GOING FORWARD AND SEEING BACKWARD
By Brad Gosslee, President, Coldwell Banker Gosslee
I can talk about the real estate market forever. It's fascinating! There are so many moving pieces and nuances that dictate prices and sales. And I love working with our incredible agents who have a laser focus into what is occurring in specific neighborhoods and price points as they help guide buyers and sellers.
This is one of those times where buyers and sellers really need our agents. Even though it may look similar, what is occurring in the moment is not quite the same as it was just a month ago. At the same time, what has occurred for the last several years throughout the pandemic continues to have incredible ramifications today.
Let's start with the basics. Sales activity remains strong, buyers are active and we still do not have enough homes to meet demand. Far from it. In fact, we are so far behind in that category that it will take us a while to go from our big-time sellers' market to a balanced one. But there has been a change that I want to address. While we don't yet have the supporting evidence in the full statistics, here is what is happening:
But we are not there yet! Our sales are just off of record pace, inventory remains incredibly low, and prices continue to rise.
This month's first chart compares Caddo, Bossier and Desoto Parishes to the rest of the nation. Looking at the National Association of Realtors Existing Home Sales Report just issued, we know that the median (middle) price of all homes sold in May was a record $407,600, up 14.8% from a year ago. $407,600! We had an almost identical percentage increase but thankfully our median price is about $153,000 less!
Why have prices jumped so high? Supply vs. demand. In the case of real estate, demand can be measured in sales. Locally, there were 544 homes sold in May, down just one percent while the national levels were off about 8%. But take this in context. This was the second-best May EVER locally! We were six houses short of last May's record of 550 home sales. In fact, the five-year May average is just 479. And, for all of 2022 so far, while down 3% in total sales of 2,267, this was the second best first five months in our region's history.
|
U.S. (change over May '21) |
Northwest LA (change over May '21) |
Median Price |
$407,600/+14.8% |
$254,537/+14% |
Number of Sales |
5.41 million/-8.6% |
544/-1% |
Inventory |
1.16 million/-4.1% |
802/+2% |
Month Supply |
2.6/2.5 |
1.6/1.6 |
Median Days on Market |
17/16 |
6/7 |
I wonder how high our sales figures would have been in May IF we had more homes to sell. We entered June with only 802 homes on the market. Here is a quick comparison to show you how low this is:
May 2022: 802
May 2021: 795
May 2020: 1,567 (the pandemic began two months prior)
May 2019: 2,097
May 2018: 2,222
Look at how tight things are at the different price points compared to four years ago:
Price Range |
May 2022 Available Homes/Month Supply |
May 2018 Available Homes/Month Supply |
Total |
802/1.6 |
2,222/5.7 |
$100,000 & less |
164/2.3 |
440/4.5 |
$100,000-$200,000 |
212/1.2 |
716/4.5 |
$200,000-$300,000 |
173/1.2 |
501/5.6 |
$300,000-$400,000 |
75/1.3 |
259/8.9 |
$400,000-$500,000 |
72/2.8 |
142/16.7 |
$500,000+ |
106/5.1 |
164/23.2 |
Inventory levels are probably the most important statistic to watch to gain perspective on the market's future. The 802 listings available at the end of May was more than our record low of 667 in April. While up 20%, these additional homes were gobbled up at record pace. In fact, it took only six days for homes to sell! This is almost 3 times faster than the national mark of 17 days!
I want to zoom in a bit on what is occurring in sales. Several months ago on our next chart, we saw + signs everywhere almost always accompanied with double-digit growth. This was because of the pandemic-fueled economy that brought all-time low mortgage rates along with the work-from-anywhere phenomenon which made our affordable marketplace attractive to so many.
What also occurred was that we saw incredible activity at the higher price points. Because we had so many buying at the lower-end of the market, this allowed move-up buyers to take advantage of price gains and their equity, along with the low mortgage rates. Therefore, the higher-priced homes became scarce too.
At some point, we had to see these sales figures level off as we couldn't keep going up forever. And that's what has occurred, especially at the lower ends. But remember, even though our May sales are down, they are down of incredible highs.
Price Range |
YoY Number of Home Sales NW LOUISIANA |
YoY Number of Home Sales in Bossier Parish (% change over May 2021 |
YoY Number of Home Sales in Caddo Parish (% change over May 2021 |
YoY Number of Home Sales in Desoto Parish (% change over May 2021 |
Total |
2,264 (-3%) |
873 (-7%) |
1,324 (-1%) |
67 (-8%) |
$100,000 & less |
341 (-2%) |
79 (-4%) |
253 (0%) |
9 (-31%) |
$100,000-$200,000 |
741 (-15%) |
227 (-20%) |
495 (-12%) |
19 (-30%) |
$200,000-$300,000 |
699 (+3%) |
316 (-5%) |
369 (+12%) |
14 (+8%) |
$300,000-$400,000 |
269 (+3%) |
158 (+5%) |
99 (-1%) |
12 (+9%) |
$400,000-$500,000 |
117 (-1%) |
65 (+18%) |
47 (-15%) |
5 (-38%) |
$500,000- |
47 (+34%) |
17 (-6%) |
23 (+35%) |
7 (+700%) |
$600,000+ |
50 (+52%) |
11 (0%) |
38 (+81%) |
1 (0%) |
For the market to even out a bit, a reduction in the buyer pool will need to be met with more homes on the market. Otherwise, we likely won't notice a dramatic change in a shift to a more balanced market.
There is an adage in real estate that "you won't know the market has hit the top until we've passed it." Unfortunately, we likely had a lot of sellers who were trying to "time the market" and sell at the peak. My guess is that because of the rising mortgage rates, that time has passed. It will be interesting to see if this group decides it is time to list as they can also take advantage of greater home supply in their next destination – if they are leaving Northwest Louisiana and our slice of heaven.
This leads to one more adage - "sellers are usually the last to know." This refers to the fact that sellers will often believe their home is worth more than it is. Remember, the sales price will always reflect what an "able and willing buyer will pay." Our agents are working hard with their current and prospective buyers on the subtleties of today's market. When you see price drops, its usually indicative that the home was priced too high at the start and/or it was caught in an unforeseen market change (i.e., rising rates).
That's why looking at the list-to-sales price ratio is another great indication of the market's strength. Real estate agents strive to be as close to 100% as possible. For example, if a home is listed for $400,000 and sells for $400,000, that is a 100% list-to-sell ratio. If it sells for $390,000 that is a 97.5% ratio.
Our agents have done an incredible job in counseling sellers. We entered June with the region's agents coming in at 99%. I do expect this number to drop simply because it will take a while to adjust to a potentially changing market especially if mortgage rates bounce around a lot.
Therefore, I'm going to strongly suggest that EVERY potential buyer and seller speak with one of our agents. Get your questions answered. Gain a perspective of the state of the market.
Buyers can learn about how much they can afford and how to best work with a lender to learn about different mortgage options that can help get monthly payments where they need them to be. Remember, there are plenty of choices beyond a 30-year-fixed rate mortgage which became even more popular because rates have been so low. As they rise, the options are important. And, because we still have multiple bids occurring, our agents are preparing their buyers to effectively compete.
Sellers also need to learn how to effectively price and prepare their home for sale so it commands top dollar. We also must prepare for a day when homes don't sell as quickly as they are today. At the same time, as market conditions change beyond Northwest Louisiana, our agents are connecting sellers with agents in other cities who can provide insight about what's occurring in that next destination.
Buying, selling and moving are never easy. There are multiple emotional and financial decisions along with numerous steps. Doing it in a market like this is even harder. It's important to remember that there are no dumb questions. And we are here to help!
CLICK HERE to view the full May 2022 Residential Real Estate Market Report for Shreveport/Bossier City, LA. Please reach out to one of our agents or feel free to reach out to me at bgosslee@cbgosslee.com with any questions.
Hope you are enjoying the "official" start of summer!
If you're planning to sell your home, consider staging it. From decluttering and cleaning to rearranging and styling, successful home staging can make you money. In fact, according to the National Association of REALTORS®, most sellers' agents agree a well-staged home increases the dollar amount home buyers offer.
