STAGING YOUR HOME WITH NEW ORLEANS-STYLED MUSIC (C) 2014 Wayne D. Lewis, Sr.

Guide to Preparing Your New Orleans-Styled

 Home for an Open House

 

If your home is on the market in New Orleans, one of the essential components to selling your home may not lie in whether the furniture is properly staged, but what is playing on the radio, stereo, or component set. (Component set?  How old are you?) If your home is located in the Garden District, the Irish Channel, Gert Town, 9^th Ward, New Orleans East, Gentilly, Algiers or the “Cutoff”, it shares a common bond with all of New Orleans: music. Gui

Just as great as New Orleans music is how New Orleans celebrates those who have made that music what it is.  So, if visitors just happen to hear a funeral procession in your area, they are likely to join in the “going home” of one our beloved musicians.  The music, no matter the occasion is as enveloping as any concert, because it’s New Orleans music, as only New Orleans can do.

UNCLE LIONEL BATISTE JAZZ FUNERAL 7-23-2012:

https://www.youtube.com/watch?v=KBB8OtYyUeM

New Orleans’ identity is her music and how, the world over, if anyone who hears the name of New Orleans doesn’t instinctively here the sounds of New Orleans, it is beyond me.  Just click on the links included here, and hear what others who long to visit, and do visit New Orleans’ various neighborhoods, want to hear whenever there is an Open House in New Orleans. 

If for example, when potential buyer come to visit your home on Bayou St. John, it’s possible you have the Olympic Brass Band playing softly throughout your 3 bedroom cottage.  Can visitors who come to see your home modestly staged, hear those brass horns, the shrill sound of clarinets, and that big, deep bass? ”Boom, Boom-boom”? 

Dejean’s Olympia Brass Band:

https://www.youtube.com/watch?v=7M2SEFvyByk

 

It is her music, born as far back as Louis Armstrong who, in his rendition of “Mack the Knife” is as celebrated as Mardi Gras itself.

Louis Armstrong:

https://www.youtube.com/watch?v=S-lHrDPjGfQ

The history of our music in New Orleans continues today with the likes of outstanding notables as Trombone Shoty, Irvin Mayfield, Allen Tousant, Professor Longhair, Pete Fountain, the Late Al Hert, the Nevilles, the Baptiste Family as well as the Marsalles’, just to name a select few.  Obviously, I left out a tremendous number of notables, both past and present.  Count it to my head and not my heart, because so many of our muscians, as individuals, families, and collaborators have contributed significantly to New Orleans’s past and, her future.  Now what does this have to do with marketing your home?

You better second line! Jazz funeral in New Orleans:

https://www.youtube.com/watch?v=EG6KH905cGU&index=10&list=RD7d1Pt2wohnQ

 Why New Orleans music during an Open House?

Music is very much New Orleans’ infrastructure.  Most cities would die to have the kind of music that makes New Orleans the historic and classy lady that she is.  Whether you start in the French Quarters, or uptown, or the 9^th ward, New Orleans’ own music flows through her the  same way the Mississippi River  flows through the pipes in our homes.  The only thing is, that music has flowed back up the river, and across the great oceans, lakes and rivers around the world.  And now, the moment someone comes to New Orleans, it would only be fair that they are reminded of the historic value that our music has not only played in making New Orleans what she is, but how it has also shaped the world with many of our great musicians who have travelled as ambassadors for this great city.

 Professor Longhair - Big Chief Part 1 & Part 2 - 45 rpmv:

https://www.youtube.com/watch?v=0UWBO4r11AY

 

By including their music in the showcasing of our homes, it speaks to the connection that we all feel to the spirit of those who have created such great music, but who today, invigorate our city and the world with music beyond compare.

 

Festive Atmosphere

Sure, you can play any music you want to when you hold your Open House.  But what music is going to capture the essence of this city that you live in so well?   And, for the most part, those who are visiting Open Houses, aren’t just people looking to move from uptown to downtown, they are looking to move in to town.  They are not just coming from the Northshore, they are coming from the North (Chicago, Atlanta, Cleveland, and/or Memphis).  Buyers are coming in from the West(California); Buyers are coming from the East (Florida and Mississippi).  But that’s not all, buyers are coming in from China and Europe, to name a few places. The atmosphere is extremely important in any home that is on the market.  And if you can’t think of any atmosphere any easier to create, putting New Orleans-style music on through your IPad, Computer, or whatever means that you may have, is sure to make the few minutes that someone visits your home on the market, truly memorable. 

