In this Baton Rouge Housing updating, January 22-28, 2012 are reported for the eight (8) parish MSA including East Baton Rouge, Ascension, Livingston and West Baton with  Iberville, East and West Feliciana and Pointe Coupee combined as “ALL”. 

Other Greater Baton Rouge Housing Statistics January 22-28:

LISTINGS:

Total Current Listings: 5,035

Foreclosure Listings: 490 or 10% of total listings

3rd Party Active Listings: 330 or 7% of total listings

Short Sale Active or Potential SS Listings: 250 or 5% of total listings

SOLDS From 01/22/2012 – 01/28/2012:

Total Number of Solds: 65

Foreclosures Sold: 14 or 22% of Solds

3rd Party Solds: 8 or 12% of total solds

Short Sales Solds: 8 or 12% of total solds

Foreclosure, 3rd Party and Short Sales Solds: 30 or 46% of all solds

Low To High Sales Prices: $16,000 to $475,000

New Home Sales: 18 or 28% of all sales

East Baton Rouge MLS Area with most home sales: 43 with 9 sales

CUMULATIVE TOTALS FOR 2012Total Number of Sales: 290

ASCENSION: 65
EAST BATON ROUGE: 149
EAST FELICIANA: 0
LIVINGSTON: 59
IBERVILLE: 2
POINTE COUPEE: 8
WEST BATON ROUGE: 6
WEST FELICIANA: 1

Foreclosures Sold: 69 or 24% of Solds

3rd Party Solds: 33 or 11% of total solds

Short Sales Solds: 47 or 16% of total solds

Foreclosure, 3rd Party and Short Sales Solds: 149 or 51% of all solds

AVERAGE SALES PRICES FOR LOCAL PARISHES:
EAST BATON ROUGE: $192,043
ASCENSION: $190,747
LIVINGSTON: $144,439
OTHER: $158,993

MEDIAN SALES PRICES FOR LOCAL PARISHES:
EAST BATON ROUGE: $158,500
ASCENSION: $166,450
LIVINGSTON: $138,900
OTHER: $159,900

AVERAGE DAYS ON MARKET (CONTINUOUS):
EAST BATON ROUGE: 116
ASCENSION: 105
LIVINGSTON: 133
OTHER: 157

LISTING-TO-SALES PRICE RATIO (What Percent Below Listing Price Home Sell For):
EAST BATON ROUGE: 97%
ASCENSION: 99%
LIVINGSTON: 97%
OTHER: 92%

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Important Video: Foreclosure Mythbusting by John C. Jones

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OTHER NATIONAL AND LOCAL HOUSING NEWS:

December Existing-Home Sales Show Uptrend

 Business Report Releases Baton Rouge’s 10 most expensive home sales of 2011

Juban Crossing Developer: Site work continues; deals with retailers in the works

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NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2012 to 01/28/2012.  This information was extracted on 01/29/2012.  Excludes Manufactured Housing.

http://www.batonrougerealestateappraisal.com/ - Difference Between Baton Rouge Home Appraisals Versus Home Inspections In A Mortgage Loan Process.

The Home Appraiser is hired by the bank to decide the estimated market value of a house.  The Appraisal Report protects the Bank or Lender and not the home buyer. The buyer pays for the home appraisal and that price will depend on if the lender is employing a third party to order the appraisal.  Depending on how the appraisal is ordered from the Bank, the cost can range from $350 up to $600, the higher price is if an AMC or Appraisal Management Company is hired (a middle-man that orders, reviews and delivers the report by hiring local home appraisers).  

Home Appraiser’s inspection generally consists of an inspection of the neighborhood first, then measuring the home based on national ANSI standards, taking lots of required photos of interior and exterior and determining condition and quality level of home.  Appraiser takes this “subject” data and compares other recent home sales in the same market, applies market adjustments of pluses and minuses for differences and arrives at an estimated value.  NOTE: Home Appraiser condition inspection is limited to what can obviously be seen with the eye, at eye level.  An Appraiser inspection is not a roofing inspection, hot water heater inspection or central heat and air inspection, the major expensive items that tend to lead home buyers into believing that home appraisers should inspect these items and guarantee them.

Call or email Accurate Valuations Group for more details: 225-293-1500 or info@accuratevg.com.

FHA even protects the Appraiser with this form below presented to buyers that tells them to “Get A Home Inspection”!

Home Inspections inspect detailed condition. are a very detailed inspection of various items around the home and inside the walls, attic and underneath the home  if there’s crawl space. Inspectors can inspect things like pest control, roofing, chimney, electrical, plumbing, for harmful mold and other negatives that might cost the buyer money in repairs soon after they buy the home. They are hired by the buyer to inspect the condition of the home on the day of inspection.

The home inspection fee is normally paid by the buyer. The costs for home inspections is not known and is really based on the size and complexity of the home.  Naturally, the longer the inspection will take, the higher the fee.

There are TWO (2) local Greater Baton Rouge Home Inspectors I recommend because I’ve known each of them for years now and can count on them to do their job right and not sorry that I referred them. 

Kevin Dinkel, Advantage Services, 225-753-8114 email info@extramileteam.com

James Bohac, Alltell Home Inspection 225-806-7572 4alltell@cox.net

There’s so much confidence in this neighborhood that a buyer, in the midst of a national recession, paid $791,500 or $154/sf for 6353 Double Tree Drive, see photo below. 6016 North Shore Drive sold for $464,000 in 1/2011 for $157/sf. A home on North Shore Ct is under contract for an unknown price and listed for $529,500 or $159/sf. Of course, these are homes on the lake and are the exception and not the typical sales price. For 2011, the median sales price for the year is $337,319 or $113/sf.

If there’s any negative report, it’s the 12% REO or sold foreclosure rate or 17 out of 140 total sales.

