Baton Rouge Video Tours: Real Estate Market Report Of Villa Del Rey Subdivision 2011

https://www.appraisersinbatonrouge.com/ – Baton Rouge Real Estate: How Is Villa Del Rey Subdivision Performing Into 2011, Increasing, Declining or Remaining Steady?

Potential $20K Loss. This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision. In the appraisal I recently completed, the home sold for $155,900 in 2007, a Post Hurricane Katrina high price, and is now on the market for $136,000. If this home sells for $136,000, then homeowner only loses $20,000 and will lose a total of $28,160 after paying the selling commission.

Villa Del Rey Subdivision Baton Rouge

 

A recent home appraisal in and analysis of Villa Del Rey revealed this interesting finding. From 2009 to 2010 to 2011, the median sales price has declined from $145,000 to $137,500 to now $136,000 (chart below is not updated) into 2011 based only on 3 sales. This drop is due to foreclosure and/or distressed sales. Actually, the chart below is incorrect because GBRMLS reports “38” solds in 2010, not just 33, with a median of $137,500. Of those 38 sales, 11 or 29% were foreclosures, which is quite high. And, in 2011, the 3 solds only sold for $119,000, $136,000 and $139,000 indicating these sold below market.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

mls

 

Villa Del Rey Homes

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 3, 2011. This information was extracted on 5/3/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
[email protected]
http://www.accuratevg.com/

Baton Rouge Real Estate Minute Woodstone Estates Home Sales Numbers 2005-2010

Baton Rouge Real Estate Minute Woodstone Estates Home Sales Numbers 2005-2010
Duration: 00:01:17
View: 5
www.homeappraisalsbatonrouge.com - Baton Rouge Housing Trends: Woodstone Estates 2005-2010 Home Sales Report One 2011 Sale $389000 or $129/sf. It appears Woodstone Median Sales Price Is Increasing Again. Median Prices since 2007 have been $462600, $417450, $315000, $384900 and now $389000 in 2011. S (more)

Baton Rouge Housing Trends: Shenandoah Hills Subdivision 2010 Home Prices Increase

http://www.batonrougerealestateappraisers.net/ – Baton Rouge Housing Trends: Shenandoah Hills Subdivision 2010 Home Prices Increase!

shenandoah-hills-entrance-baton-rouge

Solds In Shenandoah Hills Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $146,357 ($133,260 in 2009)
Average Sold Price Per Sq. Ft.: $108.12/sf ($99.34/sf in 2009)
Median Sold Price: $149,500 ($132,500 in 2009)
Number of Sales: 7 (5 in 2009)
Average Number of Days On Market: 44 (48 in 2009)
Low To High: $129,900 to $152,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 3, 0 Are Foreclosures
Current Listings Price: $140,900 to $150,900 or $105 to $113/sf

Shenandoah-Hills-Price-Trends-Baton-Rouge

3707-JAMES-VICTOR-DR-Baton-Rouge

 

The Median Sales Price has increased from $132,500 in 2009 and $144,000 in 2008 to $149,500 in 2010.

 

3632 MERRITT ANNE DR

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010. This information was extracted on 1/1/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

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Major Baton Rouge FHA News Flash! FHA is Adopting Similar HVCC Standards As Of January 1, 2010….Get Ready For More Change!

http://www.fhaappraisersbatonrouge.com/ – Mary Thompson, GA Appraiser, Outlines FHA’s Move Towards HVCC Appraisal Rules….Get Ready For More Change!

baton rouge fha news

Mary Thompson, Flowery Branch, GA, issued a post on Active Rain this morning that outlines the changes in FHA Appraisal Policy…..AND, it includes some Good News for FHA Appraisers regarding FEES! The link to the post is here. Here’s the outline of the

Mary Thompson Appraiser

1. Good news for appraisers, the AMC’s who normally pay CUT rate fees and who care less about quality appraisal reports and experienced appraisers and more about making money, must pay appraisers based upon normal market rates for completing FHA assignments. However the borrower will wind up paying more for FHA loans as the appraisal fees will be even higher….at least this is my take on the situation as the AMC’s will jack up their prices to the banks to pay the appraisers what they should and to make profit for themselves as well.

2. Mortgage Brokers will no longer be ordering appraisal reports. So this repsonsibility will go to the Banks or the AMC’s.

3. Appraisal reports will only be good for 4 months rather than 6 months.

4. Good NEWS: FHA will allow appraisal reports to be transferred to another lender rather than having another appraisal report completed.

5. The only way another appraisal report can be completed if someone does not agree with value is the report will have to be flawed in some way and it will have to be proved that flaws exist in the report

6. No one can talk to appraisers about value issues. REALTORS, you can still give Appraisers comparable sales data, that is NOT prohibited, you just cannot talk to them about value. The banks and AMC’s can discuss particulars of the assignment, but no one can pressure an appraiser for value PERIOD!

7. As of October 1st only CERTIFIED Appraisers can complete FHA appraisal assignments.

8. FHA will require that the appraiser is knowledgeable in the area that they appraise. So if you find an appraiser coming from way out of the area to do an appraisal, this would be one reason to suspect the accuracy of the report. This has ALWAYS been required of appraisers as part of USPAP ( Competency RULE) but many appraisers would take the job no matter where it was and this is not good, if they have no clue about the area.

9. Banks will be liable for the loans they underwrite, not brokers, so there may be more FHA brokers coming from the picture.

To read more about it click here for the full story:

http://www.mortgagenewsdaily.com/09182009_drastic_fha_guideline_changes.asp

Pass this along, this WILL affect your business as of JANUARY 2010.

 

FHACertified