Know Your Competition The term real estate people use is “absorption rate” which means how many homes are for sale and how many homes have sold in the past 6 or less months.  If you don’t know which homes you are competing with it is difficult to know where to price your home to make it more attractive than the competition.Know Your Expired Competition Another way of looking at expired properties is to consider them as properties that the MARKET REJECTED – they did not sell.  Why didn’t they sell?  Usually because the price did not reflect its condition or simply put – they were overpriced.  There is a price for every property at which it will sell.  The competition of homes for sale, homes that expired and homes that sold will determine what the price is.  The market price is based on ... 09/30/2015

Being able to work within a realistic family budget has become an increasingly important part of modern living for many Metairie residents. Metairie’s cost of living may not have been exploding —but most people are keeping an eye on it anyway.The lingering effects of the last decade’s financial dislocations—combined with the slow-motion recovery from the Great Recession—have made monitoring expenses a practical necessity. The wolf doesn’t actually have to be at the door for that more cautious attitude to have developed. Consumer optimism may be on the rise, but it’s a pretty gentle incline. In any case, it does seem that spending on frivolous knickknacks is becoming a rarer diversion. Into that general climate comes last week’s news item. It’s one that could bring some of the more fruga... 09/30/2015

              In New Orleans real estate, there are happy words (“sold!”) and there are troubling words (“default”). Because of the associations they conjure up, some phrases just automatically make us happier. Two of the leaders in the positive category are the magical words, ‘vacation home.’ All by themselves, they can trigger a smile. Why not? “Home” is comforting; “vacation” is fun. Put them together in “vacation home” and you’ve got a double positive. It’s a real estate equivalent of Jimmy Buffett’s Cheeseburger in Paradise. As the economy recovers, some American families are doing more than just smiling at the idea. The Wall Street Journal says that vacation home sales jumped more than 50% in 2014—up from 717,000 the year before. Quicken Loans reports a jump “in both the number an... 09/29/2015

Know Your Mortgage TermsMost mortgages do not have pre-payment penalties involved but some do.  Call your mortgage company and ask what is needed to sell your home and what fees may be applicable.  Send your mortgage company an official notification of placing your property on the market and ask for a payoff so you can negotiate from knowledge rather than just guessing.Being Mentally PreparedSellers are attached to their homes.  To be as effective as possible you need to detach yourself from your home and think more of it as a “house”, a commodity that is being sold rather than family memories.  Buyers don’t care about your memories or your lifestyle – they just want to buy a home and then begin building on THEIR memories and lifestyle.  Be prepared for what might be considered as insul... 09/25/2015

ResearchIt is imperative that you know which way the market is flowing.  When there are MORE buyers than sellers, you are in a “Seller’s Market” and sales are brisk.  But when there are MORE sellers than buyers you are in a Buyer’s Market and the limited available and qualified buyers typically “rule the roost” as they negotiate from a position of supply and demand and power.  The market that existed just 30 days prior to today is no guarantee that it is the same today.Scheduling EventsSellers need to be aware of what needs to happen and by what date it needs to happen in order to insure that a scheduled closing occurs when indicated.  Sellers cannot rely upon buyers to do the right thing.  Sellers need to maintain a schedule of events for themselves as well as the probable buyer and th... 09/25/2015

Is your home safe for visitors? Remember that showing your home is going to interfere with your day to day life.  You will need to prepare for some inconvenience and intrusion into your privacy.  Consider the safety of your visitors.  There may be seniors as well as small children walking around your home.   Is there a statue or tall lamp that could easily fall if touched?  Are there wires at ground level that could trip someone?  Are there rugs that tend to slide?  Are stair railings safe for small children?  Could a visitor be bitten by a bird or other animal?  Are the stairs free of small toys?  Are traffic patterns open between rooms?   Also consider your own security and privacy.  Put away valuable possessions.  Do not leave money, guns, jewelry, x rated magazines or any personal i... 09/24/2015

Are you staged and ready? Sellers often ask if it would be best to show their home furnished or vacant.  Of course this depends on how the home is furnished.  If your home is dirty, messy, and poorly decorated, you need to stop and assess the situation. It may be possible to move out, and then stage the home with a few pieces of furniture and accessories.  There are staging services that can help with this.  Generally, some furniture will help to soften the interior and show it in an optimum way.  However, I prefer a vacant house over a disaster. It is important to keep the buyer’s focus on the property, and not on your family.  Remove most of your personal collections, family photos, political statements or artistic expressions of yourself.  These distract from the important mission th... 09/24/2015

