Selling your home is akin to cashing in on your largest investment. If you've paid off your mortgage or built-up a significant amount of home equity, you might be eagerly awaiting that large deposit into your bank account. However, you may want to temper your expectations until after the closing date. Real estate transactions are fairly complicated, and there are many moving parts. Therefore, you most likely won't receive any funds until after loan documents are executed, which typically takes place on or shortly after the closing date. Here is what to expect:
You May Receive An Earnest Deposit
Most offers include an earnest money deposit, which is money provided by the buyer as a sign of good faith and a signal they're committed to following through on the home sale if all contingencies are satisfied. However, the earnest deposit is typically not made available to you until after the closing date, so you won't be able to spend it or deposit it into your account. Rather, it's held in an escrow account and may be returned to the buyer under certain conditions.
The earnest deposit varies depending on the offer but is usually 1% to 5% of the sale price. Once you accept the offer and receive earnest money, you are expected to take the property off of the market and the closing process will begin.
You Can Expect To Receive Payment Around The Closing Date
Real estate transactions typically take 50 to 60 days to finalize, so you'll likely have a waiting period before you receive your funds. The exact date you receive your money actually can vary depending on where you live. Laws and regulations that apply to mortgage closings can vary by state. There are generally two different types of closings:
In either scenario, payment is usually made through a wire transfer into a bank account (usually the faster option) or as a cashier's check.
Selling your home can be an emotional process, and many of us are eager to see the cash return. Just be patient and work with your agent throughout the closing process, and you'll be paid before you know it.
Selling a home is filled with complexities that can be difficult to navigate, especially when going through the process for the first time. As a seller, you should always remember no question is stupid. Asking as many questions as possible can help you avoid costly mistakes, and your real estate agent is there to help educate you about the process.
To help put clients at ease, here is a quick list of common real estate questions sellers are often too afraid to ask:
Selling your home can be a fast-paced, complicated process, and you're sure to have tons of questions along the way. Even if something might seem obvious, don't hesitate to double-check with your agent. Your agent's job is to make your home sale as smooth as possible.
You don't have a second chance to make a good first impression, and this couldn't be more true when it comes to selling your home. People often form first impressions within seven seconds of an interaction or experience. First impressions are key to attracting buyers; in fact, many buyers will know within a couple of minutes whether they're going to make an offer or not. As a result, creating a compelling first impression is an essential part of the selling process.
So how exactly do you create a good first impression when selling your home? These tips can help:
When listing your home on the market, be sure to set yourself up for success. It takes many buyers less than 10 or 15 minutes to tour a home, so you only have a short period of time to make a good impression.
DREAMING AND TAKING ADVANTAGE OF THE MARKET
By Brad Gosslee, President, Coldwell Banker Gosslee
I'd like to start this month's blog by asking you to click on this link and watch this video from Coldwell Banker. While valuable, you don't even have to watch the last 26 seconds where our ad agency promoted features on the coldwellbanker.com web site.
The start of the video, which is the national TV commercial that is running throughout March Madness basketball and elsewhere, talks about how the increase in home prices is allowing so many homeowners to take advantage of their increased home equity and move on in the next phase of their lives.
I love the last line of the video. "Your dreams don't have to be just dreams."
We are seeing this play out here with so many of our clients.
Now let's take a deeper dive into how buyer demand and lack of available homes have driven home prices up.
Let's start with buyer demand. There were 388 home sales in Northwest Louisiana in February. This is stunning. Our 5-year average in February, a month where we are normally pretty slow, is 320 homes. And we are even higher than last February when pandemic-related sales grew our total to 365.
Drilling down a bit deeper, we are also seeing that Caddo Parish is leading in sales, up 9% versus last year, while Bossier Parish is down 8%. This is not because Bossier has suddenly become unpopular. Instead, it is a direct reflection that there are not enough homes on the market to meet the demand.
