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Category Archives: Uncategorized
5000 Schindler Dr, New Orleans, LA
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The Metairie Mortgage Payment Detail that Many Overlook
It can be a true three-ring circus as you close in on signing day for your new Metairie home. Sometimes there’s a near-simultaneous sale of the previous house that demands attention. There are the timing issues connected with moving out and then moving in. You may be dealing with furnishing the new house, school schedules, and sometimes work requirements have to be juggled; and everything seems to be happening at the same time.
Amidst all the details you are attending to, there is one that appears so simple that it may not get as much consideration as it deserves. Seeming almost like a non-decision, this one actually has major implications. It’s a true ‘sleeper.’
The subject is your decision on how you want to time the new mortgage payments for your new Metairie home. It turns out that “once a month” is not necessarily the best answer.
Many lenders offer a variety of mortgage payment options, and they vary in ways that can make a surprisingly great financial difference over the long haul. No matter how busy you get, this is a decision which deserves some serious attention (and probably a hand calculator).
First, there is an English language oddity to straighten out: it’s about the prefix “bi.”
If you think “bi” is a prefix that means ‘two,’ you’re right—but it also has two meanings:
- ‘Bimonthly’ means twice a month (but not once every two months).
- ‘Biweekly’ means every other week.
At first glance, “every other week” and “twice a month” seem to be the same thing; but they’re not. The difference is significant, because there are 52 (not 48) weeks in a year. As everyone comes to realize sooner or later, there are 4.3 weeks in an average month (not four). So the number of mortgage payments you will make could be 12 (if you go with the standard ‘once a month’ mortgage payment), or 24 (a bimonthly mortgage payment), or 26 (the biweekly choice).
Most people who choose either of the ‘bi’ payment choices consider a mortgage payment amount that’s exactly half of the monthly amount. If you choose the bimonthly plan, you might save a bit on interest by paying the first half a little bit early. But most lenders just hold the money and apply both payments at the end of the month—if so, the advantage disappears.
The real significant difference arises if you are offered a biweekly option. You can use any of the online mortgage sites to work out the precise details for yourself. Because you are making two extra payments a year, for instance, what would have been a 3.8% 30-year $225,000 loan for a Metairie home actually turns into a 26-year loan. All else being equal, you’d own your Metairie home free and clear four years earlier—and save more than $23,000 in the process!
No matter how hectic a house hunting and moving process becomes, it’s part of my job to help my clients keep the important details and decisions front-and-center. Getting the best answer to the mortgage payment choice is one of them; and of course, another best answer is to give me a call!
Our city has so much beautiful culture to offer… Love our city, New Orleans.
Questions about Buying or Selling a Home? Give me a call! Terez B. Harris (504)297-2619
Terez B. Harris
Terez Harris NOLA Realtor Group
(504)297-2619
TerezHarris@kw.com
See what your neighbor's home sold for…
See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!
New Orleans For Sale By Owner?
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
1720 Old Metairie Street, Metairie, LA – Just Listed
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601 Lancer Lane, Kenner, LA
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3 Key Ways You Can Help Your Metairie Real Estate Agent
In the weeks before you decide which of our local real estate agents will represent you and your home once it goes on the market, you’re probably looking for a Metairie Realtor® with the qualities that make a great sales person: knowledgeability, directness, personality, trustworthiness. Likeability is always helpful, but it’s only one among many qualifications. This is a business decision, and an important one for you and your family.
Start Your Metairie Home Search
What is Your Metairie Home Worth in Today's Real Estate Market?
Then, the instant you make your selection, the landscape changes completely! You are no longer on your own: you and your Metairie real estate agent are members of a team that’s ready to get to work on the project. You both want your home on and off the market as quickly as possible, so the smoother the workflow with your real estate agent goes, the better.
Your real estate agent will already be hard at work assembling the marketing program that will attract prospects from near and far, but you can be helpful even with that effort. It’s the first of three key ideas that are often pointed to as key contributions owners can make:
· Help your agent with unique selling points
What makes your home different from all the others that will be listed for sale? Every property has unique selling points that don’t fit into the standard check boxes, so let your agent know. Qualified agents are already thoroughly familiar with Metairie’s broad attractions, but you’ve experienced specific advantages to living in this home, in this neighborhood. Each selling point is another facet that could fire a buyer’s imagination. Having a rich store of real life anecdotes to draw upon will strengthen your agent’s ability to put your home in the limelight.
- Keep it cozy without clutter
Most times, an owner is still living at home, so your Metairie real estate agent will be working with what you have available when it comes to furniture and home décor. It’s a strongpoint when prospective buyers are able to project themselves into being the comfortable homeowners. If they’re prevented from envisioning your home as their own, they’ll be out the door and onto the next! Clearing away personal items helps with that—and keeping the clutter level low increases the sense of spaciousness. If buyers see an overstuffed closet, they’ll sense a house that lacks storage space. If kitchen counters are cluttered, they’ll think the space is too small.
· Be flexible with your schedule
Your real estate agent lists your house, makes sure to market it in all the many venues available, arranges open houses and showings, and spreads the word throughout the industry. During this part of the process, you help greatly by being as flexible as possible when it comes to showings. Sometimes potential buyers may seem to be placing insensitive scheduling burdens on the team—but as any serious-minded house hunter can tell you, they have their own scheduling issues, too!
Selling a home is a team effort, for sure; one you can decide to launch with a simple phone call to me at my office! Terez B. Harris (504)297-2619
Terez B. Harris
Terez Harris NOLA Realtor Group
(504)297-2619
TerezHarris@kw.com
See what your neighbor's home sold for…
See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!
