It is our goal at The Parks at Plaquemines to keep our buyers informed about the latest information from the local, state-level, and national real estate industry. We post content to our blog that we hope that you as our custom home buyer will find helpful. Look here for information about financing your new home, building restrictions for new homes, and real estate legislation that will impact you as you are looking to buy or build a new home in the Greater New Orleans area.

The Ins and Outs of a Home Appraisal

A home appraisal is a big part of the home-buying process. Having a better understanding will allow you to better negotiate and avoid the stumbling blocks. A home purchase is a financial obligation but it also is a very emotional decision. When it comes to the appraisal of your home, this is what the mortgage lenders will be most concerned about.

A home appraiser is a middle man literally speaking. An appraiser will always be your neutral opinion. In order for you to obtain a mortgage, your home must pass an appraisal. An appraisal is an assessment of the property’s value by an unbiased third party.

The unbiased third party is known as the appraiser who is state-licensed or certified. They will look at the home as a neutral party taking into consideration the home’s location, age, condition, additions or renovations and recent sales of comparable homes.

When you are in the midst of your home purchase, you the buyer will be the one who is responsible for paying for the appraisal. The appraisal fee is usually bundled in with your closing costs. A typical fee would be anywhere from $330 and $440. The cost will depend on the home’s square footage and if it has an unusual floor plan.

Once the appraiser completes the appraisal, they will present you with a report. The report will give an analysis of the property and data on comparable homes. Once your appraisal goes to you and your lender. If the appraisal matches the value of the price you and the seller agreed upon, then your loan will go to process. If the appraisal comes in higher, then you gain immediate equity. If the appraisal comes in lower, you will have to come up with the difference between what the lender will lend you and the amount you agreed upon with the seller.

Remember going at this alone is very stressful. Go with a local sales agent who can help you with the homebuying process from start to finish. A local agent will also be a great source for the perfect lender for your needs.

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Secrets to Finding a Home in Any Type of Housing Market

The ever-changing housing market will always keep the buyer and seller guessing. If you are a buyer, it is always nice if the market is a buyer’s market. Even when the market is up, down, or somewhere in between, professionals in the industry have some tips on how to buy a home in any market.

1. Help Your Offer Stand Out

In a seller’s market, there will almost always be multiple offers on the home you are making an offer on. To get ahead of the game, it is a good idea to get pre-qualified for a mortgage. This will give you a rough estimate of how much you can afford. To ensure that you are able to purchase the home you want to make an offer on, get a verified approval letter from your lender. This will let a seller know that you are a serious contender and you can go through with the offer.

2. Partner With an Experienced Agent

A local real estate agent will be able to battle for you in any kind of market. They have extensive knowledge in the local market and can also refer you to a local lender. You can go into a home showing with the knowledge of the comparable property selling prices in the area and an agent can get you into pocket listings. Pocket listings are usually sold privately and are not listed on MLS. Agents also keep up with one another, so your agent can get the scoop and help you make an informed decision on which way to go.

3. Check Out Affordable Alternatives

Your budget might not be in line with your dream home, so you may want to shift your focus. Focus on your must haves and share these with your real estate agent. If you can move into another area that is cheaper, that can also be a way to get the home of your dreams. To check out other areas, use a cost-of-living calculator which can help you compare housing costs, and other factors in different areas.

4. Sweeten Your Offer

You want to get your offer a second glance, so you want it to stand out. You don’t just have to work with the purchase price on a counter offer, you can also negotiate other factors. An example would be if a seller is still shopping for a home, you can rent back their home after you purchase it. This will make your offer more attractive over others.

Remember purchasing a home is a big deal no matter what kind of housing market we are in. Be sure to choose a lender and a real estate agent who will help you with the home buying process from start to finish.

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U.S. Home Builders Beat Expectations for July

According to data from the Census Bureau home building increased 3.9% in July from June. This stems from the buyers’ interest in new homes since the market is so low on existing home inventory. New home starts bumped up to a seasonally adjusted annual rate of 1.452 million which beat out the expectation from the Census Bureau of 1.448 million.

Single-family homes rose 6.7% in July with a seasonally adjusted annual rate of 983,000. This makes the number of units started up to 5.9% from July of last year.

