The Level Up Podcast with GNO Realty

08/21/2024

While homeowners have been at the forefront of Louisiana’s ongoing insurance crisis, landlords might face an even tougher battle.

As property insurance rates skyrocket across the state, landlords are increasingly feeling the squeeze, which in turn is pushing up rent prices for tenants.

Skyrocketing property insurance costs force landlords to raise rents, squeezing tenants

08/19/2024

👀🎙️🎧New episode fresh out the studio... 👇

In this episode of The Level Up Podcast with GNO Realty, Braden L Smith - REALTOR and Ryan Curtis Rogers, Realtor provide a mid-year market update and dive into the local real estate market stats.

The New Orleans real estate market is a bit different than many other markets around the country. The national real estate stats don't apply to our local market and we give you the scoop on why things are different here in the New Orleans area and what exactly is going on in our market.

In this episode of The Level Up Podcast with GNO Realty, -realtor and provide a mid-year market update and dive in...

08/05/2024

As a home seller, you have a wide range of choices when it comes to listing your home. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate this complex process and make the choices that work best for you. NAR’s recent settlement has led to several changes related to broker commissions that benefit sellers, and we wanted to clearly lay them out for you.

Here is what the settlement means for home sellers:

- You still have the choice of offering compensation to buyer brokers. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers.
- Your agent must conspicuously disclose to you and obtain your approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers.
- This disclosure must be made to you in writing in advance of any payment or agreement to pay another broker acting for buyers, and must specify the amount or rate of such payment.
- If you choose to approve an offer of compensation, there are changes to how this can happen.
- You as the seller can still make an offer compensation, but your agent cannot include it on a Multiple Listing Service (MLS)—MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
- Your agent can advertise your listing via off-MLS platforms such as social media, flyers and websites.
- You as the seller can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs).

These settlement practice changes will go into effect August 17.

NAR’s recent settlement has led to several changes related to broker commissions that benefit sellers. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate this complex process and make the choices that work best for you.

08/05/2024

Buying a home is one of the largest financial transactions most people will ever undertake. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate your homebuying journey and make the choices that work best for you. NAR’s recent settlement has led to several changes that benefit homebuyers, and we wanted to clearly lay them out for you.

Here is what the settlement means for homebuyers:

- You will sign a written agreement with your agent before touring a home.
- Before signing this agreement, you should ensure it reflects the terms you have negotiated with your agent and that you understand exactly what services and value will be provided, and for how much.
- The buyer agreement must include four components concerning compensation:

1. A specific and conspicuous disclosure of the amount or rate of compensation the real estate agent will receive or how this amount will be determined.
2. Compensation that is objective (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be “buyer broker compensation shall be whatever the amount the seller is offering to the buyer”).
3. A term that prohibits the agent from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and,
4. A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.

- Written agreements apply to both in-person and live virtual home tours.
- You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.
- The seller may agree to offer compensation to your agent. This practice is permitted but the offer cannot be shared on a Multiple Listing Service (MLS)— MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
- You can still accept concessions from the seller, such as offers to pay your closing costs.

These practice changes will go into effect August 17.

NAR’s recent settlement has led to several changes that benefit homebuyers. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate your homebuying journey and make the choices that work best for you.

08/02/2024

Some positive news for the real estate industry! 🙌

07/22/2024

🌟 New Podcast Episode Alert! 🎙️

In this episode of The Level Up Podcast with GNO Realty⁠⁠⁠⁠, your hosts Braden L Smith - REALTOR, and Ryan Curtis Rogers, Realtor discuss home values, list prices, and the state of the local real estate market in the Greater New Orleans area.

In this episode of ⁠⁠The Level Up Podcast with GNO Realty⁠⁠, your hosts Braden L Smith and Ryan Curtis Rogers discuss home values, list prices, and the state...

07/20/2024

The buying and selling of homes usually involve a lot of people. So, when home sales drop by more than 24 percent, which they have in the last year in the New Orleans metro market, the impact is deep.

Business connected to Nola real estate market feel impact of slumping sales

07/18/2024

The New Orleans housing market stretches well beyond the city’s limits. It covers 10 parishes, and what’s happening within the market has realtors concerned.

According to the latest statistics from the New Orleans Metropolitan Association of Realtors, closed sales of homes have dropped 24.3% from June 2023 to June of this year.

The decline is a bit deeper in Jefferson Parish, where the sale of homes fell 26.2% year-over-year.

