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If you’re thinking about joining the world of landlords, you should know that it can be very profitable and help unlock your financial freedom.
No matter if you’re thinking about holding onto the property for some years or flipping it, you can make some serious money if you go about it the right way.
Buy Real Estate Property In Louisiana With These 7 Steps
In this article, we’re going to show you how to buy rental property so that you can make a profit, no matter what your strategy is. Speaking of that, let’s get right to a few questions you need to ask yourself.
Quick Navigation:
- Find A Real Estate Strategy
- Count Your Expenses
- Know Your Return On Investment
- Get Pre-Approved For A Mortgage
- Go Property Hunting
- Make An Offer
- Close On The Property
Come Up With A Real Estate Strategy
You need to have a strategy before you buy real estate for investment purposes. If you don’t, you could find yourself over your head. Let’s talk about some profitable real estate strategies you can employ. The most popular ones are the buy-and-hold and flipping strategies.
Buy and Hold
The buy-and-hold strategy allows you to own a home for several years and allow it to appreciate over that time. If you have a tenant, you can gain additional income by collecting rent every month.
Because it is a long-term strategy, the buy-and-hold approach can allow you to make money constantly on your property.
The downside
The downside of holding onto the property is that you have to wait a long time to see a profit on your initial investment. Also, you run the risk of the market having a downturn and the property actually losing value, which may put you behind the eight ball when it comes to appreciation.
Flip That House
Home-flipping is not a new concept, but when the market experiences a down period, more investors consider this option. The idea behind flipping a home is to buy it in a distressed state or when the market is down and sell it either when the market rebounds and when sufficient improvements are made to the home so as to raise its value.
The downside
The downside of home-flipping is that you make find yourself out of a lot of cash upfront in order to fix the property. Sometimes owners never make back their original investment.
Count Your Expenses
To decide whether you can make a profit from your rental property, you have to count your expenses. You won’t know just how much money you’ll need to generate until you make a list of things you’ll be paying for on a monthly and yearly basis.
Try to evaluate the home to see what the expenses could be. Does it need a new roof? Will you be pouring concrete or reshaping the driveway?
Here is a list of some expenses you may incur:
- Maintenance
- Landlord insurance
- Property taxes
- Mortgage payment
- Utilities
After you’ve made up list, you need to add up the figures and see what your profit is.
Know Your Return On Investment
Your return on investment is a mathematical equation that real estate investors use to determine whether buying a property makes financial sense for them.
While some endeavors have very good returns in the high double-digits, in real estate you can expect anything above 10%. It’s perfectly alright to come in above that figure as well.
The truth is that your ROI will be tied to the amount of risk your budget is able to withstand. It’s different for every investor.
How To Know How Much To Charge For Rent
You might not know what you should charge for rent. A good rule of thumb is that for every $50,000 you should charge $50. So if the home is worth $250,000, you should charge $250 a week. That’s $1,000 a month.
Once you have an idea on what your ROI is, it’s time to go ahead. Now that you know what kind of money you can make, it’s time to buy the property.
Get Pre-Approved For A Mortgage
The first real step to owning property is to get pre-approved for financing your mortgage. Mortgage lenders are typically going to want 20% down, especially for a rental property.
If you want a cheaper down payment, the property has to be owner-occupied. That means if you’re interested in buying a multi-family dwelling (say a duplex, triplex or some apartments) you can qualify for a down payment of around 9% give or take a point.
Go Property Hunting
Now comes the fun part: Searching for properties!
For rental properties, it’s incumbent on you to research the neighborhoods as well as the properties because some areas frown upon rental units.
For instance, if you see a multi-family property in a neighborhood with $300 homes, you may face some backlash from nearby homeowners who feel strongly that their neighborhood or street shouldn’t have different tenants rotating in and out. That’s extreme, but it does happen.
Also, when house-hunting, you need to decide whether you’re going to work with a Realtor or go it alone and look for the properties yourself. There are pros and cons to each decision, but just know that your Realtor will charge you a fee due upon the closing of the home.
Make An Offer
When you find your rental property, make sure you follow these steps so that there aren’t any problems.
- Get an appraisal: Make sure what’s listed on the appraisal fits what your eyes can see.
- Forego any major repairs: Instead of letting the seller fix the home, accept it as-is so you can buy the home for a cheaper price.
