Gayle's Blog

I have so much sympathy for our neighbors to the west. They were hospitable to so many LA citizens for a very long time after Katrina. I hope the caring Texas Realtors know that we have not forgotten your help in 2005. We are here to help you now.  If you had to leave your home because of storm damage, we are ready to help you in north LA, too.

The news media reports that Ike missed LA and moved into TX. Here are a few pictures of what Ike left us. If we missed the main part of the storm, just imagine what happened in Texas.

This is Middendorf's Restaurant, a local favorite. It's off I-55 south of Hammond, LA. During one of my stops here on my way to New Orleans, restaurant staff told me proudly that this building did NOT flood during Katrina.

This is something we always like to see--trucks from Entergy, the regional utility company. Here, they are on the way to Port Fourchon, LA.

This shot is from Lake Charles, in southwestern LA.  Blackjack anyone?

If you're moving to LA and nervous about flooding, rest assured that we take flooding very seriously throughout the state. Declared flood zones are always disclosed, and owners are required BY LAW to inform you if water has ever entered the property by flooding or by wind and rain. Your buyer's agent will make sure you are made aware of all the facts when purchasing property in any area that has been affected by a storm.

Gayle Causey
Keller Williams Realty
1390 Hudson Lane
Monroe, LA USA
http://WestMonroeRealEstate.com
http://DeltaNeighbors.com

Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.

In fact, when 2 local lenders sent rates to me today, I can see that rates are definitely FALLING!!
Bankers Mortgage Center (OIB) reports 30 year Conv Fixed Rate at 5.750 % (up to 95% & up to $417,000).
Iberia Bank's Conv. Fixed Rate is at 5.875 % while the Rural Development Loan is at 5.5 %.

This should be good for would-be homeowners. It will reduce the cost of financing at the new and improved Fannie and Freddie.

But the news isn't all good. With Friday's report that foreclosures in other parts of the country are at all-time highs (NOT in Louisiana), Fannie and Freddie are expected to maintain - if not ratchet up - tighter lending standards. And the fees they have introduced for borrowers with weaker credit histories won't go away anytime soon. Lenders are demanding credit scores much higher these days than the average 620 in the past, experts said.

While nationally U.S. home prices fell compared to last year, northeast Louisiana real estate is still in the win column, with average home prices climbing.  

Here's proof.  The following figures are from the Multiple Listing Service, NELA Assoc. of Realtors:

Total Houses sold Jan-Aug, 2007 = 1,560  
Avg. price = $138,661,  which is 96.2% of list prices
Avg. days on the market = 114  

Compare to  

Total Houses sold Jan-Aug, 2008 = 1,396
Avg. price = $140,096,  which is 95.66% of list prices
Avg. days on the market = 118

(These figures are for all parishes in northeast LA, not just Monroe & West Monroe.)

Given the above, I believe we will have a fairly robust fall market here. So please call or email me with the next person you know who I could help buy or sell in Monroe, West Monroe, Calhoun, Swartz or Sterlington. I will be sure to take excellent care of them. Please feel free to forward this message on to people you feel would be interested.

Gayle Causey
318-614-5615
Keller Williams Realty
1390 Monroe, LA USA
http://westmonroerealestate.com

We should have known. All the rain that came with Hurricane Gustav will provide the perfect nursery for record numbers of mosquitoes in the days and weeks ahead.  Here in Monroe, LA, it rained more than 9 inches in 24 hours.  In the little town of Lake Providence, LA, they received 20 inches of rain in about 36 hours.

Please be diligent in making sure there is no standing water around your yard. Check all the flower pots, pet bowls, bird baths, etc. that may have standing water. I change the water in my bird bath every day. The birds like it, and it eliminates the growing medium for mosquito larvae.