This home at 5741 Lake Shadow Drive sold for $355,000 or $129/sf in 6/2011

Entrance Sign

6353 Double Tree Drive (Private Entrance)

From 01/01/2006 to 08/28/2011, GBRMLS is showing 17 REO or Foreclosure sales in The Lakes At White Oak Subdivision out of 140 total sales or about 12%, which is fairly high for East Baton Rouge Parish.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to August 28, 2011. This information was extracted on 08/28/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Author: Bill Cobb, Appraiser with Accurate Valuations Group

Tags: Baton Rouge Real Estate, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisers, East Baton Rouge, Greater Baton Rouge, Baton Rouge Home Appraisal, Home Appraisals, Baton Rouge Realtors, Baton Rouge Real Estate Agents

The GBRMLS Trends chart below shows a substantial home price correction taking place within Baton Rouge’s Sherwood Forest Subdivision. The Average Sold Price Per Square Foot has declined from $80.66/sf in 2007 down to $68.61/sf in 2011, back to 2005 levels and a -15% correction. The Median Sold Price has declined from $181,000 in 2010 down to just $165,500 in 2011, a -9% correction (rounded). Some of this recent decline is due to foreclosure activity. And, the reason the chart shows a dip in 2009 to $165,000 was due to the devastating impact of Hurricane Gustav on this heavily treed neighborhood. In fact, there are still some homes that were renovated in 2009, after Hurricane Gustav in 2008, that are still on the market and haven’t yet sold.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to August 23, 2011. This information was extracted on 8/23/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Last week, David Jacobs, with the Baton Rouge Business Report, reported a startling study about how high and out of sync Greater Baton Rouge housing prices are when combined with transportation. The article, Baton Rouge-area household spends 52% of income on housing and transportation, was published on 8/9/2011. In the article or study, the CNT recommends spending no more than 45% and that combining local housing prices with true transportation costs provides “an accurate measure of of the true affordability of housing”.

Other Studies. We also know that according to Core Logic, Baton Rouge is in its’ 9th straight month of home price correction. We also know from the 24/7 Wall Street study that Baton Rouge made America’s 10 Sickest Housing Markets list this month.

We’re In For More Correction. It would appear, based on these 3 studies, that Greater Baton Rouge Housing is in for more correction.

This is my reply below to David Jacobs submitted on 8/10/2011:

I read your Business Report Weekly and wanted to thank you for reporting on this. This has really helped me. Just 3 weeks ago, I was ready to go for a visit to the LSU Real Estate Research Department with similar questions as to where should GBR Housing be priced relative to local incomes? I think this is a foundational question going forward and might possibly shed some light on where the bottom might be in local housing prices in the future. If GBR housing is out of proportion, by how much or by what percentage? Are the current still nose-bleed high housing prices sustainable? Obviously if we asked this question in 2007 from some of the Zachary and ASC $300,000 neighborhoods, the answer today is probably not. $140/sf for new homes wasn’t sustainable across the board. This is why builders like DSLD Homes are having such success……because the insanity in local new home prices from 2006 to 2008 was never sustainable based on local incomes.

As a local home appraiser, I’ve been scratching head all along here wondering WHY local housing is so expensive…..in Louisiana. Baton Rouge has been a wonderful place to grow up and now raise my family, but we’re not California with almost a perfect climate where one would expect high prices. Why are home prices so high here….still in 2011? Even with the modest correction, it would certainly seem that we’re still at nose bleed levels on the pricing of some local housing relative to local incomes. I scratch my head monthly on this issue.

Please understand, I’m not a conservative appraiser. Whatever the housing market’s decision has been, in the form of home sales, I reflect in my reports. However, we’re now about 9 months into this local correction and I’m beginning to think that locals are finally coming to their senses on what they pay for local housing relative to local incomes. There are A LOT of sellers in denial right now, and Hurricane Katrina didn’t help with that at all. It only made it worse. Today, some local Real Estate Agents are hiring me for my Listing Appraisals on their listings that have been on the market for months now, they know are overpriced and they bring me in to show the seller the reality of the local numbers in comparison to sellers perception that their home is worth more.

The chart below doesn’t indicate a huge problem in GBR housing, not like some sour markets in the USA where there’s 3-4 years of supply. However, talk to most appraisers locally and you’ll find that we’re checking “Slow” market for growth or sales and in some subdivision/markets, there’s been such few home sales that it’s become very difficult to complete appraisals for the lack of comps sold within 3 to 6 months, especially under $125,000.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of August 2010 to July 2011. This information was extracted on 8/10/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above.

These are some of the things I’ve been thinking about in GBR Housing since 2007 and going forward. Are we fairly priced or still way out of balance? Yes, the market is correcting back to some sense of sanity…..finally…..and how many more months or years will it be till we reach equilibrium (sanity) based on local incomes.

New Homes Are Still Priced High. I still see a local builder and have them say something like, “This market is killing me…when the market coming back?!”. And that builder just doesn’t get it….that the post Hurricane Katrina builder’s market isn’t coming “back” in terms of such exaggerated pricing. The odd thing here is the LHBA (La Home Builders Association) would probably tell you today that we’re too low for their builders to make a decent profit on local home building. What they experienced in 2006-2008 (unsustainable pricing) and expect in the future just wasn’t/isn’t sustainable.

This is why I believe that new TND in Zachary recently announced will take a decade or more to build out because $140/sf to $200/sf just isn’t what local incomes will support and until local builders understand this, they’ll be more developments started and then finished by DSLD Homes. This is also why I believe that new Wyndam Estates development in Denham Springs with 1600sf homes on “tiny lots” in $190′s or $120/sf will also take much, much longer than expected to fill and should be filled with homes in the $150s to $160s. It’s about market economics and local incomes and the local economics, at least outside of Baton Rouge itself, is in favor of DSLD Homes pricing. Those builders and developers that fail to understand local incomes will continue to have their fledgling developments sold to and finished by developers like DSLD Homes after spending millions to break the dirt.

Bill Cobb, Appraiser

Below is a compare and contrast showing the marketing differences in perspective of home listing photo at normal elevation versus elevated elevations. Local Real Estate Agents prefer to combine normal photos and elevated photos in their marketing plan for their listings.