- Negotiate your contract: If there are any must-fixes or must-haves, put it in writing so that it’s contingent on the sale.
If your appraisal comes in higher than the comparable homes, congratulations: You’ve already got yourself some equity.
Close On The Property
The way a home closing typically works is that three people meet to close the deal. Although more people can be there (family, etc.), the essential parties are the seller, buyer and a real estate attorney.
At closing, the ownership of the home switches hands. This is indicated by signing the documents, including the transferring of money from escrow accounts, title fees and modifying the deed on the house.
Typically you can close about 30 days out, but you can do it much sooner if both parties agree. Once you’re all at the closing table, the deal should take one and a half to two hours.
Final Word
Becoming a landlord can be an important way to financial wealth. If you’re contemplating buying rental property in Louisiana, there’s a strategy that you have to adhere to.
If you’re thinking about purchasing some rental property in Louisiana, you should know that it’s a great investment to make for your future.
Renting property is a great way to make additional income. For some, it’s been a get-rich scheme, but oftentimes, it’s not. Go into it with your eyes wide open.
if you follow the steps, we’ve mentioned, you can purchase a rental home and everything will go smoothly. After you get the keys to your new property, remember to change the locks. But not before you enjoy a nice bottle of champagne at closing.
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With higher prices and stagnate paychecks, many Americans see affordability is a major issue when it comes to buying a home. In a major city like New Orleans, saving up for a home can be difficult.
This article will tell you how to determine how much home you can buy in New Orleans.
There are many affordable homes in large metropolitan cities like New Orleans and others, but it depends on what you’re looking for.
Here’s How Much House You Can Afford In New Orleans (Calculator)
People buy more house than they need for several reasons:
- Bad advice from Realtors
- Keeping up with the Joneses
- Resale purposes
Let’s talk about each of these a little bit before we move into what homes cost in New Orleans:
Bad Advice From Realtors
Real estate agents play a vital role in the homebuying process, but you have to know when they’re in and out of their lane.
A Realtor has no business telling you how much house you can afford. That’s what a lender is for. A Realtor should only advise you on what type of home you want.
Still, many people listen to Realtors who are out to make a buck. Some of them will tell you that you can afford the home by this strategy and that strategy, but the truth is, it may be a bad deal.
Keeping up the Joneses
This is the worse reason to buy a big house: To keep up with your neighbors, friends or other family members.
If you are vain enough to buy a huge home because of someone else’s situation, then you’re the type that will end up with bad credit because you’re paying too much for your home, car and appliances.
Resale Purposes
Some potential home shoppers want to buy a home because they think that appreciation is going to let them double or triple their money (again, bad advice).
That’s not the reason you should buy a home. You should purchase a home because you like it, the way it looks, feels and speaks to your sensibilities.
The resale market is too unpredictable to base such a big purchase on, especially if you’re not a seasoned investor.
So, how much home can you afford? Here’s how to find out:
Multiply Your Annual Income
To find out how much home you can afford, you would multiply your annual income by two or three.
Let’s say you make: $50,000 a year. That means you could afford a home that costs anywhere from $100,000 to $150,000.
Of course, this will be affected by two things:
- Interest rate: The percentage that is paid by borrowers for the money that they borrow.
- Credit score: A three-digit number that indicates to banks and other lenders how likely you are to repay debt.
Here Are 5 Ways To Determine How Much Home You Can Afford
Answer these questions:
- 1. How much is your annual income?
- 2. How much is your downpayment?
- 3. What ZIP code do you want to live in?
- 4. How much are your monthly expenses (food, clothing, mortgage, etc)?
- 5. What is your credit score?
Here’s a mortgage calculator to help you:
How Can I Calculate How Much Home I Can Afford?
https://www.mortgagecalculator.net/embeddable/v2/?size=1
Powered By www.MortgageCalculator.netOther Factors That Determine How Much Home You Can Afford
Another factor that will indicate how much house you can afford is your expense-to-income ratio.
Front-End Ratio
This is how much your monthly expenses are vs. how much income you bring in. Banks like this number, commonly called a “front-end ratio,” to be between 28 and 30%.
Your mortgage lender will look for your mortgage payment and PMI (private mortgage insurance) to all be around 28% of your income.