The Neville Brothers Fire on the Bayou:

https://www.youtube.com/watch?v=XXI4hvLtjKE

I have only thrown in a few links from youtube.com.  But I am sure you can find a few of your own.  Plus, you probably have a few 33’s, 45’s or LP’s hanging around that you can throw on that old component set, that will sound just as clear and crisp as the day it was waxed.  New Orleans’ music is as key to helping you market your home as a fresh coat of paint, and improving the curb appeal.  Visitors who hear New Orleans-styled music as they walk up to your door, are automatically excited and thrilled just to be in a home that features the best of New Orleans.  And unquestionably, New Orleans music is nothing short of the best. 

Make Your Best Offer, New Orleans!

"Twelve's It" // Ellis Marsalis Quartet at The New Orleans Jazz & Heritage Festival 2012:

https://www.youtube.com/watch?v=CdXp2fFC3wU

Speaker:  If you are looking for a speaker to for your community group or school, please contact Wayne Lewis at waynelewissoldit@gmail.com

 

Disclaimer:  Not to be considered as legal advice.  Not intended to solicit the business or clients of another broker.  Information here is believed to be from reliable sources but not guaranteed.

 

MARKETING YOUR HOME DURING A SUPER BOWL-BOUND SAINTS’ WINNING SEASON © 2014

by Wayne D. Lewis, Realtor

Guide to Holding Open Houses in New Orleans

during a super season of Saints Football –Who Dat!

 

In New Orleans, there is sports, and then, there are the Saints!  As quiet as it can be kept, because it can’t really be kept too quietly, Saint’s[1] 2014-2015 is about to kick into high gear.  And, being realistic, if your home is on the market, you will have to consider creative strategies to compete with the allure, the excitement and spectacle of a football team that is destined to reach its second Super Bowl Championship for the 2014-15 season.  Bias?  A little more than slightly.  But I also know that there are homes on the market that are, without a doubt, just as spectacular and offer a world of variety, historical value, comfort and location, if not savings and equity in the New Orleans area.  The question is, how does one market competitively, their home against the hometown team of the New Orleans Saints?  Especially, as this appears to be a season to top the 2008-09 season that produced the New Orleans Saints as the 2009 Super Bowl Champions.

To suggest that there is an absolute way to market during this exciting season, would be an error in judgment, even for the most experienced set of real estate professionals, or homeowners.  In order to market one’s home during what promises to be a very exciting Saints season, one must have a set of plays ready to deploy at strategic moments during the next 17 weeks.  Of course, any of these plays that we use to market our homes may have to evolve more as we become more aware of the fact that the football season is not wholly made up of just the Saints playing, but that the Saints are on a mission.  And, in marketing our homes, we too must be on a mission that either equals or excels the excitement of the New Orleans Saints and all that that means to New Orleans.

As the Saints season fires up due to the high probability of a great winning season, it is going to be very challenging to get even the most pressing buyer out to our homes that are on the market.  We have to step up our game when it comes to marketing our homes this season in preparation for the Saints to win this season’s Super Bowl.  Hold on, it’s about to get wild up in New Orleans, and we need to be in it to win it to sell even the most prepared home, regardless of “location, location, location”.  But, we have to start somewhere.  So, let’s get started.  

As the season kicks off, know that as homeowners, it is important to be aware that we have buyers who are very knowledgeable about the timing of buying and selling a home, particularly as the home buying season takes a turn for a slower period just after Labor Day.

There is also the possibility, that there is an outlier that, although not sports related, may also play a nation-wide role in why homes are more competitive to sell during football season: school is in.  Whether as parents of students, or students ourselves, home buyers who may potentially buy homes are also focused on some form of school, even if it is high school football.  To that end, the football season maybe a source of release from studying, or from helping the kids’ with their homework.  In New Orleans, it is very likely that if not our New Orleans Saints’ magnetic draw alone, there are other worthy distractions that homeowners have to design a play that causes even the most resourceful buyer to be drawn off-side, to take a look at their home on the market.  In New Orleans, it’s nothing personal, but Saints Football as a factor in selling a home is not being taught in Real Estate classes.  The only other greater distraction in the marketing of our homes in New Orleans is Mardi Gras!

Check Out the Saint’s Schedule (See link below):

http://www.printyourbrackets.com/printable-new-orleans-saints-schedule.html [2]

A.       17 Week Challenge-If you check the schedule above, or pull out your own, there are approximately 8 home games between September 7, and December 28, 2014.  While that means that there are 8, possibly 9 other weeks (Bye-week) for homeowners to bring their A-game during the weeks that there are away games, don’t count your chickens just yet.

B.      The Bye-week-October 12, 2014 will be perhaps one of the best opportunities to make sure that a home on the market is ready to kick an onside kick.  That means don’t allow that week to get away so that buyers, who may possibly be somewhat down, depressed, or hungry for something to satisfy their hunger for awesome entertainment should have, at the very least, something compelling to grab their attention, even if for 10-15 minutes to view a house that is on the market.

