Your Agent Matters - Christie Farris

Why is it that some beautiful homes in our area seem to be on the market far too long? Or that some of our neighbors seem to settle for less than their home is worth?

Your Agent Matters.

Selling a home today does not have to be complicated, but it does take two things: knowledge and systems.

As your neighborhood professional REALTOR®, I understand

• The most likely buyer for your home;

• How much they will pay;

• How they like to be marketed to; and

• What you can do to reach this buyer.

You deserve an agent with the systems to sell your home for the most money, with as little hassle as possible.

To put my knowledge of systems to work for you. Call Christie Farris at 225-315-9003 or visit my website at www.christiefarris.com

Because Your Agent Matters!

Sincerely,

Christie Farris

225-315-9003

christiefarris@gmail.com

November/December 2013 Market Pulse

November/December 2013 Market Pulse

Pent-up buyer demand may lift the market soon, but for now interest rates and lending standards are holding down home sales as the year winds to a close.

 Rising interest rates and continuing tight underwriting could dampen sales as the year winds down. Still, 2013 sales will be up significantly from 2012. Appreciation remains robust, largely because of tight inventories. Interest rate concerns are reducing practitioner confidence. One bright spot: pent-up buyer demand by young households. As adults under 35 start to move out of their parents’ homes, home sales stand to benefit. All trend lines are from August 2012 to August 2013.

  

 Existing-home sales is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences. Pending home sales is an index that measures -housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year. Price indicates the national median. Inventory measures the number of existing homes on the market at the end of the month. Buyer and seller traffic, current conditions, six-month expectations, and time on market derive from a monthly REALTOR® Confidence Index. Results for August are based on 3,171 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Some data may be revised from previous issues.

Job Growth to Drive 2014 Housing Market

Job Growth to Drive 2014 Housing Market

Tapering Begins

The Fed announced they would be pulling back some of their stimulus package which has helped the housing market by keeping long term mortgage rates at historic lows for the last few years. This should come as no surprise as the KCM Blog has been warning of this likelihood over the last several months.
We even went against the belief of the vast majority of economists who thought the Fed would wait until next year. In this month’s edition of KCM, we quoted Bill McBride of Calculated Risk:
“Although the consensus is the Fed will wait until 2014 to start to taper asset purchases, December is still possible.”
We also gave our members the following grouping of slides to help them explain the ramifications of the Fed’s decision during meetings with buyers and sellers.

What it Means to the Consumer

In an article in MarketWatch today, Lawrence Yun, the Chief Economist at NAR, explained that sellers looking to move-up (to a better school district or larger home) “need to realize that it could be more challenging a year from now.” Yun stated the average 30-year mortgage rate currently hovers at 4.3%, but that could rise to 5% or 5.5% next year.

What it Does NOT Mean to the Housing Market

Some reports will now claim that housing prices will have to drop as interest rates begin to rise. There is no historical evidence of this. Below is a chart showing the last four instances of mortgage rates rising dramatically and what happened to home values at the time.

Bottom Line

If a client is either a first time buyer or a move-up buyer, they should make the move earlier in 2014 instead of later as mortgage rates will probably increase as the year goes on.

Household Formations Projected to Surge

 

Merry Christmas & Happy New Year

From Your Realtor:

Home Builders End the Year More Upbeat

Home Builders End the Year More Upbeat

Capital Region home sales up 3.6% in November

Home sales in the eight-parish Capital Region were up 3.6% in November compared to the same month last year, according to the latest monthly sales report from the Greater Baton Rouge Association of Realtors, released today. While the entire region tallied 20 more homes sold during November—for a total of 577—East Baton Rouge Parish recorded 52 fewer sales, or a decline of 15.2%. A total of 291 homes were sold in the parish last month. Livingston and Ascension parishes performed much better. The 119 sales recorded in Livingston represents a 38% increase over the 86 sold last November. In Ascension, sales in November totaled 108, a rise of 42% over the 76 sold during the month last year. Meanwhile, the average sales price in the Capital Region declined 3.7% in November to $197,848—down from $205,357 in November a year ago. The number of homes for sale in the eight-parish region dipped 5.2% on the month to 4,103; while pending sales rose 21% to 654. The months supply figure, or the number of months it would take to sell all of the homes for sale at the current sales pace, declined 15% to 5.7 months. Realtors generally view any reading under 6 months as reflective of a seller's market. Last November the months supply was 6.7.

