10 must-know real estate facts

• By STEVE WHEELER
• Advocate Real Estate editor
• Published: Jun 14, 2009

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Real estate in the Baton Rouge metro area continues to hold its own, despite conditions in other markets around the country, according to local Realtors.

And the president of the Greater Baton Rouge Association of Realtors is confident that low interest rates and federal tax incentives will continue to boost the local market.

“The Baton Rouge area continues to remain a local market unaffected to date by the national markets,” Sandy Daly with C. J. Brown Realtors said.

“That coupled with the $8000 tax credit and low rates should bode well for our continued stability.”

The federal government is offering $8,000 tax rebates for first-time homebuyers who purchase a home this year.

While home sales have shown a decline compared to last year, home values have remained fairly stable, and inventories remain healthy, Daly said. The average home now stays on the market for 93 days, she said.

In addition, new efforts announced by the Obama administration aimed at keeping homeowners in their homes should help more people avoid foreclosure, she said. Baton Rouge has not seen a dramatic increase in foreclosure rates like some other areas of the country.

“We are most fortunate,” Daly said. Even though home sales are down, “The signs are pointing in a positive way. Now is a fabulous time to buy a home.”

According to the association, 10 things you should know about the Baton Rouge real estate market include the following:

• Interest rates are historically low, in the 4.5 percent range for a 30-year fixed rate.
• Rural Development  loans featuring 100 percent financing are still available here.
• The federal government’s $8,000 tax credit is a gift and not a loan for qualifying first-time homebuyers.
• Our local climate allows for year-round house-hunting.
• The food here is among the best around, and there’s always plenty of it. Local chefs are the best in the business.
• Baton Rouge has a variety of job opportunities, and unemployment remains comparatively low.
• The Baton Rouge area is above national averages in compensation.
• The area is known for quality homebuilding and high home energy-efficiency ratings.
• The downtown area and antebellum homes offer great tourism and day trip opportunities.
• Baton Rouge is famous for our joie de vivre. Let’s face it, Baton Rouge is a fun place to hang out. Food, festivals and fun are important parts of our community.