Debt-To-Income Ratio
You’ll also need to have a relatively low debt-to-income ratio to get the home you want. This means that the amount of debt you’ve borrowed and paying back is not gobbling up most of your income.
Banks like your debt-to-income ratio to be around 36% typically.
Are You A Veteran?
If you have served your country, the Department of Veterans Affairs (VA) offers home loans and grants to help you buy, refinance or renovate your home.
For ex-military and their surviving spouses, the VA guarantees part of the loan, meaning they will cover a portion of the loan if you default. Learn more here.
30-Year-Loan Or 15-Year Fixed?
If you have a choice, you may be wondering which is better: A 30-year mortgage or a 15-year mortgage?
The truth is that both have their advantages. A 30-year mortgage would typically mean a lower monthly bill because the payments are spread out over more years.
The bad part is that you’ll pay a lot more in interest over those years.
For a 15-year fixed, the interest rate is lower and you’ll pay off the principal faster.
The bottom line is if you can afford to do a 15-year mortgage, you should!
Are you looking to buy a home in Atlanta? If you’re selling your old home, there are some things you’re going to need right off the bat:
- A fresh coat of paint
- Freshly manicured lawn
- Latest home trends
Once you’re all set in those areas, you’ll be ready for New Orleans’ real estate scene.
Final Word
When it comes to getting a home, you should always make sure that you’re pre-approved for a mortgage before you begin your search.
And before you choose a lender, make sure you read the reviews.
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New Orleans, Louisiana, presents some great opportunity for potential homebuyers who save up for a home, but like much of the country, high prices and mortgage rates will temper the market.
The good news is that the local real estate market is expected to get better in the Greater New Orleans area, as long as you are priced right and have curb appeal.
Although there are still some cheap homes out there, Greater New Orleans home prices rose throughout the previous year and are poised to continue to do so into 2023 although not as greatly.
Will Prices Go Up Or Down In 2024 In New Orleans?
While the scorching mortgage rates that recently topped 7.79% appear to be cooling, don’t expect a plunge back to the paradise of low rates. Forecasts mostly agree: a slight downward creep is likely, but expect most loans to remain above 6%, significantly higher than both historical lows and current rates enjoyed by the vast majority of homeowners.
This means a major shakeup for the 90% of mortgage holders with enviable sub-4% rates is improbable. In fact, two-thirds of home loan owners sit comfortably below the 4% mark, leaving them largely unaffected by the potential decrease.
Prices in New Orleans, Louisiana, are expected to fall on average of 1% based on Zillow data. The rate of appreciation has been above the national average for most of the past 10 years and that is expected to continue over the next 12 months.
What is The Average Price Of A Home In New Orleans?
According to the latest figures on Zillow, the average home price for a home in New Orleans is just under $250,000. In Metairie, the average price is around $256,000, which is up about 10% over the last year.
There will be a glut of inventory of homes for sale in the metro area, and they will likely take longer to get offers and sales. How to afford a home will also be more of a challenge this year as economic factors loom, expert data says.
There will be more homes for sale, homes will likely take longer to sell, and buyers will not face the extreme competition that was commonplace over the past few year.
Will House Prices Be Cheaper This Year?
Home prices in New Orleans are forecast to decline a bit, which will only serve to strengthen an already steady market. Homeowners are looking for affordable properties in the metro area, and New Orleans will continue to modestly shed inventory.
New Orleans, one of the solidly traditional cities when it comes to home sales, is not unlike other large Southern cities in that it is expected to continue to be an in-demand market. That means the forecasted dip in local housing prices is only temporary.
One of the main factors that will influence home prices is the economic landscape of the United States. Namely, the incremental movements by the Federal Reserve to get inflation in check.
While interest rates are ticking upward, the chance that a full-blown recession takes hold in 2023 can’t be entirely discounted. But what such a move will no doubt do is slow down the mortgage industry.
Rising mortgage rates are expected to continue to shed competition among people looking to buy a home. While a buyers market is a possibility in some areas, for Greater New Orleans, it is anticipated that real estate prices will hold up just enough that such a market won’t firmly take hold.
Home shoppers priced out of the market will likely create pressures on the rent market, boosting prices once again.
How Much Mortgage Do I Qualify For?
To find out how much mortgage you qualify for, use this mortgage calculator.