Thinking about Buying a home or Selling your home?

Good News for Economy = Bad News for Rates

GOOD NEWS FOR THE ECONOMY = BAD NEWS FOR RATES

The economy is improving. As an example, the latest employment report showed that the unemployment rate hit a five-year low. We must realize that, as the economic news gets better, the government will consider whether or not to continue the programs they put in place to stimulate the economy. One such program is the Fed’s purchasing of assets which has led to historically low long-term mortgage rates.
Analysts at Capital Economics noted in a recent HousingWire article:

"The 203,000 increase in November's non-farm payrolls, along with the drop in the unemployment rate to a five-year low of 7.0%, gives the Fed all the evidence it needs to begin tapering its asset purchases at the next FOMC meeting later this month."
Whether such ‘tapering’ occurs this month or early next year is questionable. The fact that mortgage rates will spike when it does occur is more a guarantee.
Here are the thoughts of a few Fed presidents regarding whether it is in fact time to cut back on this stimulus program:

James Bullard, President of the Federal Reserve Bank of St. Louis
“To the extent that key labor market indicators continue to show cumulative improvement, the likelihood of tapering asset purchases will continue to rise. The Committee’s 2012 criterion of substantial improvement in labor markets gets easier and easier to satisfy on a cumulative basis as labor markets continue to heal…Based on labor market data alone, the probability of a reduction in the pace of asset purchases has increased.”

Richard Fisher, President of the Federal Reserve Bank of Dallas
“In my view, we at the Fed should begin tapering back our bond purchases at the earliest opportunity…I consider this strategy desirable on its own merit: I would feel more comfortable were we to remove ourselves as soon as possible from interfering with the normal price-setting functioning of financial markets.”

Jeffrey Lacker, President of the Federal Reserve Bank of Richmond
“I expect discussion about the possibility of reducing the pace of asset purchases. The key issue, in my view, is the extent to which the benefits of further monetary stimulus are likely to outweigh the costs.”

If you are thinking about purchasing a home, buying before the tapering will probably mean a lower mortgage interest rate than if you waited.

Call or text Christie Farris at 225-315-9003 or email me at Christiefarris@gmail.com 

5 TIPS TO SELL YOUR HOME FAST

5 TIPS TO SELL YOUR HOME FAST!

1. DE CLUTTER & NEUTRALIZE-It is imperative to remove all clutter from the home before showing it to potential buyers because buyers need to be able to picture themselves in the space. This might include removing some furniture to make rooms look bigger, and putting away family photographs and personal items. You may even want to hire a stager to help you make better use of the space. Staging costs can range from a couple hundred dollars for a basic consultation to several thousand dollars, particularly if you rent modern, neutral furniture for showing your home. 
    
2. STEP UP CURB APPEAL-  Many sellers often overlook the importance of their home's curb appeal. The first thing a buyer sees is a home. Try to make certain that the exterior has a fresh coat of paint, and that the bushes and lawn are well manicured.  It can also be as easy as adding a fresh layer of BLACK MULCH and a few Large potted plants near front door.  Black Mulch seems to be the most neutral color and really makes the landscape POP.           '
           
3. Make your home MOVE IN CONDITION-A home that shows well sells fast. I recommend fresh paint and new carpet. Typically homes that are in move in condition sell 30% faster then other homes on the market and closer to asking price. Many times these are the properties that also bring in multiple offers; thereby, the seller possibly sells for more then asking price. Make sure all known deficiencies are repaired prior to placing the home on the market as well.
   
   
4. PRICE YOUR PROPERTY ACCORDING to the MARKET- First you will need a Comparable Market Analysis provided by your Real Estate Expert. Focus on recent SOLD COMPS for pricing and not homes that are Active on the Market. Active properties are merely your current competition. Do not OVERPRICE simply because you HAVE TIME. This is a common mistake of sellers. Your most optimum time to get the most for your home is in the first 30 days on the market. Use the time to your advantage. If your home is on the market and is not being shown or if you receive feedback that you are priced too high, don't hesitate to adjust your price. Bad news, like spoiled milk, doesn't get better with time.
   
