For those of us in Texas, HOA's are the rule in any city of size. Most are managed by large, professional management companies and are added value to a community. They really help keep home values up and act as the fearless neighbor when it's time to tell another resident to keep the brken down car off the lawn, remove the Christmas decorations in May, and cut the lawn to keep it at least under 6 inches.
But, by now most agents have also seen the meteoric rise in fees that are charged when a seller needs to move. There has always been a transfer fee to cover the administrative changing of the name, even though the address remains the same. OK, a $100 fee maybe can be justified. Then a resale certificate needs to be provided, but again there is a cost. So, ok maybe another $100 from the seller to provide this to a buyer.
But it has gone to the extreme. HOA management compaies are now charging for code compliance inspections prior to closing (maybe they should be doing this all along?) and charging up to $300! Transfer fees are increasing and we just had one HOA charge $300 to the buyer to register! And the resale certificate and CCR copies are the real killer. $275 for the resale certificate, and $200 for a copy of the CCRs!
Many members of our board, SABOR, are up in arms and we need the legislature to reign in these unregulated companies. However, it has come to our attention that one of our powerful politicians owns one of these companies! Until I have more details, I am not going to name names, but we need help. If an HOA is mandatory, it needs some sort of regulation. Continuing to accept these outrageous costs is only going to make it easier for them to increase in the future.
Please, if you are a Texas Realtor(R), get the conversation going and let's try to get some tread on this issue. We know our legislators won't act until it is a real public issue, so we need our buyers and sellers to make noise as well. If you sell a home, or are purchasing, look at the costs and ask why!
Showing posts with label home buyers. Show all posts
Showing posts with label home buyers. Show all posts
Wednesday, August 19, 2009
Thursday, August 13, 2009
Featured Listing - San Antonio
This is a wonderful home in the northwest area of San Antonio. Near the new Christus Santa Rosa Hospital, Sea World, UTSA and more!
Friday, August 7, 2009
113 Firesage
Fantastic custom home in Universal City, close to Randolph AFB, forum Shopping, Ft Sam andmore! Huge 3 car garage, custom built in cabinets, floor to ceiling fireplace and mantle, granite kitchen counters and more!
Monday, July 27, 2009
Homes in Schertz, TX
Jut thought we would share some listings with you that are available in Schertz.
Let's start with 3028 Greenshire in the Greenshire Oaks subdivision.
Its a fantastic custom home with a 3 car tandem garage. It is 2622 square feet with a beautiful master suite down and two large bedrooms and a game room up. The roomy kitchen has loads of counter space and built in ovens for the cook in the family. Listed at $249,900 this is a great home in a great school district. Available and easy to show. Call and we'll set up an appointment.
We'll post one listing a week to work with....
Wednesday, July 15, 2009
Schertz again ranked in top places to live!
CNN/Money Magazine has named Schertz, Texas one of the best small towns to live in across the United States.
Schertz is the largest city in the San Antonio metropolitan area with more than 32,000 residents. Schertz is America’s 39th best small town.
The city’s population grew more than 80 percent since the 1990 census, making it one of the fastest-growing cities in Texas.
Every two years, Money Magazine releases its list of America’s best small towns. In 2007, Schertz was ranked 40th on the U.S. list and was one of only three Texas towns on the top 50 list. In 2009, Texas towns Schertz, Hewitt, Keller, Mansfield, Friendswood and Georgetown all earned spots on the magazine’s list. Dallas-Fort Worth suburbs Keller and Mansfield ranked seventh and 24th; Friendswood, in the Houston-Galveston area, ranked 32nd; Georgetown ranked 45th; Hewitt ranked 46th.
Schertz has been cited for its prosperous outlook and quality of living through sound planning and fiscal responsibility. Schertz is planning on opening new roads, a library and a recreation center this year. The city’s unemployment rate fell to 4.3 percent in April, down from 4.7 percent in February. About a third of Schertz’s employed population works for Randolph Air Force Base.
“I think Money Magazine’s ranking of Schertz is a reflection of the hard work this community has done over the past 50 years,” says Hal Baldwin, who has represented Schertz as mayor since 1994. “I want to give credit to the volunteers … the people who work hard to make this city an outstanding place to live.”
Schertz City Council member Michael Carpenter says Money Magazine’s ranking is significant, particularly in the wake of the U.S. recession.
