Buying a home can be a stressful experience, but by using a first-time home buyer checklist, you can ensure everything is in order. A checklist will help you measure your progress and prepare for closing. Using a mortgage calculator is a good way to ensure you can afford the house you choose.

You should also have a clear idea of what you want. Determine how many bedrooms and bathrooms you need, the layout of the home, and what amenities you'll need. Be prepared to make compromises. Once you have a clear idea of your wants and needs, it will help you get a better idea of what to look for.

Start your research for a mortgage lender. Many lenders offer special mortgage programs for first-time homebuyers. If you qualify, you may be able to get a mortgage with lower interest rates and other benefits. If you don't have a lender and are looking for one we work with several great lenders who can help you get the results you want.  Before meeting with a lender you will need some paperwork to get the process started.  Most lenders will ask for your last two tax returns, your last two bank statements, and your last two paycheck stubs.  You may also be asked for credit card and student loan information. Also, collect any utility bills you may need.

Your first home purchase can be stressful, but it's also an exciting time! With the help of a home buyer checklist, you can minimize the stress of the process and make it as smooth as possible. As your agent I can help guide you through the process so that you don't miss any of the important steps.

Obtaining down payment assistance is important for first-time buyers. Many states offer down payment assistance programs that can help you get a mortgage for less than the original purchase price. Also, you should find out about other government programs that can help you get the down payment you need. Some of these programs have eligibility criteria and may require a credit check.  Your lender will be a great help in that area.   

Before closing, make sure you have all of the financial documents in order. You should review the loan documents, especially the mortgage documents. Once you have reviewed the mortgage documents, you should bring the proof of insurance. You should also set aside some funds for unexpected repairs. Finally, do a final walk-through. Ensure that everything checks out and that the home is free of defects.

If you're a first-time home buyer, you may find it helpful to enlist the services of a Realtor.  I can sit down with you and discuss your preferences for a home. I will do my best to find homes that meet your criteria.  I will also have the inside information on the market and can help you negotiate the best price. I work for you, not for the seller.

Getting your finances in order is essential before buying a home. Having this in place will be an advantage when you begin the loan application process and start looking at homes. By having this information, you'll be in a better position to evaluate the houses you find. The loan process can be lengthy, so it's important to have a checklist.  If you are in the market for a home, reach out to me, I would be honored to help you through the process to achieve the ambitious results of home ownership.  

How Do I Apply For A Home Loan in New Orleans?

When you are looking for a home loan, there are many things you should consider. Your credit score, the type of loan you want, and any down payment assistance programs may all influence the interest rate you are offered. Interest rates can also change throughout the day, and you should be sure to get quotes from several different lenders and compare them to find the best possible deal. In addition, it's important to find out what programs are available so you can make an informed decision.

Down payment assistance programs

First-time homebuyers can use the FHA down payment assistance program to save money on their down payment. The requirements for FHA are flexible, and they allow people with a credit score as low as 580 to qualify. The down payment requirement for FHA loans is 10% of the purchase price. USDA and RD loans are also good options for first-time homebuyers because they do not require a down payment.

Those who earn at or below 80% of the median income can qualify for the Alexandria program. They may receive a loan of up to $25,000 to help cover closing costs. Another program, the Resilience Soft Second Program, offers first-time homebuyers up to $55,000 in down payment and closing cost assistance. Both programs offer favorable interest rates and allow borrowers to use the money to reduce the principal balance of their mortgage.

Mortgage lenders in New Orleans

Whether you're buying your first home in New Orleans, or you're looking to refinance an existing loan, you'll need to find a lender. Thankfully, there are a number of lending institutions in the area who are willing to help you purchase your dream home. First-time homebuyers can take advantage of the City of New Orleans' First-Time Homebuyer Program, which offers little-to-no down payment programs.

First-time homebuyers in Louisiana can also benefit from the state's low home prices, which are lower than the national average. In addition, first-time homebuyers are eligible for low-interest loans, which don't require private mortgage insurance. However, few first-time homebuyers have enough money to put down a 20% deposit.

Interest rates on home loans in New Orleans

Interest rates on home loans in New Orleans have been on the rise over the past few years. The increase is likely due to rising costs of credit, as the Federal Reserve is raising the discount rate to fight inflation. Although higher rates aren't beneficial to borrowers, they may spur refinancing activity.

Home values in New Orleans are very high, with the median home price at $231,500. The average property tax rate is about 0.61% of assessed value. Because of the city's entertainment and culture, New Orleans property taxes are high compared to other areas of Louisiana. Home buyers need to have a good credit score, low debt-to-income ratio, and a reliable source of income to qualify for a home loan.

