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If you’re looking for a charming and modern southern city in Louisiana, consider Shreveport. This city is known for its unique brand of southern hospitality and here, you can expect friendly neighbors and genuine greetings. The area has a resurgent downtown area, meaning fantastic culinary and shopping opportunities, great cultural attractions, and many locations of cultural and historical interest.
One of the biggest draws is that all this comes with home prices that are significantly lower than other areas in the US whether they are luxury homes or more standard ones. If you’re looking for a great home in a wonderful neighborhood, homes for sale in Shreveport, LA, fits the bill.
Shreveport, LA Real Estate
In recent years the median price for a home in the US has wavered around the $400,00 mark. In Shreveport, it’s half of that. This means that first-time homebuyers can afford to buy their first home and raise a family and other home buyers can get much more for property for their money.
Buying a Home in Shreveport
Buying a home for sale in Shreveport, LA is relatively straightforward and very similar in process to buying a home in other areas in the US. Primarily you’ll want to find a great real estate agent, make sure you have your finances in order, and make a successful bid on a property. However, there are many intricacies and considerations, so here, we’ll take you through the process in greater detail as a guide to what you can expect.
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Is this the right time?
The general rule is that it’s always better to buy a home as soon as you can, rather than rent. The quicker you can secure your own home, the sooner you can start accruing equity as house prices rise. In short, it’s better to pay for your own home rather than help pay for someone else’s.
Whether you’re a senior, have a young family, or are a young professional, Shreveport’s very affordable market simply provides more options regardless of the lifestyle you want or the type of home you’re looking for. Here there is an opportunity, even for first-time home buyers to get onto the ladder, or for seniors looking to retire, to find a place that they could never dream to have in many other areas of the US.
The variety and affordability of homes in Shreveport make it easier to make your plans a reality and live the life you want.
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Know your credit score
This number is extremely important as so much of your buying venture will depend on it. Lenders will use your credit score to determine the rates and terms of any loan you need to take out to finance a home purchase. If you have a high credit score, you will likely be offered a loan with a lower interest rate, and if you have a lower credit score, you’ll probably be offered a more expensive mortgage. While this may sound somewhat contradictory, it simply is a reflection of what the lender believes their risk is when lending money to a borrower. Someone with a good credit score is considered lower risk than someone with a low credit score, and therefore will not need to be charged with high interest.
What is a good credit score? There is no specific number, but lenders will likely give more favorable terms to homebuyers with a credit score above 700. The minimum credit score that you will need in order to qualify for a standard loan is 620.
How will you find out what your credit score is? Just ask any of the three main credit reporting agencies: Experian, Equifax, and TransUnion. You can do it for free once a year at AnnualCreditReport.com.
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Secure your down payment
If you don’t want to pay private mortgage insurance, also known as PMI, you need to be able to pay a minimum down payment of 20% of your chosen house’s purchase price. Again this is much easier when buying homes for sale in Shreveport as this number would be below $40,000 for most properties.
There are even government programs that can help you out. Louisiana residents can try homeowner assistance programs that will help ease the numerous expenses that come with buying a home.
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Home Buyers Assistance Program Participation Initiative (HAPPI)
The HAPPI program is specifically for Shreveport residents. It works with approved private lenders to help first-time home buyers whose incomes are 80% or below the city median income level. This program can help you with your down payment, buy down, and closing costs. In addition to the income requirement, you must also have finished an approved home buyer’s class and the home that you want to buy must be in a designated home ownership area that has been approved by the Community Development Department. There are 19 neighborhoods for you to choose from, so you’ll have many options of where you can buy your home. If you qualify for this program, you can get as much as 20% of the sale price of the home that you’re planning to buy.
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The Louisiana Housing Corporation’s Delta 100 program
This program gives qualified buyers as much as 100% financing, and prepayment assistance, and will even pay for up to 3% of closing costs. To be eligible for this loan, you must have cash reserves, attend an education course for homebuyers, and meet minimum investment criteria.
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Mortgage Revenue Bond Assisted and Home Programs
If you qualify for an alternative mortgage instrument at 80% or less, these programs will pay anywhere from 5-9% of your down payment and closing costs, based on the amount of your loan.
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Make a budget
When making a budget to buy a home, go beyond the down payment and purchase price. Think about other home-buying expenses, such as maintenance and homeowner’s association fees. Factor in monthly mortgage payments, along with your daily expenses. Have you saved enough to afford these long-term costs? If you haven’t, it may be more prudent to wait a while and build enough reserves before proceeding with buying your home.
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Get pre-approved and pre-qualified
It’s important at the very least to get pre-approved for a mortgage because this will let you know the final purchase price that you can afford. If you have already been preapproved for a mortgage, this will also show sellers that you’re a serious buyer who can secure the finances needed for the home.