“We have stated that we want to be the premier city in the (San Antonio) metropolitan area — being recognized by CNN/Money Magazine as being in the top 40 small cities in the United States in 2007 and again now in 2009 suggests we are on the right path, that we are succeeding in our goal,” Carpenter says. “Only nine of the top 50 cities recognized in 2007 bettered their position in 2009 — Schertz is one of them. That’s keeping some pretty good company, and suggests that we may be a lot closer to our goal than some may think.”
Schertz is the largest city in the San Antonio metropolitan area with more than 32,000 residents. Schertz is America’s 39th best small town.
The city’s population grew more than 80 percent since the 1990 census, making it one of the fastest-growing cities in Texas.
Every two years, Money Magazine releases its list of America’s best small towns. In 2007, Schertz was ranked 40th on the U.S. list and was one of only three Texas towns on the top 50 list. In 2009, Texas towns Schertz, Hewitt, Keller, Mansfield, Friendswood and Georgetown all earned spots on the magazine’s list. Dallas-Fort Worth suburbs Keller and Mansfield ranked seventh and 24th; Friendswood, in the Houston-Galveston area, ranked 32nd; Georgetown ranked 45th; Hewitt ranked 46th.
Schertz has been cited for its prosperous outlook and quality of living through sound planning and fiscal responsibility. Schertz is planning on opening new roads, a library and a recreation center this year. The city’s unemployment rate fell to 4.3 percent in April, down from 4.7 percent in February. About a third of Schertz’s employed population works for Randolph Air Force Base.
“I think Money Magazine’s ranking of Schertz is a reflection of the hard work this community has done over the past 50 years,” says Hal Baldwin, who has represented Schertz as mayor since 1994. “I want to give credit to the volunteers … the people who work hard to make this city an outstanding place to live.”
Schertz City Council member Michael Carpenter says Money Magazine’s ranking is significant, particularly in the wake of the U.S. recession.
“We have stated that we want to be the premier city in the (San Antonio) metropolitan area — being recognized by CNN/Money Magazine as being in the top 40 small cities in the United States in 2007 and again now in 2009 suggests we are on the right path, that we are succeeding in our goal,” Carpenter says. “Only nine of the top 50 cities recognized in 2007 bettered their position in 2009 — Schertz is one of them. That’s keeping some pretty good company, and suggests that we may be a lot closer to our goal than some may think.”
Tuesday, May 12, 2009
Breaking News!
This just in - HUD today released approval for first time home buyers to use their tax credit as a down payment!
Details are being provided to mortgage lenders, but the bottom line is that if a buyer is eligible for the tax credit (up to $8,000), they can arrange to use that as their down payment for FHA loans!
So, if a buyer needs $7,000 to purchase a $200,000 home, they can arrange for their lender to provide a "bridge loan" until they recive their tax credit from the IRS. They will still be able to keep the other $1000 for their use.
This is a huge incentive to the program and as we get details, I will post them here and on the web site.
Details are being provided to mortgage lenders, but the bottom line is that if a buyer is eligible for the tax credit (up to $8,000), they can arrange to use that as their down payment for FHA loans!
So, if a buyer needs $7,000 to purchase a $200,000 home, they can arrange for their lender to provide a "bridge loan" until they recive their tax credit from the IRS. They will still be able to keep the other $1000 for their use.
This is a huge incentive to the program and as we get details, I will post them here and on the web site.
Monday, May 11, 2009
They're Back!
Yes, investors with quality in mind and a realistic view of our housing market are coming back. Here in the greater San Antonio area, houseing prices are holding steady, and more people are forced to rent for a variety of reasons. This makes for an attractive combination to an investor with a minimum of 20% or more down payment.
Although we don't have quite the number of foreclosures that some areas of the country have, we do have a nice selection for investment or as move in homes. These are often a good way to start the investment portfolio, but buyers need to have patience as it can take weeks just get the contract approved with some lender owned properties. HUD and VA properties normally are easier to work with as they have established process' in place.
With the increase in our military presence and continued growth in the general business sectors, we have a need for quality rentals that are priced to support the local needs. For example, a $130,000 house will not rent for $1600/month. Even with lots of upgrades most homes in this price range will rent for $950 - $1200, depending on location and condition.
So, if you want to make 5% or so on your money and have some future appreciation in the real estate market, now is a good time to consider investing in rental properties. And if the trends are any indication, the professionals are already out there looking.