   
5. MAKE SURE YOUR HOME IS CLEAN AS A WHISTLE-From shining floors and gleaming windows to clean counters and scrubbed grout, every surface should sparkle. This is the easiest (well, maybe not easiest, but certainly the cheapest) way to help your home outshine the rest. You may want to hire pros to do some of the really tough stuff, especially if you have a large house. Don't skimp -- this step is key!
   
   Call Your Local Real Estate Professional
   CHRISTIE FARRIS
   225-315-9003
   CHRISTIEFARRIS@GMAIL.COM
    http://www.christiefarris.com
   
   

Selling Your Home During the Holidays? Now is the Time! Call Christie Farris 225-315-9003

Selling Your Home During the Holidays? 

Now is the Time! 

In today’s competitive real estate market, sometimes the standard, run-of-the-mill open houses aren’t yielding much success, and some sellers are choosing an alternative and effective method, that has been dubbed, “extreme open houses.”
With catered refreshments, prizes and entertainment, these events are causing quite a stir in the real estate world. By that, we mean that sellers are throwing elaborate parties in the guise of an open house, with hope that someone will buy their home. Some sellers hire local musicians and throw a fully catered party, equipped with champagne and expensive hors d’oeuvres. During the holidays, people are in a festive mood, and throwing a party is always a good idea to draw their attention.
The biggest advantage of an extreme open house is that potential buyers can see your home in a different light, giving you a chance to display some of your home’s attractive features. For example, if you are cooking food at your party, your guests can focus on your kitchen. Or, if you’re throwing a barbeque, you can get a chance to show off your favorite patio, drawing attention to some of your home’s best selling points.
Instead of showing a cold, empty home, you can attract potential buyers with a warm and vibrant home full of nice furnishings. Throwing a party in a warm and inviting home is a good idea even when you invite people who don’t intend to buy your home, since many of them will tell their friends about it.

Keep it simple

You don’t really need to throw an elaborate party to draw peoples’ attention, however, you can offer them some nice snacks and a glass of wine, giving them a chance to relax in the living room or the patio, and enjoy some of the comforts of your home. For starters, you can make a list of friends and acquaintances, and then send out some flyers with your contact information and a few facts about your home.

Are the holidays a good time to sell?

Although the holiday season isn’t really considered the best time to sell, the real estate market is much tighter, resulting in less competition for sellers. At the same time, motivated buyers are still in the market for homes, in hopes that they can make a purchase.
During the holidays, you can liven up your home with some lights and ornaments to attract buyers. Although you can make your home “shine” during the holidays, try not to overdo it. Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Too many ornaments could have a negative effect, and actually turn buyers away. Obviously, you don’t want to offend people, so be sure to go with tasteful decorations, as opposed to large and gaudy ones.
Also keep in mind that emotions play a big role in homebuyer purchases. A well organized home with a few tasteful decorations shows much better than a cluttered home with your kid’s toys lying around the living room. People will often purchase a home solely based on their gut feelings. If a buyer “falls in love” with your home, chances are they’re going to be more inclined to purchase it.
On a final note, it’s also a good idea to make it easy for people to stop by to see your home. In this case, flexibility is a key factor. People are busy during the holidays, and the chances of selling your home will be much greater if make it available for them to see.
Despite the fact that many people feel that the holidays aren’t a good time to buy or sell a home, this really isn’t the case. With a little knowledge and effort, you can sell your home in a timely manner, relax, and enjoy the Holidays!

Call Your Local Real Estate Professional
CHRISTIE FARRIS
225-315-9003
CHRISTIEFARRIS@GMAIL.COM
 http://www.christiefarris.com

Harvard: 5 Financial Reasons to Buy a Home

Eric Belsky is Managing Director of the Joint Center of Housing Studies at Harvard University. He also currently serves on the editorial board of the Journal of Housing Research and Housing Policy Debate. This year he released a new paper on homeownership - The Dream Lives On: the Future of Homeownership in America. In his paper, Belsky reveals five financial reasons people should consider buying a home.

Here are the five reasons, each followed by an excerpt from the study:

1.) Housing is typically the one leveraged investment available. 
“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.” 