Javascript Mortgage Calculator by MortgageCalculator.orgFinal Word
Contrary to popular belief, the coronavirus pandemic won’t stop housing prices from climbing in New Orleans or anywhere else. In fact, it may be quite the opposite.
The pandemic set off a buying frenzy that will be hard to sustain. As prices continue to level off, make sure you’re pre-approved for a mortgage so that you can take advantage of low rates.
If your finances need work, make sure you try to raise your credit score so you are an attractive homebuyer.
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Baton Rouge, like any city, has a range of apartment options with varying prices. The cost of apartments in Baton Rouge can depend on factors such as location, size, amenities, and the overall rental market.
If you’re looking for an apartment, you can definitely find what you need in Baton Rouge.
In this article, we’ll show you the most budget-friendly apartments we’ve found in the area.
Does Baton Rouge Have Cheap Apartments?
Baton Rouge has some of the cheapest rental rates for one-bedroom apartments in the nation. If you have a roommate or a family, that’s where things can get expensive.
Make sure before you sign the lease, you get the amenities you want such as a pool, washer and dryer and a garage for your car.
Here Are The Best Cheap Apartments In Baton Rouge
Let’s go over some prices for the cheapest one-bedroom apartments in Baton Rouge. We’ve included real-world reviews from Google so you can see what tenants who live there have to say about the places.
Savoy Plaza
600 Wooddale Drive, Baton Rouge, La. 70806
Bedrooms Price 1 Bedroom $675 2 Bedroom $1,140 3 Bedroom $2,265 The Sterling
3135 Highland Rd, Baton Rouge, La. 70802
Bedrooms Price 1 Bedroom $495 3 Bedroom $695 Eden Point
11528 Old Hammond Hwy, Baton Rouge, La. 70816
Bedrooms Price 1 Bedroom $625 2 Bedroom $645 Greenview East
1251 N. Ardenwood Dr. Baton Rouge, La. 70806
Bedrooms Price 1 Bedroom $649 2 Bedroom $699 The Retreat At Brightside
2000 Brightside Dr, Baton Rouge, LA 70820
Bedrooms Price Studio Apartment $425 1-bedroom $450-$500 2-bedroom $545-$570 3-bedroom $924 Gaslite Apartments In Tigerland
4606 Ya Tittle Ave, Baton Rouge, LA 70820
Bedrooms Price Studio Apartment $545 1-bedroom $625 2-bedroom $800 3-bedroom $995 Final Word
Finding an affordable apartment is not easy. Before you pay the lease, see if you can negotiate a cheaper rate.
Baton Rouge has a lot of things going for it. As the capital of Louisiana, the city has a high profile in the Southeast. It also has some of the cheapest apartments for a city its size.
If you’re tired of renting, it may be time for you to get a home. Here are the steps you need.
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The New Orleans real estate market is getting hot right about now, which signals that it could be a good time to jump into homeownership in the Pelican State.
In New Orleans, the average monthly mortgage payment is less than $700, which makes it comparable to other similar size cities.
To decide whether you should purchase a home right now in New Orleans, you should consider four things:
Needs Vs. Wants
The first thing you do is really think about the things you need –is New Orleans a safe area, close to the job, schools, etc. — and things that you want i.e. a pool, two-car garage, gourmet kitchen and more.
Write a detailed checklist that lists everything you can’t live without and those things that you really need. Ask your spouse or partner what they expect in a home and try to get on the same page.
Affordability: Determine if the housing market in New Orleans aligns with your budget and affordability. Take into account your income, expenses, and the price range of properties in the area you’re interested in. It’s important to ensure that you can comfortably afford the mortgage payments without stretching your finances.
A key question to consider is whether the city is a good place to purchase a home.
Is New Orleans A Good Place To Buy A Home?
When it comes to buying a home in New Orleans, this may be an opportune time.
As the real estate prices slowly trail off throughout the year, the city and surrounding area is a buyer’s market. New Orleans continues to have an oversupply of homes, and not enough buyers. That means you — as a buyer — can control the market.
Location and Neighborhood: Assess the location and neighborhood where you intend to buy a house. Consider factors such as safety, amenities, proximity to schools or workplaces, transportation, and the overall appeal of the area. Visit the neighborhood, if possible, to get a sense of its ambiance and suitability for your lifestyle.
Know Your Budget
Now it’s time to consider your budget when buying a home. What you can afford is the biggest indicator of whether you can buy a home or not.