This service is also included in Bill Cobb’s AVG Pre-Listing Appraisals whether those are ordered by Local Real Estate Agents or for those selling FSBO without an Agent, see Greater Baton Rouge Pre-Listing Appraisals

Tags: pap, pole aerial photography, pole photography, baton rouge, baton rouge real estate, baton rouge homes, Baton Rouge Real Estate, Baton Rouge Housing, East Baton Rouge, Greater Baton Rouge, Baton Rouge Realtors, Baton Rouge Real Estate Agents, Baton Rouge Homes For Sale, baton rouge real estate elevated photos

GBRMLS data for the Forest Oaks Subdivision revealed these interesting findings. From 2004 to 2009, the median sales price increased from $84,700 to $106,200. From 2009 to 2010 to 2011, median sales price declined from $106,200 down to $97,500 and $93,000. There are currently 13 MLS Listings from $46,500 to $115,000. Ten of these are active listing at an average price of $74/sf, which is substantially above market. In contrast, the 3 pending listings are pending at an average $54/sf and the 6 home sales in Forest Oaks in 2011 sold for an average of $62.88/sf. SO, If you plan on buying a home in Forest Oaks in 2011, ask yourself why these 10 listings are priced $10.67/sf ABOVE what the other 6 homes sold for and then order a Greater Baton Rouge Pre-Purchase Appraisalto make sure you don’t pay too much for Baton Rouge Real Estate.

CHART OF FOREST OAKS HOME SALES SINCE 2004

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2004 to July 26, 2011. This information was extracted on 7/26/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision.

A recent home appraisal in and analysis of Old Jefferson revealed this interesting finding. From 2008 to 2011, the median sales price has continued to decline. From 2008 to 2010, the median sales prices were $149,900, $147,000, $145,000 and in 2011 it’s currently $140,200 based only on 4 sales (the chart below isn’t updated yet). Again, this is only based on 4 sales in the first 4.5 months of 2011. In 2010, there were 22 total sales, so one can see that the number of home sales has dropped considerably. NOTE: There is no indication per GBRMLS sheets that any of these 4 2011 sales were distressed or foreclosures, just a correction to a lower price level.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a correction.

The Chart below shows a considerable correction since May 2010 for home comparable to a larger 2,000sf in Zip 70817. Yes, the average home in Old Jefferson is 1,500sf to 1,600sf. The home I was appraising had an addition.

CURRENT LISTINGS. There are 20 current listings from $117,000 to $174,900 with 18 active and only 2 pending or under contract. So, there is a major oversupply of available homes for sale in Old Jefferson. The Average Listing Price per sq. ft. is $91.23/sf, which is too high and the reason these homes aren’t selling. If you examine the chart above, 2011 support is now in the $80s/sf, not the $90s/sf. This is called sellers in denial. AND, the 2 pendings have an average listing prices of $83.60/sf, further proof that reaching $91/sf in Old Jefferson was something that took place in 2010 but no longer in 2011. And, CoreLogictells us that Baton Rouge is in its’ 8th straight month of declines.

DISTRESSED LISTINGS. Out of the 20 current listings, 1 is a foreclosure and 3 are short sales. So, 20% of available listings are distressed in nature.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to May 20, 2011. This information was extracted on 5/206/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Can Real Estate Agents Talk To Home Appraisers During A Purchase Appraisal? In short, they absolutely can!

HVCC was retired yet the policies it set in motion remain in motion. Now, Dodd-Frank’s Appraiser-Independence Legislation is the rule of the day and there is a lot of confusion out there between both Home Appraisers and Real Estate Agents on communication! I just had an Agent this week contact me complaining about an Appraiser that came in short on an appraisal because the Appraiser didn’t understand the home on the river had 2 boat slips instead of just 1. This Agent didn’t understand that he could have spoken with the appraiser at the beginning to clear all facts up about this property.

The November 8, 2010 article in Live Valuation Magazine written by Larry Disney, Change to Appraisal and Appraiser Regulation Has Arrived – Are You Ready? sheds some light on this topic. The language in the new Dodd-Frank legislation appears to help the communication process between Agents and Appraisers and Sellers and Borrowers. For example, in this article, Mr. Disney states,

“The above language is not meant to imply that mortgage lenders, mortgage brokers, mortgage bankers, real estate brokers, appraisal management companies, employees of appraisal management companies, consumers, or any other person with an interest in a real estate transaction cannot ask an appraiser to consider additional information, including comparable sales; provide further detail, substantiation, or explanation for an opinion of value; and correct errors in the appraisal report.“

It sounds to me like Agents can communicate with home Home Appraisers.

I asked two (2) nationally known Home Appraisers these questions below:

At what point can the RE Agent talk to the appraiser regarding the purchase appraisal?

*When the initial appraisal inspection is setup?
*After the appraiser has inspected the property?
*If only at the initial setup, then can that agent provide their comps / support then to avoid an appeal later?
*What’s your policy or understanding on this?

*Was I wrong in what I’ve told this agent that asked me below:

I as an appraiser have always considered there to be 3 Real Estate Professionals in the deal: Listing Agent, Selling Agent and Appraiser. To avoid appeals, I ask for the Agent’s comps at the time I set the inspection up. Some Agents are offended that I do this because they take it as if I’m questioning them. I’m not questioning, just trying to give them their opportunity to “talk” to the appraiser before I go out for the inspection and avoid an appeal later. I think you should be proactive with Appraisers and take as much control of your deals as possible……and that’s done initially when the appraiser calls to set up the appraisal inspection. It’s a myth that Agents can’t talk to Appraisers, it’s just that the communication must take place before the appraiser inspection and not after the inspection.

Their two (2) responses I received are below:

In summary, one Appraiser stated that there has been a lot over reaction and that they try to talk to the Agents of most deals. If a value issue arises, the appraiser said he contacts them for their data, which could be before or after the inspection, without letting on that there is a value issue.

Washington State Appraiser, Dave Towne, Said:

“I’m with you on this. I sometimes will ask agents for their ‘cma’, saying “I want to be sure I understand how you priced this property at the time of listing. I want to be sure I don’t miss any properties that you may have considered.” I do this when I determine the price is too high based on comps I pre-research prior to inspecting.