Price Range |
YoY Number of Home Sales NW LOUISIANA |
YoY Number of Home Sales in Bossier Parish (% change over Feb. 2021 |
YoY Number of Home Sales in Caddo Parish (% change over Feb. 2021 |
YoY Number of Home Sales in Desoto Parish (% change over Feb. 2021 |
Total |
759 (+2%) |
276 (-8%) |
457 (+9%) |
26 (+8%) |
$100,000 & less |
143 (+20%) |
24 (-27%) |
116 (+33%) |
3 (0%) |
$100,000-$200,000 |
246 (-16%) |
68 (-33%) |
169 (-5%) |
9 (-31%) |
$200,000-$300,000 |
223 (+18%) |
109 (+22%) |
108 (+14%) |
6 (+20%) |
$300,000-$400,000 |
87 (-5%) |
51 (-7%) |
34 (+0%) |
2 (-33%) |
$400,000-$500,000 |
33 (+22%) |
15 (+25%) |
17 (+13%) |
1 (+100%) |
$500,000- |
15 (+7%) |
4 (-60%) |
7 (+75%) |
4 (+400%) |
$600,000+ |
12 (+0%) |
5 (+25%) |
6 (-25%) |
1 (+100%) |
This next chart shows that the dramatic shift in sales is occurring in the more expensive price brackets. This is because so many have built up equity in their current home and they used the incredibly low mortgage rates to "move up." At the same time, there have been plenty of renters who saved for a down payment, who could afford a more expensive home because of those ultra-low mortgage rates:
Price Range |
February 2022 Sales |
February 2018 Sales |
Total |
388 |
334 |
$100,000 & less |
62 |
95 |
$100,000-$200,000 |
122 |
133 |
$200,000-$300,000 |
119 |
70 |
$300,000-$400,000 |
50 |
21 |
$400,000-$500,000 |
20 |
8 |
$500,000+ |
15 |
7 |
We now move on to supply – what we call inventory. We are at an all-time low of only 667 homes on the market. This equates to a 1.3 month supply, another all-time low. A year ago, we were at what I then called a "drastically low" 1.8 months. It was 4.5 months just two years ago. There were 437 new listings that came on the market, but most of these were scooped up extremely quickly. In fact, homes stayed on the market just 16 days in February, six days faster than last February.
To put all of this in perspective, real estate professionals usually refer to 5-6 month supply as being a balanced market. Less than that, we have a seller's market. Above that, it's considered a buyer's market. We are in a major seller's market that creates multiple bids with the seller in the negotiating driver's seat.
This chart shows the lack of supply compared to five years ago. Notice how the month supply has also dropped dramatically, especially in the mid-level price points:
Price Range |
February 2022 Available Homes/Month Supply |
February 2018 Available Homes/Month Supply |
Total |
667/1.3 |
2,128/5.5 |
$100,000 & less |
185/3.0 |
442/4.7 |
$100,000-$200,000 |
170/1.0 |
734/4.8 |
$200,000-$300,000 |
124/0.8 |
462/5.1 |
$300,000-$400,000 |
65/1.2 |
229/8.6 |
$400,000-$500,000 |
42/1.6 |
106/12.5 |
$500,000+ |
81/4.4 |
145/20.5 |
Thus, the rise in prices.
The median price – the middle of all 388 homes sold in February – was $205,000, while the average was $225,573, up 6% and 5% respectively. Looking at median prices as a guide, here is a striking note – if you bought your home in March of 2019, your home's value may have increased by $53,884.
This increase leads to greater home equity – the value of your home minus what you currently owe on your mortgage.
Greater equity is leading so many homeowners to live their dream!
Our agents are doing an incredible job in explaining to their sellers and buyers what is happening in the housing market. It is a stressful time on both sides. Here is why:
I want to take a moment to salute our agents. They are working so hard and navigating the tightest real estate market we have ever seen. Their training and ability to work closely with our support staff is allowing them to rise to the top. They know what to do. They know how to do it. And because they have so much power behind them, they are able to focus on their client's needs exceptionally well.
If you are ready to dream, please reach out to one of our 150+ agents who can help. Or, feel free to reach out to me at bgosslee@cbgosslee.com.
Louisiana has a very rich history, one of the many reasons why Shreveport homes for sale have always been popular. Much of that history is reflected in its museums, so our real estate agents have taken the time to put together a quick list of our favorite ones in and around the city.
Coldwell Banker Gosslee knows all the greatest hotspots in Shreveport and beyond. If you want to make this amazing area of Louisiana your new home, contact us today.
An open house is a tried and true way to attract potential buyers and create buzz when your house goes on the market. So how do you make sure your open house goes smoothly and gets the job done? Consider the following insider tips and tricks to help ensure you have a successful open house.
Out with the old. It might sound a little harsh, but you're going to want to remove about half of your belongings. The goal is to sell your house, so any unnecessary clutter is really just getting in the way of that. This might mean storing away all those sentimental vacation knickknacks, framed family portraits, toddler toys and bulky furniture. Buyers want to see fresh, clean open spaces. They need to imagine their things there, not yours. If storage is an issue, look into a nearby short-term storage facility to help move things out during this time.
What's on the outside counts. In this instance, what's on the outside matters. First impressions are huge, so make sure your lawn is cut, trees trimmed, toys and garbage cans … are all stored away. Think about planting some pretty flowers or adding a few big flowerpots and a welcome mat by the door. This would also be a good time to power wash the outside and clean the windows. Also, replace any outdated light fixtures and consider painting your front door a welcoming color.
