2011 Country Manor Home Sales Numbers
Major Declines in 2011
Median $148,000
Average $94.08/sf

2010 Support was in the $154,200 range and $110/sf.

If you are looking to purchase a home in Country Manor, I would strongly recommend a Pre-Listing Appraisal so you don’t overpay for those homes listed in 2012 for $107/sf to $111/sf when 2011 was such an obvious correction and sellers are in denial and listing prices are too high.

http://www.youtube.com/watch?v=sC95DvePkas

Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2011 to December 31, 2011. This information was extracted on 01/16/2012.

Greater Baton Rouge Home Appraiser, Bill Cobb, has been appraising homes or houses now for 21 years, 2 years in the Alexandria LA metro area and 19 years in the Greater Baton Rouge Housing Market. Bill’s specialty is:

Baton Rouge Pre-Purchase Home Appraisals

and

Baton Rouge Pre-Listing Home Appraisals

Accurate Valuations Home Appraisal Group (AVG) Serves The Greater Baton Rouge Metroplex!

With Boundaries North by Zachary, South by Sorrento, West by Port Allen and East by Livingston.

Contact Information:
Accurate Valuations Group (Home Appraisals)
P.O. Box 40515
Baton Rouge, LA 70835
Baton Rouge Office: 225-293-1500
Toll Free: 1-888-678-3544
Toll Free Fax: 1-866-663-6065
Denham Springs Office – Local #: 225-709-6013
Staff Email: info@accuratevg.com
Website: http://www.accuratevg.com/

NOTE: Baton Rouge Pre-Listing Appraisals, Baton Rouge Pre-Purchase Appaisals, Baton Rouge Estate or Probate Appraisals and Baton Rouge Divorce Appraisals are not as stringent.

Hi, this is Accurate Valuations Group Appraiser, Bill Cobb, in Greater Baton Rouge Louisiana, 225-293-1500 or info@accuratevg.com. I came across this helpful article on ActiveRain Network I wanted to share about how to prepare for the home appraisal inspection (not the same as a home inspection by a home inspector). The article seems to be applicable for an FHA appraisal inspection and there are also less stringent Conventional Loan appraisal inspection guidelines as well. Mr. Bolton’s article is helpful and a good start, but needs more said.

Preparation Musts and Recommendation I Would Like To Add!

1.) You are trying to “sell” your home to the lender! No, I don’t mean that you’re trying to literally sell your home, but rather you’re trying to impress the lender enough for them to agree to make this loan. Lenders aren’t as anxious to make home loans any longer post housing meltdown. Not only will your lender make this loan, but several other entities that buy this loan will also see the appraisal. A severely unkept home does speak volumes to lenders about how you as a borrower might also maintain other areas of your life, such as your finances, about how responsible you are. In my 21 years of appraising homes, I’ve seen the cleanliness of homes and yards on the decline.

2.) Photos. One of the major changes on lending is the requirement for lots of photos, exterior and interior. When the appraiser arrives, they will be taking photos of every room in your home. Each room needs to be accessible with no doors locked. And, at least 1 interior lights need to be turned on in each room when the appraiser arrives. In 2011, I appraised a large 5,000sf home with 4.5 baths and failed to include the 1/2 bath photo and had to revisit the home to take the photo and correct the appraisal, holding up the home loan closing. All of the Lenders I work for are very serious about all rooms being in the photos in a report.

Below is an “exhaustive” list from a lender where it states ALL interior rooms. To see an enlarged view of this list, click on the image below.

3.) Make A List Of ALL Renovations and Upgrades For Kitchen and Bathrooms for the past 15 years. YES, I said 15 years. This is a new requirement from Fannie Mae, Freddie Mac, FHA and VA as of 09/01/2011 called UAD. Specificially, UAD requires, “Condition must state the rating, then indicate Yes or NO if there has been any material work done to the Kitchen(s) or Bathroom(s) in the prior 15 years. If Yes, additional information for Kitchens and Bathroom must be provided including updated or remodeled and the timeframe.”

4.) When the appraiser’s office calls to setup the appraisal inspection, PLEASE focus and listen to the conversation. At my office, my staff sets up my appraisal inspections and I can hear them explain it. They explain how to prepare for the inspection, explain the list I need from them about updates and that I will be taking interior photos. Honestly, a large percent of time, borrower is not even listening to the conversation. When I begin taking interior photos in their home, some are shocked and say things like, “Oh No! I wish I had known you would be taking interior photos of my house!”. Or, they say, “If I had known you needed this list, I would have had my husband write this down!” My point is not to belittle borrowers. Today, what appraisers are asking for isn’t optional and if it’s not provided or if we’re not able to take the photos needed, it could hold up your loan closing.

5.) As Mr. Bolton stated, please don’t follow the appraiser around during the inspection, especially when appraiser is measuring the exterior. Exterior measurement requires concentration and is normally completed when the appraiser arrives. However, that’s when the appraiser and borrower first meet and the borrower has so much that they want to say to appraiser. Over the years, I’ve been measuring and taking borrowers questions and have failed to write down a measurement, requiring me to make a second trip to the home, on occasion.