C.      High Noon-11 of the 16 games for this season will be played between 12 and 1p.m.  While it is easy to conclude that these games usually last about 3 hours, one has to be aware that even if buyers aren’t going to go to a game, they are still going to be in game-mode in New Orleans.  One local radio station broadcasts anywhere from 3-4 hours before the game (whether in the Dome or not), and 3-4 hours after the game, plus broadcasts the game itself.  For those who want to hear how the players will be analyzed, dissected and praised, for the true die-hards of us that love the Saints, the challenge to hold an Open House has to include a radio or TV near-by that is tuned into some form of Saint’s oriented play-by-play during an Open House.  Why?  Because if anyone walks through that door, you need to be prepared to tell them the score from the time they walked from the car, around the corner, or if they flew in on a magic carpet.  It’s a challenge for a die-hard Saints fan to go to an Open House, so, at the very least, if you don’t know the score, have the game on.  Be ready for some extra company too.  Make it a festive atmosphere while you have visitors.

D.      Off-Sunday Games-An opportunity to hold an Open House also comes when, if we are lucky, the Saints play during the week.  For example, they play 2 Monday Night games (November 24 & December 15), the Ravens and the Bears, respectively. This leaves Sunday, November 23^rd and December 14 wide open to do a Quarterback sneak.  The Saints also play a Thursday night game on October 30, 2014, where they play the Steelers.  So, that November 2, 2014 is an opening in the offensive line to rush the passer, so to speak, and get an Open House in that sacks a buyer with a ready to view, and contract-ready display.

E.      Risky Games to Hold an Open House Against (my opinion)- If it isn’t too late, please be ready for the Saints vs Atlanta (September 7) or, Atlanta vs the Saints (December 21).  Whether they play here in New Orleans, or in Atlanta, holding an Open House will make you the equivalent of the old “Maytag Repairman”.  Let’s be real.  Atlanta and New Orleans have one of the biggest, deepest, longest love-hate relationships of any team in the NFL.  Let’s keep it real.  If you don’t know this, you don’t know nothing about New Orleans Football, particularly, the New Orleans Saints and Atlanta.  We don’t discuss this in mixed company, but New Orleans fans refer to the Atlanta Falcons as the “Dirty Birds”.  (But you didn’t hear that from me).   During these two matchups, very little gets done in and around the city.  If anything, tail-gating takes on a greater level.  It’s not only hotdogs, burgers, wings, but also ribs, gumbo, dirty rice, jambalaya, and an assortment of beverages, which we won’t name here.  All of your work to try to get anyone to come and look at your home will be for naught.  You may as well bring your TV or radio, because you will be watching the game by yourself, and hardly anyone will venture to your property on the market.  But, nothing beats a failure but a try, as long as it includes something to eat, drink and, at the very least, something to listen to the game.  It is a risk to hold an Open House during these 2 games, but have something in your arsenal equivalent to a Hail Mary play that will get the most definitive Saints-Falcon fan to bring their happy little feet to anyone’s Open House.  Just saying.

Now, let’s get out our playbooks, and design a set of plays that could possibly bring potential buyers to our homes during another fantastic Saints’ season.[i]

Showings

                                                              i.      Sunday Open Houses still draw some interested buyers, some of whom may still be on the fence.  However, during football seasons, that Sunday Open House has to be strategic.  It has to be either on a By-week; a week where the Saints are playing a Monday-night game, a Thursday-night game, or a late Sunday-night game.  These are small windows of opportunities for your home to really “pop”.  Many other homes are on the market during these times, and your home has a very limited opportunity when the majority of those potentially serious home buyers will actually go out to see what’s on the market;

                                                            ii.      Saturday and Dusk Open Houses-These are the opportunities to step out of the box.  A Saturday Open House, during the football season, in New Orleans, is not without its’ drawbacks as well.  The number one football team in LA, LSU occupies 8-12 weeks of free time as well.  Knowing their schedule helps to produce a better turnout of potential buyers.

                                                          iii.      When They Come-When potential buyers come, what do you do?  It is not enough that they showed up, as the seller, you need to show up to, figuratively (you don’t need to be present during Open Houses).  As your Realtor will share with you, they can show your home, but it is important that you as the seller present a home that is ready to be sold.  Here are some additional tips:

1.      Smells-use odor neutralizing sprays or unscented candles;

2.      Make sure doorknobs and handles are tightly in place;

3.      Make up beds, clean out closets

4.      Even if in the process of moving, stack any boxes in the garage, or arrange to place in storage

5.      Make sure lighting is perfect-have all light bulbs replaced

6.      Correct any running toilets

The Competitive Edge-

During the football season, a home on the market is in good company.  Per the local MLS reading[3], there are over 1000 residential properties for sale right now, in the New Orleans area, going into the regular football season.  Some may have contracts pending that aren’t recorded, or other factors maybe in play.  But the number of homes that are actually on the market can’t be that far off from my review.  Your home, now more than ever, has to step up her game.  It’s time to huddle, throw away the Summer season of marketing your home where you may have had a high visitor-rate because school was closed, or families were vacationing in the New Orleans area. Get ready to pull out the winning plays that are going to help you market your home effectively.  Let’s see what we can suggest.

