Real Estate Information

It is a relatively safe assumption that if you were to ask 100 Americans which of their country’s cities has the most “soul,” at least 90 of them (if they are being totally honest and objective and not voting for their own town) would answer New Orleans. At least, this is how things look from the Big Easy.

Soul Fest, presented by WellCare, has given the city an official excuse to celebrate and recognize its deeply rooted and proudly evident African-American heritage and history for what will be the ninth consecutive year when it kicks off on Saturday, March 3.   

More than 20,000 revelers are expected to shuffle on over to the Audubon Zoo for the two-day family oriented event (March 3 to March 4; 10 a.m. to 5 p.m.), where they will enjoy a variety of entertainment options and all ages are welcome.

A number of local jazz, rhythm and blues and Gospel performers will showcase their own unique brands of soul music live on the Capital One Stage. For a detailed listing of artists, times and musical genres to be performed, check the bottom of this article, or go to the Soul Fest page on the Audubon Zoo’s website.

You can’t have a Soul Fest without bona fide, authentic soul food. Several New Orleans-area restaurants will be on hand, preparing their Soul Food specialties for you.

Soul Fest and the zoo will even have cool stuff just for kids, such as a fascinating variety of exotic animals, and the Kids’ Cultural tent, which offers kids several hands-on activities with which to play, have fun and maybe even learn something.

The highlight of the event will be a tribute to African American Firsts. Several distinguished contributors to Black History who are scheduled to be honored include, South Coast Paper, D. Mjeeda Snead, Dr. Charles Teamerand and Natalie Robottom. 

Admission to the 9th annual Soul Fest is free to Audubon Zoo members; non-members will need to purchase General Admission tickets from the zoo to get in, but there is no additional charge to gain entrance to Soul Fest. According to the Audubon Zoo’s website, General Admission costs $16 for adults; $11 for children ages 2 to 12; and $13 for visitors more than 65 years old.

Soul Fest 2012 – ENTERTAINMENT PRESENTED BY WALMART

Saturday, March 3, 2012

Sunday, March 4, 2012

When selecting a home it is often important to consider the local school system.  Here at Clouse Realty we can help you with your selection by providing you with not only statistical data but also first hand local knowledge.  So whether you’re considering New Orleans, Metairie, Kenner, Destrehan, LaPlace, or any other local areas feel free to give us a call.  We will be glad to help out!

Ken Clouse
504-432-4262
Owner/Broker/Realtor
Clouse Realty & Assoc.
 

Rose Clouse of Clouse Realty (504-427-3899) & Scott Finklea of Integra Lending (504-400-9177)Discuss Mortgage Financing.  Both Scott and Rose Serve the New Orleans and Surrounding Communities with Real Estate & Financing Services.

Realtor/Broker Ken Clouse of Clouse Realty in the New Orleans & River Parish areas covers today's video blog topic of online scams and how to avoid them.  If you have any questions call Ken at 504-432-4262 or checkout www.ClouseRealty.com

Homes without security systems are three times more likely to be burglarized than those with home security systems, according to a study by The Washington Post. The study also shows that burglars don't want to work very hard and don't want to spend more than 60 seconds trying to enter a house. Security systems can help deter burglars as can deadbolt locks, locked windows and other precautionary measures. Such measures can also help lower your homeowners insurance costs and make your house more valuable on the real estate market.

Home Security for Homeowners

According to the Federal Citizen Information Center, installing a home security system is one of a dozen ways to lower your homeowners insurance costs. Insurance companies will often offer small discounts for burglar alarms and deadbolt locks and much larger discounts for sophisticated systems that ring the police, fire or other monitoring stations. Having a system can also increase the value of your home while protecting the assets inside. According to The New York Times, the average burglary loss in a home with an alarm system is $3,266 whereas the average loss in a home without one is $5,343. Experts assert what strikes many as common sense: this is because burglars have more time to steal items within the home if there isn't an alarm to scare them away.

Home Security for Home Buyers

More sophisticated home security systems can run anywhere from a few hundred dollars to more than several thousand, and that doesn't include the installation costs. If security is important, shop for houses with systems already installed. Make sure to get all the information about which monitoring companies you'll need to call and anything else you'll need to know to get the system up and running under your name. Once you purchase the house, test the system regularly, and make sure everyone in your household knows how to use it and what the pass codes are, if any.