Although we don't have quite the number of foreclosures that some areas of the country have, we do have a nice selection for investment or as move in homes. These are often a good way to start the investment portfolio, but buyers need to have patience as it can take weeks just get the contract approved with some lender owned properties. HUD and VA properties normally are easier to work with as they have established process' in place.
With the increase in our military presence and continued growth in the general business sectors, we have a need for quality rentals that are priced to support the local needs. For example, a $130,000 house will not rent for $1600/month. Even with lots of upgrades most homes in this price range will rent for $950 - $1200, depending on location and condition.
So, if you want to make 5% or so on your money and have some future appreciation in the real estate market, now is a good time to consider investing in rental properties. And if the trends are any indication, the professionals are already out there looking.
Tuesday, March 3, 2009
Ft Sam Houston Sponsor
We are proud to be the newest sponsors for Ft Sam Houston at this new address http://forthouston.tx.armyusa.org/
This site is full of relevant and useful information for those looking at moving to the Ft Sam or BAMC area.
Check us out and if you like what you see, let us know.
This site is full of relevant and useful information for those looking at moving to the Ft Sam or BAMC area.
Check us out and if you like what you see, let us know.
Tuesday, February 17, 2009
Friday, February 13, 2009
Stimulus Package
Well, we are still waiting for the final details on the stimulus package, but it appears that the "First Time Homebuyer" tax credit will become part of teh final bill. It will not be as bold as first expected, but still a very important step in getting buyers (you) to get active inyour home buying process.
We think it will wind up being a 10%, up to $8000, tax credit for home bought between 12/21/08 - 12/31/09. And the important part is that it will not have to be repaid.
Of course, there may still be other tax implications, but on the surface this appears to be a great tool for home buyers. A first time buyer is defined as anyone that has either never ownerd a home (duh!), or one that has not owned a home as a primary residence on the last three consecutive years. The last draft I read was still a little blurry on whether owning a rental home still allowed for first time status and I will be watching for that, along with other details and pass it along.
Another great news item for the greater San Antonio area is that USAA is bringing 1000 jobs here from other locations! Of course, many will be local hire, but also many new arrivals. Ths will allow more homes to be sold and give the seller market a boost.
We think it will wind up being a 10%, up to $8000, tax credit for home bought between 12/21/08 - 12/31/09. And the important part is that it will not have to be repaid.
Of course, there may still be other tax implications, but on the surface this appears to be a great tool for home buyers. A first time buyer is defined as anyone that has either never ownerd a home (duh!), or one that has not owned a home as a primary residence on the last three consecutive years. The last draft I read was still a little blurry on whether owning a rental home still allowed for first time status and I will be watching for that, along with other details and pass it along.
Another great news item for the greater San Antonio area is that USAA is bringing 1000 jobs here from other locations! Of course, many will be local hire, but also many new arrivals. Ths will allow more homes to be sold and give the seller market a boost.
Tuesday, February 3, 2009
Economic Stimulus Update
Here is an update on the Housing Stimulus Package in Congress. You may want to contact your Congressional Rep or Senator to state your support, or not.
A huge incentive would be to eliminate the repayment provision for the $7500 home buyer credit! Read on for more:
U.S. House passes stimulus packageLast Wednesday, the United States House of Representatives passed on a largely partisan vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009. The economic stimulus bill, as the legislation is more commonly known, contains a number of key provisions:
-Restoration of the 2008 loan limits for FHA, Fannie Mae, and Freddie Mac to 125% of median home price up to a limit of $729,750
-Elimination of the repayment provision of the $7,500 first-time homebuyer tax credit
-Expansion of tax-exempt housing bonds
-Increased funding for the Rural Housing Service Program
-Additional funding for neighborhood stabilization activities under the Community Development -Block Grant Program
-Incentives to promote weatherization and energy efficiency
-Retrofitting federally assisted housing for energy efficiency
-An expansion of the Hope VI low-income housing construction and rehabilitation program
The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program. Among the housing provisions of interest in the TARP Reform and Accountability Act of 2009, HR 384, are:
-A mortgage buy-down program to reduce rates below current prevailing market rates
-Increased foreclosure prevention and mitigation efforts
-Ensuring liquidity in the residential and commercial mortgage markets
-Streamlining efforts to unclog the credit markets and increase the availability of credit to worthy customers
Once the Senate passes a measure, the differences with the House version will be worked out in a conference committee.
