The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

From the GBRAR MLS Stats from 5/2009 to 5/2010 for new homes to 5 year old homes, extracted on 5/9/2010, the months supply of inventory appears to have declined from a 13 month supply in May 2009 to 3 months in April 2010. The median sold price in this period has been $283,000, average sold price $135/sf taking about 116 days to sell a home in Fairhill.

Tags: Baton Rouge Real Estate, Baton Rouge Real Estate Photos From The Field, Real Estate Baton Rouge, Fairhill At Bluebonnet, 70810, Baton Rouge Real Estate Buzz, Baton Rouge Real Estate Tube

Baton Rouge Real Estate Housing News Update April 13 2010. Baton Rouge FHA Appraiser, Bill Cobb, quickly highlights the area real estate news.

http://www.accuratevg.com/

The Baton Rouge Business Report AM is delivering Great News for the Greater Baton Rouge housing market. The link to the article is here!

Here’s the good news:

“Baton Rouge is ranked second by Southern Business and Development magazine among the top 10 mid-markets of the decade, based on the amount of new and expanded project wins over the last 10 years. Some of the notable projects in the top-10 issue include: Albemarle, Electronic Arts, SNF Holding Company and The Shaw Group. Project wins that affected rankings must have consisted of 200 or more jobs and/or $30 million or more in capital investment. Huntsville, Ala., was the only city to top Baton Rouge.

Baton Rouge was also ranked third-best metro area in economic development in 2009 by Site Selection magazine.

Adam Knapp, BRAC president and CEO, says he attributes the area’s success to the chamber’s “Campaign for a Greater Baton Rouge.” The Southern Business and Development Story can be found here.“

These are some recent photos I took of renovation projects taking place within the Southdowns housing market. There were multiple projects underway.

Tags: Baton Rouge Real Estate, Baton Rouge Estate Appraisers, Baton Rouge Real Estate Appraisers, Baton Rouge Southdowns, Baton Rouge Garden District, LSU

As the map above illustrates, I recently learned how to use Google Maps to Geocode some of the home addresses I’ve been appraising. This process created a “Geographical Competency Map” illustrating my competency to appraise homes in certain local housing markets. In an HVCC era, this helps me to prove that I’m “geographically competent” to appraise homes locally and that I’m not traveling 50 miles out of my normal marketing area or beyond my market competency.

Question: If you as a local real estate agent created such a map to show to your listing prospects, would it help you earn more listings? I think it would!

I learned to create such a map by watching this video below and checking out REBliss.com’s How To Use Google Maps to Show Your Geographic Competency.

The Advocate Newspaper and Chad Calder are reporting “BR-area home sales see gain in March“, click on the link to read the entire article. Below is a snippet:

“The number of homes sold in the Baton Rouge metro area rose slightly in March, though the first quarter was down 2 percent.

The March bright spot is largely due to an increase in Ascension Parish.

The figures, compiled by the Greater Baton Rouge Association of Realtors, account for about 85 percent of the market in the eight-parish area.

Realtors sold 600 homes in the metro area in March, 1 percent more than the 594 sold in the same month last year. Dollar volume in March was up 2 percent to $118.0 million.

The quarter, however, still reflects the downward trend that has characterized recent years. There were 1,406 homes sold during the first three months of the year, compared to 1,431 the year before.

Dollar volume was also down 2 percent to $270.3 million for the quarter.“

The annual Trends Seminar was held yesterday with multiple keynote speakers. The Advocates’s recap of the seminar is located here, under Baton Rouge Real Estate Perks Up. There were 3 major themes during the seminar, one being that local real estate is perking up.

A snippet of the perks up theme is below:

“It’s been a tough couple of years for nearly every aspect of the real estate market in Baton Rouge, but many sectors are showing signs that things could be getting better.

That was the overall message from industry professionals Thursday at the annual Trends seminar, which is put on by the Greater Baton Rouge Association of Realtors and other sponsors.

The look back was mostly bleak, but participants kept things light using the seminar’s trademark humor.“

Mashable Blog has announced that Google is developing a tablet to rival iPad.

And, unlike the iPad, which I would not buy because it doesn’t play 90% of video on the web today via “Flash Video”, the Google tablet will play 90% of video on the web today.

Today’s Show Covers: WaMu getting probed. Congress helps with extensions. One steps up to end HVCC.

Tags: Baton Rouge Estate Appraisers, baton rouge homes, baton rouge housing, baton rouge real estate, baton rouge real estate agents, baton rouge real estate appraisers, baton rouge real estate trends, baton rouge realtors

I just finished a three (3) bedroom Townhome appraisal off Brightside Dr yesterday where the marketing time was 262 days on the market. Two (2) of the comparable sales used, sold in 2010, were on the market for 183 and 383 days. This spells over “oversupply”.