In a slower real estate market, sellers cannot afford to ignore any part of the marketing process.  Price, preparation, and presentation must be excellent in order to attract a buyer. The price must be set realistically.  Preparation should include fresh paint, de-cluttering, updated floor materials, and no glaring repair needs.  And, presentation should be meticulous, with drapes open, lights on, lawn mowed, and interior cleaned.  Showing your home is the final step in winning the heart of a buyer.  When a buyer calls for a showing, he or she already has an interest in your neighborhood and may have viewed your home on line.  They are willing to invest time to visit your home.  It is worth the effort to make each showing one that will be remembered.   Here are some questions to conside... 09/23/2015

In Metairie real estate, there are happy words (“sold!”) and there are troubling words (“default”). Because of the associations they conjure up, some phrases just automatically make us happier. Two of the leaders in the positive category are the magical words, ‘vacation home.’ All by themselves, they can trigger a smile. Why not? “Home” is comforting; “vacation” is fun. Put them together in “vacation home” and you’ve got a double positive. It’s a real estate equivalent of Jimmy Buffett’s Cheeseburger in Paradise.As the economy recovers, some American families are doing more than just smiling at the idea. The Wall Street Journal says that vacation home sales jumped more than 50% in 2014—up from 717,000 the year before. Quicken Loans reports a jump “in both the number and dollar volume of... 09/23/2015

When your family needs more or less elbow room, or a neighborhood change is in order, it’s time to start combing the listings for the right Metairie house for sale. At the same time, though, now that prices have been steadily rising for so long, it’s not unreasonable to ask yourself if this a good time to be looking? The question arises from the investment side of a home purchase; so it’s logical to ask what the investors are doing…Those who looked upon any Metairie house for sale only as an investment rather than a place to live tend to fall into one of two groups. The first live by the buy low, sell high school of investing. It’s a philosophy that makes perfect sense—it’s been around since before Wall Street was even paved, and its logic is unarguable. Back when U.S. real estate price... 09/22/2015

Tip: Print out this checklist, and mark each item off as you get your house ready to sell. 1. Eliminate half of your belongings as clutter can cost a sale. Rent a storage unit or portable pod for extraneous pieces of furniture or knickknacks. Another idea is to ask a friend if you can borrow some space in his or her garage. 2. Use "home wash" (hose attachment available at home improvement stores) to clean the outside of the house. 3. Clean rain gutters as well as outside windows and screens. 4. Make sure the front door is inviting. Paint the door if needed. Also, replace any outdated outdoor lighting fixtures. 5. Buy new house numbers if the old ones are dated or faded. Be sure buyers can see the new ones from the curb. 6. Buy a new welcome mat. 7. Organize all closets and drawers. Buy... 09/22/2015

Tricks of the trade to help you get top dollar when selling your home.Selling Secret #10: Pricing it rightFind out what your home is worth, then shave 15 to 20 percent off the price. You’ll be stampeded by buyers with multiple bids — even in the worst markets — and they’ll bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.Selling Secret #9: Half-empty closetsStorage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.Selling Secret #8: Light it upMaximize the light in your home. After ... 09/21/2015

  The way the media treated last week’s federal funds rate announcement by the Federal Reserve Board was a convincing demonstration of how much importance is placed on that singular piece of the financial puzzle. That rate may not be directly tied to Metairie mortgage interest rates, but since it determines lenders’ borrowing costs, its effect is considerable.For many years now, Metairie mortgage interest rates have been comfortably nestled near the bottom of their historical range. Many Metairie homeowners have enjoyed the resulting low monthly payments on their mortgages. Metairie home sellers have likewise benefitted from home loan interest rates that make their properties more affordable than would otherwise be the case. Real estate repercussions are a major part of the reason that ... 09/21/2015