2.) You're paying for housing whether you own or rent. 
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”

3.) Owning is usually a form of “forced savings”.
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4.) There are substantial tax benefits to owning. 
“Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5.) Owning is a hedge against inflation.
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”

Bottom Line

We realize that homeownership makes sense for many Americans for many social and family reasons. It also makes sense financially.

Finding the Right Home for You - Christie Farris

In my experience, a home isn't a dream home because of its room dimensions. It's about how you feel when you walk through the front door, and the way you can instantly envision your life unfolding there.

This is about more than real estate - it‘s about your life and your dreams.

I understand you are looking for a new home, and I want to be the real estate professional to help you. I work with each of my clients individually, taking the time to understand their unique needs and lifestyle, and I want to do the same for you.

It's incredibly fulfilling to know I am helping my clients open a new chapter of their lives. That's why I work so hard to not only find that perfect home, but also to handle every last detail of the purchase process.

I am so excited to get started on finding you the perfect home.

Sincerely,
CHRISTIE FARRIS

5 Reasons to Buy A Home Now Instead of Spring

5 Reasons to Buy A Home Now Instead of Spring

Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:

1. Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

2. Price Increases Are on the Horizon
Prices are projected to appreciate by over 25% from now to 2018. First home buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

3. Owning a Home Helps Create Family Wealth
Whether you are rent or you own the home you are leaving in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.

4. Interest Rates Are Projected to Rise
The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the end of 2014. That is an increase of almost one full point over current rates.

5. Buy Low, Sell High
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.

Tis the Season to Buy a House

Christie Farris

With the arrival of the holiday season who has time to go looking for a house? For that reason there aren't many buyers this time of year. But there should be, because that's when you may find some incredible deals. It's understandable that owner-occupants aren't eager to buy a house at this time of year. There are too many other distractions and besides, who wants to move in January? But for investors, it's an entirely different matter. Joy Bender, a real estate agent in San Diego, Calif., says investors who sit on the sidelines in December may be passing up a profitable opportunity.

Motivated sellers

"A seller who is actively showing their property during the holidays is more motivated to sell than a seller merely testing the highs of the market," Bender said.
For example, in her market Bender says there are some builders offering unusual discounts on current phases of move in ready models in an effort to clear inventory off the books. Some sellers may be motivated for tax reasons.
“Sellers may be motivated to strategically close escrow by the end of 2013 for tax advantageous planning within regards to capital gains,” Bender said. “Buyers can also anticipate possible tax deductions for 2013 with pre-paid mortgage interest along with origination and discount points paid on closing costs.”

Buyers regaining some leverage

In some markets in the country in recent months sellers have been in the driver's seat. Inventories have been low and buying interest high. For that reason an investor seeking to buy a house well below market has often been frustrated lately. But Bender says that's changing.
"We've seen a significant shift in overall demand eliminating some of the multiple offer situations we have been struggling with all year," she said. "There has been a dramatic decrease in buyer activity especially in the high end and vacation home market."
Recent data backs that up. Sales of existing homes declined in September and October, according to the National Association of Realtors (NAR). Only a further tightening of inventories prevented overall prices from falling. The median price rose 12% year-over-year, dampening investor enthusiasm.

Cash talks

But Bender thinks the end of 2013 might provide investors with an opportunity, especially if they can make a cash offer. A seller pressured by a deadline may be inclined to accept a lower offer if it is cash, since there is little chance the deal will fall through.
The biggest downside to end-of-the-year home buying is the limited inventory. It may be hard to find a home that meets your needs. But that's only the case if you plan to live in the house.
An investor is looking at it in a completely different way. They either plan to flip it or convert it to rental property. The color of the tile in the bathroom isn't a deal-breaker.

New Happy Client! Congratulations on your new home!

 

Do you know what your home is worth?

Do you know what your home is worth?
While there are Websites that will provide you with an estimated value of your home, the only way to truly determine your home’s value in today’s market is to monitor the home sales that are actually occurring in your neighborhood right now.
As your local real estate expert, I have the systems in place to constantly monitor what’s happening in our local market. I also have the inside scoop on the homes that are currently for sale or recently sold in your neighborhood, including, days on the market and sales price, and how these homes compare in value to yours! Remember, your neighbors might tell you what they’re house is listed for, but they might not share the most important number – what they actually SOLD it for!
Contact me for a listing of the most recent real estate activity in your neighborhood. Much like tracking the value of your 401K or your stock portfolio, in today’s market, it’s more critical than ever that you stay aware of the value of your home – likely one of your biggest financial investments!


