http://batonrougerealestateappraisers.com/ - Greater Baton Rouge Makes Top 10 List Of Hottest Real Estate Markets...Even In January 2009
This news is just in on the Baton Rouge Business Report PM Edition
"Housing Predictor ranks Baton Rouge in its top 10 markets for homebuyers. The city ranked No. 9 on the annual list of places where buyers are most likely to see an investment from buying a house. Housing Predictor looks as factors such as prospects for growth and strong employment. McAllen, Texas, topped the list, and two other cities from the Lone Star State-Austin and Corpus Christi-were among the top 10. See the full list here. "
Bill Cobb states, "When I first read the headline, I wasn't sure it was positive news until I read deeper because a buyer's market isnt' necessarily good for sellers. But as I read more into the article, the more of a smile gripped my face. We truly are blessed here in Baton Rouge and have been blessed for the past several years. Quick History: Baton Rouge BENEFITED from Hurricane Katrina by increasing home values and increasing home demand. While the national real estate picture became gloom-and-doom, Baton Rouge, while a slower market, mainained it's housing market stability, for the most part. And now, in January of 2009, on the same day that the news broke that housing prices have plunged to 30 year lows, we receive this great news for the Greater Baton Rouge market. Let me pinch myself and make sure this is for real!"
From: http://www.housingpredictor.com/hot.html
Author's Bio:
Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 16 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill's company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500
Fax: 1-866-663-6065
http://batonrougefhaappraisers.com/- FHA Appraiser, Bill Cobb, CREA, Study Shows East Baton Rouge Parish With 16% REO Rate In 2008, 11.7% REO Inventory
On 12/27/2008, The Times-Picayune Newspaper published an article,
"The Nation's Foreclosure Crisis Seems To Have Skipped Louisiana",
http://blog.nola.com/tpmoney/2008/12/the_nations_foreclosure_crisis.html
An exerpt from this article reads,
"As the foreclosure crisis continues to rage in many parts of the country, Louisiana remains blithely immune, in large part because the state slumbered through the nation's housing boom.
While home prices soared to giddy heights in other states, owners in Louisiana have seen steady but unglamorous annual gains of 5 percent in recent years. As a result, lenders in Louisiana never resorted to issuing exotic loans designed to shoehorn buyers into homes they couldn't afford.
"We never had the inflated values, and we never came up with contrived funding mechanisms to support ever-increasing home prices not backed by real economics," said Arthur Sterbcow, president of real estate company Latter & Blum.
Recently released figures show that those years of slow and steady growth in home values in Louisiana have insulated the state from the waves of foreclosures occurring in other states.
The research firm RealtyTrac tallied only 504 foreclosure filings in the state in November, a rate that earns Louisiana the 41st spot in a ranking of states according to foreclosure volume. California had 60,500 foreclosures in November. Florida had 49,190.
At the same time, the Mortgage Bankers Association ranked Louisiana second among states in the rate of delinquent home loans during the third quarter of the year. The trade group pegged the delinquency rate in Louisiana at 10 percent, up 2.44 percent from the previous quarter.
The discrepancy seems to indicate that most borrowers start to catch up on their payments or otherwise find a remedy -- such as selling the house -- before their lender moves to foreclosure.
Wade Ragas, a retired University of New Orleans professor and prominent real estate consultant, said local banks are sometimes willing to lower interest payments or find other ways to give distressed borrowers a chance to cure the delinquency. Louisiana owners also have little incentive to allow their home to enter foreclosure."
This article sparked my interest in just how many 2008 East Baton Rouge Parish REO solds we experienced and how many current listings are REOs. The above chart answers this question. It appears that REO sales averaged approx. 16% in the East Baton Rouge Parish in 2008, with current listing inventory averaging 11.7% REOs. And, according to the article, a 16% REO rate is still well below the national average, which is Good News for our local housing market.
NOTE: Baton Rouge Image Source Was http://www.wikimedia.org
Author's Bio:
Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 16 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill's company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500
Fax: 1-866-663-6065
Solds From 01/01/2007 to 12/31/2007 revealed:
Average Sales Price: $185,355
Average Sold Price Per Sq. Ft.: $117.71
Median Sold Price: $187,200
Low Sales Price: $167,500
High Sales Price: $210,600
Average # of Days On Market: 51
# of Sales: 48
Solds From 01/01/2008 to 12/31/2008 reveals:
Average Sales Price: $188,938
Average Sold Price Per Sq. Ft.: $120.26
Median Sold Price: $191,500
Low Sales Price: $160,000
High Sales Price: $201,500
Average # of Days On Market: 73
# of Sales: 8
Listing Price To Sales Price Ratio Has Been: 98.44%
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within this Subdivision, the market direction appears to be increasing slightly.
The Average Sales Price has increased by +$3,583.
Median Sales Price has increased by +$4,300.
Average Sold Price Per Sq. Ft. has increased by +$2.55/sf.
Yes, this Sandy Creek market is much slower now because the 48 sales in 2007 were of mostly new homes and Sandy Creek is built out - meaning there are no more new homes to sell, just resales. However, the Zachary housing has slowed dramatically over the past year.