Lenders that offer first-time homebuyer programs

There are many lenders that offer first-time homebuyer programs to help people purchase a home in New Orleans. These programs vary by state, so it's important to shop around and find one that fits your situation and your budget. Many offer low or no down payment programs, so it's best to check with a loan officer in your area before committing.

The New Orleans Office of Community Development has several programs designed to help first-time homebuyers, including the Down Payment Assistance Program. This program can help with the down payment and closing costs of a new home. It can also help you qualify for a no-payment or low-interest second mortgage, which can be a valuable tool in your search for a new home.

Lenders that offer second mortgages

Second mortgages are a great way to help people improve their homes without having to pay as much as the original loan. These loans offer flexible repayment terms that can be extended over several years. You can also use this type of loan to consolidate existing debts. Lenders in New Orleans can help you get the best interest rates possible.

Lenders in New Orleans can help homeowners refinance their mortgages and get lower interest rates. They also help people refinance their current mortgages, which can help them pay off their debt faster and lower their monthly payments. These companies offer various loan programs, including fixed-rate, adjustable-rate, interest-only, jumbo, and more. They can guide clients through the application process and ensure they are qualified for the loan.

We work with many great lenders, if I can help you call or text me at 504-508-3149.

Why is a Home Inspection Important in New Orleans?

A home inspection in New Orleans is an important part of the buying and selling process. It gives the buyer peace of mind and the prospect of requesting repairs if problems are found. It can also help you get a better selling price for your home. In addition, a home inspector can determine the age and shelf life of major appliances and systems.

CHI Certified New Orleans home inspector checks GFCI receptacles

Whether you're buying a new home or selling your old one, make sure your electrical service is up to code by hiring a "CHI" Certified New Orleans home inspector. This professional is trained to identify potential electrical hazards and ensure that the electrical service is sized correctly. The "CHI" home inspector also checks for burned or undersized wiring, and faulty connections. In addition, your home inspector should look for wiring reversal conditions and open ground.

Home inspectors should check for GFCI protection when checking electrical wiring. These devices are cheap and can prevent up to two-thirds of home electrocutions. They could also prevent thousands of injuries from electric shocks. These devices are required in most jurisdictions to protect every receptacle and motor connection in any habitable area, especially areas that have a high risk for flooding. Moreover, they must be properly installed and tested regularly.

LSBHI regulates home inspectors

The Louisiana State Board of Home Inspectors (LSBHI) is the state licensing board for home inspectors. It oversees home inspection professionals and offers a variety of resources for consumers. The board is composed of one representative from each congressional district and one at-large member appointed by the governor. Home inspectors licensed by the LSBHI are required to maintain a high professional standard.

Home inspectors licensed in Louisiana must undergo background checks and fingerprinting. Fingerprinting is a state-mandated background check and can take up to four to six weeks. After fingerprinting, a criminal background report will be produced, signed in blue ink, and sealed. The original sealed background report must be submitted to the Louisiana State Board of Home Inspectors.

CHI Certified New Orleans home inspector can advise you to have underground oil storage tanks tested for reliability

If your New Orleans home contains underground storage tanks that are filled with hazardous chemicals, it may pose a safety hazard to the surrounding property and a financial liability for you as the owner. Your "CHI" Certified New Orleans home inspector can identify these tanks and make recommendations for testing and repairs. In addition, the inspector will also note any existing problems with the piping system, such as leaks. If the tank is older than 15 years old, he or she may recommend that you have it tested for reliability.

Having an underground storage tank tested for reliability is crucial for the safety of your home. It's also an important part of the process of selling a home. Buyers often ask about underground storage tanks. Getting an inspection done will give you a competitive advantage in the real estate market. Ask your real estate agent for a referral to a licensed oil tank specialist.

CHI Certified New Orleans home inspector checks piping distribution

When a "CHI" Certified New Orleans home inspector inspects your home, he will be checking for leaks and deterioration in the piping distribution. He will also inspect for any incompatible piping materials and look for signs of water damage. A faulty piping system can result in thousands of dollars in repairs or replacement. He will also check all fixtures to make sure they are working properly. A "CHI" home inspector will also look at tiled bathtubs to make sure they are in good condition.

In addition, a leaking boiler or furnace can result in a serious safety hazard and need to be replaced. Also, if the property was built before 1978, there may be lead paint. Lead-based paint is dangerous and must be removed properly by a professional.