Oversupply! Currently, the GBRAR MLS shows 85 total attached single family (ASF) listings in zip code 70820 ($100K to $500K, all ages, 2-4 bedrooms). Based on these same parameters, since 4/13/2009, there were 101 ASF solds in 70820. If 101 solds took place in the previous year or about 8.4 per month, then there should be an approximate 10 month supply of competing ASFs in the LSU market, not including 13 FSBOs. If you add the 13 FSBO’s, then 98 listings would indicate an approximate 12 months supply.

And, the oversupply doesn’t take into consideration the under construction “The Cottages Of Baton Rouge” LSU Student Upscale Apartments, which should add 100s more units to the market and or alternatives housing options.

It’s enough to make a person scratch their head!

The last major news article I could locate on the Central Thruway project was on May 20, 2009 from The Advocate here! A snippet of the article stated:

“The work order was issued on Monday marking the start of a $9.6 million project to construct two large bridges for the Central Thruway, a city-parish official said.

The contract calls for contractor James Construction Group to build bridges over the railroad bridge and over Sullivan Bayou along the thruway route, city-parish Chief Construction Engineer Jose Alvarez said.

James Construction will have 600 days to complete the two bridges, Alvarez said.

City-parish officials are slated to hold a groundbreaking today for the project.

Another company, L&A Contracting, started work last year on the $23.8 million project to build bridges over Comite River and Beaver Bayou in that same area between Frenchtown Road and Florida Boulevard.”

“Foreclosures are upon us, but someone has to sell them. 5 reasons there isn’t going to be a double dip. Home Depot is hiring, 64% of Americans feel now is the time to buy.”

In this video, Greater Baton Rouge Realtor and Broker, Tony Zito, delivers the Baton Rouge housing market update from 1/1/2010 through 4/1/2010.

Episode # 67: Michael Krisa shares a simple strategy that will easily make your business card generate more leads and more sales. The examples of what Michael uses are below:

For More Real Estate Video Tips, Click Below!

I found this helpful video and wanted to share with locals. As a home appraiser for almost 20 years now, I can certainly relate to what Sherie Smith is saying.

Credit Suisse is reporting that there may be up to $1 Trillion worth of Adjustable Rate Mortgage still to reset into 2012. Their report is located here!

Here’s a snippet:

“While several industry observers worry about negative equity and unemployment driving foreclosures, a couple of experts point out that interest rates on mortgages remain a cause for concern.

Credit Suisse made waves in 2007 among housing bears with a chart that estimates the volume of adjustable-rate mortgages to face a reset each month. An updated version of the chart, which was provided to SNL, shows resets remain a worrying force over the next few years.

Most of the resets are expected to occur through 2012. Between 2010 and 2012, the chart indicates that $253.25 billion of option ARMs will adjust, while Alt-A loans totaling $163.71 billion will reset over that time. Altogether, $1.010 trillion worth of ARMs will reset or recast during the three-year period.“

Does this chart suggest the best time to buy a home? You be the judge!

Image Source: flickr.com/photos/geaux/2517839318/

Accurate Valuations Group – For Your Greater Baton Rouge Home Appraisal Needs!

225-293-1500 www.accuratevg.com

The Source Is Baton Rouge Business Report. The Baton Rouge Business Report Is Dispensing Information From The National Association Of Realtors Regarding January Home Sales, see below. AND NOTE, This decline is despite efforts by our Federal Government to offer the $8,000 Tax Credit, which was supposed to help national home sales.

“Sales of previously occupied homes took a large drop for the second consecutive month in January, falling to the lowest level since summer. It is understood as another sign the housing market’s recovery is faltering. The National Association of Realtors said sales fell 7.2% to a seasonally adjusted annual rate of 5.05 million from a downwardly revised pace of 5.44 million in December. The results, the weakest since June, were far worse than forecast. Economists expected a slight increase, to a rate of 5.5 million.

Sales declined throughout the country, falling the most—nearly 11%—in the Northeast. Sales fell by about 7% in the South and the Midwest and by more than 5% in the West.“

Zillow.com is reporting that Baton Rouge Metro (Greater Baton Rouge) had a -4.3% decline since 1/2009, see the charts below. The Zillow report can be read here! Also according to Zillow, the Shenandoah market, comprised of approximately 2,800 homes, experienced a -2.3% decline in the same period.

For Your Greater Baton Rouge Home Appraisal Needs, Give Accurate Valuations Group A Call at 225-293-1500

http://www.accuratevg.com/

On February 16, 2010, Renee Porsia posted an interesting article on AgentGenius entitled, “No More BPOs For You! (How You Could be Violating RELRA)“

It’s an interesting read and I recommend appraisers take time to read this one! Here’s a snippet:

“Perform a BPO and you may be violating the Real Estate Licensing and Registration Act (RELRA) and the Real Estate Appraisers Certification Act, and could be prosecuted by the Real Estate Commission or the State Board of Certified Appraisers or both.”