However, this data showing an increase is also from the entire 2008 period, which presents a lag time in actual market activity. This data must also be weighed with the recent BR Business Report News. According to the Baton Rouge Business Report and the Greater Baton Rouge Association of Realtors on 12/12/2008 http://www.businessreport.com/archives/daily-report/2008/dec/12/715/:
"November home sales down 38%
The number of houses sold in the Capital Region was down 38% in November, while the average sale price dropped by 5.3%. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 405 homes sold in the area last month, compared with 658 in November 2007. The average sale price was $186,129, compared with $196,521 one year ago. East Baton Rouge Parish saw the smallest drop in average sale prices, a 2.7% decrease from $196,521 to $190,413. The average dropped 10.6% in Ascension Parish, from $245,127 to $219,164. In Livingston Parish, the average was down 9.1%, from $158,120 to $143,632. And in the other category, which includes MLS sales in West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes, the average was down 11.2% from $193,285 to $171,705. Year to date, the number of houses sold in the Capital Region is down 25%, from 8,926 sales as of November 2007 to 6,821 in the first 11 months of this year."
Author's Bio:
Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 16 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill's company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500
Fax: 1-866-663-6065
http://ascensionparishfhaappraisers.com/ - FHA Appraisers Ascension Parish (Prairieville) Report On Ole Homestead Subdivision 70769
Solds In this Subdivision from 01/01/2007 to 12/31/2007 revealed:
Average Sales Price: $265,667
Average Sold Price Per Sq. Ft.: $117.23
Median Sold Price: $270,000
Low Sales Price: $224,000
High Sales Price: $305,000
Average # of Days On Market: 73
# of Sales: 9
Solds In this Subdivision from 01/01/2008 to 12/31/2008 reveals:
Average Sales Price: $271,150
Average Sold Price Per Sq. Ft.: $116.88
Median Sold Price: $257,450
Low Sales Price: $200,000
High Sales Price: $399,000
Average # of Days On Market: 73
# of Sales: 6
Listing Price To Sales Price Ratio Has Been: 99.17%
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Subdivision, the market direction appears to be decreasing.
The Average Sales Price has increased by +$5,483 due to a high $399,000 sale.
Median Sales Price has decreased by -$12,550.
Average Sold Price Per Sq. Ft. has decreased by a very minor -$0.35/sf.
Ole Homestead Subdivision data is presented with the permission of the Greater Baton Rouge Board of Realtors.
Author's Bio:
Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 16 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill's company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500
Fax: 1-866-663-6065
http://fhaappraisersbatonrouge.com/ - Baton Rouge FHA Appraisers Report On Bellingrath Lakes 70739 For 12/2008
Solds In Bellingrath Lakes from 01/01/2007 to 12/31/207 revealed:
Average Sales Price: $297,555
Average Sold Price Per Sq. Ft.: $124.27
Median Sold Price: $287,300
Low Sales Price: $259,900
High Sales Price: $383,000
Average # of Days On Market: 117
# of Sales: 11
Solds In Bellingrath Lakes from 01/01/2008 to 12/31/2008 reveals:
Average Sales Price: $298,920
Average Sold Price Per Sq. Ft.: $128.41
Median Sold Price: $296,500
Low Sales Price: $250,000
High Sales Price: $365,000
Average # of Days On Market: 70
# of Sales: 11
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Bellingrath Lakes, the market direction appears to be INCREASING. The average sales price has increased by +$1,365, median sales price has increased by +$9,200, and average sold price per sq. ft. +$4.14/sf.
However, this data showing an increase is also from the entire 2008 period, which presents a lag time in actual market activity. This data must also be weighed with the recent BR Business Report News. According to the Baton Rouge Business Report and the Greater Baton Rouge Association of Realtors on 12/12/2008 http://www.businessreport.com/archives/daily-report/2008/dec/12/715/:
"November home sales down 38%
The number of houses sold in the Capital Region was down 38% in November, while the average sale price dropped by 5.3%. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 405 homes sold in the area last month, compared with 658 in November 2007. The average sale price was $186,129, compared with $196,521 one year ago. East Baton Rouge Parish saw the smallest drop in average sale prices, a 2.7% decrease from $196,521 to $190,413. The average dropped 10.6% in Ascension Parish, from $245,127 to $219,164. In Livingston Parish, the average was down 9.1%, from $158,120 to $143,632. And in the other category, which includes MLS sales in West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes, the average was down 11.2% from $193,285 to $171,705. Year to date, the number of houses sold in the Capital Region is down 25%, from 8,926 sales as of November 2007 to 6,821 in the first 11 months of this year."
CURRENT LISTINGS. There are currently 6 MLS Listings, 5 Active and 1 Pending, listed between $123.35/sf up to $131.18/sf. The actives have been on the market an average of 131 days and the 1 pending had been on the market for 169 days.
NOTE: Bellingrath Lakes data is presented with the permission of the Greater Baton Rouge Association of Realtors.
Author's Bio: Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser. Bill's company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish). Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal: Office: 225-293-1500 Fax: 1-866-663-6065
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Bill Is A Home Appraiser With 17 Years of Residential Appraisal Experience In The Greater Baton Rouge Market. Quick turnaround times, competitive rates and quality service. Online Order Management.
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