Housing Market Poised for Turn Around

CENTRAL — In the race for housing stability and prosperity, the Baton Rouge area has had its challenges over the past six years with not only a recession deeper than any since the Great Depression, but also a couple of hurricanes and an oil spill that devastated our entire region.

Even so, the Baton Rouge area seems to be coming along.  With the combination of mortgage rates hitting new lows and home prices still down, there has truly never been a better time to buy.

In the first half of 2012, the East Baton Rouge Parish housing market has seen a surge in residential home sales due to increased new home construction and a surplus of existing homes on the market, keeping inventory high and prices low.  According to the Greater Baton Rouge Association of Realtors residential statistics, home sales for May are up 29.8 percent from 2011. However, the average sales price has decreased from $214,871 to $204,139. In the local Central market, the first half of 2012 showed steady sales with an average price of $130,200 and average days on the market of 119.

Prices are down from a year ago, but the trend is improving and real estate remains a good long-term investment. For example, those who have owned their home for more than three years have seen their equity grow.

Data from the National Association of Realtors suggests mortgage rates hit a new historic low during the first quarter of 2012.  The national 30-year fixed rate mortgage averaged 3.9 percent. Demand on mortgages increased, as a result of both purchases and refinances.

The economy is expected to slowly improve, and positive readings of unemployment claims in late April and early May point to stronger employment figures around the corner. The result is likely to be higher rates later this year. Potential home buyers wanting to take advantage of current rate reductions should not wait much longer.

Since buying a home is possibly the largest investment you will ever make, it seems logical that you would want to invest your money wisely when the time comes to purchase a new home.   A real estate transaction is a complicated one that demands informed decisions. The knowledge, judgment, and guidance of a real estate broker or agent are essential in this process. The team at Wayne Clark Realty can help you understand everything you need to know about the home buying process.

Since opening an office in Central, Wayne Clark Realty is the fastest growing real estate company in the Central area with more sales than 94 percent of all other companies. Our team concept is unique and provides expertise in both buying and selling with an emphasis on the Central market. Broker and owner Wayne Clark, is a top producing Real Estate Expert with years of experience.  He specializes in listing properties.  Realtor Robin Deshotels is a buyer’s agent who exclusively has the buyer’s best interests in mind throughout the entire transaction process. In addition to expert real estate agents working diligently for you, we have many tools on our website that will assist you in your search for a home. Please visit us at www.wayneclarkbr.com.

— Robin Deshotels, Realtor