CHI Certified New Orleans home inspector checks GFCI receptacles in proper places

A "CHI" Certified New Orleans home inspector will check to make sure that all GFCI receptacles are installed in the proper places in the home. These receptacles should be placed near wet areas like sinks and bathrooms. The inspector will also make note of any faulty wiring, which can be a safety hazard. Some older homes may have aluminum wiring, which can cause a fire. If this is the case, it will be recommended to have the wiring retrofitted.

The inspector should also check for signs of pests and airborne hazards. This can be an especially dangerous area for inspectors. Some panels have been known to explode when they are opened, so it is crucial to avoid touching them without the proper protective gear. Moreover, the inspector should avoid touching any of the electrical panels, as they can be electrically hot.

Hurricane Ida gut punched us and knocked the real estate market down a bit in our area.

ORLEANS PARISH has experienced a 40% decrease in the number of homes sold from last October to this October (201 in 2021 compared to 341 in 2020). Home prices have risen an average of 3% over the last year ($451,094 in 2021 comapred to $437,144 in 2020). The amount of days a home is on the market dropped 20% compared to October 2020. Homes in New Orleans are staying on the market an average of 35 days.

JEFFERSON PARISH has experienced a 20% decrease in the number of homes sold from last October to this October (289 in 2021 compared to 353 in 2020). Home prices have increased 7% over the last year ($312,555 in 2021 compared to $293,628 in 2020). The amount of days a home is on the market in Jefferson Parish dropped 30% compared to October 2020. Homes in Jefferson Parish are staying on the market an average of 24 days.

ST TAMMANY PARISH home sales have decreased 22% comparing October 2020 to October 2021 (373 in 2021 compared to 477 in 2020). St. Tammany Parish home prices have increased 1% from October 2020 to October 2021 ($302,752 in 2021 compared to $305,813 in 2020). There has been a 43% drop in days on the market in St. Tammany Parish. Homes in St. Tammany Parish are staying on the market an average of 30days in 2021.

ST. BERNARD PARISH In St. Bernard Parish has experienced a whopping 70% increase in the amount of homes sold October 2021 compared to October 2020 (46 in October 2021 compared to 28 in 2020)! The Highest in the Metropolitan New Orleans area. St. Bernard also leads the Metro area increased home prices 22% ($222,250 in 2021 comapred to $204,071 in 2020). St. Bernard also led the metro area in Home prices in St. Bernard have increased 25% (the highest increase in the Metro area). Homes in St. Bernard sold for the month of October sold for an average price of $222,250, Homes in St. Bernard are staying on the market an average of 29 days (40 percent from 2020). Also the largest increase in the metro area.

I am here to help you. Feel free to register and search on this website. The information on this site is the same information that local realtors see in real time. If you have any questions concerning real estate just reach out to me.

1. The Price

Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to their bank.

A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to be adjusted. The bank will only give the buyer a mortgage for the value of determined in the appraisal.

Sellers must also keep in mind that today’s homebuyers are well-educated. Before they look to buy a house, they have already seen many houses online. They’ve done their research on the neighborhoods they are interested in, including information on the school districts in the area.

They will know if your house seems overpriced and will not waste their time considering it. This is why it’s so important to make sure that your home is priced right from day one on the market!

2. The Condition of the House

In many areas, builders are taking advantage of the lack of inventory of homes for sale by building new houses. These newly constructed homes create compettion for existing homes in the market. For this reason, many homeowners are making renovations and updates to their homes to compete with the new construction in their marketplace.

Most agents recommend that homeowners declutter their houses before putting them on the market. Buyers want to be able to imagine themselves living in the home instead of focusing on the current homeowner’s decor.

It’s important to take care of the small problems like dripping faucets and torn screens, while also remembering to remove any posters hanging in your teenager’s bedroom. Making sure your home is in perfect condition will make buyers fall in love with it and will ultimately help you get the right price for your house!

3. Seller’s Motivation

Why did the seller put their house on the market in the first place? Is the seller’s motivation still the same as it was when they first listed?

If homeowners are really motivated to sell, they will make sure their houses are both priced right and in good condition.  The seller’s motivation will push them to consider all offers and help them make the right decision for their family’s future.

4. Marketing Plan

Having a marketing plan is important! According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. The days of looking for a newspaper ad or yard sign in your preferred neighborhood are over.

If you want to sell your home, you need a real estate professional who understands your local market and knows how to promote your home online. Something as simple as using pictures taken by a professional photographer can make a huge impact in advertising your home!