If you are an HGTV fan, you know home staging is when the "pros" go through a home clearing out the clutter, highlighting its strengths, and presenting each room in the best light that will attract the largest group of potential home buyers.
But, do you need to hire a professional stager? Maybe not. Use these six tips to manage the styling and upgrading of your home to fetch a higher sales price.
In a competitive market or in a situation where you need to sell your home quickly, staging is the key. Keep these tips in mind, and don't be afraid to talk to a professional stager. Often, the cost of professional staging is made back with a higher sales price and less time on the market!
Here are a few fun and inspiring ways to help you plan the perfect picnic this summer.
First, you're going to want to make sure you have something to carry your food and beverages in. There's something really nostalgic and charming about those classic woven style picnic baskets. But don't worry if you don't happen to have one, a cooler, backpack or large tote will also do the trick. Whatever you choose, you'll just want to make sure that you can keep food and drinks cool.
When you think about picnics, you most likely think about an outdoor blanket that you can sit, eat and relax on. If that's your preference just make sure it's durable and can be rolled and unrolled easily. If you want to make sitting on the ground a little more enjoyable, then pack some decorative pillows to add both comfort and style to your picnic. Another great option is to bring along a few folding chairs that are easy to transport and set up.
You may also want to consider bringing a grab-and-go style picnic table. These lightweight, easy-to-carry tables feature folding legs – some even include handy slots for wine glasses. And lastly, you don't want to forget utensils and dinnerware. Make sure you they're durable and can withstand being packed and dropped.
When it comes to the menu, you can keep it light and simple. Easy sandwiches, chips or pretzels, some cheese and fruit and refreshing drinks like homemade lemonade help complete the perfect picnic. Or you could go all out and get creative with a beautiful charcuterie board with your favorite meats, cheeses and chocolates. You can even add some decorative greenery and flowers to make it a little more Instagram-worthy.
Sunny warm days are the perfect excuse to ditch the dining room and dine alfresco, just don't forget to bring a book or a frisbee!
When you're selling your home, first impressions are everything. Typically, each home buyer is looking for something different in the house they buy. However, there are common problems that will make them walk — and, maybe, even run — out of your home if they see them. The good news is there are several things you can do to make buyers fall in love with your home.
With these tactics and fixes, there's no doubt buyers will fall in love with your home. Ask your real estate agent for more tips on how to get the most out of your sale.
Investment properties and vacation homes might seem like similar concepts — after all, they're both great ways to grow wealth and expand your real estate portfolio. But did you know these two terms have significantly different meanings? The distinction is actually pretty important when it comes to financing, and it really comes down to how you intend to use the property. If you've been thinking about purchasing an investment property, here is what you need to know:
What Is An Investment Property?
An investment property is a property that you purchase with the intent of generating income. In most cases, this means serving as a landlord and renting the property out to tenants. In other words, an investment property may be a business, while a "vacation home" or "second home" is another property away from your primary residence that you use for visiting or living in part-time.
While it's certainly possible to purchase a vacation home that you occasionally rent out, it's important to define the home's primary purpose when seeking financing. Trying to pass an investment property off as a vacation home for the purposes of achieving better mortgage rates can lead to severe legal consequences.
What To Look For In An Investment Property
While a second home or vacation home is often selected based on location and amenities, an investment property should be evaluated on the potential to generate a return. As a result, you'll want to consider features that can help you achieve higher rental income, such as size, parking, amenities, crime, and public transportation. Look into average rent for similar-sized properties within the same area to get a sense of how much you'll be able to charge. You'll need to have a solid business plan when applying for a mortgage on the investment property.
How To Finance An Investment Property
Financing an investment property is a bit more complicated than securing a mortgage on a primary residence or second home. For one, lenders typically require a higher down payment (at least 20%) for an investment property, and there isn't much flexibility here.
Also, because you're going to be making a profit on the property and because the transaction is much riskier, lenders won't hesitate to charge significantly higher fees and interest rates. Your lender also may require that the investment property be located within a certain distance of your primary home.
Tax Implications Of An Investment Property
Owners of primary residences and vacation homes can deduct mortgage interest from their taxes, and investment property owners can do the same. However, investment property owners have the added advantage of being able to deduct many other expenses associated with the property as they technically qualify as business expenses. However, your rental income will also need to be reported too.
Investing in real estate is a great tool for securing long-term financial stability. While financing is a bit more expensive than a vacation home, you also stand to make a larger profit if you're purely operating the property as a rental.
A Veteran's Administration loan is one of the most generous benefits offered to America's military veterans. In fact, many veterans find the VA loan a better proposition than conventional real-estate loans and even other government-funded mortgages.
Perhaps the major advantage of a VA loan is that there's no need for a down payment. Generally, conventional loans call for a down payment and may cover only 80 to 85 percent of a home's value.
A VA loan can allow veterans to buy homes when they don't otherwise qualify for a conventional loan. Backed by the U.S. Department of Veteran Affairs, these loans let homebuyers get lower rates and qualify for a more expensive home than they would otherwise. Further, veterans can qualify with lower credit scores, and will not have to pay Private Mortgage Insurance (PMI).
An additional bonus for veterans who receive monthly disability benefits is that they don't need to pay the VA funding fee, which can be from 0.5 to 3.3 percent of the overall loan.
Here's a look at who can qualify for a VA loan, and how to go about it.
Eligibility for a VA Loan
Who is eligible for a VA loan? A Certificate of Eligibility, or COE, will be given to veterans or family members who meet one of these requirements:
To receive this COE, apply online, or mail in an application.
Requirements for Getting a VA Loan
As mentioned above, veterans with lower credit scores can qualify for a VA loan. Nevertheless, there are some requirements for getting a VA loan, such as these:
Find a Real Estate Agent Who Knows VA Loans
Homebuyers seeking a VA loan should see real estate agents who are familiar with the VA loan process. This is particularly important when it comes to the fees involved with VA loans. The VA funding fee is a one-time payment. It is owed by the veteran on a VA direct home loan or a VA-backed loan. This fee helps lower the cost of the loan for U.S. taxpayers since the veteran doesn't have to pay down payments or monthly mortgage insurance. In most cases, veterans with disabilities are exempt from this fee.
What's more, an agent with VA loan experience won't waste your time with purchases that you can't buy with your loan. They can also have an advantage when it comes to negotiating with the seller's agent. They may be in a position to explain a veteran's story and appeal to the heart of a seller weighing several offers.
Other Loans
You of course can also look at other loans, either through the Federal Housing Finance Agency, which includes the mortgage-loan lenders Freddie Mac and Fannie Mae. There may also be some government-funded loans to pursue through agencies such as the U.S. Department of Agriculture or the Federal Housing Administration.
Good luck on your road to homeownership. If you're a veteran and are ready to pursue a VA loan, consult your VA Benefits Advisor today.
We all want to spend as much time as we can outside during the summer months. There's nothing quite like a relaxing summer day in the backyard with friends, hosting a barbeque or enjoying an evening under the stars around the firepit. Summer is made for chilling and breathing in the fresh air and just unwinding after a long day. So this month, ramp up your outdoor space and bring your indoor style right to your backyard.
Bonus Living Spaces
More and more, people are treating their backyard spaces as an extension of their living space. From outdoor pergolas to string lights, trendy rugs and comfy, weatherproof sectionals and lounge chairs, homeowners are creating stunning open-air outdoor living spaces. You don't even have to have a huge space, you can add smaller pieces to your deck or patio to create a relaxing, cozy sanctuary. Whatever your indoor style is, you're sure to find similar outdoor pieces.
Inspirational Botanicals
The right plants, flowers and planters can make all the difference when it comes to creating a warm, inviting and colorful outdoor space. With so many stylish planters available, you can easily find ones that match your style and fill them with a variety of herbs, flowering annuals, cactuses, plants and shrubs. If you live close to a farmers' market, be sure and check them out as they typically have a huge variety of cost-effective flowers, plants and herbs to fill your yard, patio or balcony.