Other Home Safety Tips

If you are a homeowner or potential home buyer, there are also a few other things you can do to improve your home safety. Install or look for homes with motion-detector lights, deadbolts, well-fitted window coverings that conceal your belongings and careful landscaping with shrubs and trees that burglars can't hide behind. Also, keep any tools and ladders that burglars could use to enter your house carefully locked away. Home security is important; with a little effort, you can make your home safe.

Buying a home is one of the most exciting events in a person's life, and choosing the right type of mortgage is an important part of the process. Our homes are the places we spend time with friends, nurture our families and relax away from the busy workplace, and the mortgage loans we choose can impact our financial well-being for years to come. Most experts agree that fixed rate mortgages are the best option for home buyers in today's economy because they won't increase unexpectedly, and they are the choice of more than half of all buyers today. Here is an overview of different types of mortgages, beginning with the fixed rate mortgage.

Fixed Rate Mortgage

This mortgage features a locked-in interest rate that won't change no matter what the market does. Buyers have the option of choosing between 15- and 30-year plans. FHA and VA loans are examples of fixed rate mortgages that are guaranteed by the government. They are often easier to qualify for and ask for a smaller down payment than other types of loan programs.

Adjustable Rate Mortgage (ARM)

While adjustable rate mortgages can be beneficial when market rates are low because the interest rates and mortgages payment will be lower as well, when the market recovers the payments can skyrocket. Option ARMs are a type of mortgage loan that falls within this category, and unlike more traditional ARMs, they do not have a cap on how much the rate can change. In some cases rate limit caps may be available. Periodic caps limit the amount of increase possible from one adjustment period to another. Overall caps limit the rate of interest increase over the life of the loan. Overall caps have been legally required since 1987.

Balloon Mortgages

Balloon mortgages are set up to act a lot like traditional fixed rate mortgages, but this is only at the beginning. After a period of typically 5 to 7 years, the buyer then pays off the outstanding balance in one lump sum.

Interest-Only Mortgages

In this type of loan, the buyer only pays the interest. While this can be appealing at first because payments will be very low, once the term expires, the buyer faces steeper loan payments to cover the principal of the loan.

Biweekly and Bimonthly Mortgages

Buyers make payments every two weeks and generally have shorter loan terms and pay less in interest. However, the buyer will have more payments during a one-year period than with other loans.

Should I rent or should I buy? The renting vs. buying question is one many people encounter at some point. While some view renting as more affordable and less of a hassle, others see the value in owning a home and want nothing more than to rid themselves of difficult landlords or fellow tenants. Although renting may seem easier and less expensive, in the long run, all statistics show that owning a home is a better financial investment. Here are a few ways to consider whether owning a home is right for you.

Today's Economy

While today's economic situation seems a bit daunting for most Americans, there is a silver lining. According to a study in The New York Times, now is a great time to buy for many people because prices are historically low. However, the study also provides potential home buyers with a ratio to help them determine whether buying is the right option: Divide the purchase price of the house with the annual cost of renting a similar one. An answer above 20 means you should at least consider renting, while a ratio below 20 makes buying a lot more appealing.

Length of Stay

How long you plan to stay in the house should also help you determine whether to rent or buy. For example, The New York Times also claims that for most people who stay in their homes for more than six years, buying is almost always a better option, providing them with an average savings of $1,743 per year. If you aren't staying for at least five years, renting might be a better alternative.

Financial Situation

It is true that it takes stronger credit and a larger down payment to get into a home than it did several years ago. However, there are still a lot of options available to first-time home buyers, so don't let your financial situation rule out a purchase. The government offers FHA loans and loans for teachers, officers, firefighters and more. There are also many state programs that can help.

Stability

Finally, consider renting out one room of the new home you buy if you are worried about making payments. However, if you are married and securely employed, chances are that the mortgage payment will be easy to make. If you are temporarily employed or between jobs, consider waiting until you find a more secure job to make this transition.

Living in New Orleans already brings with it so many perks: it means being part of a vibrant, diverse community, with access to world-renowned entertainment, rich history and culture, good quality schools, and, of course, excellent food. But did you know that the Louisiana Homestead Tax Exemption can be a huge help when it comes to buying a home in the Big Easy?

The Louisiana Homestead Tax Exemption provides a tax exemption on the first $75,000 of the value of your home. In other words, if your home is worth $100,000, you only have to pay property taxes on $25,000 of your home’s value. That is a 75% savings! And yes, this means that homes worth $75,000 and less pay absolutely no property taxes.