Shine up your kitchen and baths. Get them as sparkly clean as possible–we're talking cleaning every square inch. Focus your attention on decluttering these spaces. Buyers want to see your counter tops, your backsplash, your shiny appliances – not your blender, toaster and junk mail. It's also smart to clean out your pantry and refrigerator because, let's be honest, people do like to snoop around.
Always take a final lap. Look at your house objectively, through the eyes of a buyer. Make sure you've depersonalized every room. That means dog beds, little Jimmy's 3rd grade artwork, closets stuffed with old clothes, toothbrushes on the bathroom counter … And then look at rooms that could use a little more sprucing up. There are a few simple and cost-effective ways you can make a room look brand new. Invest in a couple new throw pillows on your bed and sofa, a new entryway rug, a neutral-colored shower curtain and a bouquet of fresh flowers. Always make sure your home smells good. There's nothing that turns a buyer off faster than a stuffy, smelly house.
Holding an open house is a great way to gauge buyers' interest in a property and quickly assess whether the asking price is appropriate. And preparing for an open house really comes down to two things: cleaning and decluttering. With these tips, you're well own your way to your next real estate adventure.
To view or download the full report click here.
February Summary: Sales demand remains high. Average price up. Inventory at all-time record low.
Sales: Strong demand continued in February, posting the highest sales activity we've seen since February 2007 (which was the peak of the market before the crash of 2008). There were 388 sales this February versus 365 last year. To give this some context, the 5 year average for February is only 320. Year to date, we are slightly ahead of last year (up +2%) which was a record at the time. These results differ though when you drill down on each parish. Sales in Caddo are up +9% versus last year while Bossier parish is currently down –8%. Desoto parish is up +8% versus last year but that is really only 2 additional sales. Bossier's recent slow down is similar to what Desoto experienced last year where there were not enough available listings we able to meet demand. While new listings are coming on-line every day, we need the new listing rate to increase or we will begin to see a slow down in closings because would-be buyers won't be able to find what they are looking for. Builders are trying to meet this demand with new construction but lack of labor and materials is an ongoing challenge.
Unit Sales YTD by price range vs. last year:
Inventory: Listing inventory bottomed in May of last year at 774. Since then, it climbed back up to the low 900's where it hovered for the last few months of 2021. It has now dropped again to a record level of 667 which is officially an all-time low. With 388 homes sold in February and only 667 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes is now only 1.3 which down from 1.5 last month and officially an all-time low. This is incredibly low for the Shreveport-Bossier market. Just 12 months ago, the monthly supply was 1.8, and two years ago it was 4.5. There were 437 new listings that came on the market in February in all price ranges but the majority were put under contract shortly after hitting the market. There are currently 626 properties in pending sale status. This is up from 618 last month.
Prices: With the continued low inventory and strong sales demand, we continue to see prices rise. The average price this February was $225,573 versus $201,626 last month and $214,150 last year. Year to date, the average price is $214,089 versus 213,813 last year. On a price per square foot basis, average prices so far this year are $107.87/ft versus $104.73/ft last year.
The following figures are through the month of February 2022
Currently, there are 667 total homes for sale in Shreveport/Bossier.Important Note: A 6 month supply is considered to be a balanced market.
It's that time again! Spring has arrived and so has the need to freshen things up a bit. Whether you're planning a total home makeover, or you just want to declutter, organize and refresh some spaces, we've got a few ways to get you started.
Before you spring into action, make sure you have the right cleaning products. There are a ton of eco-friendly, non-toxic options and it's worth a little extra research to find the right ones.
Clean in chunks. Spring cleaning can feel overwhelming. Start by making a list of everything you want to get done and then break it down in 30-minute chunks. Need to dust, vacuum, sweep and mop? You don't have to do it all in one day. Start with dusting first and see how far you get. Think floorboards, celling fans, corner walls and windowsills. That alone will help freshen everything up.
Hit the washing machine. There's nothing better than fresh, clean linens. Take some time to clean stains before you throw them in the wash. You could also add a few drops of your favorite essential oils, so they smell even better. If weather permits, hang them outside for the most eco-friendly way to dry your linens. And, while your linens are washing, you can go back to some of that sweeping and mopping.
Focus on the bathroom. When the last time you disinfected your shower head? Showers and shower heads are magnets for mold and bacteria so make sure and use an antibacterial and anti-mold solution for those areas. When it comes to the sink, tub and toilet, there's nothing a hefty scrub brush can't take care of. And don't forget to use it on the grout, you'll be amazed at how great it looks afterwards.
