Your Agent is Not Trying to be Mean

Before we list a house, we try to look at it objectively and through the eyes of a buyer. It’s easy for an agent to do, because we not only go in and out of hundred of homes a year, but when working with buyers we hear their feedback and pick up on the most common objections they have to some homes.

That’s not so easy for a home owner to do. Most of us are proud of our homes, our decorating and our curb appeal.  We get used to the little things that might not be perfect and tend to overlook them.  That’s why listing agents usually have to give sellers a list of things to do before going on the market and opening their home to the prying, critical eyes of today’s home buyers.

Common Buyer Objections

While schlepping through house after house after house in their search for the one that screams “buy me!”, buyers will usually share what they don’t like with their agent.  Some of the most common objections are:

Kitchens and baths that have not been updated. Yes, there are people who will love your retro, pink tiled bathroom.  But, there are not very many of them.  And the 1980s country kitchen?  It may be completely comfortable for you, but keep in mind that you are selling a home in 2010 and if a buyer senses that a major update is needed, it will be reflected in any offers you receive if you are not priced right.

Dirty or worn flooring that needs to be replaced. If a steam cleaner doesn’t take care of spots and stains on your flooring, you need to either consider replacing it or adjusting your asking price to accommodate the buyer’s need to do so.  Hint: most buyers will ask for much more off of the price than it would cost to go ahead and replace the flooring.

Personal paint color choices that don’t fit their taste. There’s a reason that agents preach neutral, neutral, neutral.  Lots of buyers don’t mind having to do a little painting to make a home their own, but it’s easier for them to envision that when they are starting with a neutral color.  Any bright wall color is just too personal when selling your home.

Poor curb appeal or landscaping. Peeling paint or missing siding should be addressed immediately.  Those are big red flags for FHA inspectors and appraisers and not taking care of them can eliminate your home from consideration by the majority of buyers today.  Your curb appeal is the first thing that people see and no matter how spectacular the interior of a home might be, pulling up in front of a house that obviously needs some front yard TLC can be a turn off that leads to not even getting through the front door.

Odd floor plans. When marketing, we call these “unique”.  The bottom line is that if you have a floor plan that leads to questions about what a space is used for, home staging might be the best thing you can do to help a buyer make sense of it.

Too much work for the price. There are a lot of buyers who are looking for something they can put their personal stamp on, so they don’t mind some of the things listed above.  However, the price of a home has to reflect that.  You can’t price at the top of the market and expect the do-it-yourselfers to come flocking to the door.

Overpriced for the neighborhood. I hope that when you are deciding on an asking price, you are looking at not only what homes have sold for recently in your area, but also what homes are currently priced at.  If your competition is all priced below recent sales, you’ll have a hard time justifying a higher price.

Need an honest, objective opinion on the condition and value of your West Bank home? Contact the West Bank Living team today.  We’d be happy to help you determine what improvements will give you the most bang for your buck in today’s real estate market.

What is the Homestead Exemption?

The Louisiana Homestead Exemption is an exemption on parish and state property taxes for the first $75,000 in value of your home.  There are some taxes that are not included in the exemption, typically those for fire and police protection.

Does everyone qualify?

All owner occupants of residential property qualify.  Investors are not eligible for the exemption.  If you own more than one residence (for example your primary home and a vacation home) then the exemption applies to only one property.

Where do I file?

Exemptions are filed with the parish tax assessor’s office.  After you have purchased a property and the mortgage has been recorded with the courthouse, you will need to bring your copy of the recorded sale documents to the tax assessor to file for your exemption.

• New Orleans Assessor
• Jefferson Parish Assessor
• Plaquemines Parish Assessor

Do I have to renew my exemption annually?

Yes.  Each year, you will receive a renewal card in the mail from your parish assessor.  Sign and return the card for automatic renewal without having to visit the office in person.

Have another question about homestead exemptions in the New Orleans area?  Contact the West Bank Living Team.

An agent’s job is not to sell you a house.

First of all, no one wants to feel like they are being “sold” to.  Secondly, when you are going to plunk down a big chunk of change or take on the monthly obligation of a mortgage, you don’t need a salesperson.  You need an advisor who is knowledgeable about the market and the process to guide you – not sell you.

An agents job is to:

Narrow down the hundreds and hundreds of listings to those that fits your wants, needs and budget.  With so many homes on the market right now, it can be a daunting task to wade through them on your own.  Having someone on your side who knows the ins and outs of the West Bank neighborhoods can help make choosing the right home much easier.

Provide you with the market information to make an informed decision.  What looks like a bargain may in fact be overpriced for a neighborhood.  This is especially important for folks relocating to the New Orleans area, since our real estate tends to be lower priced than other metropolitan cities.

Explain the home buying process until you are comfortable with every aspect.  It’s more than just showing houses – it’s explaining contracts, inspection periods and appraisals.