There was severe flooding in parts of Monroe and West Monroe. The son of a friend lived in the apartments near the West Monroe Guest House, and their flooding was so severe that they lost everything. What a shame. This is more widespread that you might imagine. If you can offer a helping hand to some of your neighbors, I'm sure they will really appreciate it. Even a small kindness like giving flood victims some towels, sharing supper or buying some pet food will make a big difference in how they feel. It must be really awful to be left with NOTHING in such a short period of time.

We are hosting several KW family members from the Baton Rouge, Alexandria and Mandeville areas. If you are displaced and find yourself needing a place with internet access and friendly faces, give us a call. Our arms are open.

Stay safe. Stock up on mosquito repellent!

Gayle Causey
Keller Williams Realty
1390 Hudson Lane
Monroe, LA USA
318-614-5615-cell
318-812-7653-office

Rates for SEPT. 5, 2008

• 30-yr. Conv. Fixed          6.0%
  up to 95% of value
• 15-yr Conv. Fixed           5.75%
  up to 95% of value
• FHA/VA 30-yr Fixed         6.0%
• 30-yr Rural Housing        6.5%
  min. loan $47,500
• Rates courtesy of Bankers Mortgage Center, 909 N. 18th Street, Monroe, LA.
  

The 30-yr. Conventional rate has inched DOWN a little today (from 6.125% on Sept. 4), but other rates remain the same.

If you need more information about what is going on the the real estate market in north Louisiana, especially Monroe and West Monroe areas, please call or email me.  I'm here to help.

Gayle Causey
318-614-5615
Keller Williams Realty
1390 Hudson Lane
Monroe, LA USA
http://WestMonroeRealEstate.com

Beautiful 4/3.5 in Lake Village Subd.  $233,900.
Downstairs master bedroom, wood floors, fireplace, view of the lake from
the front porch swing.

OPEN Sunday, 2-4:00

Gayle Causey
318-614-5615
Keller Williams Realty
Monroe, LA USA
See more pics at http://WestMonroeRealEstate.net

The news tells me that Louisiana dodged the bullet with Gustav. I doubt the people in Baton Rouge and many other parts of the state would agree. This was no Katrina, but Gustav definitely brought its own brand of havoc.

Here in north LA, we thought the storm had passed, but we were wrong. We had 9.3 inches of rain in a 24-hr. period Tuesday. More is expected today. The wind is not an issue, but lots of areas are experiencing flooding. In fact, many of my neighbors had water come into their houses last night. I was spared, but I was very nervous!

My friend Nonnie is in a nursing home in West Monroe. They had sandbags in several areas around the building, but water still seeped into many rooms. Residents were moved to dry areas during the night. This is very upsetting for many residents who cling to the familiar surroundings of their little rooms. It will be several days before the carpet can be removed so that they can return to their own spaces. Another nursing home near Glenwood Hospital was evacuated due to flooding.

Unexpected guests continued to arrive last night. 

This alligator was found last night on Brookwood Drive, just off Hwy 165N. Unfortunately, he was shot when he bit one of the officers who was attempting to capture him.

My daughter evacuated to Baton Rouge where she experienced more storm activity than in New Orleans. Like everyone else, she is anxious to get home. The problem is that there is no power in Baton Rouge, so she can't get any gas or supplies to take home with her. In the New Orleans area, lack of power means no groceries and no gas. It's a dillema faced by thousands of people now displaced again. Hopefully it won't be such a long time away from home this time.

Keller Williams Realty is open and doing well! Thankfully, we had no damage and no flooding at our office.  I've heard that another local real estate company just off N. 19th Street had water come inside. I'm not surprised. I stopped by there about 7:30 Tues. evening to pick up some papers. Water was well above my ankles in the parking spots at the front of the building then, but it had not yet gone inside. The streets around that area were all flooded. It's a mess.

Needless to say, most people have been too distracted the past few days to be looking at houses. If your house is on the market, please make sure your yard is the first in the neighborhood to be cleaned up. Buyers will be out again soon!

Gayle Causey
Keller Williams Realty
Monroe, LA USA
318-614-5615
http://GayleCausey.com