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Find a reputable agent
If you’re buying a home in Shreveport, you’ll want to secure the services of a local agent who has deep knowledge about the area where you want to live as well as someone who has a wide local network. You should check their track record to see if they can successfully close sales in Shreveport in the types of property that you’re interested in buying.
Hiring a good agent will save you both time and money, as they will help you get the best deal for your dream home in the shortest possible time. What’s often overlooked is that a good agent is an incredible source of support as well as guidance. They’ll keep you focused in anxious moments and always act in your interest, even at their own expense.
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Time to look for a house
It’s time to go house-hunting! Narrow down your top neighborhoods and create a list of what you need to have and what would be nice to have. The first are deal breakers if they are not present, the second is negotiable but won’t necessarily rule out a property. This will help you target your search saving you time and money.
Here are some great Shreveport neighborhoods that you may want to consider:
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South Highlands
South Highlands, built in 1917, is the perfect blend of old-world charm and stylish modernity. Come summer, there are concerts in the park for everyone to enjoy, There are also a number of reputable schools like South Highlands Elementary Magnet and the the A.C. Steere School. Also, there are cafes, lovely boutiques, and grocery stores just a brief walk or bike ride away.
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Broadmoor
Peaceful Broadmoor is filled with wide streets, well-maintained homes, and large, stately trees. There is not one, but two parks: the A.C. Steere Park and the well-loved Anderson Island Park. The Broadmoor School has become a community hub for vibrant neighborhood activities.
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Pierremont
The neighborhood of Pierremont is known for its upscale locale. Here, you’ll find stunning houses built in the neo-traditional style set amidst lovingly maintained landscapes. The shopping is first rate at Line Avenue, where you’ll find gourmet dining destinations, one-of-a-kind boutiques, and a vibrant nightlife. Even though there is an energetic buzz here, there is also a tranquil side to Pierremont. Just take a walk on one of its wide sidewalks shaded by trees to regain a sense of calm.
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Ellerbe Road Estates
Ellerbe Road Estates is where the lots are large and the homes are gracious. Picturesque gardens provide privacy for their homeowners. Fittingly, this neighborhood is right next to the exclusive Southern Trace Country Club. While Ellerbe Road Estates is a suburb, it’s only a quick drive to the city center and shopping areas.
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Provenance
For small-town southern living, look no further than the relatively new Provenance. It has winding streets, welcoming front porches, and verdant public parks. Provenance also has frequent neighborhood mixers, outdoor concerts, and farmer’s markets. Furthermore, it’s near a relaxing wellness spa, great restaurants, and interesting off-the-beat stores.
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Prepare your offer
Once you’ve decided on a home that meets your needs and falls within your budget, consult your agent so that they can help you make an attractive offer. You’ll need to prep a full offer package, which includes the preapproval letter, proof of funds for a down payment, and most importantly, your offer price. Don’t forget to include terms and contingencies such as a home inspection. You also want to inform the seller of when you’ll want to move in.
It’s common for the seller to make a counteroffer. You can accept it, negotiate, or move on. Ask your agent for advice when making this crucial step.
If the seller accepts your offer, you’ll need to sign a purchase agreement as well as pay an earnest money deposit, which is usually one to two percent of the purchase cost. This amount will be held in escrow until closing.
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Conduct a home inspection
Before you close the deal, you should get the property inspected to ascertain the house’s general condition and whether or not it has any structural or other problems. If there are any major issues, you can ask the seller to repair them, or you can even rescind your offer if your contract includes an inspection contingency. There is usually a time frame of 10-14 days after the purchase agreement has been signed wherein you can have the home inspected.
You can ask your Realtor to recommend a reputable home inspector. In Louisiana, all people conducting home inspections must be licensed by the state. The State Board of Home Inspectors is in charge of regulating and licensing residential contractors. They also have a recommended home inspection checklist that home buyers can refer to in order to make sure that the house that they’re buying is safe.
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Last walkthrough
A last walkthrough means that you can inspect the property one last time before it is turned over. Ensure that any contingencies, such as repairs have been met, and that the place is in the same if not better condition as when you made the bid.
Find the best homes for sale in Shreveport, LA
When it comes to buying property in Shreveport, you’ll need a great real estate agent. Look no further than Andy Osborn. Since getting his real estate license in 2002 and being honored as rookie of the year just one year later, Andy has closed multimillion-dollar deals and helped thousands of happy clients fulfill their real estate dreams.
If you’d like to work with us, just give us a call at 318.613.6341 or send an email here. Together, let’s explore your real estate options in the wonderful city of Shreveport.
Learn how Shreveport’s community impacts real estate and how to invest wisely. Dive into our blogs: ‘Exploring the Community’s Impact on the Shreveport Real Estate Market’ and ‘A Real Estate Guide to Investing in Shreveport, Louisiana’ to get started.