Lafayette, LA

Beauty Is Only Skin Deep - Get a Home Inspection!

The expression, "beauty is only skin deep" is especially true of homes. A fresh coat of paint or new carpeting may potentially disguise flaws that can turn your dream into a nightmare. The most effective way to discover possible defects is by having the home professionally inspected. The reason I use the term professionally, is to encourage the avoidance of using Uncle George who is considered the family handyman or having 'good ole' dad' simply tour the home with you.

Hire a professionally licensed home inspector to survey all components of the home including the structure, roof, heating and cooling systems, electrical, plumbing and built-in appliances. The inspector will likely spot existing, as well as potential problems, and suggest possible remedies.

It would be wise to build an inspection contingency in your residential purchase agreement. Ideally this would include language that allows a buyer to walk away if dissatisfied with the results of any inspection.

If the inspection does turn up flaws, the seller may be willing to make necessary repairs or adjust the sales price. The seller is not obligated and may simply refuse either of these choices. At this point the buyer must decide whether to move forward with the deal or simply walk away if there is language in the contract to do so.

A thorough inspection may last several hours, depending on such factors as size and age, and typically costs a few hundred dollars. Prices vary depending on the scope of the work. While inspections are generally a buyer's option, your lender may require a wood destroying insect report, sometimes referred to as a 'termite report'. In addition to these types of inspections, a home may also be checked for lead based paint, mold, and radon, to name a few.

When selecting an inspector(s), make sure they provide a written comprehensive report when the assessment is concluded. Levels of service vary and you should seek out an inspector that provides detailed information and explanations. Invest wisely by choosing an inspector that will offer you as much information as can be learned about the condition of the home. A willingness to review and explain the findings is also crucial.

A mistake some buyers make is to consider the inspection report(s) as a tool to be used against the seller. The purpose of these inspections is to provide you with knowledge of any unseen flaws or potential problems. If the findings reveal easy-to-remedy or inexpensive repairs, you might consider correcting these items yourself and moving forward with the sale. If findings do reveal major problems, use the report as an aid to to encourage repairs or void the contract.

It is important to obtain the services of a qualified, licensed, and insured inspector. Your real estate agent should be able to offer the names and contact details of local service providers. In addition, you can also visit the Louisiana State Board of Home Inspectors web site: http://lsbhi.state.la.us/index.php to locate an inspector.

If you need additional details or information on home inspections, or you're considering the idea of readying a home, condo, or townhome for sale - contact us! We can help you meet your needs and achieve your goals. We offer client counseling and services that cater to both buyers and sellers.

We set the standard for exceptional service in Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, and Youngsville.

Making An Offer To Purchase.

Finally locating a place that says "home" is a pretty exciting and emotionally charged experience. However, you want to remain as calm and objective as possible when deciding to make an offer to buy. It can be difficult to put your enthusiasm aside while you weigh the asking price against what you think the seller might accept.

At this point things can become a little complex. If the price you're prepared to offer is considered by the seller to be too low, you might irritate the property owner(s). That can possibly lead to an indignant response(s) and he/she/they may become completely inflexible. Unless you're paying cash, your mortgage lender will enlist the aid of a licensed appraiser who will perform an independent valuation of the property. This will help ensure you don't agree to a price higher than it should be.

AGENT ADVICE

Making an offer is the stage at which your agent's expertise is going to be invaluable. Your agent will typically provide you a Comparative Market Analysis, or CMA (known is the profession as simply "comps"). A CMA is an evaluation of a home's value based on available local market data that includes the selling prices for similar properties.

It is important that this data includes recent sales activities that are not more than several months old. In addition, the CMA will also reveal how long a property has remained on the market and possibly any price reductions. If the home is a new listing, chances are there is less room to maneuver on price than one which has been on the market for six months or more.

The next factor to consider is the home's condition. If the house requires major repairs need to be made, the asking price ought to reflect that. Be prepared for counter-offers and remain calm and patient while negotiations take place. It is also important to note that a seller may be entertaining multiple offers simultaneously, so it's wise to make your strongest offer at the inception.

It is customary to offer a binder or down payment (referred to as "earnest money" in certain regions). An amount that indicates you are genuine and serious will signal your good faith. This amount may range from several hundred to several thousand dollars, often determined by local practice and asking price of the property.

THE PURCHASE OFFER

The document identifies the parties to the sale and the legal description of the residence or property. You want to ensure there is language that offers an opportunity to back out of the deal, with a refund of your deposit, under one or more of the following circumstances: your loan financing is declined, a professional inspection reveals major defects, or the home fails to appraise for the value stated in the contract.

A closing date will be included. You want to ensure this date is realistic and achievable. Loans that were once two to three weeks to process are now requiring four, five or even six weeks. Sellers typically prefer to schedule closings as quickly as possible.

There should be additional language granting the right to have the home inspected. Typically this includes a structural and mechanical inspection, and a wood destroying inspect report, sometimes simply referred to as a "termite report". The home may also be checked for lead based paint, radon, and mold, to name a few.

Modifications to the terms or the insertion of additional requests may also be added, either directly in the purchase offer or as an addendum. This might include a request to neutralize a strong paint color, clean the carpets, or make the offer conditional upon the sale of your existing home as examples.

Upon signing, you will normally be required to produce the down payment. There should be an indication as to which real estate brokerage retains this money to hold until the sale is concluded at the closing.

-You're not home free yet, but you are definitely a lot closer to becoming a home owner!

If you need help writing an offer to purchase a home, condo, or townhome - contact us! We can help you create an offer with terms that meet your needs and goals. We offer client counseling and services that cater to both buyers and sellers.

