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New Orleans Real Estate Market Report September 2009

This market report focuses on Single Family Homes.

Sept. 2009 - 1950 properties for sale in New Orleans. -1.4%

Sept. 2008- 1977 properties for sale in New Orleans.

197 properties sold in New Orleans in Sept. 2009. 44.9%

136 properties sold in New Orleans in Sept. 2008 .

The average price for sold properties was $201,000 in Sept. 2009. -1%

The average price for sold properties was $203,000 in Sept. 2008.

The average days on market for sold properties was 85 in Sept. 2009. -19.8%

The average days on market for sold properties was 106 in Sept. 2008.

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Credit Scores Drop

I read a interesting/disturbing article this morning about credit scores dropping. Take a read if you can: Credit Scores Take a Hit

The article is not focused on New Orleans citizens, but rather the nation as a whole. It outlines how many individuals are seeing their credit scores drop...THROUGH NO FAULT OF THEIR OWN!!! People work so hard their entire lives to pay bills on time to keep their credit score high and now banks are causing their credit scores to fall. What are the banks doing to cause this? The article outlines three reasons:

1. Cutting Credit Card Lines - Banks are systematically reducing the amount of credit they have on their books by cutting credit limits. The article states that by the end of 2010, banks will have cut about half of all available credit. Having less credit available can cause a consumer's credit score to fall.
2. New Credit Scoring - This scoring takes in to account the amount of available credit consumer's are using. Combined with decreasing limits and a poor economy, this can also lead to a drop in credit scores.
3. Loan Modifications - Many consumers are modifying loans to be able to pay during these hard economic times. Unfortunately, the way that the banks currently report these loan modifications to credit bureaus potentially can cause damage to your credit score.

Please take a look at the article for further explanation of this issue. I know that this is a very frustrating situation but it reiterates the need for consumers to actively monitor their credit scores.

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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Mortgage Market Conditions in Louisiana

So we all hear about the bad mortgages and foreclosures around the world on the nightly news. There are always stories about families losing their homes to foreclosure since they are now unable to pay their sub-prime mortgage. I hear these stories as well, but I wondered why Louisiana has been somewhat sheltered from the worst. I did a bit of research on our mortgage market and found some helpful info that may explain (at least in part) why we have been able to avoid huge foreclosure numbers.

Based on a report created by the National Association of Realtors in 2008, these statistics give a snapshot of the mortgage market in Louisiana:

• 44% of homes are owned free in clear - 32% is the national average
• Sub-prime exposure is 8% - 9% is the national average
• Sub-prime loans account for 54% of foreclosures (from NAR in 2008 may have changed)

These stats show that we have much more home ownership without a loan in Louisiana than in other states. This means that we have less potential for foreclosures since there are fewer houses with loans. Also, since sub-prime loans account for the majority of foreclosures and we have 11% fewer sub-prime loans than the national average, our exposure is less.

I know that this is not earth-shattering information, but I thought it was interesting at least! There are other reasons as to why we have been insulated from a huge real estate collapse, but the above facts certainly play a role.

New Orleans Real Estate - Learn more about FHA-Insured Mortgages

Today's New Orleans Real Estate blog post is all about FHA-Insured Mortgages. With the credit market as tight as it currently is, it helps to understand all of your options...and FHA is a very strong option.

According to Realtor.org, since FHA was created in 1934, it has helped over 34 million families buy a home. First of all, FHA stands for Federal Housing Administration. So, what does FHA actually do? They basically insure mortgages backed by banks and other lending institutions and because these loans are backed (insured) by the U.S. Governement, banks are able to extend loans to more of the community. Since the governement backs the loans banks are willing to give loans to applicants with perhaps less than perfect credit and little money to put down. Who is eligible for an FHA loan:

• Must occupy the home as a principle residence
• Have a valid social security number
• Have 2 year employment history
• Not be delinquent on other Federal debt such as student loans
• Meet credit requirements

Other important facts:

• Buyer's entire investment can be a gift
• Seller can contribute up to 6% of sale price in buyer's closing costs
• US citizenship is not required but must have a SS#
• A minimum credit score is not required
• No prepayment penalties

As always, contact your lending professional for more details.
You may also be interested in: New Orleans Real Estate – The Definitive Blog
__________________________________________________________________________ This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
For New Orleans and the metro area real estate info, please see New Orleans Real Estate.
To search New Orleans Properties, please see New Orleans Property Search.
Click here to view Darryl Glade’s Real Estate Profile.

New Orleans Real Estate - Top 10 Tips/Steps to Sell Your House

1. Commitment - You must be committed to selling. In today's market, you will be competing with sellers who want or even need to sell and if you have a take or leave it attitude you will NEVER sell your house.

2. Field a Great Team - Hire a great Realtor. Remember, not every Realtor is for everyone. The top producer may not be the one for you. Feel free to interview a few Realtors until you find the one you believe can best represent your interests. How will they market your New Orleans property? Will they aggressively market on the Internet? Do they create videos? Do they answer the phone when you call? Are they responsive to your needs?

3. Prepare your House - Buyers tour houses looking for reasons to NOT buy them. Try to address those issues before the buyer enters your home. Ask your Realtor's advice on staging your furniture...maybe even hire a staging expert. This is the time to create great curb appeal and really show off your house.

4. Understand the Market - Take some time to read about the current real estate market and ask your Realtor questions. Sellers that are most educated about the market are in a much better position to successfully navigate the selling process. Trust your team for pricing and negotiation advice, not your friends, doctors, or uncles.

5. Pricing - It is an absolute must to price your home correctly to start. The first 2 weeks are the most important weeks of the listing...you are the new kid on the block and thus have a high level of interest. Why waste that by listing at a high price with an expectation to reduce in 2 weeks if you don't sell it? In a buyer's market you have to be aggressive and price your house better than your competition.

Please continue reading: Top 10 Tips/Steps to Sell Your House

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate condo market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.