MISCONCEPTION #1: The Listing Agent “Sells” The HouseNo agent, no matter how good they are, can “sell” a house to a buyer. No buyer is going to let any agent “sell” them an item costing hundreds of thousands of dollars unless the buyer sees value in the property and therefore wants to buy it. In truth, the house must “sell” the house. This is because once a buyer sees the property, the buyer will probably get into a “comparison shopping” mode comparing the seller’s home with all the other homes the buyer has seen and then make the decision to either buy or not buy based on those comparisons. The price the buyer will pay will also be based on the comparison of the seller’s home to the other homes (i.e., the “competition”) on the market. The seller’s home must stand on its own! I will off... 09/21/2015

  For anyone who has never participated in a serious house-hunting effort, their mental image of how the experience will unfold may be a little off. They might imagine that, after narrowing down their requirements for a Metairie home (size, price range, and the like) they will agree on a day and time, then just climb into their Metairie agent’s car and settle back to have the likely prospect properties exposed before them.In fact, the house-hunting procedure is almost like that, except for one major detail:A property search is a participation sport! Experienced Metairie property searchers have learned to husband their energy on any day that includes home showings. Especially when their property search doesn’t immediately yield a find that fits their target criteria, they know that it ma... 09/21/2015

Safety is a frequent For Sale By Owner (FSBO) concern.  After all, you are letting a complete stranger into your home. You don't know anything about this person.  Are they a thief, or a serious buyer?  One never knows. Real estate agents use several measures to assure your safety.  They always get full contact information, including name, telephone number, and license plate information from all buyers.  Buyers are pre-screened by determining place of work and getting the buyer pre-approved for a home loan.  Buyers are never left alone in your home.  A real estate agent accompanies prospective Buyers at all times. Therefore, when a real estate agent brings a potential buyer into your home, they have been carefully qualified and pre-screened. We know them inside and out. Security is an im... 09/20/2015

From Chad & Joanna McDaniel: Terez was very knowledgeable, friendly, had a great system for keeping us updated. She is the best Realtor we have ever worked with! Even when we were on vacation, she had everything covered. We never felt like she didn't care. Lender and title company was great. Closing was very quick! Terez had excellent consulting skills, knowledge of the market, negotiating skills, and professionalism. She was always on time for appointments and did an excellent job of explaining contracts and terms as well as our obligations and choices. She returned phone call promptly and handled all problems effectively. We loved working with Terez and her lovely assistant Ashley! Terez Harris is the best agent we have ever worked with. She came with her "A" game ready to tackle the ... 09/20/2015

 Potential home-buyers often decide about their interest in a home within a few seconds.  This is usually based upon first impressions, especially impressions as they enter the home.  There are a few things that you can do to make a good first impression.If the carpets have stains or are worn, consider having them replaced.  Have the carpet professionally cleaned.Eliminate clutter.  Take a good look at your closets and remove 1/2 of their contents.  This will make the closets look larger.  Remove extra furniture and other items.  A home with fewer items looks larger.Remove all personal items and personal photos.  You want the homebuyers to picture themselves as owning the home.Terez B. HarrisKeller Williams Realty New Orleans504 975 1033TerezHarris@KW.comTerezSellsNolaHomes.com8601 Leak... 09/19/2015

Terez B. HarrisKeller Williams Realty New Orleans504 975 1033TerezHarris@KW.comTerezSellsNolaHomes.com8601 Leake Ave., New Orleans, La 70118    Free Reports:7 Seller Tips for 2015Smart Home Price Name Your Selling Price    Search the MLS! (multiple listing service)Search Terez's Active Listings! See what your neighbor's home sold for... See What Your Metairie Home is Worth!    Metairie For Sale By Owner?   New Orleans For Sale By Owner?      Terez B. Harris  Terez Harris NOLA Real Estate Group  504-297-2619  www.TerezHarris.comKeller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana. 09/19/2015

View Homes For Sale in MetairieView Homes For Sale in New Orleans   You’ve successfully located the home that fits your wish list! The listing agent says the home is in “great condition!” Financing is pretty much a done deal! Time to relax! Er—maybe not just yet. When you are buying a home, among the scores of thoughts that might be racing through your head (“Is this the best one for the money?” “Will everyone be comfortable in it?” “Will it be enough house over the long haul?”), one you definitely don’t need is “Will this house become a money pit?”  The home that looks perfect may well be exactly that—but if not, you certainly don’t want to find yourself pouring hard-earned dollars into repairs that become apparent only after you have signed. Surprises are fine for birthday parties, bu... 09/18/2015