Small Space Solutions
There are tons of creative ways to transform a small space and make a big impact. Start with some lively décor, potted plants, outdoor pillows, candles and small scale furniture. Consider a vertical garden where you can plant your favorite herbs and vegetables. Adding string and solar lights can also help make a space feel extra cozy. And when it comes to furniture, think about a bistro set for casual dining, foldable and stackable chairs or a small loveseat and ottoman. There are tons of creative ways to make a big impact in a smaller space.
If you're limited on outdoor space, don't let that stop you from creating the perfect outdoor oasis. Infusing your personality and style to your backyard, balcony or back porch is the perfect way to gain more living space and enjoy a place where you can enjoy more fun in the sun all summer long.
Summer fun is around the corner, and the Red River Balloon Rally is the perfect way to kick off the season. Held in a convenient location near Bossier City homes for sale, the Red River Balloon Rally brings together some of the best pilots and most creative-looking hot air balloons from around the country for two full evenings of family fun. Each evening of the event is packed with events that both kids and adults will love. Our real estate agents have the latest details to help you plan for the Red River Balloon Rally.
Event: Red River Balloon Rally
Dates: June 24-25, 2022 – 5 - 10 pm
Location: Brookshire Grocery Arena – 2000 Brookshire Arena Dr., Bossier City, LA 71112
Our local team is here to help with all of your Shreveport and Bossier City real estate needs. Contact us to view Shreveport homes for sale.
Buying your first home is a rite of passage that many people dream of. However, before you take the plunge, it's important to make sure you're really ready. Your finances have a lot to do with it, but it's not the only thing you'll need to consider.
Here are five important questions to ask yourself before you buy your first home.
This may be the most important question of all. It's completely normal to try living in a few different areas before you're ready to put down roots. However, you won't want to consider buying a home until you're fairly sure you plan to stay where you are for a significant amount of time.
Ideally, you'll want to commit to staying in your new home for at least seven to ten years, as this is roughly one full cycle of the housing market.
It will be easier to get a home loan if you've been in your current job for at least two years. More importantly, you'll want to know you can count on your current income before you commit to buying a home.
An unexpected job loss can completely upend your life. The loss of income could potentially cause you to have difficulty paying your mortgage. You'll also need to find a new job that's reasonably close to your new home. Otherwise, you may need to sell your home before you're ready or deal with renting it out.
While it's impossible to predict the future, make sure you feel fairly comfortable about the stability of your job before you consider becoming a first-time homeowner.
When deciding whether you're ready to buy a home, you'll need to take a close look at your finances. Make sure you have enough saved up for your down payment, your credit score falls within acceptable ranges, and you have an emergency fund.
It's a great idea to meet with a lender before you start your home search. This will allow you to have a solid understanding of how much you can really afford and what you'll need to bring to the table when you close. Having a pre-qualification letter will also increase the chances that the seller will accept your offer.
Remember that you'll need additional money beyond what's necessary to purchase your home. There's also the cost of keeping up with repairs and maintenance. This may include everything from maintaining your lawn and landscaping to the occasional need for a plumber, electrician, or handyman.
Caring for a home is also a labor of love. Make sure you're willing to put the time into keeping it looking nice and taking care of any small issues before they can turn into big problems.
Buying a home allows you to settle down in a way renting simply can't. When you rent, there's always a chance your landlord could raise the price or even decided to sell.
As long as you make your mortgage and tax payments, no one can make you leave a home you own. This will give you a strong sense of security.
When you're not worried about housing, you can also put more effort into focusing on other parts of your life — like getting that promotion, spending time with your loved ones, and getting more involved in your community.
If you answered "yes" to each of these questions, congratulations! You're both mentally and financially ready to buy a home. Soon, you'll get to enjoy one of the most satisfying adventures of your life.
You've listed your home on the market, and the seller has made an offer. Congratulations! Now, it's time for your appraisal.
This is the part of the home selling process where an independent third party determines the value of your home. The results of your appraisal can impact your final selling price, so it's normal to feel a bit nervous going into it. Are you wondering how an appraisal works and what you can do to prepare? Take a look at these tips.
1. Know What to Expect
Understanding what happens during an appraisal can help calm your nerves and will also help you prepare. Most appraisals take between one to three hours and involve a professional appraiser thoroughly inspecting your property both inside and out. The purpose is to determine the current market value of your property.
Some of the things your appraiser will consider include the age of your home, its location, the size, and what the structure of made of. They'll also consider the number of bedrooms and bathrooms, the layout of your home, and the overall condition of the roof, siding, and interior. Finally, the appraiser will compare your home to the value of comparable homes located nearby.
2. Prepare Your Home for Inspection
Even though an appraiser doesn't value your home based on its cleanliness, it's always a good idea to clean and declutter before they arrive. Sometimes, an appraiser might subconsciously value a home a little lower if it looks like a mess, so it makes sense to take the time to present your home in the best possible light.
3. Gather the Necessary Paperwork
Appraisers will typically ask for information about the home before they arrive. You'll make their job easier and ensure a more accurate appraisal if you give them a list of any major improvements you've made and provide detailed information about the age of your major appliances, HVAC system, and the roof. Whenever possible, also provide copies of the original paperwork.
If your appraiser arrives and finds out there's an addition or something else they didn't know about, all the information they've gathered about comparable homes will be off. This means they'll have to start over — which will delay your results and the closing of your sale. Avoid this by giving full disclosure and providing all of the information upfront.
4. Be Honest in Your Listing
Before your appraisal, it pays to make an honest assessment of what your home really offers. Unfortunately, sellers and their agents are sometimes guilty of listing "puffery." Fudging the numbers, adding square footage, or hoping no one will notice your roof isn't new isn't going to get you anywhere.
While it's sometimes tempting to add a little bit here and there, starting with an honest estimate will make the appraisal process much smoother.
5. Understand the Outcomes
When you get your appraisal back, there are three possible outcomes: it will be higher or lower than the agreed-upon purchase price, or it will be spot-on. If your appraisal matches the agreed-upon price, you're ready to move forward with the closing, and no additional negotiations are needed.
However, if the appraisal comes in lower, you could have a problem. In this case, you may want to request an appraisal review. During this process, another licensed appraiser will prepare an independent report. This will help confirm the accuracy and completeness of the initial report. If the appraisal is still lower, you may need to re-negotiate with the buyer, and there's a chance they may walk away from the deal.
If your appraisal comes in higher than the agreed-upon price, you can move forward with the closing. However, you also won't have the opportunity to ask for more money. While the buyer will be happy knowing they already have some equity in their new home, knowing you've underpriced yourself may leave you feeling bitter.
This is why it's so important to price your home appropriately from the start. Working with a knowledgeable real estate agent will help you evaluate the value of your home and price it correctly for the current market conditions. This will help prevent you from having unpleasant surprises when your appraisal is done.
You love your dog or cat; however, when listing your home for sale, many potential buyers will not be as enamored as you are. In fact, your pet might be the reason some buyers bypass your home entirely and move to another pet-free option.
Here's How To Sell A Home When You Have Pets
The Problem Prospective Buyers Have with Pets
Many buyers will say there are two reasons that prevent them from touring homes with pets:
The good news is that there are things you can do to ensure that your pet and prospective buyers are comfortable.
Relocate Your Pet
You might not like the idea of living without your dog, but it's an option you may have to consider to sell your home.
If you have a friend or relative that is willing to provide a temporary home for your dog, consider their offer. In fact, it will be good for both your dog and prospective buyers. Your dog won't have the stress of strange people coming and going, and prospective buyers will be comfortable while in your house.
Create a Safe Place for Your Pet
If providing your pup with a home away from home isn't an option, provide them with a secure place while prospective buyers tour your property. This can be a neighbor's house, an outdoor kennel, or even an indoor crate. It's important that your pet is comfortable in this area before prospective buyers start walking through your home.
Clean up After Your Pets
First impressions are important during the home selling process. Before prospective buyers arrive, clean your home thoroughly. This includes:
Make sure your pet looks groomed and well-cared for.
