September, 2009 - Ms. Margaret's Market Review

There is good news in the residential real estate market in Baton Rouge!  A property that is in good condition and is well priced, will sell in a reasonable amount of time. 

The Buyers today are very picky.  They have a greater number of listings to choose from and the properties that are selling first have the same characteristics.  First and foremost, they have good "drive up" appeal, they are clean, have a neutral color scheme and are priced competitively.  The pricing of a listing is very important.  If you are unable to find recent comparable sales in your immediate neighborhood, it may be necessary to pay for an appraisal.  An appraisal will cost between $400-450.00.  This could be the most important thing you do in listing your home for sale and the cost is minimal when considered against a 60-90 day listing time as opposed to having your home on the market for 6-12 months.  The clean factor in a home is also important.  In my over 25 years of experience, I've seen great properties that are in disarray and unclean sit on the market for a long time, when if they would scrub the home from top to bottom, it would sell in a shorter amount of time.  Buyers just cannot look past your dinner dishes and laundry strewn about the home.  Clean all base boards and windows, linen closets, refrigerators, pantry's and bathrooms.  Fresh, neutral paint is appealing and one of the least expensive improvements you can make to your home.  Freshen up your front yard.  Trim bushes away from windows, plant seasonal flowers and check your neighbors so that your home is the one that says "Come on In".

The Baton Rouge market is seeing the highest volume in sales in the $150,000-250,000 price range.  There is some increasing activity in the price range from $250,000-450,000, but it is still sluggish.  There is an over 12-18 month days on the market for higher priced properties.  There are some sales in all price ranges, and the ones that are selling are the ones that are, once again, well priced and in above average condition. 

The $8000 federal tax credit is just now starting to have an impact in our marketplace.  The U.S. government has not extended the November 30 close deadline.  If you are a first time Buyer, time is of the essence to get your new home under purchase agreement and closed prior to the deadline.  With the new mortgage guidelines, it may take up to 45 days to process a new Buyer, so get to your lender and Realtor as soon as possible.

The national real estate market is seeing an increase in sales and the prices are not declining as quickly as the sales get the glut of inventory out of the market.  Once the inventory is stable prices will increase.  Supply and demand must be balanced for the rebound in each market place.

Please call/text me at #225.329.8899 with any of your real estate needs.