Long-Term Plans: Consider your long-term plans and goals. Do you plan to live in New Orleans for a considerable period? Buying a house is generally more beneficial if you plan to stay in the area for several years, as it allows you to build equity and potentially benefit from property appreciation.
To gauge your finances, it’s not enough to check your bank balance. You also need to keep a good credit score.
You’ll want to keep your scores somewhere between 600 and 800 to pre-qualify for whatever homes you may want to see.
Need to see how you rate? Here’s how to get a free credit report.
Know Your Market Prices
The real estate market is heating up in New Orleans. Prices for homes in some of the best neighborhoods in or around New Orleans are past the $1 million mark. Those places include properties in the Garden District, French Quarter, Audubon and Lakeview Park.
Once you get a grasp on home prices, you can begin to set your expectations for the properties you want to look at.
What Is The Average Home Price In New Orleans?
According to the latest analysis of real estate prices, the average home price in New Orleans is more than $330,000. And the homes are selling around 30 days.
Real Estate Agent Assistance: Engage the services of a reputable real estate agent who is familiar with the New Orleans market. They can provide you with local market insights, guide you through the home-buying process, and help you find suitable properties that meet your criteria.
Final Word
Homeownership is a wonderful experience that every American should get the chance to enjoy. One way you can fit a house into your budget is to start saving money for it.
After you consider what your budget is, your wants vs. needs and the market prices, you should be able to make a decision. Here’s how much home can you really afford?
- What To See And Do In New Orleans
- How Much Rent Can I Afford?
- Is It Safe To Travel To New Orleans Right Now?
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When it comes to elegant homes, New Orleans can rival any city in the Southeast. With the city’s signature Spanish and French influence easily identifiable in its architecture, mansions in New Orleans have a character that is hard to beat.
Where Is The Largest Home In New Orleans?
The most expensive home in the New Orleans area is the one on Northline Street in Metairie. It is owned by Shane Guidry, CEO of Harvey Gulf International Marine, and his wife, Holly. The 15,230-square-foot structure is a French Provincial home with palatial designs.
The home, built in 2015, has 6 bedrooms and 7.5 bathrooms.
Does New Orleans Have Mansions?
New Orleans has plenty of homes and neighborhoods with mansions. Many of these homes are owned by the area’s celebrities, athletes and businessmen and businesswomen.
The mansions throughout the city and the way they were designed are reflective of its history and multicultural heritage, from plantations to Creole cottages and more. When it comes to architecture, many of the historic mansions in New Orleans feature the baroque Cabildo style and borrow heavily from its Spanish and French roots.
What Is The Most Expensive Home In New Orleans?
The most expensive home in New Orleans is the mansion at 620 Ursulines Ave., which has been labeled “the finest property in the French Quarter.” The mansion, built in 1825, is valued at $8.7 million.
The home also has the following amenities:
- Formal entertaining rooms, gourmet kitchen
- 2 wine rooms. Ornate plaster & marble details, millwork throughout.
- French doors throughout 1st floor open to grounds.
- 2 master suites up w/ marble baths & room-sized closets.
- Widow’s Walk w/ sweeping views.
- Immense walled courtyard w/ pool & 2 story attached guest house w/ sauna.
- 15 car gated parking including 2-car garage.
What Are Some Of The Most Expensive Homes In New Orleans?
New Orleans is known for its historic and architecturally significant homes, including several mansions. Here are a few notable mansions in New Orleans:
Gallier House: Located in the French Quarter, the Gallier House is a restored Greek Revival mansion built in the mid-19th century. It showcases the elegance and craftsmanship of the period.
Hermann-Grima House: Another Greek Revival mansion in the French Quarter, the Hermann-Grima House is a beautifully preserved historic house museum. It offers a glimpse into the lifestyle of a prosperous 19th-century New Orleans family.
Longue Vue House and Gardens: This mansion, situated in the Lakewood neighborhood, is a stunning example of Classical Revival architecture. It features a meticulously landscaped garden and serves as a museum showcasing decorative arts and design.
The Pitot House: Built in 1799, the Pitot House is an elegant Creole-style mansion located on Bayou St. John. It is one of the oldest surviving houses in the city and now operates as a museum.