Repair Pet Damage
Go over your entire property and repair any damage your family pet has done. This includes:
Consult Your Veterinarian
Selling your home is stressful for you and your pets. It can take a toll on their health, particularly if they're a senior pet or one that already struggles with health issues. Talk to your veterinarian about what you can do to make the process easier for your pet.
Throughout the entire process, make sure your pet knows that they're still an important member of your family.
Before you sink the "for sale" sign in your front yard, make sure your house looks its best with these simple and inexpensive home improvement projects that will help make your home sell faster.
Buyers typically don't want to think about all the work they need to do in their new home. These fixes can help make your home a showstopper and will help move your property faster.
MAY IS THE MOST IMPORTANT WORD
By Brad Gosslee, President, Coldwell Banker Gosslee
This is my May blog. And it's also an article that will use the word "may" over and over. That's because there remain a whole lot of unknowns about what may occur in housing over the near- and long-term future. But there remains one certainty…we are still in the one of the hottest and tightest times in real estate history that is especially challenging in Northwest Louisiana.
Let's start with today. We continue to see strong buyer demand met with a limited supply of available homes, causing continued rising prices.
I want to explain a bit more about the current market while I also look into the future of what may occur.
As you can tell from my blogs, I love digging into the statistics associated with the housing market. I believe the numbers give us insight into what is occurring and what may be coming down the road with prices, sales and the pace of the market.
One of the most telling numbers that indicates a down-the-road shift may be coming is in the number of home sales. The National Association of Realtors just came out with its Existing Home Sales Report looking at April sales and shared that the U.S. was down 5.4% in sales over last April. This was the third time in a row that the sales figures were below the previous month. And locally, our sales in April were down 8% over last year.
That rationale for a decrease in sales likely has a lot to do with the following:
At the same time, we are continuing to see the repercussions of a record low number of homes on the market. If there aren't enough homes for sale, logic would indicate we can't sell as many homes.
The buying frenzy of these last several years, which was fueled by historically low mortgage rates and the "work from anywhere" phenomenon, has never allowed for an already dipping pre-pandemic supply of homes to keep up. If we continue to see fewer buyers, we may start to see homes stay on the market longer, with fewer multiple bids and therefore prices would stabilize. After all, double-digit percentage increases are not sustainable.
But for now, we remain in dire need of more listings. I am hopeful that potential sellers who may have waited to "time the market" and sell at the peak, may recognize that we may be at that point and decide to list.
The inventory challenge has been exacerbated by another phenomenon of modern times – aging in place. The older generation, those 65+, have the highest homeownership rate according to the U.S. Census, with just under 79% in this age group owning their homes. This figure more than doubles the 38.8% reported for those under 35. But these older homeowners may not be selling. In fact, AARP reports that more than 90% of them want to remain in their homes.
It's just another piece of our inventory concerns. We entered May in Caddo, Bossier and Desoto Parishes with only 667 homes for sale. This was just a 1.3-month supply, and off nearly 78% from just four years ago. Even though 606 new listings came on the market in April, they are being sold really quickly. In fact, the median days on market locally for all sold homes was a ridiculously fast nine days, which was almost twice as fast as the national figure of 17.
We remain in the greatest "seller's market" of all-time. As this next chart shows, because inventory levels are so low, sellers have a huge negotiating advantage. You can see that by comparing back to 2018.
Four years ago, we had a very balanced market at our lower price points – at or near the six-month supply. In this environment, neither side has a negotiating advantage. The script flips to the buyer's advantage when there are more properties available than buyer demand. Taking a look at the chart below, this is evident in the higher price points in 2018. You can also see how severe today's lack of inventory is:
Price Range |
April 2022 Available Homes/Month Supply |
April 2018 Available Homes/Month Supply |
Total |
667/1.3 |
2,289/5.9 |
$100,000 & less |
148/2.0 |
523/5.4 |
$100,000-$200,000 |
172/1.0 |
728/4.6 |
$200,000-$300,000 |
144/1.0 |
494/5.6 |
$300,000-$400,000 |
64/1.1 |
261/9.2 |
$400,000-$500,000 |
51/1.9 |
132/14.9 |
$500,000+ |
88/4.7 |
160/23.4 |
Now let's address sales and demand. While we are off a bit from last year, remember a year ago our frenzy was at full capacity. There were 469 home sales in April in Caddo, Bossier and Desoto Parishes. The drop of eight percent was off a record 510 a year ago. But if you look at our five-year April average of 426, we are actually running 10% ahead. So the demand is still there!
What's also interesting locally is that if we were selling more at the lower price points, we would be at record level pace. As this next chart shows, the move-up segments above $200,000 continue to show incredible sales strength.
Price Range |
YoY Number of Home Sales NW LOUISIANA |
YoY Number of Home Sales in Bossier Parish (% change over April 2021 |
YoY Number of Home Sales in Caddo Parish (% change over April 2021 |
YoY Number of Home Sales in Desoto Parish (% change over April 2021 |
Total |
1,723 (-4%) |
649 (-10%) |
1,021 (0%) |
54 (-11%) |
$100,000 & less |
281 (+5%) |
66 50 (0%) |
208 (+9%) |
8 (-27%) |
$100,000-$200,000 |
573 (-18%) |
173 (-25%) |
308 (-12%) |
15 (-42%) |
$200,000-$300,000 |
530 (+5%) |
233 (-6%) |
285 (+17%) |
12 (+0%) |
$300,000-$400,000 |
194 (-1%) |
112 (-2%) |
74 (0%) |
8 (0%) |
$400,000-$500,000 |
84 (+12%) |
48 (+55%) |
32 (-22%) |
4 (+100%) |
$500,000- |
34 (+21%) |
11 (-35%) |
17 (+55%) |
6 (+400%) |
$600,000+ |
27 (0%) |
6 (-40%) |
20 (+25%) |
1 (+100%) |
This is also the second straight month where we are not seeing dramatic increases in the number of sales over the previous year. In fact, because 2021 was such a strong sales year, we are even seeing large swings to the negative. But I urge you not to read into these shifts too much since they are compared to record levels. I am more focused on the price points that are still showing positive increases. A few months ago, we were seeing most of these in the plus 50-80% ranges. We are not seeing those same dramatic increases today. This may be an indicator that we are entering a more normalized market.
As you would expect with demand (buyers) still high being and a lack of supply, prices would continue to rise. And that is exactly what has occurred here and throughout the U.S.
Nationally, home prices have risen to a record median price of $391,200, up 14.8% over last year. For comparison's sake, it was $255,300 at this time in 2018. Locally we saw a similar April increase of 11% to $218,000. Thankfully our median priced home is $172,000 cheaper! Once again, the affordability of Northwest Louisiana is visible.
This next chart shows how we compare to the U.S. As you can see by what I've highlighted, our supply and pace is drastically lower than the nation:
|
U.S. (change over April '21) |
Northwest LA (change over April '21) |
Median Price |
$391,200/+14.6% |
$218,000/+11% |
Number of Sales |
5.61 million/-5.4% |
469/-8% |
Inventory |
1.03 million/-10.4% |
667/-14% |
Months Supply |
2.2/2.3 |
1.3/1.6 |
Median Days on Market |
17/17 |
9/10 |
I wanted to close this month's blog with a portion of the actual script from our radio ads that run on our local radio stations. It addresses a seller's needs:
NOW…MORE THAN EVER…SELLERS NEED A HIGHLY SKILLED….FULL TIME AGENT…..WHO IS WELL TRAINED ON PRICING AND NEGOTIATING MULTIPLE OFFERS.
THAT'S WHAT YOU WILL FIND IN A COLDWELL BANKER GOSSLEE AGENT…
REMEMBER…NOT ALL AGENTS ARE THE SAME…
YOUR TRUST HAS ALLOWED US TO BE THE #1 BROKERAGE IN NORTHWEST LOUISIANA FOR 29 STRAIGHT YEARS.
This is not just marketing speak. It is the truth. Sellers face different challenges today than they ever have, including managing the nearly daily changes in prices along with the ability to properly choose and negotiate with the right buyer.
