New Orleans Is Home to the Oldest Family Run Restaurant in the Country

 Antoine’s Restaurant opened its doors in New Orleans in 1840. Today, the restaurant is still run by the same family. Antoine Alciatore and his wife Julie Alciatore founded the restaurant and it is one of the first places to serve French-Creole cuisine.

The 183-year-old restaurant is now in its fifth generation of the same family which makes it the oldest family-run restaurant in the United States. Antoine’s is the oldest restaurant in New Orleans and is world-famous due to its exceptional service and very unique atmosphere.

There are several dining rooms within the restaurant that each have their own story to tell. The walls of the space have photos hung of famous diners such as George Patton, Franklin D. Roosevelt, Pope John Paul II, and Bill Clinton.

The dining rooms are all decorated with a different theme. For example, the 1840 room was designed with a wealthy 19th-century home in mind. Most of the rooms are named after Mardi Gras krewes that visit the restaurant on a regular basis.

In 1840 Antoine’s restaurant began as a small eatery and has since grown into a world-famous dining establishment. Today it is a well-known staple in the French Quarter for both locals and visitors alike.

Click Here For the Source of the Information.

Questions to Ask Before Buying a Home

 Even if this is not your first time purchasing a home, you still need to stop and think before you buy. Make sure to think about your future financial and housing needs. Data from the National Association of Realtors reports that a homeowner stays in their home an average of eight years before moving on. Here are questions to think about before purchasing your first or next home.

1. What can I comfortably afford?

If you are working with a lender, they will pre-approve you for a specific loan amount. The amount will be determined by your credit score, income, assets, and debts. Remember to try and keep your total housing payment (including tax and insurance) under 28% of your gross monthly income.

2. Which loans do I qualify for?

There are many options out there when it comes to home loans and your lender will be able to sort out which loan is right for you. A conventional fixed-rate mortgage will have the same payment amount over the life of the loan, whereas an adjustable-rate mortgage (ARM) will have a variable rate that may go up or down after the initial fixed-rate period has ended. So with a 5/5 ARM , you will have a fixed rate for the first five years, then after that, your monthly payment will change.

3. How much will you need for your down payment?

Lenders love to see at least 20% of the purchase price as a downpayment so you do not have to pay PMI. Some loans such as a VA loan will allow low or no-down-payment but you will need to check with a lender to see if you qualify for a VA loan. Remember that the higher your down payment, the lower your monthly payments will be.

4. What’s PMI? Do I have to pay it?

PMI stands for private mortgage insurance and is required when your down payment is less than 20% of the home’s sale price. As stated earlier, VA loans and some other specialty options may not require a down payment.

5. What interest rate do I qualify for? How can I lower it?

Your interest rate impacts how much your monthly payments will be. The higher the interest rate, the higher your payment. Your credit score will also play a factor in determining your interest rate. A better credit score, the lower the interest rate.

6. What will my monthly payment be?

A lender can run numbers and let you give you a ballpark of what your monthly payment will be. Your payment depends on the purchase price, down payment amount and interest rate. There are also monthly mortgage payment calculators online that you can use to help you figure out your monthly payment.

7. What are closing costs?

Upfront closing costs consist of origination fees and discount points, appraisal, document preparation, title insurance and home inspection. As mentioned before, your lender can give you an estimate of your closing costs and an itemized list. There are also closing cost calculators out there which can help you with determining an estimated closing cost.

8. Is my interest rate guaranteed? When does that happen?

Interest rates are always going up or down and this can happen from the time you submit a loan application to the time you close. So if you do not want your rate to change, you can lock a rate in for a specific time period (usually 30 days).

9. Will the monthly payment include taxes and homeowners insurance?

As mentioned earlier, the majority of loans do include taxes and homeowners insurance in the monthly payment, but you can opt to pay these annually and leave them out of your loan. If you do have them added to your monthly payment, the money collected is held in escrow and your lender will pay the taxes and homeowners insurance at the end of the year.

10. How long will the closing process take?

When making an offer on a home, make sure to leave yourself enough time to get all your financing in order. This can take from 30 to 60 days to obtain a mortgage. A lender can usually help you determine how long it will take, especially when you get a pre approval letter from them.

Click Here For the Source of the Information.

What’s Best New Construction or Existing Homes?