Got carpets? Spring is the best time to deep clean those dirt-filled carpets and rugs. If you're more of a DIYer, you can run up to your nearest hardware store and rent a cleaning machine (this will cost less, too). Or you can find a reputable carpet cleaning company and let them take care of it. Either way, your house will smell and look a million times better with freshly cleaned carpets!
Sparkling windows for the win. Windows both inside and out tend to get very grimy without you even noticing. Power cleaning them is probably one of the most satisfying things you can do. Use a streak-free window cleaner and a microfiber towel to quickly wash away all that seasonal build up. You might also want to clean your blinds along the way, as they tend to accumulate a lot of dirt as well. You reward? A beautiful, clear view to the outside.
Finally, if it's warm enough, don't forget to open up all the doors and windows and let that fresh spring air circle through. There's really nothing better than a sparkly clean home to enjoy on a gorgeous spring day.
When it comes to selling your home, remember there are more savvy buyers out there than ever before. Many insist on a home inspection, and most mortgage lenders won't go forward with a financing package until there's an inspector's report on file. No house is perfect, but the right repairs today can make tomorrow's home maintenance look a lot more manageable. That helps you sell much faster.
Usually, the winning strategy is to go after the biggest problems before selling your home. Those include roof repair, heating and cooling system performance, wiring issues, and sewage or septic system problems. But what if those things are in great shape? If you have any leftover home repair budget, you can invest it in targeted projects. These won't take long, but they can impress prospective buyers and give you negotiating power for the asking price you really want.
Let's review five of the best fast fixes before selling your home:
As you get ready for selling your home, it's important to balance your investment with expected returns in the form of a higher asking price and a faster time to closing. An experienced local real estate agent can help you take advantage of the most valuable trends.
Louisiana's crispy, slightly chewy, and all-around delicious beignets are a staple of our state's cuisine.
Many of Shreveport's top restaurants carry these treats, but where can you find the best ones? Our real estate agents have some ideas. Here is their list of the best places to grab an order of beignets around the city.
Hungry for more? Move into one of our Shreveport homes for sale, and you can enjoy these beignets as often as you like. Contact us today and let us help you make it happen.
Buying a home--whether it's your first home or fiftieth--can make you want to scream. Two-story or ranch ... open houses ... budgets. So much to do and so many choices. What's a home buyer to do?
You're more than likely making the biggest financial decision of your life. It's natural to feel stressed and overwhelmed until everything falls into place.
The good news is that there is plenty you can do to alleviate the stress and keep your focus on the main goal-- buying your dream home.
Here are six steps to ease home buying stress:
Buying your first home can be a wonderful journey with the right plan. Following these steps can help you feel calm and confident when closing day comes.
The following is a guest post by Suhayl Laher
Amidst lockdowns and times of uncertainty, many of us looked inward to our homes to provide calming and safe spaces, including our outdoor areas.
As a result, many gardens became like a 'fifth room', offering the perfect area for relaxation and spending quality time outdoors – and this trend seems to be here to stay.
That's why, in today's post, we're going to be sharing tips on how to create a zen outdoor space, however you like to relax.
So, whether your idea of unwinding is soaking up the sun, chilling with pals on warm summer evenings or pottering, planting and pruning, we have garden design ideas to suit everyone.
Relax to the sounds of wildlife with a wild and whimsical garden design that allows nature to be the star of the show.
The key to a successful wild garden is to accept the imperfections that come with natural habitats, seeing them as beautiful traits. This means letting things grow their own way, simply pruning them back from time to time to keep paths clear and to help promote regrowth.
For flower beds and planters, opt for a mixture of species to create a striking sea of color – a wildflower seed blend can be an easy option here. Also, embrace longer grass and weeds, as some species can be very pretty.
You may also want to include a water feature like a pond to attract a wider variety of wildlife and boost that sense of serenity.
When it comes to practical additions like furniture and hardscaping materials, opt for a rustic theme with wood and stone elements aplenty to give your wild wonderland a cohesive finish.
If clean lines and a simple design is more your style, there's plenty of scope for carving out a calm and soothing outdoor zone for reading, meditating or socializing.
In large gardens, this may look more like a defined relaxation zone, while smaller backyards may benefit from a full minimalist makeover.
Achieving your pared-back haven requires a carefully curated balance of texture, decoration and color. To start, lay a solid and versatile foundation with a grounding neutral color palette.
Durable stone effect outdoor tiles in beige or a pale gray are ideal for floors and walls, bringing both texture and a soothing hue.
Pair with darker wood or metal to create crisp color and texture contrasts for furniture and structural elements like a pergola or trellis.