“For those Brokers/Realtors who are currently performing BPOs or those who have been performing BPOs to get extra income, those days are over and they should be grateful they have not yet been caught thus far.”

Mary Thompson also wrote on Active Rain about this very topic, “Just say no to BPO’s… in place of a bona fide appraisal“

Tags: bpos, broker price opinions

Solds In Cedarcrest Subdivision from 1/1/08 to 12/31/2008 revealed:
Average Sales Price: $136,250
Average Sold Price Per Sq. Ft.: $74.69/sf
Median Sold Price: $142,750
Average Number Days On Market: 99
# of Sales: 8

Solds In Cedarcrest Subdivision from 1/1/09 to 12/31/2009 reveal:
Average Sales Price: $122,142
Average Sold Price Per Sq. Ft.: $78.89/sf
Median Sold Price: $114,950
Average Number Days On Market: 134
# of Sales: 12

Therefore, based on the median sale price barometer within Cedarcrest Subdivsion, the market direction appears to be declining. The median sales price declined from $142,750 to $114,950 or -19.47%. However, the average sold price per sq. ft. actually increased from $74.69/sf to $78.89/sf or +$4.20/sf or +5.62%.

When you need a Greater Baton Rouge Home Appraisal, call Accurate Valuations Group at 225-293-1500.

http://www.batonrougerealestateappraisal.com/

Baton Rouge Residential News Highlights From The Baton Rouge Business Report’s “Real Estate Weekly”. Subscribe to the Real Estate Weekly Email here!

Housing Market Direction: Up or Down For Homes In The 1950sf to 2400sf, Ages 11-40 Yrs Old, Area 42, Price Range $130,000 to $225,000?

Therefore, based on the “median sale price barometer” charting above, the barometer used by the National Association of Realtors, the market direction declined from January 2009 to January 2010 by -2.4% based on 78 sales analyzed (REOs included). Search parameters were: 1/1/08 to Present, 1950sf to 2400sf, Ages 11-40 years old, MLS Area 42. 78 Sales Results Were Analyzed. Data used with the permission of the GBRAR (Greater Baton Rouge Association Of Realtors).

REO / Foreclosure Rate: Based on MLS Data of the actual solds, the REO rate is a low 7.14%. However, It’s also stated here that a 2009 article (The Landmines Within by Michael Tarabotto
http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS. MLS is reporting 2 comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there.

For Your Home Appraisal Needs In Greater Baton Rouge, Give Bill Cobb A Call At 225-293-1500 or www.accuratevg.com.

Housing Market Direction: Up or Down?

Solds In Shenandoah Estates from 1/2007 to 12/2007 revealed:
Average Sales Price: $193,628
Average Sold Price Per Sq. Ft.: $93.62/sf
Median Sold Price: $190,000
Average Days On Market: 81
Number Of Sales: 91

Solds In Shenandoah Estates from 1/2008 to 12/2008 revealed:
Average Sales Price: $200,524
Average Sold Price Per Sq. Ft.: $89.68/sf
Median Sold Price: $205,000
Average Days On Market: 89
Number Of Sales: 68

Solds In Shenandoah Estates from 1/2009 to 12/2009 revealed:
Average Sales Price: $196,030
Average Sold Price Per Sq. Ft.: $89.48/sf
Median Sold Price: $196,500
Average Days On Market: 106
Number Of Sales: 62

Therefore, based on the “median sale price barometer” within Shenandoah Estates, the barometer used by the National Association of Realtors, the market direction increased from 2007 to 2008 but declined from 2008 into 2009. However, the 2009 median sales price at $196,500 is still higher than the 2007 $190,000. The gap between the high and low median sales prices was $15,000. The Aveage Sold Price Per Sq. Ft. only varied $4.14/sf within this 3 year period, which shows a fairly tight, supportive market.

For Your Greater Baton Rouge Home Apprasial Needs, Give Accurate Valuations Group A Call at 225-293-1500 or visit

http://www.batonrougerealestateappraisal.com/

The January 12-25, 2010 edition of the Baton Rouge Business Report arrived yesterday with an interesting article on the Top 10 Most Expensive Home Sales of 2009. The summary of the article was posted yesterday on the “Daily Report AM” email and reads as follows below. Click the “here” to read the entire article.

“The Baton Rouge housing market may be doing better than its counterparts in much of the country, but sales in the high-end segment were pretty dismal in 2009. There were half as many homes that sold in the $1 million and up range, compared with 2008. Read about the local market for high-priced houses — and about the area’s biggest business deals of 2009 — in the Business Report cover story here. Send comments to editors@businessreport.com.”

Here are some of the homes mentioned. The photo gallery of all 10 homes located at the bottom of the article.