A.       Nighttime-  Believe it or not, buyers look at homes at night, as well.   They drive through the neighborhoods that have potential homes for sale.  A home with a For Sale sign in front of a well-lighted home gives potential buyers an extra sense of comfort.  In addition to the aesthetic view of the home, security is also important, as a well-lighted home conveys a sense of security.

B.      Day time-During the day, if your home has landscaping that has not been upgraded, this would be that time!  It’s not enough to have the grass cut, make it look manicured.  Make sure the roses are pruned, the hedges may need to have a little shape to them.  Additionally, if an old car hasn’t been re-moved from in front of the house in some time, have it towed off.  Also during the day time, although you may be at work, it would be a plus to make sure your home appears occupied-lived in and enjoyed.  Leave blinds open, hang some plants from the porch and water them.  The water on the porch will suggest that you take care of the home.

C.      Throw A Party!  Well, not really, but one of the things that I find particularly noteworthy is that sometimes neighbors have a family member that they would love to move near them.  Get to know your neighbors (preferably before having to sell your home).  Invite them over for a private showing or little get together.  It’s possible that neighbor maybe reminded of a family member who may just love your home.  You may want to find out who your neighbor’s favorite team is (other than the Saints). Select a day when and where football won’t be a distraction (at least try).  Perhaps you can have a catered event and invite immediate neighbors, church members, or invite colleagues from work over to your home while it is on the market.  During this time, have information out on the home, including any financial assistance, your agent information, and perhaps a disclosure on your home.  If they have any questions, refer them to your agent.

D.     Bulletin Boards-While your agent is marketing in newspapers, on-line and the like, you as a homeowner have access to locations that your agent doesn’t have access to (your job, for example).  Unless disallowed, put flyers of your home on the bulletin board of the lunch rooms.  You can put tear off sheets on the flyer for potential buyers to call your agent.  Church is also a great place to put up a flyer with your agent’s contact information.

 
Conclusion

We have just shared a few suggestions as to how to take it to another level on marketing your home against an awesome team season of the New Orleans Saints.  Buyers are still on the prowl, but they will have to be distracted by a hard-count, that draws them off-side, if but for a commercial break, to see your home.    Noting most importantly, that it doesn’t really matter if you get a buyer into the home if it is a disappointment.  Make sure your home shines, like the Lombardi Trophy[4].  In addition to curb appeal, which is nothing to take for granted, the first 2-3 steps inside your home’s front entrance must be captivating, inspiring and motivating to a potential buyer, who has to feel like they are walking into an atmosphere worthy of taking time out from the half-time break of 15 minutes, so that even if they go back and watch the game, they are marking their scorecard with your home in mind.  Make this Saint season the right season to sell your home, so that you cannot only celebrate the sale of your home, but the Saints historic second winning of the Super Bowl.  Make Your Best Offer!  

Speaker:  If you are looking for a speaker to speak to your community group or school, please contact Wayne Lewis at waynelewissoldit@gmail.com

Disclaimer:  Not to be considered as legal advice.  Not intended to solicit the business or clients of another broker.  Information here is believed to be from reliable sources but not guaranteed. Information contained herein should  not be considered as an endorsement of any products or services.

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[1] New Orleans Saints- http://www.neworleanssaints.com/ 

[2] Saints Schedule 2014-  http://www.printyourbrackets.com/printable-new-orleans-saints-schedule.html

 (not an endorsement)       

[3] MLS-  http://nom.mlxchange.com/  (membership required)

[4] Lombardi Trophy- http://en.wikipedia.org/wiki/Vince_Lombardi_Trophy

 

 

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[i] Consult with your respective New Orleans Realtor(s) before enacting or following these suggestions, as your situation(s) may vary.  Or, call your Realtor of choice for their suggestions on how best to market your home during the Saints 2014-15 super-winning season.

NEW ORLEANS HOME BUYING SEASON 2014-© 2014 Wayne D. Lewis, Sr.

Four Things to Watch Out For in the Coming Year ©

Wayne D. Lewis, Sr.