Refer you to other professionals that can help you along the way. We don’t know everything, but we do know local lenders, real estate attorneys, home and termite inspectors, contractors and handymen that might be needed during the purchase of a home.

When you are ready to start your home search, don’t forget that you have every right to interview buyer agents until you find one that you feel comfortable with.  Don’t allow yourself to feel pushed or pulled.  Buying a new home should be fun and we are dedicated to keeping it that way.

Need a professional and fun buyer’s agent?  Contact Terri Babineaux today to get started finding your next home.

28 homes are for sale in English Turn

• High list price $1,799,000
• Low list price $399,000
• Average list price $673,600
• Median list price $512,450

4 homes are under contract/pending sale, priced from $299,000 to $1,645,000

Based on the number of July sales (2), there is a 14 month supply of homes for sale in English Turn

English Turn | Number of Homes Sold | July 2010

After a month of non-existent sales in July, English Turn had 2 homes sold in July, bringing the year to date total up to 15 sales.  This is exactly the same number of sales that we saw for January through July of 2009, so the community is holding steady in buyer demand.

English Turn | Average Home Prices | July 2010

The year to date average price of homes sold in English Turn as of the end of July is $481,734, a slight 2.3% drop from the 2009 average. 

The number of active listings has dropped from last month, so it looks like some sellers have taken their homes off of the market.  The pricing competition will only get tougher, with a home priced at $299,000 now under contract.

Get this week’s free report of home listings and sales in English Turn

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

For more information about the real estate market on the West Bank of New Orleans, or to request a confidential analysis of your home’s value, please contact the West Bank Living Team.

57 homes are listed for sale

• High list price $1,700,000
• Low list price $64,900
• Average list price $377,740
• Median list price $325,000

7 homes are under contract/pending sale, priced from $174,500 to $334,000

Based on the number of homes sold in July (4), there is a 14.25 month supply of homes for sale in Belle Chasse

Belle Chasse LA | Number of Homes Sold | July 2010

July sales in Belle Chasse totaled 4, bringing the year to date number of homes sold in the area to 30.  This is a 17% decrease from the 36 homes sold at the same time last year.

Belle Chasse LA | Average Home Prices | July 2010

While there was a peak in April, the average home sale price in Belle Chasse this year is $261,101, a drop of 13.5% from the 2009 average.  Despite the fact that prices are down from 2009, long time home owners in Belle Chasse are still experiencing good appreciation in their properties as long as they didn’t pull all of the equity out of them during the boom.

Get a free home value report for your Belle Chasse neighborhood

More about July home sales in Belle Chasse

• 1 (25%) of the homes sold was a bank owned foreclosure
• 1 seller provided closing cost assistance to the buyer
• For the first time in 2010, we saw homes purchased with VA loans

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

For more about buying or selling a home in Belle Chasse or any other area on the West Bank of New Orleans, please contact the West Bank Living Team. 

19 single family homes are listed for sale

• High list price $389,000
• Low list price $65,000
• Average list price $262,205
• Median list price $259,000

3 homes are under contract/pending sale, priced from $123,500 to $229,000

There were no closed sales in July 2010

Algiers Point | Number of Homes Sold | July 2010

Although no single family homes were sold in July, the Point is still performing better than at this same point last year, when there were only 10 sales.

We’ve seen an increase in inquiries about listings in the area, but with less than 25 homes to choose from, many buyers are being forced to continue their search in the old Gretna or Uptown markets to find the architecture they are seeking if they don’t find a home they are happy with in the Point. 

Algiers Point | Average Home Sale Price | July 2010

Average single family home prices are still averaging higher than in 2009 and this may be one of the reasons for the hesitation by buyers.  With so much negative press about home values, buyers are admittedly nervous about taking on a mortgage in an area that has historically been losing value for the last few years.

Get this week’s free Algiers home value report

All data in these reports has been provided by GSREIN and is deemed reliable, but not guaranteed

For more information about buying or selling a home in Algiers Point or any other New Orleans neighborhood, please contact the West Bank Living team.

203 homes are listed for sale

• High list price $895,000
• Low list price $32,900
• Average list price $170,717
• Median list price $154,000

50 homes are under contract/pending sale, priced from $34,830 to $295,000

Based on the number of July sales (18), there is a 11.3 month supply of homes for sale in Algiers

Algiers LA 70131 | Number of Homes Sold | July 2010

With 18 homes sold in July and 111 year to date, Algiers is dead even in the number of sales in 2010 vs. those in 2009.  Last year saw a spike in sale in the 3rd quarter, so it will be interesting to see if the same thing happens this year.  Indicators point to yes, with 50 homes currently pending sale.

Days on market in Algiers has dropped to an average of 94, one of the only drops across the West Bank of New Orleans real estate market.

