August Sales Up in San Antonio in 2011 over 2010

In a recent article in mysanantonio.com, the number of reported home sales in August of 2011 in San Antonio showed a 10% improvement over the home sales of 2010.  There were 1771 homes sold that month versus 1617 sold in August a year earlier.  Unfortunately, home prices were down 6% from the previous year.  The lower median price indicates stronger sales in the lower price ranges during the economic downturn. 

What does the future hold?  San Antonio hopes to buck the national expectations of lower sales throughout the first quarter of 2012.  Time will tell. 

Mid-Century Modern Homes Becoming More Popular in San Antonio

In a recent article in the San Antonio Express News, writer Ana Ley says the homes built around the mid 20th century are becoming increasingly more popular in San Antonio.  Buyers are following a trend popular in other parts of the country, attracted to the clean uncluttered lines of the typically one story, ranch style homes. 

In San Antonio, homes built in this style in the 1950's can be found in many areas of town, including Castle Hills, Hollywood Park, Shearer Hills, Oak Hills, Olmos Park, Northwood, and Alamo Heights, all north of downtown.

Buyers are then taking it a step further by furnishing their home with furniture pieces from the same era, and often incorporating bold color choices in their decorating schemes.  It's a great look, don't you think?

11802 Sandman - Available in Enchanted Forest in North Central San Antonio for $224,900!

Come splash in your own back yard oasis this summer in Enchanted Forest!  Large in-ground pool and spa for the kids to enjoy when school's out, located in a private fenced yard on a greenbelt lot.  The lot is .28 acres big and is located on a green belt.

The home is big enough for a large family, with four bedrooms, three and 1/2 baths, and approximately 2700 square feet.  There's a large family room with beamed ceiling, hardwood floors, fireplace and built-ins, as well as a secluded gameroom with wet bar and storage room.  A full two car garage is also down.  A full bath near the utility room serves as a cabana bath for the pool.

Upstairs are all four bedrooms (18x15, 15x10, 13x11 and 12x11) along with two full baths and one half bath.  All of the kid's bedrooms have built-in desks and shelves.  The master bedroom has a nice walk-in closet.

Outside you'll find a 22x10 screened-in porch overlooking the pool, and a storage building.  The front yard is terraced and landscaped with native trees, rocks and plants for easy maintenance.

Children attend highly acclaimed North East ISD, with Harmony Hills Ele., Eisenhower Middle School and Churchill High School.

Give us a call to come take a look and make this beautiful home yours!

Happy New Year!

It's a new year, and there are hopes that the recession and its effect on local real estate are over.  Greater San Antonio Builders Association recently held their annual housing forecast where the outlook was for a slowly improving market in 2011. 

The highpoints of the discussion included:

• New home construction in 2010 was up 5.5% from 2009.  Projected new home starts in 2011 are expected to be up another 9%.
• Builders have scaled back production since 2007, leaving San Antonio with one of the tightest markets in the US in supply of new homes.
• Occupancy rates in San Antonio apartments are now above 90%, representing a pool of potential home buyers in the future.
• Texas issued more than twice as many home-building permits in 2010 as the next closest state, Florida.
• In 2010, the bulk of the new home sales in San Antonio were homes priced under $225,000.

Sales of Existing Homes In San Antonio Have Slowed

From the San Antonio Express News' Jennifer Hiller comes:

San Antonio home sellers and real estate agents aren't quite singing the summertime blues, but sales of existing homes slowed considerably in July.  The number of home sales dropped 25 percent in July when compared with the same month in 2009, dipping to 1,491, according to data released Tuesday by the San Antonio Board of Realtors. 

The likely culprit of the unseasonable doldrums: the federal government's $8,000 carrot offered to first-time home buyers and $6,500 to some current homeowners, which was available to those who could go under contract by the end of April.  The tax credits boosted the number of home sales in the springtime, but most of those deals had closed by the time July rolled around.  “What we saw in the spring market was a surge in sales for the tax credit,” said Marietta Alba, SABOR chairwoman. 



But sales volume is still up 6 percent for the year, with 10,922 sales so far compared with 10,297 by the same time in 2009.  The expiring federal tax credits are also a likely reason the median sales price rose slightly, to $160,800.  Alba said that July saw an unusually high number of sales of homes above $500,000 — a group of buyers unlikely to be swayed by the federal tax credit — and a lower number of sales below the $200,000 mark most popular with first-time buyers. 


Earlier in the year, the number of first-time buyers in the market helped push the median price down slightly.  As the market moves out of its traditional peak season, Alba said SABOR expects the rest of the year to be steady, if unspectacular. 


“Our interest rates are still remarkably low and we're glad about that. Job growth continues,” Alba said. “We're still a steady and stable market.”  Homes sold slightly faster in July than they did in 2009, in an average of 84 days, which was 11 fewer than last year. And there were 1,430 pending sales at the end of July. 

Real estate agents and home builders both have noticed a drop-off in business from the usual summer frenzy. Most home buyers try to close a deal and move before the school year starts.  “I think we saw an increase until the month of May. In June we saw a drop,” said Richard Zepeda, an agent with Keller Williams Heritage.  Now Zepeda said he has noticed that builders again are offering good incentives to buyers and larger-than-usual agent commissions, as high as 7 percent, to spur interest. 
“The interest rates are so historically low,” Zepeda said. “It's the best time to buy if you can, especially while other people are still sitting on the fence.” 