We set the standard for exceptional service in Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, and Youngsville.

Lafayette, Louisiana was chosen as "One of America's Top 100 Places to Live"

Lafayette, Louisiana, the heart of Acadiana, is the only Louisiana city included in the 13^th annual RelocateAmerica "Top 100 Places to Live" list for 2010. The directory recognizes communities with strong local leadership, employment opportunities, thriving community commitment, improving real estate markets, growing green initiatives, plentiful recreational options and an overall high quality of life.

The editorial team for RelocateAmerica reviews feedback from residents and interviews local leaders from nominated communities. The factors considered include: economic, environmental, education, crime, employment and housing data.

For those of us who live in Lafayette and greater Acadiana, this announcement confirms what we already know and experience every day. Lafayette excels in so many areas that make it a great place for people to live, work and play.

http://www.relocateamerica.com/top-100-cities/

If you're looking to buy or sell a home in Lafayette or greater Acadiana, contact us. We' re delighted to assist you with marketing your home for sale or selecting a home for purchase.

We set the standard for exceptional service in Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, and Youngsville.

Graphic image used with permission: Wikimedia Commons.

The greater Lafayette, (Acadiana) Louisiana residential real estate market trends for January through June, 2010 indicate that Lafayette Parish has done well and even exceeded last year's sales numbers. Residential sales increased by nearly 20 percent as compared to the same time period in 2009. There were 1,261 sales reported versus 1,053 reported sales last year. The average days on market edged down slightly, from 99 days in 2009 to 93 days in 2010.

The average sales price of a home January through June, 2010 dropped nearly 7% to $186,486, however; the average price for this period in 2009 was $200,170. Keep in mind these are average figures; location and price range can significantly affect these numbers.

One category that is a bit alarming is Pending Sales. This data reveals there are fewer homes scheduled to close in June. This reduction is just above 23%. This decrease may be attributed to the Tax Credit incentive that ended April 30th and the BP Deepwater Horizon incident. While the Tax Credit has been extended to September 30th, the repercussions of the oil spill and the potential loss of jobs imposed by the drilling moratorium may very well alter the economic outlook considerably.

The largest metropolitan areas in Acadiana (L'Acadiane) include Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, and Youngsville.

Number of CLOSED SALES reported to the MLS:
Areas OUTSIDE Lafayette Parish
CLOSED Home Sales, June 2010: 383
CLOSED Home Sales, June 2009: 318
(% change for June: +20.4%)
(% change from May 2010: +7.6%)

Cumulative Total, January-June 2010: 1,803
Cumulative Total, January-June 2009: 1,508
(% Cumulative Change: +19.6%)

Avg Days on Market, January-June 2010: 102
Avg Days on Market, January-June 2009: 104

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Number of CLOSED SALES reported to the MLS:
Lafayette Parish ONLY

CLOSED Home Sales, June 2010: 273
CLOSED Home Sales, June 2009: 249
(% change for June: +9.6%)
(% change from May 2010: +7.9%)

Cumulative Total, January-June 2010: 1,261*
Cumulative Total, January-June 2009: 1,053**
(% Cumulative Change: +19.8%)

Avg Days on Market, January-June 2010: 93
Avg Days on Market, January-June 2009: 99

* (444 New Construction, 817 Resales)
** (303 New Construction, 750 Resales)

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Number of PENDING SALES reported to the MLS:
Areas OUTSIDE Lafayette Parish

PENDING Home Sales, June 2010: 319
PENDING Home Sales, June 2009: 343
(% change for June: -7.0%)
(% change from May 2010: 22.7%)

Cumulative Total, January-June 2010: 1,994
Cumulative Total, January-June 2009: 1,837
(% Cumulative Change: +8.6 %)

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Number of PENDING SALES reported to the MLS:
Lafayette Parish ONLY

PENDING Home Sales, June 2010: 193
PENDING Home Sales, June 2009: 252
(% change for June: -23.4%)
(% change from May 2010: +10.3%)

Cumulative Total, January-June 2010: 1,353*
Cumulative Total, January-June 2009: 1,309**
(% Cumulative Change: +3.4%)

* (468 New Construction, 885 Resales)
** (408 New Construction, 901 Resales)

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Number of NEW LISTINGS reported to the MLS:
Areas OUTSIDE Lafayette Parish

NEW RESIDENTIAL LISTINGS, June 2010: 537
NEW RESIDENTIAL LISTINGS, June 2009: 539
(% change for June: -0.4%)
(% change from May 2010: +3.3%)

Cumulative Total, January-June 2010: 3,274
Cumulative Total, January-June 2009: 2,972
(% Cumulative Change: +10.2%)

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Number of NEW LISTINGS reported to the MLS:
Lafayette Parish ONLY

NEW RESIDENTIAL LISTINGS, June 2010: 312
NEW RESIDENTIAL LISTINGS, June 2009: 364
(% change for June: -14.3%)
(% change from May 2010: -5.7%)

Cumulative Total, January-June 2010: 2,033*
Cumulative Total, January-June 2009: 1,972**
(% Cumulative Change: +3.09 %)

* (548 New Construction, 1,485 Resales)
** (557 New Construction, 1,415 Resales)

-The information provided is based on data supplied by the REALTOR® Association of Acadiana Multiple Listing Service. Neither the Board nor MLS guarantees or is in any way responsible for the accuracy of the data. Data maintained by the board may not reflect all real estate activity in the marketplace. Thanks also to Bill Bacque' for his report on the local market.

If you're looking to buy or sell a home in Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, or Youngsville, gives us a call. We set the standard for exceptional service.