Algiers LA 70131 | Average Home Sale Prices | July 2010

Sale prices from month to month are always going to jump around, but Algiers ended July with a year to date average sold price of $148,351.  This is a decrease of 4.5% from the average sold price in 2009.

Remember, this accounts for all sales in the zip code (excluding English Turn – get those reports here) and your neighborhood may be performing differently.

Get this week’s free Algiers home value report

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

More about July home sales in Algiers 70131

• 39% of homes sold were bank owned foreclosures or short sales
• 28% of sellers provided a home warranty for the buyers
• 22% of sellers paid some type of closing cost assistance for the purchaser

Need more information about buying or selling a home on the West Bank of New Orleans? Please contact the West Bank Living Team.

111 homes are listed for sale

• High list price $399,900
• Low list price $9,499
• Average list price $130,126
• Median list price $110,000

17 homes are under contract/pending sale, priced from $30,000 to $229,000

Based on the number of July sales (5), there is a 22 month supply of homes for sale in Algiers 70114

Algiers LA 70114 | Number of Homes Sold | July 2010

Sales in the 70114 zip code dropped to 5 in July, bringing the year to date total number of homes sold to 58.  At the same time last year, there were 46 sales, so the number of properties being purchased has increased by 26%.  However, a quick look at average pricing will indicate that many of the sales were of properties in less than stellar condition or that were bank owned/foreclosures.

Algiers Point real estate market updates

Days on market remains steady in the 70114 zip code, holding at 104 days for the average home to sell.  Remember, this is an average.  The home on the market the longest was 413 days, while others sold in a day (rare, but it happens with bargain basement priced investor properties).

Algiers LA 70114 | Average Home Prices | July 2010

It looks like a precipitous drop in prices, but keep in mind that in July 80% of the homes sold were bank owned foreclosures – most of which were in need of extensive repairs and renovations to make them habitable again.

The current average sale price of $107,017 is a decrease of 9% from the 2009 average price.  In addition to the impact of foreclosures, anytime there is a decrease in sales in Algiers Point we will see a dip across the entire zip code.

Get your free Algiers home value report

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

More about July home sales in Algiers 70114

• 80% of the homes sold were bank owned or foreclosure properties
• 20% of the sellers provided closing cost assistance to the buyers
• No home were sold with a home warranty
• 60% of the homes were not financed, but instead were cash purchases (typically an indication of an investor in the lower price ranges)

What you need to know about lockboxes

Only licensed agents and appraisers are allowed to purchase the special electronic keys that open the lockbox.  No one else has access to the keys to your home.

Whenever the lockbox is opened, the name and number assigned to the key is recorded, along with the time and date that the box was opened.  We know almost immediately if an agent showed up for an appointment and whether they were on time.  I can’t tell you how many times that information has allowed me to give an “all clear” to a home seller who was circling the block, wondering if the agent had been there and left yet.

The lockbox provides an entire history of showings on a property.  Every once in awhile, we’ll get an agent who forgets to turn out lights or lock a back door.  We know exactly who to call based on the record of showings from the box.

Why you should use a lockbox

There is really only one reason….it makes showing your home easier.  Let’s face it, with so many homes on the market today, agents who are scheduling a day full of showings will skip right over homes that are difficult to get into.  Pick up a key from the office?  Not gonna happen, especially with real estate offices scattered all over the metro area.  Meet the listing agent to get in?  If we have to meet an agent to gain access to a property, that house is going to the bottom of the list while we schedule other appointments for homes that are easy to show and fit our client’s schedules rather than the listing agent’s.

The bottom line:  Lockboxes are the standard in making your home easy for agents to show and are the safest method available to make that happen.

The architecture in Old Garden Park is typically a raised cottage, built on a spacious lot and set back from the street, allowing for large front yards with room for beautiful landscaping and mature trees.

On the southern side of Garden Park, you’ll find a collection of 60s and 70s ranch homes, starting at around 1500 square feet and topping out at almost 3,000 square feet for the custom built homes that are scattered through the neighborhood.

Prices start in the low to mid $100s for smaller homes or those needing updating, while the larger models command prices in the mid to upper $200s.

Map of Garden Park/Old Garden Park

View Garden Park, Gretna LA in a larger map

Garden Park is located in Jefferson Parish in the incorporated City of Gretna, which has it’s own council, mayor and city services.  Students are served by the Jefferson Parish Public Schools and by the various private and parochial schools in the area.

What’s nearby?

The West Bank Expressway is one of the main thoroughfares through the West Bank of New Orleans and can get you to just about anywhere on the West Bank in minutes.  Dining, shopping, recreation…the choices abound.

Video tour of Garden Park

For more information about buying or selling a home in Gretna LA, please contact the West Bank Living Team.