I am confident that our agents are the most skilled in the region and I applaud them for continuing to train, learn and grow.
Remember, there are no silly questions. If you have any, please reach out to one of our agents or feel free to reach out to me at bgosslee@cbgosslee.com.
Hope you have a great Memorial Day start to summer!
(Shreveport, LA - May 24, 2022) - Katelyn Roan has joined Coldwell Banker Gosslee, the #1 real estate brokerage in Northwest Louisiana.
"For me, Real Estate has nothing to do with the transaction and everything to do with the relationship I build with my clients," says Katelyn. "I am armed with superior services, technologies and knowledge of the market conditions to provide a smooth process from beginning to end!"
Katelyn strives to serve her clients with compassion, leads with integrity and looks forward to being a part of everyones' story. She feels like it's an honor when someone chooses her to turn a page or close a book in their life's milestones!
"It is my goal to help my clients make the right move and be their forever Realtor! You will not find anyone willing to work harder for you. I am completely dedicated to my client's satisfaction and will always go above and beyond to make that happen."
Born and raised in Shreveport, LA, Katelyn knows the market well. She believes that it matters having an agent on your side who knows cities, towns, schools and all of the local things to make life easier! Katelyn is licensed in Louisiana and Texas.
You may contact Katelyn at 318.402.6983 or you can email her at kroanrealtor@gmail.com.
To find out how Coldwell Banker Gosslee has remained #1 for the 29th straight year, go to CBGosslee.com.
If you want a relaxing sanctuary to luxuriate in every day, it can be found as near as your bathroom door. Follow these do-it-yourself tips to convert your primary bathroom into a spa-like retreat, and your relaxed body, mind and soul will be glad you did.
Give a Jacuzzi Tub a Whirl
To transform your bathroom into a home spa, install a modern soaking tub for a total immersion in the therapeutic benefits of bubbling water. If a do-it-yourself bathroom remodel isn't in the offing, convert your tub into a hydrotherapy whirlpool with equipment that fits over the side to whip your water into a healing frenzy. There's also the simple fix of installing a spa-like massage showerhead that melds relaxation with hygiene to make you feel and smell good all over. When you're done, finish the spa experience with a warm wiping, courtesy of you freestanding electric towel warmer.
Speaking of Smelling Good
Scent contributes to the mood you are in, so make sure aromatherapy is part of your bathroom spa experience. Hang eucalyptus from your shower head for a refreshing scent. Place reed diffusers on your bathroom countertop. Or finish up a hard day's work with a treat for the senses by adding aromatic essential oils to Epsom salts for an in-home mineral bath.
Make It Music to the Ears
Spa music should transport you to a Zen-like place of peace and tranquility, and good choices are acoustic tunes and the sounds of nature. Or, go Simon and Garfunkel with your own "Sounds of Silence" smartphone playlist and listen to it through waterproof Bluetooth speakers while relaxing in the tub.
With a sprinkling of ingenuity and a smattering of inspiration, you can easily convert your primary bathroom into a modern-day spa worthy of the ancient Romans!
The answer is different for each homeowner. Your earning power, expected future earning power, savings, and even your hobbies will all have an impact on how you choose to pay your mortgage. The good news is that there really are simple, effective tactics for paying off your mortgage early — as long as you're willing to stay committed to the process.
One of the best ways to pay off your mortgage early is to make sure that your mortgage fits your finances well before signing on the dotted line. Free mortgage calculators are very useful when shopping for a mortgage. If you're already locked into a mortgage, don't worry, there's still plenty you can do to more quickly own your home free and clear.
While the goal of saving more and spending less holds true for all homeowners interested in paying off their mortgage early, there are many different ways to reach that goal after buying a house. Research, experiment, and find the savings tips that work for you. The benefits of owning your home free and clear are worth the effort.
Is the yard a mess? Do the shutters need painting? Have you just cost yourself a contract by making a few simple mistakes. Here is a list of five home-selling mistakes to avoid with tips on how to correct them.
Avoid these common mistakes and you can be sure buyers will want to bite! And don't forget to talk to your real estate agent for even more advice on selling your home.
There's something magical about watching a movie on a warm summer night under the stars with friends. If you're not close to one of the few drive-in theaters still in existence, no worries – you can easily transform your backyard into an outdoor home theater. Here are five tips for turning your backyard into a pop-up movie theater.
Projector and Screen
If you want to capture the essence of the drive-in theater, there's no substitute for a good projector. An outdoor projector should be at least 1,200 lumens, a measurement of how much light a device emits. Another must-have feature are HDMI ports, so you can connect items such as Blu-ray DVD players. If you don't want to invest in a projector, bring your TV and DVD player outside.
Comfy Seating
Provide your guests with a range of comfortable seating options, including patio furniture, lounge chairs, blankets and outdoor pillows. Of if you have a pool, even better. Host a raft-up party and invite guests to bring their own pool float to relax on while the movie plays.
Snackage
Step up your game by creating a popcorn bar for guests. Fill small decorative bags with popcorn and offer an assortment of candy treats, marshmallows and other sweet mix-ins. And, of course, a movie night wouldn't be complete without offering some classic movie-theater candy like Raisinets, Jujubes and the perennial favorite – Junior Mints!
Soft Lights
While your yard needs to be dark enough to see the movie, you also will need a little light so guests don't trip over each other on the way to the snack bar. String lights and luminaries are a nice inexpensive option, casting a glow over your yard without distracting from the movie.
De-bugging
Spray the backyard before guests arrive, or, if your backyard isn't generally buggy, offer them insect repellent. There is quite an array of natural bug-repelling options available to keep the swatting to a minimum.
Hosting a backyard film fest isn't as challenging as you might think. With just a little planning ahead and some creativity, you can bring the drive-in movie theater experience to your backyard… possibly even better.
Whether you're moving across town or across the country, it's tough to feel like the new kid on the block--regardless of your age. Here are five great ways to make friends with your new neighbors and make the move into your new community.
When you buy a house, there's plenty to be excited about during the packing and moving processes. Once you're settled in, roll out the welcome wagon and meet your new neighbors. Your new house and neighborhood will soon be feeling just like "home sweet home."
This is especially true for younger people (the Millennial generation), who arguably have the most to gain from buying a house.
Millennials make up the largest group of first-time homeowners in America, and many in their 30's and even in their 20's are coming around to the benefits of buying their first home. Unfortunately, many factors are keeping Millennials from becoming homeowners—student debt, a volatile job market—but the numbers are improving. Here are four benefits of buying a home while you are young:
Age is just a number, of course, and the right time to become a homeowner is when you're ready.
Gear up for summer by giving your air conditioner a break and lowering your energy bill at the same time with these home cooling methods. Alternatives like energy-efficient windows, doors and electronics, filters and shading can help chill your home with less energy use, according to the U.S. Department of Energy.
Dress Your Windows
During peak daylight, it's a good idea to keep window coverings closed to block the sun's heat. Consider window awnings or roll-down shades for the outside of your home that can be operated remotely or put on a schedule. For your home interior, opt for insulated cellular shades or blinds that block out the sun and have reflective backing. Even fitted drapes that cover the interior blinds can help reduce heat in your home.
Fans for Cooling
A great way to help your air conditioner is to run ceiling fans at the same time. This circulates the cool air, so your A/C doesn't have to work quite so hard. A whole house fan is an entire air system that's installed in the attic to pull in air from the windows and push it out through the attic vents. This not only cools your whole home fast, but it also gives your attic, which is a major source of heat, better ventilation.
Adjustable Thermostats
No matter what the temperature is outside, you can always pre-set your thermostat according to the weather report and your schedule. Many new thermostats let you repeat daily settings or even control the temperature with an app. Check out this energy saver video for quick tips on what the optimal house temperateive should be.
Door Draft Stoppers
Consider adding door draft stoppers to your interior and exterior doors. These fitted plastic, magnetic or fabric pieces are placed at the bottom of entrances to stop heat from escaping. They provide the flexibility of being able to cover slight openings and cracks under the door. And don't forget the sliding glass door — there are extra-long options available to stop the draft before it starts.