Often, they don’t even have those in their file, and just provide listings at inspection time that support the price, but that are not necessarily comps from our perspective.

An appraiser has to be careful about accepting carte blanche properties provided by someone financially connected to the deal. But I don’t think trying to understand the preliminary pricing process is out of line. However, after the inspection and the report is complete/submitted, that’s not the time to complain – especially if the agent was uncooperative at the start.

We are supposed to ‘verify’ every sale. That involves communication with the players involved prior to report completion. Unfortunately agents sometimes have an adversarial attitude, and appraisers don’t do an effective job discussing this. I think you do, based on your info.

And anyone connected to the assignment can discuss aspects of the property with the appraiser in advance of report submittal, as long as there is no attempt to influence the value.”

What does the Home Appraiser’s Client Instructions Say About This Topic – The AMC’s or Appraisal Management Companies?

I reviewed three (3) recent appraisal orders for home purchases. These Appraisal Orders were 8 pages, 3 pages and 4 pages in length. None of these orders stated the Appraiser couldn’t communicate with the Agent. Two sets of the instructions read,

“Purchases require that you review the sales contract and state in report that contract was reviewed. Obtain contract from Agent/Contract or Contact AMC for help. Contract must be fully executed.” Fully executed means the contract must have ALL signatures or you the Agent hold up the deal!

“For Purchase transactions, if AMC does not provide you with the sales contract governing the transaction, you must contact us or the borrower/REALTOR to obtain it.”

Conclusion. It appears from ALL sources reviewed that Agents can communicate with Appraisers during a purchase transaction. My advice as a Home Appraiser is to provide the Appraiser with a list of relevant features, upgrades, your Sketch showing your measurements and a list of your supportable comps used to market the property. By providing your comps up front, you are avoiding an appeal after the appraisal is completed, which will also help speed the closing process.

Why Did I just state, “your Sketch showing your measurements”? Because in the month of May in my market, one deal did not appraise and another deal was very, very close simply because the Agents either did not measure the homes, simply copied a previous incorrect MLS listing or measured them incorrectly per the National “ANSI” Standards. The MLS Listings were incorrect by 173sf and 215sf. The 173sf error was in a market where homes were selling in the $121/sf range. If you have your own sketch, you can be sure that your listing is the right size, priced properly and be less questionable in terms of the appraisal.

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision.

A recent home appraisal in and analysis of Park Forest East revealed this interesting finding. From 2009 to 2010, the median sales price remained stable at $135,000. However, in 2011, based on 3 sales, 2 of which were foreclosures, the median sales price has slipped to just $81,000. Again, this is only based on 3 sales in the first 4 months of 2011. In 2010, there were 11 total sales. Again, this drop is due to foreclosures and/or distressed sales.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a major correction.

The Chart below shows a considerable correction since May 2010 for home comparable to a 1,400sf in Zip 70814.

CURRENT LISTINGS. There are 9 current listings from $99,500 to $140,000 with 7 active and 2 pending. The Average Price per sq. ft. listing is $85.48/sf, which is too high. If you examine the chart above, 2009 and 2010 support was at $83/sf and $72/sf. And, CoreLogic tells us that Baton Rouge is in its’ 7th straight month of declines. So, this average $85.48/sf is far too high. Why are these 7 listings, in 2011, priced above 2009 and 2010 when the market was stronger then. The 2 pendings average $65.69/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 6, 2011. This information was extracted on 5/6/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Potential $20K Loss. This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision. In the appraisal I recently completed, the home sold for $155,900 in 2007, a Post Hurricane Katrina high price, and is now on the market for $136,000. If this home sells for $136,000, then homeowner only loses $20,000 and will lose a total of $28,160 after paying the selling commission.

A recent home appraisal in and analysis of Villa Del Rey revealed this interesting finding. From 2009 to 2010 to 2011, the median sales price has declined from $145,000 to $137,500 to now $136,000 (chart below is not updated) into 2011 based only on 3 sales. This drop is due to foreclosure and/or distressed sales. Actually, the chart below is incorrect because GBRMLS reports “38″ solds in 2010, not just 33, with a median of $137,500. Of those 38 sales, 11 or 29% were foreclosures, which is quite high. And, in 2011, the 3 solds only sold for $119,000, $136,000 and $139,000 indicating these sold below market.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 3, 2011. This information was extracted on 5/3/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Greater Baton Rouge Home Prices, in general, are in correction mode per the CoreLogic report for the 7th straight month and reflected in local housing statistics I see almost daily. The favorable Highland Creek Subdivision is no exception.

Highland Creek. Per the HOA Website http://highlandcreekbr.com/, “Highland Creek is an awesome neighborhood off highland road in beautiful Baton rouge. It is conventialy located to downtown BR, the LSU campus, three major retial outlets and two hospitals; great for kids of all ages.” Highland Creek was developed around 1982-1983 with 1 to 2 story garden homes ranging from 1,076sf up to 2,330sf situated on smaller lots. Approximately 75% of Highland Creek is located in the Flood Zone per the FEMA map below, map from a recent appraisal.

Highland Creek Homes

THE CORRECTION IN HOME PRICES – The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

As with Hurricane Katrina, the Median Sales Price rose from $125,000 in 2005 up to $138,500 in 2006. Then median sales price from 2007 to 2009 from $145,000, $147,500 and $154,000 rounded. 2010 began the descent to $148,500 and 4 sales in 2011 currently have it at $126,500. At the highs, the Average Sold Price was at $104/sf and now in 2011 it’s at $84/sf. YES, 2 of the 4 2011 sales were foreclosures helping to bring down the 2011 numbers. However, even the 2 non-foreclosures sold at $90/sf and $99/sf showing a correction from 2008 and 2009 highs.

However, is it only Highland Creek correcting or are other competing developments correcting as well? YES, other developments are correcting as well. This chart below of 64 competing home sales in the 1250sf to 1650sf range in 70808, 70810 and 70820, homes in subdivisions that would be comparable to Highland Creek, shows a -6.2% decline.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 2, 2011. This information was extracted on 5/2/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

For More Information On Highland Creek, Check Out The HOA Website here:

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

ASCENSION PARISH

SOLDS:

5 from $67,000 to $229,900, Average Sales Prices $168,180 or $99.98/sf, Median Sales Price $185,000, Average Days On Market 41.  