 

 

What will this season of home buying offer to New Orleans’ buyers and sellers as we will soon be past the 2014 Super Bowl and then, marching into Mardi Gras?  Well if nothing else, this season will offer a lot of the usual attractions that make New Orleans the great city that it is.  For us, it’s the festivals, 10K races, parades, and lots of great food, and of course, our ever-changing weather.  But that’s not to say that there might not be a few great surprises in store for all of us.  I am going to out on a limb and project that there are at least 4 important things that buyers, and sellers, should be on the lookout for in this 2014 Home Buying season.  Here they are:

1. Money
2. Flood Insurance Premiums
3. Is New Orleans Home Inventory Shrinking?
4. How to Maneuver in a Growing Seller’s Market

 

Let us discuss:

• Money

Even as we speak, Wells Fargo is sponsoring a program in the Dutch Morial New Orleans Convention Center.  This program is offering potential home buyers an opportunity to get up to $15,000 in down payment assistance for qualified buyers.  One among many pluses of the $5.2 million to distribute here in New Orleans, buyers don’t have to necessarily qualify through Wells Fargo Mortgage.  You may use your own lender, such as Movement Mortgage, a Gardner Realtor affiliate.  Below is a link for you to check out Wells Fargo.  If you don’t get down to the Convention Center this weekend, check with your Real Estate agent, your lender or ,Wells Fargo for further details.  https://www.wfhmconsumerevents.com/aspx/Events/Brochure.aspx?t=1&EventID=7924

Be

 

 

• Flood Insurance Premiums

(Homeowner Flood Insurance Affordability Act (H.R. 3370).

As of today, Jan. 31, 2014, the U.S. Senate has voted to delay the Flood Insurance Premium increase for FEMA approved in 2012.  All that remains now is for Congress to approve the bill as well.  Congressman Cedric Richmond is looking for citizen co-sponsors for the bill to be approved by Congress.  Here is that link if you wish to become a citizen co-sponsor to delay the flood insurance premiums: http://richmond.house.gov/flood-insurance-newsletter . 

 

If, and that’s a BIG IF, this bill passes, we know that the next stop is President Obama’s desk.  President Obama has expressed some misgivings about the bill because it puts FEMA’s budget at risk because of all the disasters that occurred across America, but that should not deter us from making our interests known and working to keep Flood Insurance Premiums affordable, as buyers and homeowners.

 

• Is New Orleans Home Inventory Shrinking?

Although unconfirmed, New Orleans inventory of homes maybe shrinking.  What are the clues?  Here are at least three clues and how you may want to respond:

1.  Properties that are recently listed are sold quickly in a given area;
2. Properties that had been sitting on the market for quite some time, are now selling, at or just under sales price;
3. In an area where there are always homes on the market, there are none.

 

If these indicators are occurring in the New Orleans area, then it would be in the best interest of the buyer to make their best offer, quickly.  Have your Realtor check to see how quickly homes are selling not only in the area of choice, but in surrounding areas as well.  These indicators are sending a message, that if homes are fewer and fewer, then prices are going to either hold steady, or increase.

 

• How to maneuver in a Growing Seller’s Market

It is not out of the question, but it could happen again, that New Orleans rises to become a celestial Seller’s Market.  What does that mean?  For sellers: heaven!  For buyers, homes are going for a premium, and you, as a buyer, need to come game-ready (you’re a-Game) when you find the home of your dreams.  It is not a time to procrastinate, or as a home buyer, you will find yourself outside looking in.  Here are 3 things (not a conclusive list) to help you to prepare for a growing seller’s market:

1. If you are going to buy a home during the peak of home buying season, and financing is your primary option, please, please, please, get to your lender as quickly as possible.  Know up front your ability to not only buy a home, but how much you can afford.  It is key to ensure that when you find the perfect home in a Seller’s Market, you have reduced the odds of losing out to potential home-buying competitors;
2. Once you are loan approved, please, please, please, do not waste time looking at homes that are out of your approved financial range.  The drawback will be that as a home buyer, you will fall in love with a home that is priced right, and priced right out of your range, and then, as commonly happens, become discouraged.  Stay within your financial lane.  Meaning, focus on homes that you are approved for and that are affordable.  If the amount that you are approved for does not allow you to buy the type of home that you want, consult with your lender and Realtor on other options.
3. Last, but certainly not least, please, please, please, MAKE YOUR BEST OFFER!  During a Seller’s Market, the ball is in their court, as sellers.  The negotiations that may have occurred during a Buyer’s Market is not an option.  The Seller’s may counter a below listed sales price, but it will depend on how low, and the additional terms.  However, an under listed sales price offer, in a seller’s market, is begging for an outright rejection.  I’m just saying.  I’m just laying it out there.  In other words, I told you so.

 

Hopefully these four areas give each of you an insight, particularly as a buyer, as to some of the things that you should be on guard for moving into the 2014 Home Buying Season.  There will be more information coming about, and I hope that you will feel free to respond with any questions that you may have, or comments, as I will be glad to research the information that is available.