Now that you know more ways to stay cool for the summer, you can see what works best for you and your home to make sure you have a nice, cool summer.
Whether you're thinking of selling soon or you plan to stay in your home for the long haul, your outdoor space is more important now than ever before. With the peak of the COVID-19 pandemic still fresh in our minds, most homeowners are re-evaluating their space and re-prioritizing what's important to them.
Today, many buyers are focused on making the best use of all available space. This has created a strong trend towards all types of outdoor upgrades. It's now one of the most sought-after features among home buyers, and we don't see this trend going away any time soon. Still not convinced? Here are three reasons to consider spending some of your time this summer upgrading our outdoor space.
1. Increased Home Value
Many outdoor upgrades increase the amount of usable living space on your property. According to a January 2021 survey conducted for the International Casual Furnishings Association, people spend more time outdoors doing things like grilling, dining, gardening, and spending time with their children and pets.
People want outdoor spaces that complement both their homes and their lifestyles. They want privacy, relaxation, and comfort when they're spending time outdoors. Since this is so desirable right now, you can expect upgrades that support these goals to earn you a solid return on your investment.
2. Improved Curb Appeal
Upgrades to your driveway, front entrance area, and landscaping will all improve your curb appeal. This will make your home more attractive and inviting. It will also go a long way towards making it more desirable when you decide to sell.
You never get a second chance to make a first impression, so don't miss out. You'll be surprised by how much even small upgrades like replacing your mailbox or house numbers can improve your home's curb appeal.
3. Long-Term Enjoyment
Even if you don't plan to sell your home any time soon, it's worth considering moving forward on the outdoor upgrade you've been dreaming of. Countless studies tout the benefits of spending time outdoors.
Creating a space where you can relax and enjoy your time off without ever leaving the comfort of your home will do wonders for your physical and mental health. You'll also have the peace of mind that comes with knowing you're making smart moves and keeping your home on-trend.
2021's Top Outdoor Upgrades
Outdoor kitchens top the list of desirable outdoor upgrades. This can range from a covered grill with some cabinet space to a full gourmet kitchen complete with pizza ovens, dishwashers, and more. Other desirable features include outdoor heating (ex. fire pits), outdoor bars, and comfortable outdoor seating areas. In some locations, inground pools are also making a comeback. Decks, patios, and outdoor gazebos are also growing in popularity.
It's important to note that you don't have to break the bank to follow this trend. Even a simple landscaping update can make a major difference in the value of your home. Other simple upgrades to consider include replacing your garage door, installing a sprinkler system, updating your front door, and adding landscape lighting.
Every buyer-to-be knows searching for a home can be a challenge. However, your house hunt doesn't have to mean chaos if you start with an organized plan. Streamlining your search starts with a healthy dose of preparation by including a great real estate agent, setting a budget, creating a wish list and reviewing real estate listings that meet your requirements.
These six tips can keep you organized and focused as you search for your new home.
Creating a plan before you start your search for a home gives you the chance to enjoy the process and to make an efficient, informed decision when it's time to place an offer on your new house.
There's no doubt that you're going to be busy while you work to sell your home, but focusing your energy in the right places will make your life much easier. Better yet, a bit of focused prep can make your home more appealing to potential buyers and ultimately makes it easier to find the right match as quickly as possible. Use this "survival guide" for selling your home to get started.
Your real estate agent will help make sure that people show up, so the most important thing you can do when selling a house is to make sure that your home is always ready to show. That part becomes significantly easier to maintain after you get the initial work out of the way, as long as you keep up with it consistently. With a little teamwork, you'll find the right buyer in no time.
Tech To Smarten Up Your Household Cleaning
Need a little help around the house? Today's technological gadgets can clean gutters, mow lawns, vacuum floors and even clean your toilet bowls. This real-life tech is accessible for everyone to make life a little easier. Check out these cool ideas for some smart home cleaning gadgets.
Say Goodbye to the Pool Boy
Robotic pool cleaners can brush, scrub, vacuum and filter your pool's surface, making them just as handy, if not more so, than your typical pool maintenance company. Say goodbye to pesky leaves, dirt and grime on the pool walls with a touch a button. Top-of-the-line models let you set daily or weekly schedules with hassle-free cordless options.
Lawn Time Coming
The days of fighting the lawn (and the H.O.A.) are over. Robo lawn mowers are rapidly evolving to become even more efficient, streamlined and even quieter for painless grass cutting. That way, you can focus on spending time with family and friends instead of mowing your lawn under the hot sun. Many models can be scheduled to cut when you want them to and offer easy control, so you can take the work out of yard work.
Toilet Talk
Smart toilets offer amazing technology such as ultraviolet light for sanitizing, night lights, self-cleaning nozzles and deodorizers. These thrones give you more than the traditional toilet. Newly added comforts such as a heated seat, automatic opening and closing lid, front and rear warm water sprays, auto flush and warm-air dryer make your bathroom a high-tech experience.
Pet Products Save The Day
Tired of constantly cleaning the litter box? There's a robot for that. Check out this awesome list of smart pet products, including a remote-access automatic feeder, glow-in-the-dark collars, automatic pet door, treat tossing camera, GPS trackers and of course, the self-cleaning litter box. You and your furry friends will be glad you did.
Smart Starts in the Garage
If you've ever been locked out of your garage, you know the feeling. That's why smart garage door openers have been popping up everywhere to give homeowners access to easy-to-use tech. From Amazon deliveries to letting family and friends inside, these clever openers don't just click to close. They let you have control from your phone with daily notifications, custom schedules and even home lighting accessibility while you're away.
Let's not forget gadgets that wet mop, clean windows, scrub barbecue grills, offer companionship and even teach the kiddos. With so many options today, new technology can be a reality of modern life and can make yours so much easier!
Waterfront Buying: 8 Steps to Buying a House on the Lake
Does the idea of turning your love of spending weekends out on the lake, fishing, or lounging by the shore, into your everyday way of living? Buying a house on a lake could be your answer. However, be aware it comes with challenges making it a tall order. Still, the effort is worth it!
Let's look at eight crucial steps when buying a house out on the lake:
For the right buyer, a lakefront home is an ideal choice. As a primary residence, a seasonal vacation getaway, or even a rental property, it's an excellent investment in your quality of life. Use these eight tips, and you'll be on your way to a successful lakefront buy.
It's hard to imagine a better way to spend a sunny spring day in Louisiana than a bike ride. It's the perfect season to enjoy the outdoors, and the Shreveport area is blessed with an abundance of excellent bike paths.
In honor of National Bike Month, which spans the entire month of May, Our real estate agents are here to share some of their favorites. Check out these perfect destinations for a family bike ride in the Shreveport, LA area!
Contact us today to learn more about life in Louisiana! Our real estate agents are dedicated to helping you find your dream home in Shreveport and the surrounding areas.
You may be ready to start an exciting adventure in a new home, but what about your pets? Some furry family members may find moving to an unfamiliar place stressful, but there are ways to ease them into it with a little advance planning.
Pet-Friendly Properties
Living harmoniously with pets is a top priority for homeowners. The APPA National Pet Owners Survey by the American Pet Products Association estimates that 70% of all U.S. households – roughly 90.5 million – owns one or more pets. That's a remarkable figure that impacts many aspects of the economy, including residential real estate. People love their pets and today's home buyers are seeking properties that reflect it. For some house hunters, finding a pet-friendly home is as simple as getting a place with a fenced-in yard, hard-surface flooring or space for a litter box. Others, however, are looking for more deluxe amenities for Fido and Fluffy.
The Pampered Pet
Some pet-centric home designs cater to the four-legged family members. Today's popular custom details include under-cabinet food stations, pet washing facilities, and built-in crates, beds or pet suites. Also sought after are high-tech smart-home features like electronic pet doors and remote-access security cameras that let homeowners keep an eye on their pets when they're away.
Park, Park, Park!