5. Lack of Communication with Your Agent

Keeping an open line of communication with your agent is crucial in getting your home sold with the least amount of hassles, in the right amount of time, and for the right price! From the beginning, establish a continuous line of communication with your agent, and make sure you review your agreement often to see if any changes need to be made. For example, adjusting the selling price!

Bottom Line

There are houses selling every single day because they are listed at the right price, have the right marketing plan, and are staged for the sale. If for some reason your home didn’t sell and you’re still motivated to get it sold, contact me, I can help you figure out the reason your house isn’t selling and come up with a plan to get it sold!

If your home is affected by a hurricane, you can learn a lot from the experiences of past victims of natural disasters who had to assess the damage, contact their insurers, and start on the long process of physical and financial recovery after recent record hurricanes. Here’s how to get the money you deserve from your insurance company and ways to make the most of other assistance to fill in the gaps.

1.Flooding Isn’t Covered by Homeowners Insurance.

In general, damage caused by wind, wind-driven rain and water that comes into your home through the roof, windows, doors or holes in the walls is covered by homeowners insurance. But damage from flooding or water that rises from the bottom up—from the overflow of a body of water, for example, or a storm surge—is not covered.

A lot of the damage in Houston from Hurricane Harvey was from flooding and was only covered if you had flood insurance, such as through the FloodSmart.gov National Flood Insurance Program or a private flood insurer. But even if you didn’t have flood insurance, it’s still worthwhile to contact your home insurance company to see whether some of your expenses will be covered, such as wind damage to your roof or the additional living expenses you incurred while you were out of your house. See Federal Emergency Management Agency’s Wind Damage vs. Flood Damage fact sheet.

2.Flooding Is Covered by Auto Insurance.

If your car insurance includes comprehensive coverage (which insures against the type of physical damage not caused by an accident), then flooding would be covered. In many cases, the water damage can be so bad that the insurance company will declare the car a total loss and pay the claim for the value of the car (minus the deductible). Also, be careful if you’re buying a used car in the months following a major hurricane as vehicles with flood damage enter the market. Water-damaged cars can pose serious safety risks, from faulty air bags to compromised electrical systems. 

3.Contact Your Insurer and Start Documenting Your Claim Right Away.

Insurers usually want you to make temporary repairs, such as putting up a tarp, to stop any further damage to the house, even before an adjuster assesses the property. But take pictures before you make those temporary fixes. See the National Association of Insurance Commissioners’ apps and other resources to help you document the damages. Also keep receipts of any supplies you had to purchase for repairs, which may be reimbursed by your insurer. See Rebuilding Your Home and Finances After Disaster Strikes for more information about how people whose homes were damaged by Hurricane Harvey in 2017 worked with their insurers and other organizations to recover physically and financially after the storm.

4.You May Have a Much Higher Deductible for Hurricane Damage.

While damages from wind and wind-driven rain are covered by a standard homeowners policy, many charge separate wind deductibles, which means higher out-of-pocket costs for you. The deductibles are usually based on a percentage (roughly 5% to 10%) of your coverage rather than a flat dollar amount.

That can really add up. For example, suppose your home is insured for $500,000 with a 5% wind deductible, and you have $30,000 worth of roof and siding damage from high winds. You’re responsible for $25,000, with your insurance covering only $5,000 of the damages.

5.Find Out If You Qualify for Other Assistance

Most states’ emergency management agencies have information about other resources to help after a hurricane, such as emergency housing, medical and financial assistance from a variety of nonprofits and government agencies. Start by typing your address in the tool at DisasterAssistance.gov to find out about aid in your area, including money for living expenses and rebuilding. You can also get in-person help at a FEMA disaster recovery center.

Look up the nearest one using the recovery center locator or the FEMA mobile app. You may also qualify for SBA Disaster Loan Assistance, a low-interest loan available for homeowners and renters to repair or replace damaged property. (Even though it’s offered by the U.S. Small Business Administration, you don’t need to be a business to qualify.) Also see links to the state emergency management agencies.

 6.Understand the Rules for Fallen Trees

Even if a hurricane didn’t destroy your home, you may have some damage from fallen trees. If your tree damages a neighbor’s property—say, crushing a garage or fence—your neighbor should file a claim with his insurance company, which will generally pay to fix the damage. When a tree falls and doesn’t hit anything, insurance policies will typically pay just $500 to $1,000—or sometimes nothing—for the cleanup.

7.Your Insurer May Pay for Living Expenses While You’re Out of Your Home.