As you can imagine, this exemption frees up significant funds for homeowners, allowing them to put that money toward remodeling, landscaping, and so much more.

The exemption benefits homeowners in all tax brackets, and the only qualification is that you own and occupy your home. To file for the exemption, personally bring the recorded copy of the sale of your home, along with the Conveyance Office Book (C.O.B.) and folio number to the Parish Assessor's Office—it’s that easy. Come next year, a renewal card will be sent to you in the mail. As long as you maintain ownership of your home and continue to reside in it, you can simply mail back the card each year and your exemption will automatically be renewed.

Considering that Louisiana property taxes are already lower than the national average, the Louisiana Homestead Tax Exemption is like icing on the cake for those looking to relocate to New Orleans and surrounding areas.

Louisiana is a state of varied topography and landscapes, providing prospective homebuyers with plenty of real estate choices. But what many people don’t consider is that there are different ground level elevations in Louisiana, and these variations can affect the cost of flood insurance and the resale value of your home – not to mention the severity of damages that can occur in an actual flood. In the complex process of buying a home, this consideration can easily be sidelined. Unfortunately, Hurricane Katrina and Rita have forced these concerns into sharp relief.

This is why it is so important to select a real estate agent who understands the flood zoning of the area, and how the zoning will affect costs for your home. Consider the fact that homes in elevations with little to no flood risk may only cost a few hundred dollars per year to insure against flooding, while homes in the lowest elevations can cost thousands. This is an example of how the being armed with knowledge can have lasting financial implications.

So, how well does your agent understand flood zoning in Louisiana? If you’ve chosen Clouse Realty and Associates for your real estate needs, then you can be sure that your agent is using the best flood zone information available to help you make an informed decision when selecting a new home.

With new, more accurate mapping made available by the Louisiana Mapping Project (LaMP), Clouse Realty and Associates have even more information at their fingertips to help you choose a home that wont drown you in excessive insurance premiums. By consulting the Updated Digital Flood Maps of your area, Clouse Realty and Associates can help you determine the flood-associated costs of your prospective home, and give you the peace of mind in knowing that your investment will be protected.

New Orleans Real Estate: Sale Prices Go Against National Trends

Throughout the city of New Orleans, the real estate market has had a mostly stellar calendar year in 2011. This has been marked by high volume increases throughout the city with sale prices. Homes on both banks have experienced these sale increases throughout the year.

An increase in sales has been brewing for the better part of 2011.  For the entire New Orleans real estate market, a sales increase of 21 percent has been a telling sign of a possible resurgence. Over 581 homes have been sold throughout the city for the first nine months of the year in 2010. This year, there was already over 700 homes sold through the month of September. The increase in sales for the New Orleans area has been important, as many other cities around the nation have experienced an opposite fortune.

Sale prices have gone up in both the West Bank and East Bank with a number of different trends appealing to different buyers. Rent rates have continued to go up since 2006, with New Orleans apartments averaging in four figures per month. Since last fall, the selling price in the area has gone up by nearly eight percent. Last year at this time, the average New Orleans home was $185,988 and this year the average prices out at about $200,069.

Buyers are also being influenced by nationally low mortgage rates this fall. In New Orleans, a 30 year fixed rate mortgage is currently at 4.343 APR. The APR’s have reached some of the lowest points in recent memory in 2011, with the rate often floating in the sub 4 regions. The low mortgage rates continue to be one of the other major reasons potential buyers are dipping their feet into the New Orleans Real Estate Market.

Even with record low mortgage rates, low sale prices and higher sales numbers, some parts of New Orleans have still experienced some hurdles in 2011. Some neighborhoods and towns in the area may not appeal as much to people who are moving from outside of the city. Right now, there isn’t a lot of movement in the sales market within the city. Once home purchases from within the area pickup, the neighborhoods that are a bit undervalued right now could see resurgence.

Even though some of the cities’ neighborhoods and towns have experienced some obstacles in 2011, the overall numbers are a telling sign for the future of the New Orleans real estate market. Mortgage rates continue to be record low, while rental rates are high and sales are up. With promising numbers for the third quarter of 2011, early 2012 could spell another great stretch for the area.

Melinda Carter
(Freelance Writer)
melindacarter204@gmail.com