New Orleans Real Estate News

Dec. 8, 2017

Rental Prices on The Rise Again in New Orleans

As 2017 draws to an end we are once again seeing a rise in rent prices across the city on the rise. Zumper, a national screening tool for the real estate market, reported recently that rentals in the New Orleans Market have risen four spots in just the past month to now be the 17th priciest rental market in the nation.

 

According to the report by Zumber, One bedroom rentals saw a 5.3% spike in rental prices to a city average of $1380. However, from this report there is some positive news, two bedrooms have slightly decreased to an average cost of $1460 across the city.

 

With the current rise in rental prices it may come has a surprise that home sale prices are not corresponding to the same trends. In fact, home sale prices continue to fluctuate around the $298,000 median price since early 2016.

 

Considering all of the available programs that the various parishes and lenders are offering to help in acquiring a down payment for homes, this rental price surge would suggest that it a great time to make the move toward home ownership.

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Information for this blog has been provided by:
https://www.realtor.com/local/New-Orleans_LA

 

https://www.zumper.com/blog/rental-price-data

Posted in In the News
Nov. 15, 2017

Jefferson Parish Finance Authority Programs for Home Buyers

Outside of Orleans Parish, potential homebuyers are finding great new programs to assist them in the dream of becoming homeowners. The Jefferson Parish Finance Authority (JPFA) has an amazing program  available to provide pathways to homeownership in Jefferson Parish.


The JPFA is now offering a competitive 30-year fixed rate mortgage with a Down Payment Assistance (DPA) Grant. The grant is equal to 3% or 4% of the loan amount to qualifying homebuyers for FHA, VA, or RHS loans. The second option available in the program from JPFA is a grant that is equal to 3% of the loan amount to qualifying home buyers for a Freddie Mac HFA Advantage Loan.


In order to qualify for this program potential home buyers must have a credit score of at least 640 and not exceed income limits of 115% of HUD Median Income. For the Freddie Mac HFA Advantage Loan there is no income limit to qualify for the program.
To find out more information on this program and other financing options in Jefferson Parish visit, www.jpfinanceauthority.com or contact one of our agents today.

Posted in In the News
Nov. 1, 2017

Welcome to the Cap Club Jared Fousch!

Congratulations Jared! Hard work and dedication pay off! You're amazing customer service to your clients and your daily grind are really paying off. Welcome to the Cap Club!

Posted in In the News, News
Oct. 27, 2017

Craig Mirambell of Mirambell Realty has Been Elected to NOMAR Board of Directors

The Mirambell Realty office is so excited and proud to announce that our very own Craig Mirambell has been elected to the New Orleans Metropolitan Association of Realtors (NOMAR) Board of Directors. The election results were released this week and Craig has been selected to be the voice for the Realtors of the New Orleans metro area. Congratulations Craig, we know you will make the MBell team proud with your new role as Director.

Posted in In the News, News
Oct. 27, 2017

Christine Sim is Mirambell Realty's New Office and Marketing Manager

The Mirambell Realty family grew again, Christine Sim has been brought on as the office and marketing manager. The team at MBell Realty is super excited to have Christine on board and we know she will fit in perfectly with the culture at Mirambell Realty. She brings her experience as a proven leader in a slew of organizations throughout her college years to Mirambell to provide fresh new ways of looking at marketing in the real estate world. Welcome to Mirambell Realty, we are excited to have you and for the innovative new ideas you can bring to the MBell team. Welcome Christine!

Posted in In the News, News
Oct. 24, 2017

MAP Program for First Time Buyers

The city of New Orleans has already recognized that getting over the hurdle of saving for the down payment was impeding many from becoming homes, now mortgage companies are are also recognizing this struggle potential homeowners are facing.

Movement Mortgage just launched a new mortgage program called Movement Assistance Program (MAP). The MAP program provides qualified homebuyers with a grant to assist with up to 3% of the sales price or appraised value (whichever is lower) to use as their down payment. The grant does not need to be repaid, and unlike the New Orleans Finance Authority program the grant does not come with the stipulation that you must maintain in the home for the next five years.