LISTINGS:

Currently Actives Total: 744 $234,268 Average Listing Price and Median Price $198,200.

Currently Pending: 246 $194,128 Average Listing Price and Median Price $174,975.

New Listings: 40 With Average Listing Price of $195,992, Median Listing Price of $169,900

Pending Listings: 39 With Average Listing Price of $202,851, Median Listing Price of $189,000

Withdrawn Listings: 13 With Average Listing Price of $259,753, Median Listing Price of $224,900

Expired Listings: 7 With Average Listing Price of $155,673, Median Listing Price of $129,000

EAST BATON ROUGE PARISH

SOLDS:

42 from $21,900 to $575,000, Average Sales Prices $222,343 or $102.28/sf, Median Sales Price $187,000, Average Days On Market 123. 

LISTINGS:

Currently Actives Total: 2695 $247,876 Average Listing Price and Median Price $176,900.

Currently Pending: 613 $209,906 Average Listing Price and Median Price $167,900.

New Listings: 133 With Average Listing Price of $220,158, Median Listing Price of $175,000

Pending Listings: 102 With Average Listing Price of $203,939, Median Listing Price of $169,450

Withdrawn Listings: 18 Average Listing Price $184,066, Median Listing Price of $142,500

Expired Listings: 23 With Average Listing Price of $468,832, Median Listing Price of $214,900

WESTERN LIVINGSTON PARISH

SOLDS:

19 from $22,500 to $448,000, Average Sales Prices $124,242 or $74.59/sf, Median Sales Price $89,000, Average Days On Market 74.

LISTINGS:

Currently Actives Total: 778 $193,809 Average Listing Price and Median Price $159,900.

Currently Pendings: 171 $151,976 Average Listing Price and Median Price $148,000.

New Listings: 37 With Average Listing Price of $186,735, Median Listing Price of $153,900

Pending Listings: 21 With Average Listing Price of $159,738, Median Listing Price of $146,900

Withdrawn Listings: 15 Average Listing Price $162,826, Median Listing Price of $147,500

Expired Listings: 17 With Average Listing Price of $170,894, Median Listing Price of $167,900

WEST BATON ROUGE PARISH

SOLDS:

1 for $179,700 or $127/sf, Median Sales Price $179,700, Average Days On Market 267.

LISTINGS:

Currently Actives Total: 109 $196,436 Average Listing Price and Median Price $186,300.

Currently Pending: 21 $186,897 Average Listing Price and Median Price $185,900.

New Listings: 3 Average Listing Price of $204,900, Median Listing Price of $134,900

Pending Listings: 2 Average Listing Price of $175,900, Median Listing Price of $175,900

Withdrawn Listings: 1 Average Listing Price $49,900, Median Listing Price of $49,900

Expired Listings: 1 With Average Listing Price of $195,000, Median Listing Price of $195,000

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April, 16, 2011 to April 22, 2011. This information was extracted on 04/23/2011.

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Ascension Parish

Solds: 9 from $86,700 to $385,000, Average Sales Prices $186,403 or $100.32/sf, Median Sales Price $137,500, Average Days On Market 59.

Listings:

Currently Pending: 229 $191,106 Average Listing Price and Median Price $172,500.

New Listings: 48 With Average Listing Price of $197,932, Median Listing Price of $174,950

Pending Listings: 39 With Average Listing Price of $195,857, Median Listing Price of $189,000

East Baton Rouge Parish

Solds: 31 from $5,500 to $1,054,000, Average Sales Prices $216,768 or $106.51/sf, Median Sales Price $161,000, Average Days On Market 96.

Currently Pending: 585 $208,328 Average Listing Price and Median Price $166,000.

New Listings: 120 With Average Listing Price of $268,194, Median Listing Price of $186,000

Pending Listings: 100 With Average Listing Price of $208,382, Median Listing Price of $165,000

Western Livingston Parish

Solds: 10 from $29,000 to $455,000, Average Sales Prices $189,525 or $97.54/sf, Median Sales Price $168,500, Average Days On Market 98.

Currently Pending: 177 $149,140 Average Listing Price and Median Price $147,900.

New Listings: 31 With Average Listing Price of $175,716, Median Listing Price of $168,900

Pending Listings: 24 With Average Listing Price of $120,687, Median Listing Price of $127,950

West Baton Rouge Parish

Solds: 4 from $51,500 to $226,000, Average Sales Prices $166,600 or $106.33/sf, Median Sales Price $194,450, Average Days On Market 68.

Currently Pending: 21 $187,983 Average Listing Price and Median Price $193,000.

New Listings: 0

Pending Listings: 1 Listing Price of $124,900

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April, 9, 2011 to April 15, 2011. This information was extracted on 04/16/2011.

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Accurate Valuations Group (Home Appraisals) has completed an analysis of the West Baton Rouge Parish housing market from First Quarter 2010 versus First Quarter 2011. The results are below. CLICK ON IMAGE BELOW TO ENLARGE.

This study explores ALL Single-Family Residential home sales for the three (3) zip codes below. In Q1 2010 there were 27 home sales versus 28 in Q1 2011. So, for 2011, number of sales were up by 1 or approximately +3.7%.

70767 Port Allen. For Zip Code 70767, home sales volume was down 14%, Average Sales Price was down -0.7% and Average Sold Price Per. Sq. Ft. was down -5.5%.

70719 Brusly. For Zip Code 70719, home sales volume was up 50%, Average Sales Price was down -11.4% and Average Sold Price Per. Sq. Ft. was virtually unchanged at 0.4%.

70710 Addis. For Zip Code 70710, home sales volume was up 18%, Average Sales Price down -9.9% and Average Sold Price Per. Sq. Ft. was down -2.7%.

These declines are consistent with the CoreLogic report on national home prices falling for the 7th straight month, as reported on Thursday, April 7, 2011. This is the trend for much of Greater Baton Rouge home prices.