New Orleans For Sale By Owner?
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
601 Lancer Lane, Kenner, LA – Just Listed
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The Virtue Metairie Home Buyers Learn to Value Highly
Patience + a Metairie Real Estate Agent = Job Done!
Unless you’ve had occasion to buy a corporate jet or office building recently, the sheer size of a home purchase puts it in a class of its own. One indicator is that most people decide to engage the services of a Metairie real estate agent to help them out. This is not a trip to the mall… Metairie Homes 100K-200K
It follows that first-time home buyers usually approach the whole process with a great deal of caution—an entirely appropriate attitude. Buying a home is one purchase you will be living with for a long time, so getting it right is worth any amount of effort. Metairie Homes 200K-300K
Veterans of the home-buying fray start out with the advantages experience brings. They know the how’s, when’s and why’s of the home inspection and loan application processes, and when their real estate agent supplies them with listing printouts, their eyes quickly fall to the details that are most important in their current quest (which could be anything from property tax figures to details about the mechanicals). If they aren’t yet familiar with all of Metairie’s neighborhoods, they know to quiz their real estate agent about the pertinent local characteristics, especially when some features like school ratings or traffic patterns are likely to be key factors in the final choice. And they know that the first property that looks good on paper may not pan out in person. Metairie Homes 300K-400K
For first-timers as well as home-buying veterans, there is one key mental predisposition that is sure to make the experience less stressful—and possibly more rewarding. It’s a mindset that doesn’t always come without effort—especially when time pressures are involved. The virtue in question is straightforward: patience.
· Don’t Rush
Don’t give up after the first five (or eight) houses. Home buying is a process, and it can be a glacial one at times. By showing you houses, your Metairie real estate agent gets an ever-sharper idea of what you’re searching for. You may not wind up with the first or even tenth house you are shown. If you prepare yourself for a house-buying process that could take several months, you’re much less likely to let impatience cause you to settle for less than otherwise.
· Bid for Value
The offer and negotiation processes are more of an art than a science—and this alone would be reason enough to want a Metairie real estate agent to be on your team. A Metairie agent knows the comps in the area, how truly comparable each is, what they sold for, and how the market is moving. If an offer is countered, your agent can suggest non-monetary inducements where appropriate…and let you know if it might be time to move on.
- Don’t Be Discouraged
If you bid on a home but wind up losing it, don’t become discouraged. It’s hard to temper emotions when house hunting, but it works to your interest when you continue to view the entire process as a business proposition.
Even should a house offer fall through, you can rest assured that there are other viable candidates out there. With patience, a businesslike frame of mind, and an experienced Metairie real estate agent by your side, the odds are definitely stacked in your favor. Giving me a call is a good way to start taking advantage of them!
Terez B. Harris
Terez Harris NOLA Realtor Group
(504)297-2619
TerezHarris@kw.com
See what your neighbor's home sold for…
See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!
New Orleans For Sale By Owner?
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
2012 North Turnbull Drive, Metairie, LA
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Metairie Home Buyers Can Learn from Super Bowl Victory
Metairie home buyers may not have been watching the Patriots’ squeaker victory in Sunday’s Super Bowl for the purpose of learning something about real estate, but at least one useful piece of wisdom did become evident: the enduring value of minding the fundamentals. Despite the harrowing last 20 seconds, when the power of Seattle seemed sure to win the day, New England had confidence that their team was steeped in the fundamentals. Elaborate plays or complicated strategies didn’t seem important. WHAT'S ON THE MARKET IN METAIRIE?
In the world of real estate, too, Metairie home buyers also benefit once some basic elements are in place. They aren’t secret or trick plays, either—they’re quite straightforward and well known. But overlooking them makes for a flawed game plan:
1.Establish the playing field. We learned from the subprime mortgage mess that it can be a mistake for home buyers to rely on anyone else—even lenders—to determine their ultimate bottom line. The amount home buyers can safely afford is a matter of sitting down and adding up all the monthly expenditures, being sure to include once- or twice-a-year expenses like auto insurance. Once home buyers have determined an affordable monthly mortgage payment, they know their target home’s price range.
2.After determining how much house they can safely afford, the next fundamental is to secure pre-financing. Metairie home buyers who have taken the trouble to have a pre-approval in place demonstrate to lenders, sellers, and everyone involved that their game plan is one to be taken seriously. It’s an early step that sets home buyers up for success.
3.With those basics in place, it’s just about time to start the all-important search for that next home. All home buyers need now is to put one more fundamental in place by teaming with an experienced Metairie real estate agent. Unearthing the most suitable home is a process that should involve identifying all eligible Metairie properties—and not wasting time on those that don’t measure up. Recruiting a knowledgeable local REALTOR® is the most fundamentally sound way to efficiently comb Metairie’s relevant properties (and sometimes even a few that might not yet be listed!).
Most people haven’t had the benefit of real estate training, and yet the quality of the search for their next home will in many ways determine much of their family’s future well-being. I do my best to ensure that my clients benefit from a well-grounded game plan. I hope you’ll give me a call if you are preparing to search for your next home!
Terez B. Harris
Terez Harris NOLA Realtor Group
(504)297-2619
TerezHarris@kw.com
Search Terez's Active Listings!
See what your neighbor's home sold for…
See What Your New Orleans Home is Worth!
See What Your Metairie Home is Worth!
New Orleans For Sale By Owner?
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.