On the North Shore, home sales are down 20.9% in St. Tammany Parish.

The ever-increasing cost of property insurance in Louisiana is the biggest factor in the dramatic dip in sales.

Deep decline in homes sales in New Orleans metro housing market

07/12/2024

There is a major gap between buyers’ expectations and home prices, according to recent surveys from NAHB and the U.S. Census Bureau.

While 38% of buyers expect to pay less than $250,000 for their next home, only 5% of homes that started construction in 2023 are actually priced under $250,000.

In contrast, the share of new homes being built that sell for above $250,000 is often far greater than the share of buyers seeking homes in that price range.

There is a major gap between buyers’ expectations and home prices, according to recent surveys from NAHB and the U.S. Census Bureau.

07/03/2024

May’s pending home sales fell 2.1% from last month and decreased 6.6% from a year ago.

06/27/2024

More homes are for sale, yet home buyers don’t appear to be in a rush. Pending home sales fell 2.1% in May, and are down nearly 7% from a year ago when home inventory was much smaller. https://www.nar.realtor/magazine/real-estate-news/home-buyer-opportunities-appear-to-be-opening-up

06/19/2024

“It’s, basically, making living in a house that I own -- and I own outright -- impossible to stay here,” she said. “And I’m not the only one in New Orleans experiencing that. You can drive around this neighborhood and others and see a ton of ‘For Sale’ signs.”

It’s hard to pinpoint how many people in the New Orleans metro area are selling their homes because of rising insurance, but it’s something the local real estate market is noticing.

Cheron Brylski and her late husband bought home in 1995

06/02/2024

“Our inventory conditions are, for the most part, improving across the U.S.,” says Hannah Jones, a senior economic analyst at Realtor.com.

The laws of supply and demand could kick in, Jones says, leading to slowing price growth, or even falling prices in some places.

“This summer and fall could be better in terms of more inventory, which could take some pressure off of prices, or at the very least, it could dampen price growth,” says Jones.

The number of homes for sale has scraped bottom for nearly five years—but in 14 U.S. markets, inventory is rising to pre-pandemic levels.

06/01/2024

🏡 New Orleans, LA

👉 Median Home Price = $275,000
👉 Annual Income Required to Afford Median Priced Home = $75,003
👉 Median Monthly Mortgage Payment = $1,875
👉 Year Over Year Change = 15.1%

2024 Week 22 - What Home Buyers Must Earn to Afford a Home in the US Watch Me Viz - https://youtube.com/live/3YHenguEwP4?feature=share

05/30/2024

Pending home sales decreased 7.7% in April, according to NAR. All four U.S. regions registered month-over-month and year-over-year decreases.

Learn more: https://bit.ly/3yByzqa

05/29/2024

🌟 New Podcast Episode Alert! 🎙️

Hey everyone! We're thrilled to announce the release of our latest podcast episode. Dive into a fascinating discussion on insurance in Louisiana with our special guest, E.J. Giusti from Goosehead Insurance - E.J. Giusti III.

Braden L Smith - REALTOR, Ryan Curtis Rogers, Realtor, and E.J. Giusti discuss the following in this episode:

- What in the world is going on with insurance in Louisiana?
- What is causing the increases we are seeing?
- What is reinsurance?
- What are replacement costs?
- What are you seeing as ways to lower your premium while still having good coverage?
- What are the red flags?
- Are insurance carriers sending someone out to inspect homes?
- What about roofs? From what I know, no carriers in Louisiana will issue a policy on a property with a roof 15 years old or older. Is that still true?
- I’ve heard the carriers inspect roofs just 5 years old. Is that true?
- What are fortified roofs doing to premiums? How much discount are people getting after putting a fortified roof on their home?
- What about a wind mitigation survey? What kind of discounts can they provide?
Does the new governor and insurance commissioner have any plans in place to help with this situation?
Do you see any relief on the horizon?

Whether you're commuting, working out, or just relaxing at home, this is an episode you won't want to miss!

👉 Watch it now on YouTube: https://youtu.be/brTIVUSAso8?si=n_PqlhNz5Ah34Ar_

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Happy listening! 🎧✨

Website: In this episode of ⁠The Level Up Podcast with GNO Realty⁠, your hosts Braden L Smith and Ryan Curtis Rogers review the current market stats as usual...

05/21/2024

The median U.S. home sale price rose 6.2% year over year in April to $433,558—the highest level on record.

The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed housing costs.

05/15/2024

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