A huge incentive would be to eliminate the repayment provision for the $7500 home buyer credit! Read on for more:
U.S. House passes stimulus packageLast Wednesday, the United States House of Representatives passed on a largely partisan vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009. The economic stimulus bill, as the legislation is more commonly known, contains a number of key provisions:
-Restoration of the 2008 loan limits for FHA, Fannie Mae, and Freddie Mac to 125% of median home price up to a limit of $729,750
-Elimination of the repayment provision of the $7,500 first-time homebuyer tax credit
-Expansion of tax-exempt housing bonds
-Increased funding for the Rural Housing Service Program
-Additional funding for neighborhood stabilization activities under the Community Development -Block Grant Program
-Incentives to promote weatherization and energy efficiency
-Retrofitting federally assisted housing for energy efficiency
-An expansion of the Hope VI low-income housing construction and rehabilitation program
The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program. Among the housing provisions of interest in the TARP Reform and Accountability Act of 2009, HR 384, are:
-A mortgage buy-down program to reduce rates below current prevailing market rates
-Increased foreclosure prevention and mitigation efforts
-Ensuring liquidity in the residential and commercial mortgage markets
-Streamlining efforts to unclog the credit markets and increase the availability of credit to worthy customers
Once the Senate passes a measure, the differences with the House version will be worked out in a conference committee.
Thursday, January 29, 2009
What is going to get better for a buyer?
I just received a note from a client that I have been working with for some time. She and her husband started looking as the overall market was weak, and they knew some good deals could be made. However, they decided last night that the ecnomoy was too shaky and they were going to sit it out for while longer until things started to get better.
Ok, what is going to get better for a buyer?
-Low interest rates? Lowest in years! If you qualifiy for the Texas Veteran Program and have a VA disablity of 30% or more, you can get a 30 year fixed for a guaranteed rate of 4.78% this week!!!
-Low home prices? Home prices in the greater San Antonio area have weatherd the economy better than most, but our prices have either been steady or seen some decline. Will every house for sale go lower? I doubt it seriously. So current prices are probably as good as we will see for some time as well.
-Availability/Inventory of existing homes? The most we have had on the market - ever! The San Antonio MLS currently has about 10,790 singel family residential units available. If there isn't something you want, you may never find it!
-Availablity of mortgage money? Again, loads of money out there. Every lender I talk to is looking for new buyers. A lot of refinancing in the works, and that should spark a bit of new purchases as well, but where are the buyers? Yes, the requirements are a bit more stringent than a couple of years ago. you have to do more than breath to get a loan!
The money is there and it is cheap and the houses are there and they are priced well. Get out and see what we have and if you have a job and want a new house, now may be the best time in years to make that happen!
Ok, what is going to get better for a buyer?
-Low interest rates? Lowest in years! If you qualifiy for the Texas Veteran Program and have a VA disablity of 30% or more, you can get a 30 year fixed for a guaranteed rate of 4.78% this week!!!
-Low home prices? Home prices in the greater San Antonio area have weatherd the economy better than most, but our prices have either been steady or seen some decline. Will every house for sale go lower? I doubt it seriously. So current prices are probably as good as we will see for some time as well.
-Availability/Inventory of existing homes? The most we have had on the market - ever! The San Antonio MLS currently has about 10,790 singel family residential units available. If there isn't something you want, you may never find it!
-Availablity of mortgage money? Again, loads of money out there. Every lender I talk to is looking for new buyers. A lot of refinancing in the works, and that should spark a bit of new purchases as well, but where are the buyers? Yes, the requirements are a bit more stringent than a couple of years ago. you have to do more than breath to get a loan!
The money is there and it is cheap and the houses are there and they are priced well. Get out and see what we have and if you have a job and want a new house, now may be the best time in years to make that happen!
Monday, January 12, 2009
Texas Home Inspection Updates
Thanks to our frined, Jim Wiley of Gold Star Home Inspection, here is a quick update to the Texas Residential Inspection regulations. As always, when purchasing a home, it is in your best interest to have a thrid party inspector go over it whether new construction or existing.
Changes to the Standards of Practice
I have just returned from a seminar for our Standards of Practice. Some changes have taken place that I feel everyone should know.
They have removed the term “In Need of Repair” and replaced it with “Deficiency”. It seems a buyer assumed that if a box was checked “In Need of Repair” that the seller was obligated to repair that item before the sell of the home. As always the report is just a negotiating tool.
Everyone has heard of Arc Fault Circuit Interrupters (AFCI) breakers. They are used for an additional level of protection on all branch circuits that supply 125 Volt, single-phase power installed in bedrooms and for smoke alarms. This requirement did not become effective until November 1, 2002 for all new and remodeled construction.
