Baton Rouge home sales down. I see this as opportunity!

According to the Baton Rouge business report:

Home sales post 27% monthly drop

Tuesday, November 11, 2008

The Capital Region continued to post a big decrease in home sales, with the number of houses sold in October down 27% from one year ago. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 528 homes sold in October compared with 724 sales the year before. While those numbers aren’t pretty, there are a couple of bright spots. For one, the sales bounced back from a September in which Hurricane Gustav pushed the number of transactions down 43% from the year earlier. The second is that the average sale price for a home was $196,424, a modest increase over the $193,002 average in October 2007. That’s not bad considering all of the national economic uncertainty and difficulties in obtaining credit.

Ascension Parish had the strongest market, with 103 houses selling last month at an average cost of $216,156. That compares with the 135 homes that sold in October 2007 at an average cost of $215,164. East Baton Rouge home prices increased the most over last year, from an average of $194,665 in 2007 to $204,591 in October. The number of houses sold dropped from 419 to 309. Both Livingston and the “other” category, which includes MLS sales in West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes, saw average sale prices drop. The biggest drop was in the outlying areas, where the average sale price fell 23%, from $193,994 to $148,903. The number of home sales was off from 46 to 33. The average price dropped only modestly in Livingston Parish, from $162,883 to $160,426, but the number of homes sold was off 33% to 83. Year to date, home sales in the Capital Region are down 22%, from 8,268 through the first 10 months of 2007 to 6,408 as of October.”

This to me spells OPPORTUNITY! Sellers MUST sell.  If you are a buyer that needs to buy or just looking to invest now is the time.  Inventory is high and there are homes that will be foreclosed on.  There are deals out there waiting to be had.  Call me today for a consultation on baton rouge and prairieville properties that are ready to move!

When is the best time to buy a home??

NOW!!!

Todays market is volatile and a lot of homeowners are trying to dump their property due to  a poor economy heightened by the media.  We are seeing short sales and foreclosures increase.  Although this will continue to drive down prices, you should act NOW to reap the benefits.  Theoretically when will we see the bottom of the price curve?  Who knows.  But even if we do realize WHEN that is, will the rates be what they are today?  Will lending guidelines change?  Thats why TODAY is the answer to that question.  Prices are coming down, rates are fantastic.  So if you can afford to do so I would suggest giving me a call today to see what kind of deals we can find for your personal home or investment property.  FHA has increased the amount they will lend up to 271,000.  And if you are outside of East Baton Rouge parish 100% financing is still available.  But there are many homes that are of great value inside the city.

Call me for a consultation or if you want to hear more on my take of our market!

Tim Houk

525 Autumn Lake, Baton Rouge, La 70810

This just in!

“CUSTOM BUILT 4 BEDROOM 3 FULL BATHROOM HOME WITH MOTHER-IN-LAW SUITE LOCATED OFF OF BEAUTIFUL HIGHLAND ROAD. THE DOUBLE FOYER ENTRY IS ACCENTED WITH REAL HEART OF PINE WOOD FLOORING THAT EXTENDS INTO THE LARGE LIVING AREA. LIVING ROOM HAS AN EXCEPTIONAL FIREPLACE WITH REAL OLD CYPRESS DESIGN AND A MARBLE HEARTH AND OLD CYPRESS CUSTOM BUILT-INS. THE FORMAL DINING IS ACCESSIBLE THROUGH THE KITCHEN AREA AND ALSO HAS A SEPARATE BREAKFAST AREA OFF THE KITCHEN THAT IS SURROUNDED BY 5 LARGE WOODEN WINDOWS THAT PROVIDE A STUNNING VIEW OF THE MATURE OUTSIDE LANDSCAPING. THE KITCHEN IS VERY SPACIOUS WITH CYPRESS CABINETS, JENN-AIRE COOK TOP, NEW FRIGIDAIRE STAINLESS DOUBLE OVEN, AND NEW FRIGIDAIRE DISHWASHER. CENTER WORK ISLAND AND LARGE DOUBLE PANTRY. ALL BEDROOMS HAVE WALK-IN CLOSETS AND CEILING FANS. THE MASTER BEDROOM HAS A LARGE WRAP AROUND CLOSET WITH A SEPARATE DOOR ENTRY TO THE OUTSIDE PATIO AREA. YOU’LL LOVE THE EXTRA LARGE MASTER BATHROOM WITH 3 VANITIES AND SOARING VAULTED CEILINGS AND OVERSIZED JACUZZI TUB. HOME HAS A BACK PATIO FOR ENTERTAINING AND ENJOYING MORNING COFFEE SURROUNDED BY LUSH LANDSCAPING. NEW GUTTERS WERE JUST INSTALLED IN THE REAR OF HOME IN 2007, ROOF REPLACED IN 2005, AND NEW AC COMPRESSOR IN 2004. YOU MUST SEE TO APPRECIATE THE CONDITION OF THE HOME AND LAYOUT OF THE FLOORPLAN. THE FOLLOWING UPDATES HAVE BEEN COMPLETED OR WILL BE COMPLETED. DINING ROOM-REPLACING CARPET W/ WOOD FLOORS, KITCHEN- COUNTERTOPS & ISLAND TO BE REPLACED W/ “BALTIC BROWN” GRANITE 2CM. & BACKSPLASH BEING UPDATED W/ TUMBLED STONE, SINK REPLACED W/ STAINLESS STEEL UNDERMOUNT SINK, COOK-TOP REPLACED W/ A 30″ GE PROFILE STAINLES SMOOTH COOK-TOP, FRONT BED/OFFICE CURRENTLY BEING PAINTED TO MATCH HALLWAY, MASTER BATH JUST REPAINTED”

Now doesn’t that sound like a home you want to live in? Right off of Highland Road.   Call me today for a private showing!

Tim Houk