Visit West Baton Rouge Appaisers Here

Visit West Baton Rouge Real Estate Buzz On Facebook

Author’s Bio:
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Accurate Valuations Group (Home Appraisals) has completed an analysis of the East Baton Rouge Parish housing market from First Quarter 2010 versus First Quarter 2011. The results are below. Click the chart to view in a larger size.

This is a lot of data to report on in one (1) article with “20″ zip codes. A short summary follows:

Number of Home Sales Decreased by 3% Over 2010! For the number of home sales, only 9 zip codes reported a smaller number of sales. And, Ten (10) Zip Codes experienced more sales in Q1 2011 than in Q1 2010, which is great news for our market. Still, in Q1 2010 there were 738 home sales versus 714 in Q1 2011, which is a difference of 24 sales or -3%.

Average Sales Prices Overall Decline! This is consistent with the CoreLogic report on national home prices falling for the 7th straight month, as reported on Thursday, April 7, 2011. Thirteen (13) of the 20 Zip Codes showed declining average sales prices versus only Seven (7) showing increases. Local home prices are continuing to correct.

Average Sales Price Per Square Foot Overall Declines! This is consistent with the CoreLogic report. Fifteen (15) of the 20 Zip Codes showed declining average sales prices per sq. ft. versus only Seven (5) showing either no change or just slight increases.

Biggest Gainers. Zip Code 70807, the Scotlandville market, showed a 450% increase in number of home sales. Zip Code 70739, the Central or Greenwell Springs market, showed a +16.2% increase in Average Sales Prices AND +5.6% in Average Sales Price Per Sq. Ft.. Central is a “hot” market viewed by locals as having a favorable school district.

Largest Declines. Zip Code 70820, the market below LSU off Brightside, showed a -35.3% decrease in number of home sales. Zip Code 70802, the market in and around Central Business District, showed a -33.4% decline in Average Sales Prices AND -30.2% decline in Average Sales Price Per Sq. Ft..

Visit Baton Rouge Real Estate Buzz Here

Visit Baton Rouge Real Estate Buzz On Facebook

Author’s Bio:
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

I’m noticing a trend in the $100K to $140K range where home sales have slowed, if not stalled. I’m reading about mortgages drying up for some. I’m looking at a 1004MC or Market Conditions Form right now in 70810 Area 53 where 12 months ago there were 17 sales and 2 months supply and in First Quarter 2011 only 1 sale in current 3 month quarter and 49 month supply. Of course, Baton Rouge home sales aren’t totally stalled for all price ranges, but for the under $140K range, there certainly has been a slowdown and increase in supply. Here’s the recent examples below.

This 1004MC or Market Conditions Report Based On Sub-Market Solds and Listings For an overbuilt home in Hermitage Subdivision, but using 1,200sf to 2300sf lowered price homes as comps in Area 53. From 17 sales 12 months ago to only 1 in current 3 months. Months supply of inventory 12 months ago was 21 months and currently it’s 48 months. Median sales price appeared to remain stable. It actually increased, BUT trend is not called just based on 1 sale.

SAME TREND IN DENHAM SPRINGS FOR 2 HOMES. I saw this exact same trend in Denham Springs last week. A couple purchased a home for $141K in 2007, surely a Post Katrina high price, and it appraised in low $130s in 2011 due to expected market correction. There was going to be a correction! 1004MC or Market Conditions Data showed 8 sales and 9 month supply 12 months ago and only 2 sales and 36 month supply in current 3 month period. In this case, median sales prices had declined, corrected.

This 1004MC Based On Sub-Market Solds and Listings For a 1,500sf 40 yr old home in South Woodcrest Subdivision. From 9 sales 12 months ago to only 1 in current 3 months for past 2 quarters. Months supply of inventory 12 months ago was only 4 months and currently it’s 45 months. Median Sales Price was $128,450 12 months ago and is now $124,125, a dip of -3.4%. Also, the Median Sold Days On The Market increased from 76 days 12 months ago to 191 in Q1 2011 .

This 1004MC or Market Conditions Report Based On Sub-Market Solds and Listings For a 1,150sf 40 yr old home in Sara Estate Subdivision. From 9 sales 12 months ago to only 1 in current 3 months for past 2 quarters. Months supply of inventory 12 months ago was only 4 months and currently it’s 45 months. Median sales price appeared to remain stable.

The Positive In The Market! I do know there is a lot of positive chatter from local Real Estate Agents on FB on the uptick in home buyer interest….and that’s a positive for the market.

PART OF THE REASON FOR “LOW APPRAISALS”. As home appraisers, the Big Banks are really concerned about Collateral Risk and want to know much more about the markets they lend in from the home appraisal. This is why today’s home appraiser works a couple of hours longer on each report to deliver all of this extra data, to better understand the markets they operate in and apply market based adjustments, whether those adjustments support a purchase agreement or not. Stats like I’m reporting here aren’t obvious on the surface when it comes to pricing a home for a listing BUT are made more transparent at appraisal time. Such stats as 45 months supply, declining median sales prices and average days on the market of 191 days do influence the final outcome on an appraisal and helps the lender make the decision as to if they are going to take the risk to lend in a market. Underwriters can choose to “cut” the appraised value.

In my opinion, sometimes a “Low Appraisal” isn’t really a low appraisal but more of a reflection on the reality in that market at that time period. And, that period of time could be months and months after that Agent’s sign went into the ground in front of that home. Markets Change! After all, if the market indicators above in the 1004MC were known to only the Appraiser and not known by the Agent marketing the home, then can you now see how and why appraisers are armed with more knowledge of market interaction? And, in the case where median sales prices were declining, can you see how that if this is not known by listing agents the trouble this causes at appraisal time? This is the newer depth of market analysis we appraisers are seeing in the markets we operate in AND the market analysis the average real estate agent is not seeing in the same market. Can you understand now why Fannie Mae, Freddie Mac, FHA, RD, VA and Banks want appraisers looking at these numbers more closely? I as a home appraiser certainly can.