Now, Texas has adopted the 2008 NEC which requires AFCIs circuit breakers for all branch circuits that supply 125 Volt, single-phase power serving bedrooms, family rooms, dining rooms, living rooms, parlors, libraries, dens, sunrooms, recreations rooms, closets, hallways, or similar rooms or areas. We are required to report the lack of arc arc-fault circuit interrupting devices.
How does this affect you? The only thing we have to do extra is brief our clients that this is a new requirement and that NO home in Texas will meet the new standard. It is not something that has to be repaired and will not affect the sell of a home. However it is my duty to tell our client that there is an additional level of protection out there for them.
On this same line of thought now all outlets in the garage must be GFCI protected. The earlier standards allowed one outlet to not be on a GFCI circuit.
If you have any questions regarding the Standards Of Practice please give me a call.
Jim Wiley
Gold Star Home Inspections
Changes to the Standards of Practice
I have just returned from a seminar for our Standards of Practice. Some changes have taken place that I feel everyone should know.
They have removed the term “In Need of Repair” and replaced it with “Deficiency”. It seems a buyer assumed that if a box was checked “In Need of Repair” that the seller was obligated to repair that item before the sell of the home. As always the report is just a negotiating tool.
Everyone has heard of Arc Fault Circuit Interrupters (AFCI) breakers. They are used for an additional level of protection on all branch circuits that supply 125 Volt, single-phase power installed in bedrooms and for smoke alarms. This requirement did not become effective until November 1, 2002 for all new and remodeled construction.
Now, Texas has adopted the 2008 NEC which requires AFCIs circuit breakers for all branch circuits that supply 125 Volt, single-phase power serving bedrooms, family rooms, dining rooms, living rooms, parlors, libraries, dens, sunrooms, recreations rooms, closets, hallways, or similar rooms or areas. We are required to report the lack of arc arc-fault circuit interrupting devices.
How does this affect you? The only thing we have to do extra is brief our clients that this is a new requirement and that NO home in Texas will meet the new standard. It is not something that has to be repaired and will not affect the sell of a home. However it is my duty to tell our client that there is an additional level of protection out there for them.
On this same line of thought now all outlets in the garage must be GFCI protected. The earlier standards allowed one outlet to not be on a GFCI circuit.
If you have any questions regarding the Standards Of Practice please give me a call.
Jim Wiley
Gold Star Home Inspections
Thursday, January 8, 2009
Foreclosure info
If you live in the San Antonio are you have seen recent news about the increase in foreclosure listings in Bexar County, up to over 1100 in January 2009! our normal numbers hover around 700 or so, and have for years.
But the media are not completing the "rest of the story" to you - of the Foreclosure FILINGS, about 30-35% will actually end up in foreclosure!
Most of the loans will either be paid up, taxes paid, mortgage refinance or restructure, or other means of holding off the foreclosure sale process. In fact the number of foreclosures has risen in the last few months. But with recent interest rate reductions and more money being freed up by lenders, more filings are being saved as well.
So, things are different if you get ALL the news information.
Call and we can discuss the actual number of foreclosures and the actual savings we are seeing this year in prices.
But the media are not completing the "rest of the story" to you - of the Foreclosure FILINGS, about 30-35% will actually end up in foreclosure!
Most of the loans will either be paid up, taxes paid, mortgage refinance or restructure, or other means of holding off the foreclosure sale process. In fact the number of foreclosures has risen in the last few months. But with recent interest rate reductions and more money being freed up by lenders, more filings are being saved as well.
So, things are different if you get ALL the news information.
Call and we can discuss the actual number of foreclosures and the actual savings we are seeing this year in prices.
Tuesday, January 6, 2009
2009 Housing Forecast
We attended the 2009 Housing Forecast put on by the San Antonio Board of Realtors (SABOR) this morning and have a lot of information to share.
For starters, as we all know, the greater San Antonio area is weathering the recession well and is poised to be the front runner during the upcoming growth period. We are still affected by the many folks moving to the area for good jobs, Military, and quality of life that are unable to sell or rent their homes in other areas. As this situation starts to slow amid the normal spring moving season, as well as with the promised stimulus packages, we will see an increase in sales.
