sold in Algiers (70131) each month, compared to 26.7 per month in 2007.

When looking at the overall sales trends for Algiers, the number of homes sold in 2006 cannot really be used as a market indicator, since it includes the flurry of home buying that took place after hurricane Katrina.

Algiers LA 70131 - Average Home Sale Prices October 2008

Just as the number of sales has been dwindling each month, the average sales price in Algiers has been drifting downward as well, ending October at $154,649 - almost exactly the same as the 2004 average sales price.

It’s important to note that these number are for the entire 70131 zip code (excluding English Turn) and your Algiers neighborhood may be performing differently. Sellers who have been on the market for an extended period of time should ask their agent for an updated market analysis of listings and sales for the last 90 days only - this is the true indicator of our current real estate market and what buyers are looking for and willing to pay.

All information provided by GSREIN and is deemed reliable, but not guaranteed.

Related Reading:

If you are interested in buying an Algiers home or selling your Algiers home, please contact Lisa Heindel. It would be my pleasure to assist you with your West Bank real estate needs.

Algiers LA 70114: October 2008 Home Sales and Real Estate Market Report

Lisa Heindel — Tue, 11 Nov 2008 16:02:11 +0000

Current real estate statistics for Algiers LA 70114 as of 11/5/2008:

82 active listings, priced from $34,500 to $590,000
3 pending (but continue to show) listings, priced from $100,000 to $149,900
12 under contract listings, priced from $25,750 to $289,000
Based on October 2008 sales, there is an 11.7 month supply of homes for sale in Algiers zip code 70114

Algiers LA 70114 - Number of Homes Sold October 2008

Algiers (70114) homes have been selling at an average of just over 8 homes per month 2008, on par with the 2007 sales pace, but below the sales rates seen in 2004-2006. This trend is being repeated in several West Bank communities.

To put things into perspective, there are currently 82 homes listed for sale - this is only 2 less than have been sold throughout 2008, creating almost a year of inventory. The good news is that this projected supply is down from last month’s estimate of almost 2 years due to a higher number of sales in October.

Algiers LA 70114 - Average Home Sale Prices October 2008

Average home sale prices in Algiers have had their ups and downs this year - mostly dependant upon what’s selling in Algiers Point. Overall, though, the average sale price is down over $35,000 from 2007.

What does this mean for home sellers in Algiers? It means that you need the most up to date information about sales and listings in YOUR neighborhood. It means that you need to receive that information from your agent each and every month that you are on the market to ensure that your price remains competitive and you are offering the best value to the buyers.

All information provided by GSREIN and is deemed reliable, but not guaranteed.

Related Reading:

If you are considering buying a home in Algiers or selling your Algiers home, please contact Lisa Heindel. It would be my pleasure to assist you with all of your West Bank real estate needs.

What Does That Mean? A West Bank Real Estate Listing Status Lingo Lesson

Lisa Heindel — Tue, 11 Nov 2008 02:57:57 +0000

A lot of time and effort goes into the analysis of the West Bank real estate market each month. But, if you are not a real estate geek (like me) or have lived in another part of the country where the terms used are different, then some of it may seem like Greek to you.

Here is a quick and easy primer on the different real estate listing statuses used in each months West Bank market reports:

Active - currently listed for sale in the MLS (multiple listing service - a central database of all property in an area listed by real estate professionals)

Pending - an offer has been accepted on the property, but the seller is continuing to allow potential buyers to view the property - usually in hopes of getting a back up offer. Typically, this status means that inspections and the appraisal have not been completed yet. In some cases, sellers are not 100% warm and fuzzy that the contract will make it to closing and want to hedge their bets a bit by continuing to show the property up until they receive a clear to close from the buyers mortgage company. A special note to sellers: When there is a large number of homes for sale (like now) most agents will not show a property that is in a pending status to avoid disappointing their buyers.

Open Predication - an offer has been accepted on the property, but the buyers are still trying to sell their existing home - in some other areas this is known as a contingency. Usually a predicated offer has terms that give the buyers a specific amount of time to sell their home and/or to remove the predication if another acceptable offer comes in. During the period of the predication, the seller will allow showings to other qualified buyers.

Under contract - an offer has been accepted on the property and the seller is not allowing showings. Things happen though, so if the house you’ve had your eye on is “under contract”, ask your agent to keep you updated in case it comes back on the market.

Closed - the sale has been completed and the property has been transferred to the new owners.

Not so hard, right? Stay tuned for the next real estate lingo lesson, coming soon to a West Bank real estate blog near you!