Location matters to pet owners. A pet-friendly community is a must, and proximity to an off-leash dog park or long nature trail away from busy streets is a bonus. And while parents of young children often make school districts a priority, some pet parents also seek homes close to their veterinarian, boarding facility and doggy daycare.
This Way Home
Show your pets the lay of the land at the new house. Determine where your pets' toys, bed and water bowl will go, then take them on a home tour to familiarize them with their designated areas. Be sure to examine the home for safety hazards, then let them poke around and discover new scents and favorite spots. Cats may feel more comfortable adjusting to one room at a time, so start them off in a smaller space and let them take their time exploring.
Adjustment periods in a new home are easy when you keep these tips in mind and stick to your pets' regular feeding and walking routines. They should barely notice the move and continue living their usual happy lives in the comfort of your new home.
Spring is typically the busiest season in real estate. If you're thinking about selling your house, then this is truly a can't-miss opportunity. Buyers are hitting the market in force after a winter of hibernation, curb appeal is springing back, and warmer weather makes it easier to finish chores around the home. Now all you need is to get your home — and yourself — ready for the busy season ahead.
With the right preparations in place, you'll be ready to hit the ground running during the busiest months of the real estate calendar. Selling your house is much easier when you take the time to plan, prepare and put your strategy into action. The right real estate agent and willingness to research on your own are the key ingredients to simplify selling your house this spring.
WE ARE TIGHTER THAN THE NATION
By Brad Gosslee, President, Coldwell Banker Gosslee
Let's get right to it. The housing market in Northwest Louisiana is tougher than what we are seeing across the nation.
The National Association of Realtors just came out with its Existing Home Sales Report looking at March sales and I found it striking how much tighter our market was. But before you think it is all gloom and doom, as we go on in this blog, there are some potentially promising signs.
Looking at the below chart, we are down in numerous categories compared to the overall U.S.:
|
U.S. (change over March '21) |
Northwest LA (change over March '21) |
Median Price |
$375,300/-4.6% |
$193,345/-1% |
Number of Sales |
5.77 million/-7.1% |
491/-8% |
Inventory |
950,000/-9.5% |
688/-11% |
Months Supply |
2.0/2.1 |
1.4/1.8 |
Median Days on Market |
17/18 |
9/43 |
On the flip side, it is important to notice that our affordability levels are a HUGE positive. Our median priced home (the middle of all sales) was a whopping $181,955 less than the national price. Also, while our prices have appreciated from about $158,000 in March of 2019 to today's $193,345, we are seeing the pace of price increases slow.
We ended 2021 up 8% for the year to an overall median price of $198,950. This was another anomaly as traditionally I call our market "Steady Eddie" since we don't normally see huge annual increases. So far this year, prices are flat over this time last year.
Also, while most of 2020, and all of 2021, saw sales greatly influenced by historically-low mortgage rates, the work-from-home phenomenon and other pandemic-fueled sales, we may – I say "may" because none of us has a crystal ball – slowly begin to see a more normalized housing market.
But this can only occur if – and only if – we start to see more homes come on the market. While this will likely not happen overnight, here is what could start to happen:
But we are definitely not there yet. Our demand is still really strong and inventory levels really low.
Sales is a great reflection of demand. While we are down 2% in sales over last year, remember this is off a record pace last year. Consider that since March 2018, just four years ago, we are:
Price Range |
March 2022 Sales |
March 2018 Sales |
Total |
490 |
379 |
$100,000 & less |
81 |
103 |
$100,000-$200,000 |
176 |
166 |
$200,000-$300,000 |
149 |
76 |
$300,000-$400,000 |
47 |
23 |
$400,000-$500,000 |
23 |
7 |
$500,000+ |
14 |
2 |
I think the major reason for the year-over-year sales slowdown is a reflection of our inventory remaining ridiculously low. Last February was our lowest inventory level ever with only 667 homes on the market. Today we are at only 688. This equates to a major seller's market with a paltry 1.4 month supply, far below the 5-6 month range we need for a balanced market where neither buyer nor seller has a negotiation advantage.
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 |
March 2022 Available Homes/Month Supply |
March 2018 Available Homes/Month Supply |
Total |
688/1.4 |
2,222/5.5 |
$100,000 & less |
181/2.4 |
456/4.7 |
$100,000-$200,000 |
168/1.0 |
745/4.8 |
$200,000-$300,000 |
127/0.9 |
495/5.6 |
$300,000-$400,000 |
64/1.2 |
263/9.5 |
$400,000-$500,000 |
51/1.9 |
116/13.7 |
$500,000+ |
93/5.1 |
145/21 |
If you are looking for a positive sign of a more stabilized market, you'd look at our most expensive homes where the month supply, which had come down dramatically from the 20-month level prior to the pandemic, has leveled off in the 5-month range for a while.
The impact of the inventory challenge is really noticeable in the $300,000-$400,000 range where only 64 homes were available. This sector has been fueled by move up buyers who took advantage of their equity and historically-low mortgage rates to buy larger and more expensive homes. We are down in this price range 12% across the region, 17% in Caddo Parish and 10% in Bossier Parish.
Price Range |
YoY Number of Home Sales NW LOUISIANA |
YoY Number of Home Sales in Bossier Parish (% change over March 2021 |
YoY Number of Home Sales in Caddo Parish (% change over March 2021 |
YoY Number of Home Sales in Desoto Parish (% change over March 2021 |
Total |
1,252 (-2%) |
466 (-7%) |
744 (+1%) |
42 (0%) |
$100,000 & less |
224 (+14%) |
50 (+9%) |
169 (+16%) |
5 (0%) |
$100,000-$200,000 |
425 (-14%) |
128 (-23%) |
282 (-8%) |
15 (-29%) |
$200,000-$300,000 |
372 (+8%) |
165 (+2%) |
198 (+14%) |
9 (+0%) |
$300,000-$400,000 |
134 (-12%) |
79 (-10%) |
50 (-17%) |
5 (0%) |
$400,000-$500,000 |
56 (+14%) |
30 (+58%) |
23 (-18%) |
3 (+100%) |
$500,000- |
24 (+4%) |
8 (-38%) |
12 (+20%) |
4 (+400%) |
$600,000+ |
17 (-11%) |
6 (0%) |
10 (-23%) |
1 (+100%) |
I am so proud of our agents. Coldwell Banker Gosslee has led the local real estate industry for 29-straight years. We really believe that full-time agents deserve full-time support. And today's market certainly demands full-time agents who have proper, non-stop training who can be in constant communications with their clients.
Our behind-the-scenes team are unsung heroes. They work closely with our agents to assist them in attracting buyers, marketing your home and handling back-end details, which allows our agents to attend training classes, network with others and work closely with you.
While none of us has been through a market quite like this, we have been in business since 1960 and have amassed great knowledge and experiences. Both buyers and sellers NEED that today.
I want to re-iterate what I wrote last month:
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:
To those who are considering selling your home, I would encourage you to have a conversation with one of our agents. They can help you understand market conditions, give you a look at what your home is worth, help you meet with an agent where you are considering moving to (if it is out of town), and answer any questions you have.
Of course, you should feel free to reach out to me at bgosslee@cbgosslee.com.
See you next month!
Buying a home is a big financial decision and making your new home a reality means you'll need some money for a down payment. Homeownership is a great goal to have, and once you've figured out how much money you need to save, you can get down to business. As a general guideline, you'll need between 5% and 20% of the purchase price of a home. The actual number will depend on your financial situation, but it's always a good idea to get started as soon as possible. If you happen to end up with extra money, it can be applied to your moving expenses. Here are some suggestions to get started saving.
Saving up for the down payment on your new home can seem like an enormous task. But the truth is several small steps, and a little effort can make a big difference. You'll be in your new home before you know it.
Home staging highlights the best features of your house and makes it more marketable by giving it a clean, organized, and neutral appearance. It also makes your home more appealing to the greatest pool of prospective buyers.
Hiring a professional stager is a good investment because they have the design expertise and time to get the job done right. If you don't have the budget to hire a professional, follow these six home staging tips to get you on your way.
Making your home shine is a critical component of a successful sale. If you need more tips, your real estate agent will know how to transform your home so buyers will bite.