The Columns Hotel: While not a traditional mansion, The Columns Hotel is a historic Greek Revival-style building located in the Garden District. It has a grand appearance and is renowned for its iconic wraparound veranda.
Final Word
The Crescent City has some beautiful homes that you can tour via bike or trolley. Get out sometime and take a walk around the city.
New Orleans is not only a world-class city, but a cultural centerpiece of the Southeast, from restaurants to its parks, the city stands out as a place to visit and live.Looking for something to do in the city? What To See And Do In New Orleans
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Rental prices continue to be a mixed bag for most of America. After a steep rise in prices last year, rental units in many U.S. cities have begun to normalize a bit. With so much volatility, you may be considering buying a home, but that isn’t as affordable as it used to be either.
According to real estate site Home Bay, there are some major cities where it’s better to rent than buy a home.
Home Bay figured its data by compiling a ranking of cities based on their price-to-rent ratios, calculated by dividing the median home price by the median annual rent.
These Are the Best U.S. Cities To Rent In
The city with the highest price-to-rent ratio is San Jose, California (38), while the lowest is Pittsburgh (12), according to the report. Let’s look at the top 10 cities.
The 10 best cities to buy a home based on the price-to-rent ratio are:
- Pittsburgh, PA (price-to-rent ratio of 12)
- New Orleans, LA (12)
- Chicago, IL (12)
- Cleveland, OH (12)
- Memphis, TN (13)
- Miami, FL (13)
- Detroit, MI (14)
- Oklahoma City, OK (14)
- St. Louis, MO (14)
- Tampa, FL (14)
Why Have Rent Prices Dropped?
One big reason rent prices in the U.S. have dipped is that the construction industry has increased multi-family dwellings, according to real estate experts.
With the trend for multi-family construction trending upward, this will help the vacancy rate of rental properties, which could benefit renters if things continue as they are.
Final Word
Since 2019, the average rent has increased by more than $300, which is not good for your wallet. Wondering how much rent you can afford in New Orleans?
Use this Rent Affordability Calculator that allows you to enter some information to help you see where you stand.
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Adequate sleep is one of the best ways to take care of your health. One of the best ways to do that is to invest in a good mattress that allows you to rest well.
This article is going to show you some of the top mattresses on the market right now. All of these items are available to purchase online.
Here Are The Best Mattresses For Good Sleep
We will specifically discuss the following types of mattresses:
Mattresses are one of those items that customers have very little middle ground about. They either love them — meaning they got great sleep — or they hate them (they didn’t sleep at all).
Best Mattresses Overall
So, the following products we’ll showcase have features that many customers enjoy and have found to be valuable.
Ashley Furniture Memory Foam Mattress
Zinus 12-Inch Green Tea Memory Foam Mattress
Gel-Infused Memory Foam Mattress
Medium Firm Feel Mattress (10-Year Warranty)
Gem Memory Foam Bonus Pillow Mattress
Best Mattresses For Side Sleepers
According to a research study, sleep participants spent 54.1% in the side position. Side sleepers quite literally put themselves in an untenable position. Not only does the habit of sleeping on your side, but uneven strain on a mattress, but it just hurts the body after a while.
If you want a mattress that’s best for side sleepers, you need to consider those with contouring features.
- Leesa In a Box Mattress — $999
- Nectar Queen Mattress — $599
- Sweetnight Breeze Mattress — $425
- GhostBed With Memory Foam — $785
- Tuft & Needle Original Mattress — $595
Best Mattresses For Back Pain
If back pain is a problem of yours, many mattresses may contribute to the issue rather than it solve it, unfortunately. But there are some brands that work better than others.
Here are the best mattresses to relieve back pain.
- Lucid Hybrid Mattress — $412
- Casper Sleep Hybrid Mattress — $1,615
- Classic Brands Mercer Pillow Top Mattress — $361
Final Word
Although once you get to sleep, it’s been said that a good mattress is a dream, one thing we know for sure is that you pay for what you get.
Taking the time to research top mattresses, especially those that fit your particular condition whether it’s back pain or you’re a side sleeper, is worth it.
We hope that you’ve found a mattress that helps you to rest comfortably. Sleep tight.
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Home sales in Baton Rouge, Louisiana, have fallen to their lowest levels in seven years, according to the latest report from the Greater Baton Rouge Association of Realtors’ Multiple Listing Service.
