Greetings, Friends!
It’s amazingly easy to play with statistics and write stories about impending doom in the real estate market. What’s more amazing is that many people are inclined to believe them! That’s why newspapers are full of this stuff…doom sells.
Don’t let any naysayer take your joy from you. If you want to buy a new or bigger home, and you can truthfully afford it, go buy one! If you can’t, don’t! If you want to sell, in the modern market there’s never a bad time to do so. Stage it and price it correctly, you’ll get action. Our greatest risk is hurricanes and floods, not a down-turn in gated communities in Las Vegas.
There’s a large segment of Nola’s population that will never leave, a surprising number of new arrivals, and an equally surprising number of Katrina evacuees who just want to come home. N’Awlins is a wonderful place to live! So, forget the low brow doomsday reports, use your brain, and do as you please.
Location, condition, amenities, and price, are primary qualifiers for property. While low end real estate, no matter where you are in the USA can be somewhat problematical, quality real estate in greater New Orleans is worthy of your long term confidence.
If you have questions, or need assistance, Email, middieomalley@yahoo.com, or call anytime at
504-579-4717, and I’ll be happy to respond.
Where Are We Now?
No appreciable change from six months ago. Good properties are selling at fair prices. Sellers aren’t gouging buyers, and buyers aren’t stealing a thing unless it’s a low grade and/or poorly located property. Quality New Orleans real estate is somewhat immune from national trends and worthy of your confidence. Katrina caused the last downturn in activity/pricing, not the national economy. Hint: Sellers get the best bang for their buck when their property is decluttered, cleaned up, and staged well. Nobody wants to buy a bruised tomato.
Where Are We Going?
All Ahead Stable: At first I was petrified by the potential long term effects of the BP fiasco. After speaking with some youthful movers and shakers involved with the future of New Orleans; fellow Realtors, and friends in commercial banking, it seems that New Orleans, a city that lives on tourism, conventions, and shipping, will not feel a hard, direct shot from this sad disaster. The loss of Avondale will have a greater effect. There is no indication that quality real estate in greater New Orleans is crusin’ for a downturn, and certain sections of town, such the best sections of Mid City, Uptown, Marigny and Bywater, are experiencing very modest increases.
The BP Disaster
A part of the USA’s cultural heritage, indigenous music, unique food, the survival of numerous varieties of migrating wildlife, and the livelihood of many marvelous men and women who harvest what is arguably some of the finest seafood caught in the USA, has taken it right on the chin. We’d better wise up quick and do a better job of protecting and rebuilding our shores and wetlands. Continued damage/loss will ultimately destroy this incredibly important area, and eliminate a home and a way of life for countless species be they feather, paw, shell, human, or fin.
How does this affect New Orleans? If we loose the remainder of the already ravaged wetlands we will also loose what remains of the flood/hurricane barrier that has historically protected our city. A high percentage of Americans do not give a damn about this issue. We must face this problem ourselves, step up to the plate, and make it our #1 priority. Speak out now! Call or write your State or Federal Representative and tell ‘em that you’re mad as hell and you’re not going to take the lack of heavy duty action anymore!
Refinancing
Here’s a good rule of thumb. If you can achieve a full percent point of reduction in your mortgage rate, look into a ReFi. Rates are stupidly low at the moment which also makes this a good time for doing an equity-out ReFi. Talk to a few banks and mortgage companies before borrowing. All are not made equal.
Spending Your Money After Mortgage Approval
Are you buying a home and think that your excellent credit will pave the way to a low interest mortgage? If so, that’s great! But remember this…once you have that mortgage approval, DO NOT go out and buy all the furniture you ever wanted before the closing. New regulations force lenders to do ANOTHER CREDIT CHECK just before the Act of Sale and if you’ve made a large purchase that could possibly change the debt to income numbers they work with, you could be in real trouble.
An Interesting And Frightening Statistic
Historically, the highest percentage of home foreclosures happens within 90 days after the closing. Why, because some people can’t wait until they are fiscally solid before buying all kinds of stuff to fill the home they just bought. Especially true with first time home buyers.
So, You Want To Become An Agent?
As a Realtor friend of mine once said, “Being a real estate agent ain’t for the faint of heart”. There’s risk and hard work involved. And you need to be a dedicated student of the industry. In short, it is only through day to day, full time experience that you learn enough to be of real value to a client. There’s no such thing as a part time agent. I worry when I hear someone say, “I think I’m gonna get a real estate license in case anyone in my family, or one of my friends wants to sell or buy”. This is naive thinking, and equally so on the part of family or friends who will do business with a perpetual rookie. Perhaps they ought to take their car to a part time mechanic, or invest their money with a part time investment broker. Real estate is a demanding, full time occupation. You either is, or you ain’t.
For Sale!
1024 Constantinople St, New Orleans
A Charming & Beautiful Side Hall Victorian
(Photos & Video @ www.middieomalley.com)
Incredible Location! Walk To Magazine, & St. Charles Ave.
3 Bedrooms, 3 baths, 2554 Sq. Ft.
Off Street Parking
Gorgeous Porch, Master Bdr Balcony
SS Appliances, Granite Counters
Hardwood floors, Crown Moldings
Lovely landscaping
Original Iron fence
Massage Jet Spa
Private Courtyard.
Move In Condition
Open, Sunday 8/1/10 From 1:00 – 3:00