 

If you are looking for a speaker for any of your groups, please don’t hesitate to call me or email me to discuss New Orleans and the Home Buying process and how I can be of help to you as you, Make Your Best Offer.

Cell Phone:  512-786-7959
Email:  waynelewissoldit@gmail.com

Disclaimer:  Not an intent to solicit the business or clients of any agent or broker.  Information provided is deemed to be from reliable sources, but is not guaranteed.

 

New Orleans and the Home Buying Season (C) 2013 by Wayne D. Lewis, Sr.

The buying season in New Orleans is just around the corner.  For those who are even thinking about selling or buying a home, it's like getting ready for the races to start.  The buying season in New Orleans is that period just after, or close to the end of the Mardi Gras season.  Perhaps anywhere else in America, this period began just after New Year's.  But in New Orleans, we answer to a different beat.  It is the beat of the Second Line, Rex, Endymion, or Orpheus.  We march to Sugar Bowls, King Cakes, big beads, "Hey Mister, throw me something!" and Purple, Green, and Gold. 

http://www.nbcnews.com/business/topic/real-estate#/business/best-housing-markets-2013-1C7661416

The real estate buying season mostly likely comes to an abrupt halt around Thanksgiving, and during that time, anything having to do with home buying is a finish to whatever was left over from the Summer and early Fall.  Perhaps, a few cash deals may sneak into the pot, but for intents and purposes, the buying season is closed until after Mardi Gras.  So what happens when the buying season starts?  Lots of things, and you need to be ready, whether you are selling or buying.



SELLERS-Putting your home on the market suggests strongly that you, as a seller, have done all that is necessary to make your home a great buy.  That, as a seller, you didn't just rely on your home's locaton as the only selling point when you enlisted the assistance and guidance of a real estate professional.  Here is what you and your agent maybe working on in preparation for the home buying season (In no particular order):

• Clean and Neat
• Curb appeal
• Updated
• Repaired
• Renovated

http://realtytimes.com/rtpages/20121231_safeinvestment.htm

BUYERS-The moment you find a house you like, suggests strongly that you have done several things as well.  Looking at houses doesn't make you ready to buy a home, there are several responsibilities that you have to fulfill as well.  From paying cash to financing your next home, the home buying process requires that you either know, or do several things to make sure your home buying process goes smoothly.  Here are a few things that maybe helpful to you and your real estate professional:
(In no particular order):

http://homes.yahoo.com/calculators/afford.html

• Financing in order
• Cash
• Loan
• FHA Loans
• Conventional Loans
• VA Loans
• Bond for Deed/Owner Financing
• Where do you want to live
• How much can I afford
• Size home
• How much can you afford
• House note
• Insurance
• Upkeep and Repairs
• Understanding the process of home buying
• Home Inspection
• Title Work
• Appraisal
• Insurance

http://realtytimes.com/rtpages/20130104_fixerupper.htm

The home buying season in New Orleans presents a number of unique qualities beside Mardi Gras.  Since New Orleans is not far from the Gulf Coast, oftentimes hurricanes can affect a closing.  A hurricane does not have to strike, it just has to be a named one in the Gulf Of Mexico and be a cause for rescheduling a sale.  Another unique character of New Orleans homes is the diversity of so many neighborhoods.  While there are subdivisions throughout the New Orleans area, there are older neighborhoods, particularly in the uptown areas that consists of homes valued at as little as $45,000 sharing the same block or proximity with $100,000 plus homes.  And there is little to be said about that discrepancy, because, well that's New Orleans.  But what impact does that have on the home buying season?  Perhaps anywhere else a lot, but here, New Orleans, it's business as usual, and those are the type of situations that make New Orleans home buying process exciting, and challenging as well.

http://realtytimes.com/rtpages/20130107_bestmarkets.htm

Whether a buyer or seller, even if new to New Orleans, the buying season here offers a tremendous opportunity to see what New Orleans has to offer.  From low to high price ranges; from single-family cottages to raised-basement Victorian multi-family units, anyone who is in the market to buy during the high point of buying will want to do a double-take on many of the great deals that are ready to be previewed and sold during New Orlean's home buying season.

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SHOULD YOU REDUCE THE PRICE OF YOUR HOME? © 2012 by Wayne D. Lewis, Sr.

Previously Posted:  www.richfitusa.com

Let’s discuss whether you should reduce the price of your home.  What should you consider?  Let’s consider the following:

 

A.    Was your home priced according to an Appraisal, CMA or any other professional opinion?

B.     Are you getting the volume of showings you expected for the price your home?

C.     Are you getting offers that are extremely low compared to your home’s price?

D.    Are you able to control incidental factors that affect your home’s value?

The above questions are brainteasers that are intended to encourage us to brainstorm around the possibility of reducing the price of your home.  I want to emphasize that this is not to get you to reduce your home, but to consider the issues that surround whether to reduce the price of your home. If your home is on the market, let me encourage you to consult with your Realtor for the best possible decision regarding selling your home.   Right now, let’s tackle each of the four issues above.