When it comes to plants, avoid fussy florals and instead use big, bold leafy species. Ideally, you want a mixture of fauna and green shades here to help boost your mood.
For decorative touches, a simple water feature is a must. Set amidst a blend of soft-touch fabrics for furnishings and a few modern ornaments, you'll have all the ingredients for the perfect serene sanctuary outside.
With evidence to suggest that the act of gardening itself can help to improve mental and physical health, zen outdoor spaces aren't just about creating relaxing seated areas.
Having a practical and sustainable outdoor space where you can grow your own can provide the perfect escape and a chance to practice mindfulness.
Creating a practical and sustainable garden doesn't always need lots of room – even modest spaces can yield a decent crop with the right design and plants that utilize vertical space.
To keep maintenance low and optimize the functionality of your outdoor space, opt for raised flower beds that make it easier to weed and pick your produce.
If you like to keep things orderly, plant vegetables and fruits in groups. For instance, keep root vegetables like carrots, beetroots and potatoes together, while other species like lettuces, herbs and edible flowers can go in another area.
Also, make sure sprawling plants like pumpkins, butternut squash, courgettes and cucumbers have plenty of space to grow, as well as vertical support to keep them from taking up too much ground space.
You can also make better use of space and make crops easier to pick for things like peas, beans, raspberries and blackberries by using growing frames along walls.
Whatever you choose to grow outdoors, you can help to promote sustainability and keep the zen vibes going by using organic, eco-friendly materials, pesticides and fertilizers.
With these ideas and practical tips, we hope you find all the inspiration you need to give your outdoor areas a zen makeover this spring. Whether you prefer to soak up the sun with a good book or get your hands dirty planting, there are plenty of ways to create your very own outdoor haven.
Author bio:
Suhayl Laher works at Tiles Direct, one of the UK's largest independent tile distributors and retailers – bringing design inspiration to homeowners, architects and developers.
MYTH: "It's a seller's market so I don't have to stage my home."
TRUTH: Although sellers might have the advantage right now with low inventory and high demand, you still have to get your home ready for market. Here are the five biggest turn-offs to buyers (and how to avoid them!): Poor photography. We live in a digital world and your first showings happen before anyone even sets foot in your home. Professional photography is a non-negotiable if you want to attract the right kind of buyers and generate demand for your home. Overpricing for the market.
Even if you think a buyer will pay $50k over asking (and anything is possible!), pricing your home at market value is going to expose it to the widest pool of buyers. Setting a competitive price may even result in multiple offers, driving up the sale price. Weird smells. One of the first things a buyer will notice when they step into your home is the way it smells. Although we do like a scented candle for ambiance, they can only hide so much! Keep windows open to let fresh air in and be sure to clean and take out the garbage regularly while your house is on the market. Too much clutter. We know you've heard this one before, but here's our tip: make your closets and cabinets look more spacious by taking half of everything inside them and pre-packing or putting them in storage. Your home will look roomier and buyers will be willing to pay more for all that space. Deferred maintenance Now is not the time to scrimp at Home Depot. Squeaky door knobs, ripped window screens and other seemingly minor issues give the buyer an impression that you don't take care of your property. For older homes, swe ometimes recommend a pre-inspection to identify any issues that my arise during the course of your home sale. Questions about what to do and how to prep before you go to market? We are always here to help you! Bossier City Office 318-747-5411
Shreveport Office 318-861-2461
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A bigger and brighter kitchen is always on the list of top home features buyers are willing to move for. For those who love to cook and entertain guests, a nice kitchen is a must-have. As a seller, this means investing a little time and effort into sprucing up your kitchen can be well worth the time and energy.
Because the kitchen is such an important selling feature, we often recommend our clients invest in some upgrades and repairs before listing. While a full remodel may not make sense financially, here are some upgrades you might want to consider this year:
The kitchen is often considered one of the most important rooms of the house when it comes to selling a home. It serves as a gathering place where food is prepared and guests are entertained. Looking at your kitchen through the eyes of a potential buyer will definitely help your home sale.
Determining the perfect time to sell your home is never easy, but when the universe aligns, selling at just the right time can ultimately influence the speed of your home sale as well as the sale price. However, defining the right time ultimately comes down to numerous economic and personal factors. The housing market fluctuates over time, and our personal needs evolve throughout our lifetimes. Both are common reasons why the average person stays in a single home for seven to ten years.
If you're wondering if it's the right time to sell your home, here are five signs that could help make your decision:
Your home is your biggest investment, so it's important to make sure the time to sell is right. The decision to sell ultimately requires one to weigh economic factors with person situations.