For the time being we have over 12,000 available homes on the market and interest rates are at all time lows. This is still a buyer's market and will be into 2009 or even 2010. However, statistics show that home prices have stabilized in our region and even appreciated in some areas over the last year. This indicates that the buyer's market may not allow for some of the slashing that has occurred in other markets such as Florida and Las Vegas.
Dr. Mark Doutzour, the Chief Economist for the Texas A&M Real Estate Research Center is strong on home ownership, but is also supportive of realistic lending practices. He tells us that we will start seeing recovery in our area this spring, and history shows that we will start to see both home prices begin to move up and interest rates to possibly increase as well. He flatly states that now is probably the best buying opportunity for the next 20 or more years!
There were all kinds of statistics and trend lines thrown around to make the numbers types feel involved, but bottom line is we are in a great location and now would be the time to lock in future appreciation at phenomenal prices and rates.
Call and I can provide details and share more with you as well!
It sure is nice to be in Texas!
For starters, as we all know, the greater San Antonio area is weathering the recession well and is poised to be the front runner during the upcoming growth period. We are still affected by the many folks moving to the area for good jobs, Military, and quality of life that are unable to sell or rent their homes in other areas. As this situation starts to slow amid the normal spring moving season, as well as with the promised stimulus packages, we will see an increase in sales.
For the time being we have over 12,000 available homes on the market and interest rates are at all time lows. This is still a buyer's market and will be into 2009 or even 2010. However, statistics show that home prices have stabilized in our region and even appreciated in some areas over the last year. This indicates that the buyer's market may not allow for some of the slashing that has occurred in other markets such as Florida and Las Vegas.
Dr. Mark Doutzour, the Chief Economist for the Texas A&M Real Estate Research Center is strong on home ownership, but is also supportive of realistic lending practices. He tells us that we will start seeing recovery in our area this spring, and history shows that we will start to see both home prices begin to move up and interest rates to possibly increase as well. He flatly states that now is probably the best buying opportunity for the next 20 or more years!
There were all kinds of statistics and trend lines thrown around to make the numbers types feel involved, but bottom line is we are in a great location and now would be the time to lock in future appreciation at phenomenal prices and rates.
Call and I can provide details and share more with you as well!
It sure is nice to be in Texas!
Thursday, December 11, 2008
Buy Now or Wait?
With interest rates raching lows not seen in 20 years, many are hoping they will continue to the 4.5% rumored to be "around the corner" by many in the industry.
However, the rumor is first just that until the money and the direction is provided. Second, the lowest rates will only be given to the best borrowers. That means if your credit score is less than 760, don't hold your breath for the lowest rates. However, if your credit is between 620 and 760, your chance of getting very good rates and terms remains fantastic.
If your credit is below 620, you need to sit down and see just where you are and set up a plan to get it up around 600 as a minimum, or face paying higher rates, requiring larger down payments, or not getting a loan at all.
So, what are you waiting for? Let's start looking for the right house that meets your needs and negotiate a great price and terms now!
However, the rumor is first just that until the money and the direction is provided. Second, the lowest rates will only be given to the best borrowers. That means if your credit score is less than 760, don't hold your breath for the lowest rates. However, if your credit is between 620 and 760, your chance of getting very good rates and terms remains fantastic.
If your credit is below 620, you need to sit down and see just where you are and set up a plan to get it up around 600 as a minimum, or face paying higher rates, requiring larger down payments, or not getting a loan at all.
So, what are you waiting for? Let's start looking for the right house that meets your needs and negotiate a great price and terms now!
Wednesday, December 3, 2008
Interest Rates Moving Down, Job Growth
Great news! interest rates are down and jobs are up in the San Antonio market!
The article below goes over the increase in jobs in the greater San Antonio area as well as Austin, which is less than an hour up the road!
Interest rates are also lower than they have been in over a year...the average in Texas this week is only 5.52%!!! That is the average and you may pay a little more, or even less. Either way, now is certainly a great time to purchase a home!
Read about the job growth......................
Tuesday, December 2, 2008 - 2:52 PM CST Modified: Tuesday, December 2, 2008 - 3:00 PM Austin job creation slower, but still outpacing rivals Austin Business Journal Employment in the Austin-Round Rock region increased 1.9 percent between October 2007 and October 2008, outpacing many of Austin’s economic development competitors, according to data released Tuesday by the U.S. Bureau of Labor Statistics.