6.) Yes, you will have your undivided time with the home appraiser to present them with your list of updates/renovations and tell them whatever you’d like about your home. Appraiser will want to know the age built. As an appraiser, I also want to help answer your questions about the appraisal or appraisal process to the extent that I’m allowed to answer by the client. There are some aspects of the appraisal the appraiser can’t discuss with you, but rather with their client.

7.) Your Appraisal was ordered through a 3rd Party and appraiser is not working directly for your lender. The appraiser doesn’t know the name of your loan officer your’e working with and isn’t going to deliver their report to them. Appraiser is going to deliver their report to their client who engaged them, normally the AMC or Appraisal Management Company, a middle-man so to speak. This is why the appraisal that used to cost $300 to $350 now cost $500 to $600, because that middle-man has to be paid as well.

7.) NO, the appraiser isn’t going to know or give you a value for your home before they leave the home appraisal inspection.

8.) Obtain Your Copy Of The Appraisal From Your Lender. Since appraiser was engaged by their client and not you the homeowner/borrower, appraiser delivers their report to their client, who reviews and then forwards that report to the lender. Your copy of the appraisal will be delivered to you via the lender.

If you have any questions about the Home Appraisal Inspection process, please contact me. Accurate Valuations Group Appraiser, Bill Cobb, in Greater Baton Rouge Louisiana, 225-293-1500 or info@accuratevg.com.

Michael S. Bolton’s entire article link is here for your reading. Enjoy!

The Top 10 Things to do to Prepare for an Appraisal

Baton Rouge Housing Reports Dot Com says,

2011: The Year Of Correction For East Baton Rouge Real Estate Prices .

See the complete report at the link above.

The well anticipated correction in local home prices, based on local incomes, the insane escalation of home prices after Hurricane Katrina, and the same housing euphoria that gripped our Nation from 2004 to 2007, has finally arrived. Despite the appearance of only a -2.13% decline, most of the 25 subdivisions examined belwo show far worse percentage declines indicating that for Baton Rouge Real Estate, 2011 was the anticipated “Year of Correction”!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2005 to 12/27/2011. This information was extracted on 12/27/2011. Statistics are based on total residential MLS sales reported to the GBRMLS as of 12/26/2011 6:01:00 PM

I wanted to share this video regarding divorce and the possible home options available. This video was created by Jamey Milheiser, a mortgage professional. Yes, he does represent another State in the USA, but his video and the questions he helps answer may also help locals as well.

Jamey covers:

1.) You do have options when it comes to your property.

2.) “I think I want to stay in the home……what do I need to keep in mind?”

3.) “My spouse is entitled to share in the equity we have in our home……how is this handled?”

4.) “What if I am the one leaving the home?”

5.) “How might divorce impact my credit?”

6.) “If I want to buy another home–am I going to be out of luck while I am still listed on the old mortgage?”

Visit: Divorce And Your Home Options to watch Jamey’s video and read his answers.

Why Baton Rouge Housing Reports?

Because a home is the largest, most important investment most locals make in their lifetimes. Because of the importance of getting this decision right, housing market facts, trends and analysis are provided to help locals execute competent, informed home purchase or home selling decisions.

There’s a new Premier web video resource in Baton Rouge with a residential focus: Baton Rouge Housing Reports Dot Com. This site offers the good news in our market as well as the on-going correction, tips on what improvements really add value, local REALTOR® video update of the month, local real estate expert interviews, local remodeler’s tips, trends videos, monthly and quarterly reports, Top 150 Subivisions trends, current housing charts and stats, gbrmls stats, local NAR stats, special investigative series and a long list of local online resources. Visit Us for the scoop on local housing.

Baton Rouge Housing Reports Dot Com – Local Real Estate Professionals Providing Trends, Analysis & Tips Helping Locals Make Informed Housing Decisions!

Nicholson Lakes Subdivision has experienced substantial declines since the 2007 highs, from $193,000 and $131/sf down to $174,000 and $116/sf in 2011. If you are considering a Baton Rouge Real Estate Home Purchased in Nicholson Lakes, I would strongly recommend obtaining a pre-listing appraisal so you don’t overpay as there are homes listed as high as $130/sf, which will not appraise for near that amount now in 2011.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2007 to 12/03/2011. This information was extracted on 12/03/2011.

In 2011 based on 7 sales year-to-date, median sold price per square foot is at $96.77/sf, below the $97.97/sf for the 2005 support level.

View The Slideshow Here:

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to October 12, 2011. This information was extracted on 10/12/2011.

Recap of 2008 through 2011 YTD Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

YEAR-TO-DATE SOLDS 2011 (Note Chart shows 39 sales, MLS Search Reveals 42 Sales):

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

The Median Sales Price in 2011 has been $435,000 based on 2 sales and an average sales price of $146/sf.