First of all, how did you price your home?  Did your Realtor help you price it?  Did you use an Appraisal’s opinion, or any other professional who determines the price of homes and properties on a regular basis?  If you used a professional, then you have a point of reference from which you used something that included other properties that were similar to your home.  By going back to what was used with a professional, you are able to look at what specific factors were included that may have benefited those properties as compared to yours.  From their professional advice, you, as a homeowner, can refer back to the range of the prices that your home was in, and consider reducing your within that range.  For example, maybe a $265,000 home can be reduced to $259,900 to $249,900, or anywhere in between, depending on the market (how other houses are selling in your area).

If you set your price on your home by how much you put into your home, then you should be careful of how you compare your home to other homes in the area.  One of the things we Realtors try to warn our clients and customers is, try not to be the very best house on the block.  For example, putting a $20,000 fountain in your front yard will add beauty to your home, but its functionality or comparable value will not necessarily translate to a sale.  If you have added marble floors, and stainless steel appliances, then there is a possibility that you can pull some value from the comps, but there is no guarantee.  Other factors may apply. 

Secondly, another factor to consider as to whether to reduce your home, is how many showings are you getting, or even better yet, how many offers are you getting.  There is no magic number of how many of either you should receive in terms of showings or offers, but there should be a quality in either or both, although still not a guarantee of a sale.  What is a quality showing or a quality offer?

A quality showing is one in which there are constructive questions from buyers regarding the age of the house, the roof, or any repairs.  Quality offers are those that are anywhere from 90-98% of the sales price, all other factors notwithstanding.  But again, there is no magic formula to the number of showings or the type of offerings.

 

A third factor in deciding whether to lower your home’s price, are low offers.  We discussed quality offerings above, but low-balled offers, as we refer to them in the industry, are not to be taken lightly either.  Low-balled offers are not prescriptive, but it is definitely clear when someone offers you $100,000-$130,000 below asking price and maybe $30,000-$50,000 below asking price, as an example.   The previous set of low-balled offers are often insulting to sellers.  So much so, many sellers will hardly respond.  And while the buyer may feel justified with such an offer, it may help to submit something substantive with the offer.  The seller still maybe offended, but it may set the stage for consideration later if the house still hasn’t sold. 

The second type of low-balled offers, while closer in range to the sales price, may still be insulting, but are more likely to bring about a response.  A rejected offer beats a no response to a potential buyer, but it’s not a gurantee that there will or won’t be a rejection if within the 90-98% range by a seller.  As a seller, low-balled offers are a given on any house that is on the market, but the number of low-balled offers should be an indication of where the market is with respect to your property.   The goal is to put aside any personal feelings, as hard as it maybe, and look at the fact that you are receiving offers, and that the amount of the offers in terms of dollars, may be an indicator of what the market is willing to bear.

Our fourth and final factor are incidentals.  Incidentals are factors that you can or can’t control.  For example, you can control curb appeal, but you can’t (necessarily) control the neighbors who have a junked car on their front lawn.  You can control whether there is a worn carpet, or a loose plank in the flooring, but you can’t (necessarily) control the water bubbling up from the sewer on the corner.  These are the type of factors that could help you decide whether to reduce your home.  If for example, you don’t want to improve the curb appeal, or repair the loose plank, or give a carpet allowance, then you may want to consider a reduction on your home.  How much influence you have over your neighbor’s junk car collection, or the bubbling water may also determine whether you should reduce the price of your home.  These are incidentals to selling your home, in which you may or may not have control.  How you see these incidentals, recognizing them as factors that could affect your home selling, (I believe) should affect your decision to reduce your home on the market.

In conclusion, it’s your home.  You want to sell your home for the most money that you can get.  There are so many factors that affect whether your home sells, from pricing, to environmental factors, many of which you may not be able to control, other factors, you maybe able to control. This was not an exhaustive list or discussion.  But there are a number factors that you do have the opportunity to control or affect in such a way that your home is able to sell not only as quickly as possible, but for the best price, and that maybe within the 90-98% range, perhaps even, the 95-99% range of the sales price.  As Realtors, we know it is a challenge to sell your home, including the idea of deciding to sell your home.  You want the most that you can get, and you deserve it.  The real estate market is a challenging one.  Understanding how that market works with respect to your home, is key to selling your home quickly and for a price that is acceptable for you.  For further information on reducing your home, consult your nearest Realtor.  Thanks and best wishes on the sale of your home.

 

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Days On the Market (C) 2012 by Wayne D. Lewis, Sr.