The report, based on January 2023 data, shows that home sales were uncharacteristically slow, even though real estate transactions typically drop during wintertime.
New Listing 2022 2023 New Listings 546 477 Pending Sales 557 386 Closed Sales 438 267 Median Sales Price $243,450 $262,658 Days on Market Until Sale 38 71 Inventory of Homes for Sale 699 1,224 Months Supply of Inventory 1.2 2.7 How To Sell Your Home During Slow Periods
To sell your home during a lull in the real estate market, you’ll need to be especially adept to take advantage of any strengths your house has to offer.
Make Minor Improvements
You don’t have to make expensive repairs to sell your home relatively fast, but it has to look livable. Sometimes, minor improvements, like a paint job, can go a long way toward getting your home sold.
Price Your Home Properly
Make sure you check the comps or comparable homes in your area before coming up with a price to sell your home. You can do this by looking at the public records at the county recorder or the tax assessor’s office.
Doing your research will also give you a feel for the market and the latest trends as far as price is concerned.
Go For Curb Appeal
Giving your home curb appeal can mean something as simple as cutting the grass to trimming the hedges, trees and shrubs in front of the home. The last thing a potential buyer wants to see are wayward vines and branches encroaching on the porch or walkway.
Final Word
Housing prices are climbing in New Orleans and elsewhere. It’s time that we leveled up when it comes to the real estate industry.
The pandemic set off a buying frenzy that will be hard to sustain. As prices continue to level off, make sure you’re pre-approved for a mortgage so that you can take advantage of low rates.
If your finances need work, make sure you try to raise your credit score so you are an attractive homebuyer.
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Looking at the latest housing outlook, it’s easy to think buying a home is unattainable, but that’s not true at all.
Getting pre-approved for a mortgage is the first step to homeownership in America. The process is quick and relatively painless — if done right.
This article will tell you how to get pre-approved for a mortgage so that when it’s time to buy a home, you’re all set.
Here’s How To Get Pre-Approved For A Mortgage
You might be saying “why should I get pre-approved anyway?” Well, that’s the only way a lender can approve you for a mortgage.
Keep reading to see how the process will be done and what you can do to be in the best position possible for getting a home.
Why You Need To Get Pre-Approved For A Mortgage
Shopping for a home without being pre-qualified for a mortgage is pretty much pointless. That’s why you need to get the process started by getting pre-approved.
Lenders will only take you serious if you are pre-approved, which is why that is the first question they will typically ask before they spend time with you.
The way the process works is by going through a mortgage pre-qualification and mortgage pre-approval.
What Is A Mortgage Pre-Qualification?
A mortgage pre-qualification is a quick process that involves the lender asking you a series of questions to gauge your readiness for purchasing a home.
Lenders may typically inquire of your finances, your assets and any debts you have. After that, it’s time to pull your credit.
What Is A Mortgage Pre-Approval?
With a mortgage pre-approval, the lender pulls your credit to see how in debt you are as well as how much money you can borrow toward the purchase of a home.
You’ll need a credit score above 600 to get the best rates.
Here are some things you can do to make sure you’re ready to get pre-approved without issues.
Contrary to popular belief, lender inquiries for pre-approved have no bearing on your credit score, so you won’t have to worry about your creditworthiness dropping.
One thing you do want to do beforehand is make sure your credit is A-OK.
Check Your Credit Report
.You can check your report from each of the three credit bureaus online at AnnualCreditReport.com.
Your credit history is one of the main things that lenders consider when it comes to determining whether you get pre-approved.
What Documents Do You Need?
When it’s time to get pre-approved, the lender will typically ask for a summary of your finances. This can be determined by collecting the following documents.
- Personal ID
- W-2 forms
- Pay stub.
- Tax returns
- Bank statements
How Long Does Pre-Approval Take?
Although it sounds like a long process, pre-approval can be done relatively quickly. The key is to have all your ducks — documents — in a row.
The good news is that you can actually get pre-qualified online with the major banks. All you have to do is fill out an online application with your respective financial institution.
Final Word
Getting pre-approved for a mortgage can be an exciting process, but you need to do it right so that there aren’t any problems. AS a reminder, keep all your documents together so that you have everything you need.
After it’s all said and done, you should receive your pre-approval letter in about a week and a half. After that, you can begin your home search with confidence.
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