Sincerely,
Christie Farris
christiefarris@gmail.com

5 REASONS TO SELL BEFORE SPRING - CHRISTIE FARRIS, BATON ROUGE REALTOR

5 REASONS TO SELL BEFORE SPRING

Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere 'lookers'. The lookers are at the mall or online doing their holiday shopping.

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don't wait until the spring when all the other potential sellers in your market will put their homes up for sale.

The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

It's Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Cost of Waiting to Purchase a Home

Last month, the Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about one full percentage over the next twelve months. We also know that many experts are calling for home prices to also increase over the next year.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 even if home prices don’t increase:

 

Where Prices Are Headed Over the Next 5 Years

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey
The latest survey was released last week. Here are the results:

• Home values will appreciate by 4.3% in 2014.
• The average annual appreciation will be 4.2% over the next 5 years
• The cumulative appreciation will be 28% by 2018.
• Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Bengal Belles

Home Buyers a Realtor, Despite Internet Growth

Home Buyers Need You More, Despite Internet Growth

Christie Farris

Baton Rouge Real Estate Expert

christiefarris@gmail.com

Most Expensive Home in Louisiana

http://www.businessinsider.com/most-expensive-homes-for-sale-2013-8?utm_source=hearst&utm_medium=referral&utm_content=allverticals#44-louisiana-a-546-million-3-bedroom-3-full-bathroom-in-slidell-with-an-olympic-sized-pool-and-boathouse-8

Acadian Village and Perkins Plaza - 2 new developments in Baton Rouge

A tale of two developments

CHRISTIE FARRIS 

DIRECT: 225-315-9003

Christiefarris@gmail.com

 www.christiefarris.com

http://homes.yahoo.com/news/low-cost-ways-to-update-bathroom-222406586.html?soc_src=mediacontentsharebuttons

Mortgage Tips: 9 Buyer Must-Do's After Initial Pre-Approval

 Mortgage Tips: 9 Buyer Must-Do's After Initial Pre-Approval 

While it may seem obvious that you need to keep paying your bills during the period between a loan preapproval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.

"A preapproval letter is typically valid for 90 days but with the disclaimer that if anything changes with your finances it can impact your preapproval," says Patricia Napgezek, a senior loan officer with Inlanta Mortgage in Brookfield, Wis. "After 90 days, we can do a renewal letter with a recheck of your pay stubs and credit."

No. 1: Don't apply for new credit.

Mortgage lenders are required to do a second credit check before a final loan approval, says Doug Benner, a loan officer with Embrace Home Loans in Rockville, Md.
"If it's just an inquiry, that usually doesn't cause a problem, but if you've opened a new account, then it will have to be verified, and that could delay your settlement," he says.
Your credit score could change because of the new credit, which may mean that your interest rate must be adjusted.

No. 2: Don't make any major purchases.

If you buy furniture or appliances with credit, your lender will need to factor in the payments to your debt-to-income ratio, which could result in a canceled or delayed settlement. If you pay cash, you'll have fewer assets to use for a down payment and cash reserves, which could have a similar impact, Benner says

No. 3: Don't pay off all your debt.

"Every move you make with your money will have an impact, so you should consult with your lender before you do anything," says Brian Koss, executive vice president of Mortgage Network in Danvers, Mass. "Even if you pay off your credit card debt, it can hurt you if you close out your account or reduce your cash reserves. We'll also need to know where the money came from to pay off the debt."

No. 4: Don't co-sign any loans.

Koss says borrowers sometimes assume that co-signing a student loan or car loan won't affect their credit, but it's considered a debt for both signers, especially when it's a new loan.

"If you can give us 12 months of canceled checks that shows that the co-signer is paying the debt, we can work with that, but payments on a newer loan will be calculated as part of your debt-to-income ratio," Koss says.

No. 5: Don't change jobs.

"If you can avoid it, try not to change jobs after a preapproval," Koss says. "Even if it seems like a good move, we'll need to verify your employment and you'll need one or possibly two pay stubs to prove your new salary, which could delay your settlement."

No. 6: Don't ignore any lender requests.