Days on the Market (DOM) (c) 2012 by Wayne D. Lewis, Sr.

(Originally posted at www.richfitusa.com)

 

It appears to me, that one of the common misperceptions about real estate that any offer to purchase property is subject to a response from the seller. The misperception is that because it is for sale, that the owner(s) should jump at any offer that comes along, and be ready to negotiate. In a previous blog, I indicated that sellers/owners should not overlook an offer, even if it is a low-balled offer (http://richfitusa.com/profiles/blogs/the-upside-of-a-low-balled-off...). I still believe that a seller should negotiate a low-balled offer, but I also understand that even for sellers, there is a cutoff point.
Professionally speaking, I believe that a property that is on the market should be negotiated, even if the offer is low, and regardless of how long a property has been on the market. Conversely, I don’t want to give the impression that because a property has been on the market for ions or for a long period of time, that it is a sitting duck for the lowest possible price a buyer can make. Nothing can be further from the truth.
To further deter this misconception about those who believe that a property is subject to be sold for a low price based on how long it has been on the market, I did a little (un)scientific research. I call it (un) because I have taken established information from the MLS (Multi-List Service) for Gulf South Real Estate Information Network http://www.nomar.org/about-gsrein and the New Orleans Metropolitan Association of Realtors (http://www.nomar.org to assist in my conclusion(s).
I extracted information based on the following criteria, consistent with what I have seen over the years. Mostly, that properties that have been on the market for an extended amount of time, rarely sell for less than 90-95% of the listed price. It’s not a definitive fact, but it is a point of reference regarding how properties sell. This does not take into account all economic market conditions, and your results may vary.
I took a recent snapshot of not only three quarters of sales activity here in the New Orleans area for 2012, but I also took a snapshot of all of 2011 in a select area of the New Orleans housing market. Here is what I learned, using the following criteria:

Sold Properties;
New Orleans Area (East Bank): Areas 59-79;
Bedrooms: 3 -4;
Full Baths: 2 or greater;
Approx Living area: 1500-2500 sq ft living;
Condition: Excellent and Very Good;
Days On the Market or DOM: 180 days or greater

For all of 2011, 76 properties had been on the market for over 180 days, averaging 302.7 days. In the 1^st quarter of 2012 (13 properties), the average DOM of properties sold was 254.5 days; in the 2^nd quarter of 2012 (23 properties), the average DOM of properties sold was 323.6 days, and as we are going into the 3^rd quarter of 2012 (12 properties), the average DOM of properties sold is trending towards 244.3 days.

Continuing to focus only on the average DOM, it is important to understand that some of these properties may have been adjusted for in pricing, for whatever reason. That being said, the list price at the time of the sale is what we are comparing at this time. So, in looking at the snapshots above of listed verses sold price, we see a pattern of sales that indicate the properties selling more closely to the low to mid 90% range. For example:

For all of 2011 those properties that were on the market for more than 180 days, their average sales price was $195,050, (95% of list) but their average listed price was $205,165.70. As we check further into the beginning of 2012, the first quarter of sold properties that were listed for over 180 DOM, the average list price was $180,738.50, and sold for $169,452.50, or 93% of the listed price. The second quarter revealed a 94% listing to sales ratio with the average sales price being $234,887 to $250,330.40 average listed price.

Not missed in this backroom research, is the fact that property listed prices in the above stated criteria for single detached residences, appear to have had a bump in this the month of September, 2012. It is not conclusive of things to come, but deserves to be monitored for any signs of improvement. One possible indicator could be Hurricane Issac which occurred August 29, 2012. As we may recall, a number of homes that were not impacted by Hurricane Katrina in 2005, did go up in sales price in the Greater New Orleans area. But caution needs to be exercised before declaring that the same thing will happen as a result of Hurricane Issac.

With all of this said, how does one put together an offer on a property that has been on the market for more than 180 days? Well, as indicated by our title, one should make his or her best offer. Just because a property has been sitting on the market for an extended period of time, does not mean it is not of the value at which it is priced. A number of factors are constantly swirling around the Real Estate market nationally, and locally, and can affect the sale of a property once thought to have nowhere close to its sale price, and then rise to a value that is unmistakable, and well worth its sales price.

Factors that affect value, affect offering prices, obviously. But knowing why a property that has been on the market for an extended period of time is extremely important, so it requires doing some important homework.

That homework, when done sufficiently and perhaps, painstakingly well, will result in both purchaser and seller getting the best value for their money. But the offer has to be made with confidence in what the investment could potentially yield. We’ll talk next time about how properties have changed in value since Hurricane Katrina in the New Orleans area in our next report. In the meantime, consult with your Realtor on making your best offer for a property that you believe is a great investment. Make Your Best Offer.