The Smart Move: Buying a Home Now and Refinancing Later for Lower Rates In today's ever-changing real estate market, prospective homebuyers often find themselves facing a dilemma: Should they buy a home now, despite current interest rates, or wait for potentially lower rates in the future? While the decision may seem daunting, there's a strategy that combines the best of both worlds. In this blog post, we'll explore the benefits of buying a home now and refinancing in a few years when rates are lower, and how First Source Realty can help you make this smart move. 1. Locking in Today's Prices ..read more

Are you a homeowner facing the daunting challenge of falling behind on your mortgage payments due to high insurance rates or other personal reasons? You're not alone. Life can throw unexpected curveballs at us, and sometimes, it becomes challenging to keep up with the financial responsibilities of homeownership. The good news is that there are options available to help you regain your financial footing and prevent foreclosure. In this blog post, we'll explore these options and discuss how selling your home may also be a viable solution. Understanding the Challenge: High Insurance Rates and Per ..read more

Navigating the Surge in Insurance Premiums in Southeast Louisiana The beauty and culture of southeast Louisiana are unparalleled, but the region has faced its share of challenges. Recent hurricanes and other natural disasters have not only left a mark on our landscapes but have also significantly impacted homeowners' pockets. The aftermath of these events has led to a surge in insurance premiums, with many insurance companies facing insolvency or choosing to stop writing policies in Louisiana altogether. Understanding the Insurance Crisis: The frequency and intensity of natural disasters in so ..read more

Is a Short Sale Right for You? Understanding the Basics and Benefits In the ever-evolving world of real estate, there are numerous options available for homeowners. One such option that often comes up, especially in challenging financial times, is a short sale. But what exactly is a short sale, and is it the right choice for you? Let's delve into the details. What is a Short Sale? A short sale occurs when a homeowner sells their property for less than the amount owed on the mortgage. This type of sale is typically considered when the homeowner is facing financial hardship and cannot keep up wi ..read more

King Cake Baby Meaning Finding the tiny plastic baby in your slice of king cake symbolizes luck and prosperity, and it earns you the title of “queen” or “king” of the festivities. However, you’re probably wondering why there is a baby in the king cake in the first place. There are two theories: Christian Roots - Religious revelers believe the baby symbolizes baby Jesus, connecting it to the cake's history with Kings Day. Also known as Epiphany, Kings Day is a Christian holiday commemorating the Three Kings' visit to Baby Jesus. King cake is enjoyed between King's Day and Mardi Gras. It i ..read more

How Will Your 2022 Tax Return affect your ability to purchase a home in 2023?  If purchasing a home in 2023 is one of your New Years’ resolutions, Filing your 2022 Tax return should be high on your list of items that need to be completed.  It’s a good time to start gathering your receipts and organizing your bank statements, W2’s, 1099’s or deposits if you are self-employed. When you are ready to get pre approved before you start looking for a home, one of the first things a Lender will require you to provide is multiple years of your income tax returns in order to verify your income ..read more

May 2021 Showing Index Results: Unseasonable Decline Seen in Showings, Though Buyer Activity Remains High June 22, 2021 – Although May buyer traffic declined compared to April, it remains elevated from the same time last year, according to the ShowingTime Showing Index®. Of the 30 busiest markets for showings across the U.S., 28 recorded month-over-month declines from April. The exceptions were Orlando, Fla., and Raleigh, N.C., which were unchanged. Jackson, Tenn., bucked the trend, recording an 11 percent increase in the average number of showings per listing. May’s ebb in traffic s ..read more

When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready. 1. There’s high demand from homebuyers. Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5%  ..read more

The price of lumber hit a record high last week and is up more than 170% over the past 10 months. That is prompting builders to have to raise new-home prices as soaring lumber costs add thousands of dollars to the price of building a new home, the National Association of Home Builders reports. Builders point to tariffs on Canadian lumber shipments into the U.S. as exacerbating “unprecedented price volatility in the lumber market” over recent months. “Lumber price spikes are not only sidelining buyers during a period of high demand, they are causing many sales to fall through and forcing build ..read more

According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained: “Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as demand increased and coronavirus (COVID-19) outbreak ..read more