Come join us next Wednesday for an informative session about careers in real estate. The event will take place at our office at 900 South College Road in Lafayette, LA.

Contact me if you would like more information.

Dear Home Buyer;

I know you are excited right now and I can see the sparkles in your eyes for we have just found “the home” for you, and we have an accepted offer. Congratulations!

As your Realtor, my first mission is accomplished: helping you find a home that matches your wants and needs, and your budget. Now I’m switching gear and my mission is to see that we stay on tract until we get to the closing table and you take possession of your new home.

So what do we do now?

Our next step together is inspections.* The number of days allowed for inspections is in our contract (generally 10 to 14 days). This is your opportunity to get to know your home: take it very seriously. Even if you are buying a new home, I highly recommend that your hire a licensed home inspector. And even if the home appears to have been renovated and remodeled, your inspector will most certainly find something to note. They always do. Click here to view This Month in Real Estate (from KW) about the importance of the home inspection.

This is also the time where we have the home inspected for wood destroying insects. Most people refer to this as the “termite inspection” but there are, in fact, other insects your pest control technician will look for. Your lender may or may not require a Wood Destroying Insect Report (WDIR). This is still something you should do; we live in south Louisiana.

On the lending side, you need to complete your loan application within the number of days we have specified in the contract (in our area, it is usually 5 to 7 calendar days). I will forward a copy of the purchase agreement to your preferred lender and you need to provide him/her with all the documents needed to process the application.

If I haven’t already, I need to get a check or money order from you for the “deposit.” Remember that the money will be deposited in an escrow account until we close and it will then be given back to you (either as a check or as a credit towards your closing costs).

Your inspection period is also the perfect time to start shopping around for home owners’ insurance. Your insurance agent will be able to confirm the flood zone status of the property (if there are any doubts). Get quotes from different companies and choose one.

NOTE: If you are buying a home in south Louisiana during hurricane season (June 1st-December 1st), be prepared to order your insurance with a future effective date 2 or 3 weeks before the set closing date (after appraisal is completed). If you wait too long and a named storm enters the Gulf, you will not be able to purchase insurance until the storm/hurricane dissipates and this could delay your closing.

 

Because we live in south Louisiana, I also have to tell you about mold related hazards. Information about how it can affect real property is available at the EPA website.

You should also take a minute to visit the sex offender registry if you haven’t done so and research the property you are in the process of buying. This database is maintained by the Louisiana State Police.

Once our inspections are completed, we will go through the appraisal phase with the lender, and then the title search with the attorney. I know this may seem like a lot and you may even feel a little overwhelmed at this point (especially with all the excitement of having found your home). Rest easy and relax; this is why I’m here and I will guide you every step of the way.

* Steps of the home buying process and the order in which they occur may vary from one area or state to another.

This Month in Real Estate for June 2011 talks about the home inspection. It is important to get a home inspection after you have an accepted offer on a home. At the same time, buyers need to not worry about the small stuff the inspector will find (and they always do find lots of small stuff).

 

 

 

 

 

Home sales for Lafayette Parish and the Acadiana area in May were very close to what they were in April. More homes sold in Acadiana while Lafayette Parish saw 6 fewer sales.

This is where I usually compare sales for this year with sales from last year. Yes, we keep hearing in the media that sales are down this year, and they are, but we all need to be reminded that we had the home buyer tax credit in 2010. Buyers needed to have a contract on a home by the end of April and close on the new home by the end of June. Therefore, home sale numbers for the spring of 2010 were “artificially” inflated.

The graph below shows home sales between January and May for 2009, 2010 and 2011. As you can see, there has been an increase in April and May when comparing sales from 2009 to sales in 2011.

There are currently 517 home sales pending in Acadiana and 342 in Lafayette. Last month, there were 543 sales pending in Acadiana and 351 in Lafayette parish.

There are 2329 homes available in Acadiana and 1252 in Lafayette Parish compare to 2293 and 1244 last month. So inventory is slightly up this month, which is a typical trend in the spring.

If you are thinking about buying, selling, or investing in real estate in the Lafayette and Acadiana area, visit my web site and start your search today!

I’m a Realtor and as such, part of my job is to let people know that I’m a Realtor. If I don’t, I will never have clients, and if I don’t have clients, I won’t be a Realtor for very much longer.*

To let people know that I’m a Realtor, I sometimes wear my name tag, I write on this blog, I use social media, I sponsor events,** and I advertise my listing and myself in different ways.

Because of this, I don’t think that a day goes by without someone asking me: “So, how’s the market?”

Dear Curious mind,

If you haven’t already conveyed to me that you are in the market to buy, sell, or invest in real estate, my initial answer to you will likely be (with a smile): “Why do you ask?”

I know. Some people really hate it when one answers a question with a question. At the same time, I’m sure you want more than: “Wow! The market is great!” Right? One thing I’ve realized over the years is that when people want to know how the market is doing, they are, in fact, wondering how they are doing in relation to the market.

Therefore, to properly answer your question, I need to know what your relation with the market is. So when I say, “Why do you ask,” I am actually asking:

• Are you thinking about buying your first home?
• Are you thinking of moving up or moving down?
• Do you want to know if now is a good time to invest in real estate and rental properties?
• You heard that your neighbor is losing his house and you wonder how it will affect you and your home’s value?
• Are you about to lose your home and you wonder what to do?
• Are you thinking about selling your home and moving to another state or country?
• Do you own a home and wonder if now is a good time to sell?
• Are you thinking about becoming a Realtor you wonder if now is a good time to get your license?

Obviously, there is a different answer to each of these questions, not to mention that home values differ from one town to the next and from one neighborhood to the next. And I know you don’t want to me to talk about investing in real estate if you are about to lose your home.

Are you wondering how the market is doing in Lafayette, LA and the Acadiana area? Go ahead, ask me, and don’t forget to tell me why you are asking!

 

* The other part of my job, of course, is to assist my clients in buying, selling or investing in real estate. Email me or Call me (wherever you are) if I can be of assistance.

 

** I’m sponsoring the 8th annual Archive Aid again this year and it is tonight (June 4th, 2011) at the Blue Moon Saloon in Lafayette. Archive Aid is a fundraiser for the Archives of Cajun and Creole Folklore at the University of Louisiana at Lafayette. Music begins at 5 pm with main stage performances by Joe Hall, Tepetate, a Charivari Reunion and Feufollet with members of BeauSoleil. In between each performance will be front porch sessions with David Doucet, Kristi Guillory & Anya Burgess and David Greely. A minimum donation of $10 gets you in the door and allows you to enjoy complimentary traditional and veggie jambalaya (provided by yours truly and Warmbelly Catering).