Most homeowners policies pay for additional living expenses—including rent, food and other costs—for up to a year while you’re unable to live in your home, or up to a certain percentage of your total coverage amount. This may be the first money you get from your insurance company before it determines how much to pay to rebuild your home. These living expenses can really add up if you’re out of your home for a while as you wait for your house to be rebuilt. Keep the receipts for reimbursement. Some insurers provide debit cards for these expenses.

8.Get Credit for All of Your Possessions

If you had a home inventory listing your possessions, and you kept it online or outside of your home, you’ll have a great head start when filing your claims. Otherwise, you may be able to piece together information that can help with your claim. Any photos you have of the rooms in your home can provide evidence to the insurer about items that were damaged.

Also look for any receipts for valuable items. And take pictures after the hurricane but before removing debris so that you have some documentation that the items were damaged in the storm. See How to Get Your Insurer to Pay Your Claims to read about how people have pieced together inventories after tornados and water-damage claims—and what they wish they would have done differently.

 9.Take Advantage of In-Person Support

State insurance departments often dispatch consumer protection staff to disaster areas to answer questions and help you contact your insurer. Many insurance companies also have mobile claims units on the ground to assist with filing a claim and to answer any questions. 

State insurance departments can also step in if you’re having trouble contacting your insurer or getting your claim paid. Many insurance departments also set up special mediation programs to help resolve disputes between residents and their insurance companies after a major disaster. For more information, see the National Association of Insurance Commissioners' insurance department map for contact information in your state.

10.Get Help From the State Insurance Department Throughout the Process

The state insurance department can help you with questions as you start to file your claim, and it can also step in if you’re having trouble contacting your insurer or getting your claim paid. Many insurance departments also set up special mediation programs to help resolve disputes between residents and their insurance companies after a major disaster. For more information, see the National Association of Insurance Commissioners' insurance department map for contact information in your state.

As Always if there is anything I can do to help you please reach out to me.  You can call or Text at 504-508-3149, or email me at joelorenzorealestate@gmail.com. 

Stay Safe we are praying for you.   

If you are looking for a few easy curb appeal ideas to help your house sell faster, then this article is perfect for you. These four simple and inexpensive DIY projects will have potential buyers drooling over your property and bidding against each other to get the chance at living in it!

POWER WASH YOUR SIDWALKS.

The first of the four simple ideas is power washing your sidewalks. The idea here is to wash off dirt, leaves and other debris that have settled on or around your house over time. This will make a tremendous difference in appearance and give an impression that you are a house owner who cares about their property. The power washing will also remove any dirt or stains from your sidewalk and make it look as if its brand new again!

When you have clean, clear sidewalks it will be easy to notice the details of your house and that is what is really going to sell your house quickly.

KEEP YOUR YARD WORK UP. 

The second idea for curb appeal is to keep your yardwork up. This includes trimming trees and bushes, keeping the grass mowed and general maintenance all around! It's important because just like power washing your sidewalks, this will give buyers an impression that you are someone who cares about their property. No potential buyer wants to buy into what could be years of work with an overgrown yard.

Maintaining your yard will also help to give potential buyers a feeling that you have pride in where you live. With the right curb appeal, they'll be eager to get inside and see how well-cared for it is!

FRESHEN UP YOUR MAILBOX. 

The third idea for a quick and easy curb appeal project is freshening up your mailbox. Oftentimes, many people don't notice the dirty and stained appearance of their mailboxes until they are looking to buy or sell a home. This will be another reason why potential buyers may pass on this house - so if you want to avoid that, just give it a quick spray of paint to the box and a fresh coat of paint to the house number on top. This will really help your home standout and make a good impression on buyers.

PAINT YOUR FRONT DOOR.

The final idea for a quick and easy curb appeal project is painting your door. Whether you want it painted in basic colors like black, white or brown - or if you are feeling more adventurous with shades of yellow, green or blue - this will make an impression! The rule of thumb here is to try and paint the door with colors that are in season or complementing your house.

This will help make it stand out from other doors on the block and give potential buyers a good impression of you and it is the impression of you that will matter most. Most doors can be painted with a simple, inexpensive paint job and usually don't require any more than a small can of sample paint. Make sure that you get exterior paint as your door will most likely be exposed to the elements and harsh sun.

These few tips can not only help your home sell faster it may also generate a higher price.  If you have any questions about selling your home or if you are looking for a new home, reach out to me.  I am here to help.   "When you are ready to go call Joe!"  Call or text 504-508-3149.  

As some of you may know, I worked in Law Enforcement for almost 40 years. My job then was to protect and serve.  When I became a Real Estate Agent 6 years ago I brought that same protect and serve mentality to Real Estate. I care about you as a client and will always protect your best interests. That is the only way to do business.