Earth Day is on April 22, and there are so many ways to join the movement including these 52 tips to invest in our planet. Looking to celebrate and help at the same time? Here are five tips that you can try from the comfort of your own home.
Reuse and repeat. Plastic bags and single-use bottles often end up in landfills or in our oceans, rivers and lakes. Reusable bags and bottles offer a stylish and eco-friendly alternative that you can easily refill and reuse. Find the perfect spot to store them in your home or car, so you can take both on the go to grocery stores, running errands and to your kids' soccer games.
Hit the great outdoors. With so many distractions today, it can be hard to find time to get outside. Earth Day is simple reminder of just how beautiful our planet is. Spend an afternoon on your backyard patio with friends or family, take a long walk around the neighborhood or visit a local hiking trail — you can even register to be a part of the Great Global Cleanup in your community.
Try an organic garden. It feels good to be self-sufficient. While we can't always be that way, a little starter garden doesn't take up too much space. You can even have a portable garden on your porch or balcony. And with pollinator gardens, the kiddos can see how bees and other pollinator populations are crucial to our habitat.
Plant a tree or two. Did you know trees can reduce a household's energy consumption for heating and cooling by up to 25%? By adding a small tree to your local neighborhood's tree canopy, you can help save money and provide a vital wildlife habitat for years to come. Studies have shown that trees are great for our stress levels and mental health, too. So, plant one!
Window shop instead. Shopping secondhand or simply reducing your purchase volume is a great way to reduce your environmental impact. When it comes to home décor shopping, it's easy to fill up on new and mass-produced items that often end up in a landfill when you tire of them. This year, discover something new that's old while at consignment shops or vintage outdoor markets.
However you choose to celebrate Earth Day this year, try it at home with friends and family. Spending time with loved ones can remind us just how lucky we are. And treating the planet like your home is a great way to give back.
You may hear all kinds of conflicting advice from friends, neighbors, and relatives. If you do your research, you can get a better understanding of what is actually involved in the home-buying process. Here are the truths about four common home-buying myths:
One of the best things about being a homeowner is being able to renovate your space. You're not stuck with someone else's ideas about what you need or what looks good. You can improve the functionality of the space, or just opt for something with more personality or style.
If you've been thinking about undertaking some renovations or upgrades to your home, the laundry room is an excellent place to start. Lots of the solutions you can do for the laundry room are quick and easy fixes. In many homes, the laundry area was built as a very basic space. So giving this room some added functionality and style can make a big difference. Here are some ideas to get you started.
Doing a few quick and easy renovations to your laundry area can take it from boring to amazing. It will also give you a sense of accomplishment, and it might make doing the laundry just a little more fun!
It might have been love at first sight or maybe it took one or two dates, but do you remember what it was like to find that special one and fall in love. You might feel the same way when you're buying a home. You see several possibilities, listen to a few friends and then all of the sudden, you find the right one--your dream home.
Buying a house is a big undertaking. For most people, their home is their largest personal investment. Buying a home is filled with big expectations and without due diligence, there can be big disappointments.
It is important to look deeper into buying a house to make sure you'll love for the long haul. Take into consideration the following questions to find your happily ever after:
Many sellers rush to put their homes on the market without giving too much thought to what it takes to grab a home buyer's attention. As you consider listing your home, there are a number of "secrets" you can use to take your house from ordinary to extraordinary in the eyes of homebuyers.
Make your home stand out from the competition by following these selling steps.
A little effort on your part will go a long way to increasing the chances of your home selling quickly. Following these steps can make your home selling process fun and pain-free.
If you accepted an offer with a home inspection contingency, be aware that your buyer is entitled to renegotiate or walk away based on the results of the home inspection. Therefore, many consider the home inspection one of the final hurdles to clear before closing.
Home inspections can uncover all sorts of concerns ranging from minor to significant. While you aren't legally obligated to pay for any repairs prior to closing, failing to fix some essential items can ultimately cause the deal to fall through. Below, we'll focus on what sellers should fix and what concerns you can most likely let slide:
Essential Seller Repairs
If an issue uncovered in the home inspection leads to health or safety concerns or raises questions regarding whether the home is inhabitable, it's reasonable for buyers to ask sellers to address it prior to closing. Some of these more serious concerns include:
Again, while the seller doesn't have to make these repairs, the buyer is within their right to walk away if these aren't addressed. Also, in some cases, the buyer's lender may require that some of these issues are taken care of before the buyer can secure financing, especially if the problems are serious.
At the end of the day, everything is negotiable. If you're in a hurry to sell, you can also offer to lower your sale price as opposed to fixing the issues.
Non-Essential Repairs
While it's usually good to fix doorknobs, loose boards, light switches, and even paint prior to listing your property, sellers generally aren't on the hook for cosmetic repairs or problems caused by general "wear and tear." As a rule of thumb, you shouldn't worry about any minor repairs that cost less than $100. Buyers will most often prioritize the largest, most serious concerns.
Selling Your Home As-Is
Sellers always have the option to sell a home "as is," which signals to buyers there is no room for negotiation on repairs. This might be the best option if you need to sell quickly regardless of what issues turn up.
Keep in mind, buyers will still conduct a home inspection and can still ask to negotiate the sale price based on the results of the inspection. However, in this instance, you wouldn't be on the hook to finance and manage the repairs yourself.
The home inspection is often one of the most stressful parts of a real estate transaction, and it can be somewhat unpredictable. As a seller, it's not your responsibility to fix every item, but you take care of the major issues. During the process, rely on your real estate agent to help you negotiate the terms and details.
Buying a house is a goal of many Millennials. However, some people mistakenly believe that it's an impossible goal. If you're interested in buying a home, it's essential to know this goal is attainable with a little patience and preparation. Millennials take note: these six tips will help you become a happy homeowner.
Buying a house is a realistic goal for many Millennials. If you learn to manage your finances, gain insight into the real estate market, and trust your real estate professional you'll discover that buying a house is an attainable goal.
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.
If you have kids, keeping them busy and active can be a challenge. Especially if the weather is too hot, cold, or rainy, it can be tough to find something for them to do. Fortunately, Shreveport has plenty of indoor activities that kids will love.
Our real estate agents suggest visiting the following kid-oriented indoor destinations in Shreveport:
Contact us if you'd like to see Shreveport homes for sale. We're the largest full-service real estate company in Northwest Louisiana and have been helping residents buy and sell homes since 1960.
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.
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.
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.
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.
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.
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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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.
To view or download the full report click here.
January Summary: Sales demand remains high. Average price down a little. Inventory at all-time record low.
Sales: Historically speaking, sales this January were very strong but they were down a little compared to last January. There were 368 sales posted this January versus 377 last year. That's only 9 less sales, but still down. The 5 year average for January on the other hand is only 280. So while we did not top January sales from last year (which was a record by the way) we were still up a whopping +31% above our normal sales average for January. These results differ though when you drill down on each parish. Sales in Caddo were actually up +13% versus January last year while Desoto parish was down –25% and Bossier parish was down –21%. This is primarily due to the lack of available inventory for buyers to purchase. We need more listings to meet the current buyer demand. 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 to the low 900's where hovered for the last few months. However, it has now dropped again back down to 737 which is officially an all-time low. With 368 homes sold in January and only 737 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes is now only 1.5 which is unchanged from last month. This is incredibly low for the Shreveport-Bossier market. Just 12 months ago, the monthly supply was 1.9, and two years ago it was 4.4. There were 499 new listings that came on the market in January in all price ranges but the majority were put under contract shortly after hitting the market. There are currently 618 properties in pending sale status. This is up from 562 last month.
Prices: With the continued low inventory and strong sales demand, you would think prices would continue to climb every month. However, the average home price declined this January. Primarily because there were more sales in the Under $100k price segment than we had been seeing lately. The average price this January was $201,626 versus $231,165 last month and $213,370 last year. On a price per square foot basis though, sale prices were pretty much flat at $103.58/ft versus $103.97/ft last year.
The following figures are through the month of January 2022