St. Tammany Parish residents are familiar with the I-12 traffic especially after the May 26, 2018 crash that closed the highway for hours leaving commuters stranded on the eastbound side. The state Department of Transportation and Development is ready to begin the first phase of the $55 million I-12 widening project.

The first phase of the three phase project will be completed by James Construction Group based out of Baton Rouge, LA. The two and a half year first phase will cover 3.26-miles of I-12 between US 190 and LA 59 which over 76,000 vehicles travel per day. A third lane will be added in both directions along with widening bridges over U.S. 190, Ponchitolawa Creek and the Tammany Trace.

“This (first) project is just one phase in the overall three-phase plan to widen this critical corridor to reduce traffic congestion along I-12 and strengthen this section as a vital economic corridor,” DOTD Secretary Shawn Wilson said.

Funds to complete the first phase will come from federal transportation dollars. Funds belonging to the federal transportation that were not used by other states were given to states that had obligated all of their federal highway funding.

“The widening of I-12 in St. Tammany Parish is a project that has been on the books for years but was not able to move forward due to funding,” Gov. John Bel Edwards said in a statement.

As for phase two, which will include widening LA 21 and US 190, will take place west of the first phase. Bids for the second phase will be looked at in the Spring of 2020. Cost will be covered for phase two with a $25 million federal grant, $5 million from the state and $7.2 million from St. Tammany Parish.

Plans are also being made for the third phase that will widen I-12 from LA 1077 to LA 21.

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Freddie Mac reported a small bump up in the 30-year rate in their last data released, however it is predicted that the rates will come down this fall. According to the latest data, the 30-year fixed-rate average is now at 3.65 percent with an average 0.6 point and the 15-year fixed-rate is now at 3.14 percent with an average 0.5 point.

Many lackluster economic views are putting pressure on the mortgage rates to fall. Bankrate.com reported that close to three-quarters of economic experts predict the rates will fall this week. The U.S. Treasuries rose and yields have fallen. The 10-year bond dropped to 1.6 percent at the beginning of Oct. 2019 and just two weeks ago, it was reported at 1.8 percent. When U.S. bonds dip, the mortgage rates usually follow.

“Fueled by low rates and solid home-buyer demand, this fall’s mortgage market continues to be busy,” said Bob Broeksmit, MBA president and CEO. “Mortgage applications for both refinances and home purchases increased last week, and the year-over-year gains were even more impressive. With rates expected to stay around 4 percent, overall activity in the final three months of 2019 should stay solidly above last year’s levels, when borrowing costs were much higher.”

The Mortgage Bankers Association reported that mortgage applications are on the rise. Their report shows an 8.1 percent increase from the previous week’s report. The report also relayed a 14 percent jump in the refinance index and a 1 percent jump in the purchase index.

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A day ago CNBC.com reported that the Fall housing market will shift to a buyer’s market. Good news for those searching for a home to purchase but not quite what a potential seller of a home wants to hear. According to the website, fewer consumers believe now is a good time to purchase a home. The site reports that appraisals have gotten more stringent and potential buyers are more cautious and are willing to take their time when it comes to purchasing a home.

 

These factors are contributing to  an increasingly crowded housing market. There is more competition sellers have to face. If you are planning to sell your home in the near future, here are seven tips to follow to help stand out in the crowded market.

Just like the game show title, “The Price Is Right”, price your home out of the market and it will be bypassed by potential buyers. Pricing becomes crucial in a crowded market. It is a fine line for those selling their home who want to get top dollar but want to sell fast. Pricing your home slightly lower (approximately 2% lower) than comps in your area will make your home stand out above similar listed homes in your neighborhood. The slightly lower price will be inciting to buyers when there is an abundance competition.

Always have your home’s “game face” on. If someone comes knocking at your door unexpectedly and wants to see your home, they should be welcomed into a show-ready home. It is always good to deep clean and de-clutter before you list your home. Remember, to always maintain a tidy house throughout your listing. Sellers need to be able to showcase their home at a drop of a hat.

Remember the saying “try to see it through someone else’s eyes”? This also holds true when it comes to selling your home. Homeowners get used to the clutter or how their home looks after they have lived there for a long time. The cramped closet or clutter in the corner becomes a part of your home that you really do not notice anymore. Walk into your home looking at it from a buyer’s point of view. What should be fixed or de-cluttered? You want to put extra emphasis on features that buyers would like to have in their home.

Now days many buyers look through photos via their Realtor or the internet. The same floorplan can look very different when presented in a photo. It is

crucially important to have professional photographs done of your home. A professional photographer knows how to stage and photograph a home to give it an edge over the other homes listed for sale in your neighborhood.

Again the age old saying “keep your friends close and your enemies closer” can come in handy when you and a good many of your neighbors are selling your home at the same time. Do not look at your neighbors as competition, rather look at them as teammates. Get together and work on selling you neighborhood as a great place to live. A great way to do this would be to hold a joint open house.

Highlight your homes best assets. If you renovated or made any upgrades, show them off. Make sure your home’s listing features a list of upgrades or renovations that sets your home apart from the other listings.

Last and most importantly work with a Realtor. Choose a Realtor who has a lot of inside knowledge on your neighborhood. A Realtor is trained to look at real estate trends to determine how best to sell your home and give it a leg up on the competition.

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