“Buyers embraced new homes in the first half of this year as a welcome alternative to the massive shortage of existing homes. Homebuilders responded to the rebound in demand by ramping up production in the first five months of 2023 and rolling out incentives. The latest readings show activity skewing noticeably toward the single-family space,” said George Ratiu.

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Are the Home Prices Dropping Faster Than We Expected?

The second quarter of 2023 in Louisiana saw a drop in home prices. In fact, this is the fourth quarter in a row that prices have declined. According to professionals in the industry, year-over-year growth was at 0.4% in the second quarter, down from 5% in the first quarter and the high of 13.8% in the second quarter of 2022. Growth over the next four quarters is expected to be flat

The good news for Louisiana is that employment looks better and it is estimated that the state will add another 27,000 jobs over the next year. Job growth plans to be around 2% over the next half a year. The gains are predicted to be the best in Baton Rouge, New Orleans and Alexandria. Louisiana’s unemployment rate will also remain flat for the next year and is set at 3.6%.

All over the country consumer spending is still going strong with an inflation-adjusted disposable income growth that is over 4% in the past couple of months. Household purchases of durable goods are up as well and are projected to stay strong for the next three years.

“Home price growth statewide has slowed more than projected in each of the last two quarters,” reports Gary Wagner with University of Louisiana Lafayette.

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Make Your Front Yard More Appealing Yet Private

You want to show off your lawn, but you also want privacy when you are enjoying it. A great way to do this is by using natural landscaping along your wall or fence. Here are some ways to enhance your privacy and curb appeal at the same time.

1. Install Light and Airy Decorative Screens

A decorative screen is a nice way to add some privacy without saying keep out to everyone. Strategically placing decorative screens is a common tool used to make your front yard a bit more private. A lattice-style wall is both private yet lets light pass through and does not entirely close off a space. Using a lattice-style wall will allow you to add decorative designs, hang things up or run a vine through the wall.

“Decorative screens are a gem. When positioned right, screens can give you much-needed seclusion. The trick isn’t just about hiding away. Instead it’s about creating privacy stylishly without losing the essence of your space,” explains Brian Pal, CEO of Green Pal.

2. Combine Lush Planting with an Ornamental Gate

Iron gates are a nice touch to any front yard. They are welcoming and look great, especially for a Spanish look. Tropical plants are another way to create a private setting in your front yard. These lush green plants help you feel like you are in a tropical oasis.

“Plant fast growing shrubs (like hydrangeas or weigela) either in the ground or in pots that you can move around. This can help block prying eyes while maintaining the natural appeal of your yard, plus it means you can place them strategically,” says Miguel Camperos with SunVara.

3. Choose Evergreen Hedging for Year Round Screening

Evergreen hedges are a great way to create a private setting. You can decide the height that you want. These are fast growing and include Italian cypress, arborvitae or privet.

“Evergreens are my personal favorites too. They’ve got your back throughout the year. If you’re leaning towards hedges, boxwood or privet can be your green guardians, and they’re super moldable as well,” says Clayton.

4. Put Up a Wire Fence and Grow a Pretty Vine Over It

A tall link fence is a perfect way to create some privacy and enjoy nature. All you have to do is install a tall link fence and intwine a vine through it to cover the fence for privacy. This way the fence will look like it is a part of your natural landscaping.

“Vines are one the best plants to cover a fence as they provide a lot of coverage, can grow quickly, and will provide blooms that attract birds and butterflies. Cross-vine is part of the trumpet creeper family, and a super star for being fast growing and giving great coverage, plus it’s super hardy too,” says Amy Hovis of Eden Design and Barton Springs Nursery.

5. Pair a Smart Hedge with a Picket Fence

Having both is a great idea! If you are adding a hedge to outline your front yard, then pair it with a nice picket fence. Make sure you read up on how big the plant that you choose gets.

“Native plants are useful, if possible, and ‘adapted’ plants offer an alternative option. Use something that has proven successful in your area and utilize local nurseries who can help with selecting plants that need minimum care and are adapted to your soil, climate and watering frequency,” says Mike Teal with SSC Services for Education.

These are some great ideas to make your front yard look natural and welcoming with a little privacy. Call in the experts if you are having a hard time with what works best with your home. Remember, there are plenty of creative solutions to enhance front yard privacy landscaping.

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