Sometimes low appraisals happen because the overpriced listing was based on what the seller wanted versus pricing that home based on market support. Sometimes low appraisals happen because the home wasn’t properly measured and may be smaller than stated. There is supposed to be a real estate professional measure each listing based on the National ANSI Standards, whether that person be the actual Agent, their team or an appraiser. Sometimes low appraisals happen because excessive seller paid concessions were not deducted from the comps used by Agent to establish the listing price. Fannie Mae instructs appraisers to deduct excessive seller paid concessions and expects Agents to do the same at listing time. And, when the comps or solds used in the appraisal state seller paid concessions of $6,000 to $8,000 to $10,000 to $12,000, then those excessive concessions will be deducted from those comps. If typical is $3,000, then in the example above, -$3000, $-5000, -$7,000 and -$9,000 will be deducted to bring these comps back down to market normalcy! Fannie Mae, FHA and lenders know that when there is no “skin-in-the-game” or downpayment, they are more likely to get that home back. And, there are some P.A.’s written to utilize excessive seller paid concessions to get people into housing. It’s as if the regulations are asking the appraisers to help correct this situation in the market.

A Decrease In Mortgage Lending In These Price Ranges? Is there a decrease in mortgage lending in these price ranges or just harder to qualify for a mortgage loan….or both?

Solds In Kildare Subdivision have varied from lows to highs in terms of the Average and Median Sales Prices by year from 2006 up to 2011. The variance in the these range from $45,000 up to $152,500 depending on how many REO or foreclosure sales took place in Kildare during any given year. For example, the average sales prices since 2006 were $100,600, $89,000, $137,000, $87,700 and $122,500, which is a very wide spread. With the exception of 2009, there were few sales in each year. 2010 Data is reported below and there has already been one (1) REO or Foreclosure sale in 2011 for $45,000 for an 1,872sf home on 0.55 acre lot. In 2010, there were two (2) unusually high sales for $152,500 and $175,000. The $152,500 sale was for 2,919sf on about 1 acre and the $175,000 was for a 4,907sf on large lot with pool, 2 kitchens and apartment. Average days on market in 2010 was 300 days with a weak listing-to-sales price ratio of 92%.

Average Sales Price: $122,500
Average Sold Price Per Sq. Ft.: $36/sf
Median Sold Price: $152,500
Number of Sales: 3
Low To High: $40,000, $152,500 to $175,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # MLS Listings: 2
Current Listings Prices: $75,000 To $89,900

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638

Fax: 1-866-663-6065

info@accuratevg.com

http://www.accuratevg.com/

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to March 23, 2011. This information was extracted on 03/23/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Video Link is: http://www.youtube.com/watch?v=W_Y3eTRa_D8

In this video, local home appraiser of 20 years, Bill Cobb, points out trends observations from the Area 53 housing market, generally from Essen Lane over toward Country Club of Louisiana area.

This is a “sub-market” study of homes 2900sf to 3450sf, from 11-15 to 16-20 years old, from approx. $300,000 up to $450,000 range. This is not a broad study but a limited study of homes comparable to a 3250sf home built in 1994 in the Bluebonnet 70810 market. The observations here are not broad or general, but specifics to these parameters.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of June 1, 2008 to March 6, 2011. This information was extracted on 3/6/2011.

SFREP or Software for Real Estate Professionals is a local real estate appraisal software company founded by R. Wayne Pugh, MAI. SFREP recently added a new mapping feature to their “Appraise-It” product, which aids the appraiser in better communication with the underwriters.

Video Link Is: http://www.youtube.com/watch?v=ZtoXLINgvz8

This is a “reblog” from Josh Schoenly At Harrisburg PA Homes

Mortgage rates are up 0.875% since mid-November, causing home buyer purchasing power to fall more than 10 percent since.

Persistent concerns over inflation are a major reason why and this week’s Consumer Price Index did little to quell fears. CPI rose for the third straight month last month.

Wall Street was not surprised.

As the economy has picked up steam since late-2010, the Federal Reserve has held the Fed Funds Rate near zero percent, and kept its $600 billion bond plan moving forward. The Fed believes this is necessary to support the economy in the near-term.

Over the long-term, however, Wall Street worries that these programs may cause the economy may expand too far, too fast, and into runaway inflation.

Inflation pressures mortgage rates to rise.

Inflation is an economic concept; defined as when a currency loses its value. Something that used to cost $1.00 now costs $1.05, for example. It’s not that the goods themselves are more expensive, per se. It’s that the money used to buy the goods is worth less.

Because of inflation, it takes more money to buy the same amount of product.

This is a big deal in the mortgage markets because mortgage rates come from the price of mortgage bonds, and mortgage bonds are denominated, bought, and sold in U.S. dollars. When inflation in present, the dollar loses its value and, therefore, so do mortgage bonds.

When mortgage bonds lose value, mortgage rates go up.

Inflation fears are harming home buyers. The Cost of Living has reached a record level, surpassing the former peak set in July 2008. Mortgage rates would be rising more right now if not for the Middle East unrest.

So long as inflation concerns persist, mortgage rates should trend higher over the next few quarters. If you’re wondering whether to lock or float your mortgage rate, consider locking today’s sure thing.

In Missouri Acres in 2009-2010, the median sales price for the 5 GBRMLS sales was $238,000 with an average sold price of $119.64/sf. The low to high sales prices were $219,000 to $258,000. However, this market is very slow and the days on the market it takes to sell a home has been increasing over the past two (2) years above the $225,000 price ranges.

West Baton Rouge Real Estate Appraisers is an information source provided by local West Baton Rouge Parish Home Appraiser, Bill Cobb, and Accurate Valuations Group West. Bill has 20 years experience as a residential appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! Some of the videos on this site are housing market updates provided by Bill himself and others are videos of local homes for sale by area Agents.

http://www.batonrougerealestatebuzz.com/ is also a helpful resource for local West Baton Rouge Real Estate Buzz!

While Baton Rouge Real Estate Trends Dot Net reports on the broad or macro Greater Baton Rouge Housing Markets, Baton Rouge Market Metrics Dot Com reports on the individual subdivisions within the four (4) local Parishes that make up the Greater Baton Rouge Housing Market.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 02/13/2011.

