Wow! Have you been watching the stock markets lately? It's mind bending to sit back watch the amount of money that is traded daily. But how does that affect us in the Texas real estate market? First, interest rates are staying low, or even going lower - depends on what day you watch the market. That has long term good for home buyers all over it.
As I talk about in other areas, if you have good credit, this is a great time to look at buying a house, or even investment grade property for long term growth. In this area we have been affected by the rest of the country, but have a lot of growth still ahead.
What is making things tough for some is that the lending world is getting more stringent and you will need to prepare by having your credit in order and having some cash on hand. If using conventional loans, they are not funding 100% at all right now, you must have some cash in the transaction. It will depend on just how much, but unless you are using a VA loan, zero down is virtually gone for the near future.
John Garbo over at Supreme Lending (jgarbo@supremelending.com) tells me that they have a lot folks looking at FHA now. They still require the buyer to participate in the transaction with a minimum of 2.75% in either a down payment or closing costs, or combination. That makes it easier than 20% for the old conventional standard.
The news can be confusing, but reality is that homes are easy to purchase if you prepare. Just because the news has horrible sounding headlines does not mean that we are not bucking the trend here in Texas.
Call me and we'll talk details and get you moving on that home purchase.
Tuesday, March 18, 2008
Monday, March 3, 2008
Buyers Market Updates
The media will have everyone that is thinking of selling or buying home believe that this is a bad time for both. Far from teh truth in this market! Let's start with the basics:
Interest Rates are LOW! Posted rates today are 6.0% for conventional loans with good credit. They are as low as 5.5% for those eligible to use the Texas Veterans program
Home prices are competetive in each market! A good home that is in a desirable location will sell, so why wait and miss out? If the price drops a little over the next few months, and interest rates rise, you won't gain anything.
Here is an example: To buy a $218,900 home at 5.5 percent is $994.31 a month. To buy next year at $197,010 at 6 percent will cost $994.94. Interesting!
As for sellers. again a well maintained home in a desirable location will sell for teh market rate. And, every neighborhood has a different set of circumstances. Don't believe that what sells "down the road" is the same as your particular situation. Get a Realtor to provide a CMA and review it with you.
We are ready to assist with any of your real estate needs, so let us know what we can do for you today!
Interest Rates are LOW! Posted rates today are 6.0% for conventional loans with good credit. They are as low as 5.5% for those eligible to use the Texas Veterans program
Home prices are competetive in each market! A good home that is in a desirable location will sell, so why wait and miss out? If the price drops a little over the next few months, and interest rates rise, you won't gain anything.
Here is an example: To buy a $218,900 home at 5.5 percent is $994.31 a month. To buy next year at $197,010 at 6 percent will cost $994.94. Interesting!
As for sellers. again a well maintained home in a desirable location will sell for teh market rate. And, every neighborhood has a different set of circumstances. Don't believe that what sells "down the road" is the same as your particular situation. Get a Realtor to provide a CMA and review it with you.
We are ready to assist with any of your real estate needs, so let us know what we can do for you today!
Saturday, March 1, 2008
Seller Workshop
Our first ever Home Seller Workshop was held Thursday evening at the wonderful Schertz Civic center. Attendees enjoyed refreshments, pizza, and most importantly, loads of great information on selling a house in today's local market.
We covered preparation, repairs, staging, inspections, home warranty, negotiations, title insurance, and the closing process. Lots of good Q&A led us to want to share more with you. Check out out web site at www.tanrealty.com and I will post a pdf file with the slides this week.
In general, we are experiencing what many would call a buyers market due to the number of homes available. The difference here is that our prices are not falling like the media headlines from other areas of the county. Some local neighborhoods continue to see appreciation, and others that may have more homes for sale may see flat or even slightly decreasing prices. Still, a house that is prepared well, staged professionally, and offers the right incentives, along with competitive pricing, will sell before the average home. And having the right exposure via lots of Internet, good photos and virtual tours will enhance sales every time.
This is still a great time to purchase a home as well. interest rates continue to hold at historically low levels, choices are abundant, and the future for the San Antonio and Schertz communities is nothing but Bright!
We covered preparation, repairs, staging, inspections, home warranty, negotiations, title insurance, and the closing process. Lots of good Q&A led us to want to share more with you. Check out out web site at www.tanrealty.com and I will post a pdf file with the slides this week.
In general, we are experiencing what many would call a buyers market due to the number of homes available. The difference here is that our prices are not falling like the media headlines from other areas of the county. Some local neighborhoods continue to see appreciation, and others that may have more homes for sale may see flat or even slightly decreasing prices. Still, a house that is prepared well, staged professionally, and offers the right incentives, along with competitive pricing, will sell before the average home. And having the right exposure via lots of Internet, good photos and virtual tours will enhance sales every time.
This is still a great time to purchase a home as well. interest rates continue to hold at historically low levels, choices are abundant, and the future for the San Antonio and Schertz communities is nothing but Bright!
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