The local region added about 14,700 jobs in the 12-month period, bringing its total employment figure to roughly 781,000, according to the report. By comparison:
• San Jose, Calif. added 700 jobs for a 0.8 percent increase • Raleigh, N.C. added 8,800 jobs for a 1.7 percent increase • Nashville, Tenn. lost 2,200 jobs for a 0.3 percent decrease • Seattle lost 1,900 jobs for a 0.1 percent decrease • Phoenix lost nearly 50,000 jobs for a 2.3 percent decrease • San Antonio added 17,900 jobs for a 2.9 percent increase • Memphis, Tenn. lost 10,800 jobs for a 1.7 percent decrease • Albany, NY remained stagnant.
The article below goes over the increase in jobs in the greater San Antonio area as well as Austin, which is less than an hour up the road!
Interest rates are also lower than they have been in over a year...the average in Texas this week is only 5.52%!!! That is the average and you may pay a little more, or even less. Either way, now is certainly a great time to purchase a home!
Read about the job growth......................
Tuesday, December 2, 2008 - 2:52 PM CST Modified: Tuesday, December 2, 2008 - 3:00 PM Austin job creation slower, but still outpacing rivals Austin Business Journal Employment in the Austin-Round Rock region increased 1.9 percent between October 2007 and October 2008, outpacing many of Austin’s economic development competitors, according to data released Tuesday by the U.S. Bureau of Labor Statistics.
The local region added about 14,700 jobs in the 12-month period, bringing its total employment figure to roughly 781,000, according to the report. By comparison:
• San Jose, Calif. added 700 jobs for a 0.8 percent increase • Raleigh, N.C. added 8,800 jobs for a 1.7 percent increase • Nashville, Tenn. lost 2,200 jobs for a 0.3 percent decrease • Seattle lost 1,900 jobs for a 0.1 percent decrease • Phoenix lost nearly 50,000 jobs for a 2.3 percent decrease • San Antonio added 17,900 jobs for a 2.9 percent increase • Memphis, Tenn. lost 10,800 jobs for a 1.7 percent decrease • Albany, NY remained stagnant.
Tuesday, November 18, 2008
Military Protects Home Prices
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
Monday, November 17, 2008
Local Real Estate Notes
Now that we have seen the DOW go back and forth a thousand points in a day, are you still watching the news? What to believe, which way to go, what to buy? Well, let's look local and see what is out there:
In the Schertz and Cibolo zip codes we have 465 current listings ranging from a $65,000 mobile home to a great custom home on over 28 acres for $930,000. Most of the listings are single family homes under $225,000! So, we can pretty much meet any buyer's needs.
As for forclosures, we have 11, ranging from $69,900 to $199,900. That is only 2.3% of our active market!
For renters, or investors looking to see what the local market has, we have 86 rentals ranging from a $650/month townhouse to a new exectuive home for $1795/mo. The average single family home rents for about $1200/month.
What does this mean? It means that we have a strong market with few foreclosures, and good values for both owners and renters. It means we have more inventory than historically at this time of the year, but this is historically the slowest time of the year for sales as well.
Interest rates are stying between 6% - 6.75% as well, making for attractive rates for long term ownership. And the Texas Vet program strives to stay about 1/2 point lower when it can.
Coem on out and see for yourself, we have a lot of great value now and why wait for the stock market when you can at least live in your investment, no matter what the DOW is doing!
In the Schertz and Cibolo zip codes we have 465 current listings ranging from a $65,000 mobile home to a great custom home on over 28 acres for $930,000. Most of the listings are single family homes under $225,000! So, we can pretty much meet any buyer's needs.
As for forclosures, we have 11, ranging from $69,900 to $199,900. That is only 2.3% of our active market!
For renters, or investors looking to see what the local market has, we have 86 rentals ranging from a $650/month townhouse to a new exectuive home for $1795/mo. The average single family home rents for about $1200/month.
What does this mean? It means that we have a strong market with few foreclosures, and good values for both owners and renters. It means we have more inventory than historically at this time of the year, but this is historically the slowest time of the year for sales as well.
Interest rates are stying between 6% - 6.75% as well, making for attractive rates for long term ownership. And the Texas Vet program strives to stay about 1/2 point lower when it can.
Coem on out and see for yourself, we have a lot of great value now and why wait for the stock market when you can at least live in your investment, no matter what the DOW is doing!
Tuesday, November 11, 2008
Foreclosure Update
Does a day go by that the media is not telling us that the sky is falling, and may fall further with the national housing crisis? Well, do they try to add some perspective? Of course not!
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.
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