 

The MAP program also provides allowance for seller or other interested party to contribute up to 4% toward closing costs. This program is a custom, affordable lending conventional, fixed rate program.

 

 

To find out more information on the MAP program or other mortgage options available from Movement Mortgages please go to https://movement.com or reach out to Leslie O’Neal at either (949) 933-7055 or leslie.oneal@movement.com.


Posted in In the News, News
Oct. 19, 2017

Britney Theriot is Mirambell Realty's Newest Realtor

The Mirambell Realty family of agents grew again today, with the hiring of Britney Theriot as it's newest agent.  The team at MBell Realty is super excited to have Britney on board and we know she will fit in perfectly with the culture at Mirambell Realty. Welcome to Mirambell Realty, we are excited to partner with you and reach new heights in your career. Welcome Britney!

Posted in In the News
Oct. 12, 2017

Mirambell Realty Welcomes Lenée Crowley to the Team

Mirambell Realty has grown again by adding Lenée Crowley to our team of Realtors. Lenée looks forward to serving her clients with all of their real estate transactions. Welcome Lenée!

Posted in In the News, News
Oct. 11, 2017

First Time Homebuyer Assistance Program for New Orleans

 

One of the most daunting steps to take towards accessing home ownership is coming up with the down payment. I know as a millennial myself, the idea of having to pay those pesky student loan bills every month and a mortgage seem, well honestly impossible. But believe it or not but there are many opportunities available to overcome that hurdle in the home buying process. The dream of being a first time homebuyer isn't that far out of reach for those in a similar boat.

 

The city of New Orleans has created a down payment assistance program through the Finance Authority of New Orleans (FANO). FANO is a housing and development finance agency created to serve New Orleans. They help to provide mortgage financing for low to moderate income families and credit support for affordable rental and community development projects. Their mission is to improve the quality of life in New Orleans by investing in the creation of affordable housing and economic development projects, which in turn creates quality jobs and wealth for residents.


In order to be eligible for this program, potential homebuyers must attend a homebuyer counseling course prior to final loan approval. Information on approved homebuying education courses can be found on financeauthority.org. Only attendance at an approved course will count towards the requirements for the program. Along with attendance at an approved course, financing must be acquired through one of their participating lenders.


Successful completion of the requirements for the program will allow homebuyers to choose from two forms of down payment assistance. The first option will give homebuyers a second interest free loan that would cover 10% of their purchase price to use as a down payment. The second option will give homebuyers a grant that would cover either 3% or 5% of their purchase price. In order to qualify for the second option, the homebuyers must remain in that home for the next five years or will have to face repayment of the grant.

 

More information on the assistance program can be found at www.financeauthority.org. You can also reach out to any of our agents here at Mirambell and we can help you through the process.

Posted in In the News, News
Oct. 9, 2017

Zillow Trying to Get in the 3D Virtual Tour Game

Remember back to early 2015? I know it may be difficult to remember that far back, but let me jog your memory a bit. In February of 2015, here at Mirambell Realty we sent out a press release because we were the first in the New Orleans area to market with a unique 3D virtual tour.

 

The virtual tour changed the game on home buying, and I guess others have caught on since then because just last week Zillow announced that they will be rolling out their own 3D home tour service.

 

Zillow will be releasing a new app, which will only be available for the iPhone for the present time. The app, called "3D Home", will create an immersive experience all from the users phone. Users will be able to snap images from their phone in a similar method to using the phone’s own panoramic setting. Then the photographs will be uploaded through the app and stitched together automatically by Zillow to create a seamless tour from room to room. Zillow says a 3,000 sq. ft. home should be able to be photographed in about 30 minutes.

 

The app is currently in its early stages of development and won’t be available across the nation until late 2018. However, despite being the only mobile-based app that can offer 3D virtual tours at no cost, it seems like users could be waiting a while for all the kinks in development to be ironed out. Might just be best to stick with those, like us here at Mirambell Realty, that have been doing these tours for years now and have the technology to create truly immersive tours of your home listings.

Posted in In the News