"If your lender recommends something, you should follow directions and do it," Napgezek says. "You should provide all documents as soon as they are requested, because delaying could potentially delay your settlement."

No. 7: Stay current on your existing accounts.

Koss says that you must pay all bills on time and make sure you don't have an overdraft on any account. If you have payments automatically billed to a credit card, you should continue that practice. "Your preapproval is a snapshot in time, and you want to make sure your finances stay as close to that snapshot as possible," he says.

No. 8: Keep a paper trail of all deposits.

Adding to your assets isn't a problem, but you have to provide complete documentation of any deposits other than your usual paycheck, says Joel Gurman, regional vice president with Quicken Loans in Detroit. "Make sure you document everything," he says. "Be proactive and contact your lender if you receive a bonus or if you're cashing in your [certificates of deposit] to consolidate your assets. A good lender can advise you on what you'll need for a paper trail."

If you're receiving gift funds, make sure you have a gift letter from your donor.

No. 9: Discuss seller concessions.

"Even in a sellers market, there's sometimes an opportunity to negotiate help with closing costs," Gurman says. "Your lender needs to know if you are intending to ask for seller concessions or if you get them so that they can be factored into the loan approval.

"Make sure you discuss everything with your lender and stay in constant contact throughout the loan process," he says.

www.christiefarris.com

christiefarris@gmail.com

http://goo.gl/mg0rHs

Christie Farris, Baton Rouge, LA 

BUYING OR SELLING: WHY NOW IS THE TIME

Buying or Selling: Now May Be the Time

As we enter the winter months, many expect the real estate market to begin to slow down. However, this winter there are many reasons that both buyers and sellers should consider moving forward with their real estate goals instead of waiting until the spring.

BUYERS
Waiting until the spring will probably mean increases in the two elements that determine the cost of purchasing a home: home prices and mortgage rates.

SELLERS
A seller will get the best price when demand is high and inventory is low. Demand will remain strong throughout this winter (see above) while inventory historically shrinks this time of yea

Where Are Mortgage Rates Heading in 2014?

Where Are Mortgage Rates Heading in 2014?

Happy First Time Home Buyers

In Order from left to right: Danielle, Jon, Erin, Christie

Happy Home Buyer!

Me and My Client at Commerce Title Company in Baton Rouge

10 Hidden Hazards When Buying Foreclosures

10 Hidden Hazards When Buying Foreclosures

Why You Should Sell Your House Now

 

Why You Should Sell Your House Now - 5 Reasons

Many now realize that it is a great time to buy a home.  It might also be an opportune time to sell your house.  Here are the five reasons we believe now may be a perfect time to put your house on the market.

1. Demand Is High

The most recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months.  There are buyers out there right now and they are serious about purchasing.

2. Supply Is Beginning to Increase

Total housing inventory is again approaching historic norms of a 5 month supply compared with 4.3 months in January.  Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months.  Selling now while demand is high and before supply increases may garner you your best price.

3. New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block.  As the market is recovering, more and more builders are jumping back in.  These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4. Interest Rates Will Again Rise

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year.  The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by this time next year.
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5. It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting.  Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked.  You have the power to take back control of your situation by putting the house on the market today.  The time may have come for you and your family to move on and start living the life you desire.  That is what is truly important.

Forbes: Buy Now or Pay More Later?

October 22, 2013

  QUOTING Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

The article, Should You Buy a Home Now or Pay More Later?, explains:
“With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon.

The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”

The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).

They went on to identify four things a buyer should take into consideration before delaying a decision to purchase.

1. Rates will likely rise — and soon with 5% interest rates right around the corner.
2. The Federal Reserve will stop “tapering” causing rates to return to historically normal levels (6-7%).
3. Home values are rising
4. The autumn buying season is underrated “as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.

Bottom Line
The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!

BY: CHRISTIE FARRIS, BATON ROUGE, LA

 

BUYING OR SELLING A HOME IN BATON ROUGE, DENHAM SPRINGS, WALKER, GONZALES, PRAIRIEVILLE, BRUSLY, PORT ALLEN, EAST BATON ROUGE, WEST BATON ROUGE? 

CALL OR TEXT CHRISTIE FARRIS AT 225-315-9003.

http://www.christiefarris.com

13 Hot Home Trends for 2013

13 Hot Home Trends for 2013