RESIDENTIAL PERMITS DECLINE Were Down In 2010! As a whole, residential building permits were down from 2,184 in 2009 versus 1,964 in 2010, a decline of 220 permits or -10% (includes all residential permit types). December 2010 versus December 2009 saw an increase from 177 in 12/2009 to 201 in 12/2010.

DECEMBER 2010 RESIDENTIAL SFR PERMITS TOTAL “53″! For Residential Permits only for “Single Family Residences”, December 2010 saw 53 permits issued versus 44 for November 2010.

ANY IMPROVEMENT IN JANUARY 2011? NO! According to EBRP Department of Public Works Permit Office, “Building permits are down from 1,763 in December 2010 to 1,673 in January 2011.” For Residential ONLY, there were 30 permits issued for Single Family Residences and 62 for Additions-Remodeling for a total of 92 permits. This is a -36% decrease compared to the 143 permits issued in January 2010. And, this is -48% decrease compared to the 177 permits issued in December 2010. However, December 2010 did see an odd “88″ permits for “Duplexes”, which was more than any recorded in recent history.

NOTE: Top Image Source: www.remodeling-sanantonio.com

Tags: Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, East Baton Rouge Residential Building Permits

The LREC or Louisiana REALTORS (source) is reporting on the state of Louisiana foreclosures as of fourth quarter 2010. There report is below.

As I was driving into Rambling Oaks Subdivision the other day, I noticed a new set of really nice Townhomes. I pulled into the development to see that the builder developer was Patterson Homes.

I contacted the Listing Agent, Treshur Jones @ 225-954-2460 to inquire about this new development. According to Treshur, “I am very pleased with the project and also think they are a great addition to the Central community!!” Also, Treshur stated, “2 are pending and I am currently waiting on the third contract right now. The HOA dues are now $800 for the year and that includes their insurance.”

There are 5 new townhomes ranging in living area sizes from 1,263sf, 1,383sf to 1,399sf listed from $145,900, $149,900, $159,000 and $164,900. The features are listed below from the GBRMLS sheets. From the online MLS photos, it appeared these were more upscale units with slab granite counters, upgraded appliances, really nice.

“GREAT ONE STORY TOWNHOMES IN THE HEART OF CENTRAL! HOMES HAVE OPEN FLOORPLANS WITH STAINLESS STEEL APPLIANCES & OIL RUBBED BRONZE FIXTURES. LARGE MASTER BEDROOM WITH LARGE CLOSET. MASTER BATH HAS DOUBLE SINKS. CONVENIENT COMPUTER NOOK. ENCLOSED GARAGE WITH PRIVATE COURTYARD ENTRANCE. PRIVACY FENCE IN BACK.”

These new units are great compliment to the Central Community! Bill Cobb, Appraiser

Tags: baton rouge for sale by owner, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, baton rouge real estate agent listings, Baton Rouge Real Estate Agents, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge Real Estate Videos, Baton Rouge Realtor, Baton Rouge Realtors, Central City, Central La, Baton Rouge Townhomes, Central Community Townhomes, Patterson Homes

Solds In Village St George Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $125,857 ($126,909 in 2009)
Average Sold Price Per Sq. Ft.: $89.61/sf ($86.39/sf in 2009)
Median Sold Price: $129,000 ($123,000 in 2009)
Number of Sales: 21 (11 in 2009)
Average Number of Days On Market: 94 (67 in 2009)
Low To High: $79,000 to $160,000
Number of Distressed Sales Noted In MLS: “3″
Current # Listings: 11, 3 Are Distressed Listings
Current Listings Price: $89,900 to $149,900 or $61/sf to $120/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to December 31, 2010. This information was extracted on 1/31/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Minute, Baton Rouge Garden District, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors,

Solds In Monticello Subdivision from 1/2010 to 12/31/2010 Home Ages 16-20 +revealed:

Average Sales Price: $133,350 ($154,573 in 2009)
Average Sold Price Per Sq. Ft.: $75.09/sf ($90.92/sf in 2009)
Median Sold Price: $145,000 ($150,500 in 2009)
Number of Sales: 12 (12 in 2009)
Average Number of Days On Market: 79 (130 in 2009)
Low To High: $82,000 to $168,500
Number of Distressed Sales Noted In MLS: “4″
Current # Listings: 12, 6 Are Distressed Listings
Current Listings Price: $64,900 to $185,000 or $50/sf to $96/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to December 31, 2010. This information was extracted on 1/301/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Minute, Baton Rouge Garden District, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors,

Solds In Park Forest East Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $109,878 ($133,242 in 2009)
Average Sold Price Per Sq. Ft.: $72.47/sf ($83.45/sf in 2009)
Median Sold Price: $135,000 ($135,000 in 2009)
Number of Sales: 11 (12 in 2009)
Average Number of Days On Market: 95 (130 in 2009)
Low To High: $39,900 to $145,000 (Yes, A Home Sold For $39,900)
Number of Sold REO/Foreclosures Noted In MLS: “5″
Current # Listings: 8, 3 Are Distressed Listings
Current Listings Price: $89,900 to $147,400 or $59/sf to $98/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 1/31/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Minute, Baton Rouge Garden District, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors,

Tags: Appraisers in Baton Rouge, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Agents, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Minute, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, Comite Hills, Central LA, 70818

Country Club Estates is conveniently located near the center of Baton Rouge, near Bocage Area and generally within the Baton Rouge Garden District!

Solds In Country Club Estates Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $155,650 ($154,000 in 2009)
Average Sold Price Per Sq. Ft.: $120.28/sf ($115.78/sf in 2009)
Median Sold Price: $158,500 ($155,000 in 2009)
Number of Sales: 5 (3 in 2009)
Average Number of Days On Market: 80 (48 in 2009)
Low To High: $131,900 to $177,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 3, 0 Are Foreclosures
Current Listings Price: $134,900 to $299,000 or $118/sf to $132/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 1/14/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Minute, Baton Rouge Garden District, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, Country Club Estates, 70809