 Both new construction and existing homes have their advantages and disadvantages. In the current market, buyers have a select inventory to choose from these days. If you are in the market for a new home, here are some things to consider when choosing either an existing home or new construction.

There are many benefits to a new construction home. A new construction home will allow for modern and customizable floor plans. Builders stay in tune with what current homebuyers want, so a new construction home more than likely will follow this trend. In today’s market, new construction homes tend to have an open floor plan with larger bedrooms and bathrooms that allow in tons of natural light. If a home is still under construction, or if a builder is selling it, then you will be able to personalize some of the finishes. There will be a cost involved when you are upgrading from builder grade but adding your own touches might be worth it to you. Another benefit is living in a new home community where most new construction homes are located. Master-planned communities offer tons of amenities such as pools, community spaces and parks.

A new home will also be energy-efficient. Many builders are building smart homes as well as adding more insulation and energy-efficient windows. Smart technology options allow you to control home systems even when you are away from home. New homes are now being painted with low and zero-VOC paints and building materials which is better for a homeowner’s health. Builder warranties are also offered which protect components of a new home for a certain number of years. New homes also require less maintenance since everything will be brand new.

There are some negative aspects of purchasing a new construction home. A new construction home is usually more expensive than a resale. The median sales price of an existing home in April 2022 was $391,200 but the median price of a new construction home was $450,600. Land needs to be available in order for a builder to build new construction. This means that you will more than likely have a longer commute because it will be located farther away from urban areas.

A new community means new landscaping which will take time to grow and mature. A home that has been constructed on a cleared lot, can feel exposed and look stark. If you found your dream home and it is under construction, this will bring a risk of waiting and of delays. It could take several months or longer for a home to be completed in order for you to move in.

This brings us to a move-in ready home. Most resales are move-in ready unless you are renovating. An existing home is also in an established neighborhood that has mature trees and landscaping. As mentioned earlier, a resale is less expensive than a new construction. The material and labor shortages and inflation have caused new construction homes to skyrocket in price.

There will be fewer decisions to make and more location choices when it comes to purchasing an existing home. If you want to live closer to the action, then you will more than likely have to purchase a resale. Most new construction homes are built outside urban areas. When you move into a move-in ready resale, you do not have to make a bunch of decisions such as choosing building materials and exterior and interior finishes. A resale especially if it is an older home will have history and tons of architectural detail. Many of the architectural details found in older homes would be extremely expensive to replace today.

The downside to purchasing an existing home is that it will probably have an outdated floor plan. You might also have to add the expense of updated outdated finishes and if you want a smart home, you might have to rewire the house. Older homes are usually not very insulated and have older HVAC systems that are not energy efficient. There will also be more maintenance on an existing home as well as unexpected repairs.

If you are in the market for a new home, contact a real estate agent who can help you decide which is best for you. A local agent can help you from start to finish with the home buying process.

Click Here For the Source of the Information.

Pending Home Sales at the End of 2022

 December 2022 ended the year with an increase in pending home sales. This was the first increase seen in the housing market since May. Those in the industry believe that the mortgage rates were what enticed the buyers.

The pending sales index also went up 2.5% from November to December. The pending sales index is determined by signed contracts to buy a home which is different from existing home sales. The pending sales index is released by the National Association of Realtors (NAR). This is good news, but it is still down 33.8% from the same time in 2021.

“This recent low point in home sales activity is likely over,” said Lawrence Yun, NAR chief economist. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

The Northeast was down 6.5% from November and the Midwest was down 0.3%. All other regions saw an increase with the West being the highest at 6.4%.

“The new normal for mortgage rates will likely be in the 5.5% to 6.5% range,” Yun predicted. “Job gains will steadily become important in driving local home-sales markets. The South, in particular, is set to outperform the rest of the country, thanks primarily to better job market conditions in this part of the country.”

Buyers are out there and are actively searching for a home. “Mortgage applications have been trending higher alongside lower rates, pending home sales are up, and builder confidence increased in January,” Kushi said. “Interested buyers are out there. From a financial perspective, the decision to buy a home comes down to a payment-to-paycheck calculation, and lower rates may help to reduce the mortgage payment while higher incomes can increase one’s monthly paycheck.”

There is still the challenge of affordability. “Though mortgage rates fell as low as 6.27% in December, down 0.8 percentage points from November’s high, home prices remained elevated, up 8.4% compared to the previous year,” she said.

Click Here For the Source of the Information.