1906 Creek Mountain in Encino Park - New Listing

Just listed at $179,900 in Encino Park in far north San Antonio, this home at 1906 Creek Mountain features over 2000 square feet with three bedrooms, 2 1/2 baths, and a full 2 car garage.  There's a living room down with tall ceilings, brick fireplace, and an open staircase.  Upstairs is a large loft for the kids to enjoy.  Located in Encino Park near the community center, the whole family can walk to the neighborhood pool and playground.  French doors off the living room lead to a tree shaded side patio.  Updates include recent paint and carpet, and a new roof is on the way.  Cement fiber siding, storage building, front yard sprinkler system and a water softener are included.  Don't wait, call today for an appointment to see this fine home.

Home Sales are Increasing in San Antonio; Prices are Not

The May real estate numbers are in for San Antonio, and the number of sales of existing homes in May increased 19 percent to 1,928 sales compared with the same month in 2009, according to a new report from the San Antonio Board of Realtors.  But the median price of a San Antonio home dipped 4 percent to $145,900 compared with May 2009.

The increase in the number of sales this May has been credited to the tax incentives for homebuyers that ended April 30th. 

A report this week based on the Fiserv Case-Shiller Indexes said San Antonio home prices could slide slightly this year, but only by 0.5 percent. Nationally, a 3.1 percent decline is expected this year, with steep home price declines continuing in hard-hit markets such as Nevada, Arizona and Florida.  Once again, San Antonio is one of the more stable real estate markets in the country.

With around 7.8 months of inventory — meaning that if no more homes came onto the market, it would take 7.8 months, in theory, to sell the entire inventory at the current pace — the market remains tipped slightly in favor of buyers. About 6.5 months of inventory is considered a market balanced between buyers and sellers. 

The other good news?  The average number of days on the market for a San Antonio home that sold in May was 83, a quicker pace than the year before.

Country Views in the City - 15114 Circle Oak

Want country views in the middle of the city?  Come take a look at this newly listed property at 15114 Circle Oak in San Pedro Hills.  This beautiful home is set on .23 acres with large oak trees that back to a greenbelt.  Two large decks, one covered and one uncovered, give you a place to relax and enjoy the views.  Watch the deer and other wildlife from your own back deck!

The home is a one story, with three sides brick, ranch style home.  There's a full two car garage, plus sprinkler system, a large utilty room, and is wired for a security system.

There's four bedrooms, and three full baths.  Two bedrooms can be the master, and are split on opposite sides of the home.  Perfect for in-laws or guests.  The masters are 17 x 15 and 14 x 13. 

The back yard slopes down to the large greenbelt that's filled with mature oak trees.   

Call today (210-884-2572) if you'd like to set up an appointment to see this beautiful home.  The home is priced at $189,900 and has 2130 square feet per the Bexar Appraisal District.

So What Happens When the Real Estate Tax Incentives End?

So what happens to the real estate market in San Antonio when the tax incentives end in a few days?  The $8,000 tax credit for first time homebuyers and $6500 for repeat homebuyers ends this Friday, April 30th.  Buyers who qualify for that incentive have to be under contract by that date and close the deal by June 30th to get the credit.

Ahh, but for San Antonio, there is an "escape clause".  San Antonio may benefit from an IRS provision that gives active-duty military members an extra year to buy a house and take the tax credits if they have been deployed for at least 90 days between Dec. 31, 2008, and May 1 of this year.  So with our large military bases here, we may see the market continue to be fueled by returning military buyers for the next year.  Time will tell.

Home Sales Up, but Prices Dip Slightly

"San Antonio's home sales shook off a bit of the winter chill in February, as more buyers entered the market.  Sales of existing homes jumped 6 percent over February 2009 and were up 43 percent over a sluggish January, with 1,195 sales, according to data released Monday by the San Antonio Board of Realtors."

In an article in Monday's San Antonio Express News newspaper by Jennifer Hiller, data from the Real Estate Center at Texas A&M University and the San Antonio Board of Realtors showed that  homes in San Antonio were taking an average of 96 days to sell in February, compared with 106 during the same month the year before.  Prices remained relatively flat, with the median price at $141,900, down 1 percent from last February.

So, the real estate market in San Antonio continues to be a good news / bad news scenario for sellers.  More homes being sold, but slight depreciation in the prices. 

Looking to purchase a home in the San Antonio area?  Contact us -- we've helped over 550 buyers and sellers in our combined 37 years of experience selling San Antonio homes!

What's the San Antonio Housing Market Doing in 2010 So Far?

In the San Antonio Express newspaper, Jennifer Hiller reports on the sluggish San Antonio housing market.  The highlights of her article include:

• The median price of a San Antonio resale home was $139,700 in January, down 6 percent from the same month last year.
• The number of January sales in San Antonio was essentially flat: 834 sales this year compared with 836 sales in 2009.
• Homes  in San Antonio were taking an average of 92 days to sell in January.
• In January, 127 sales, or about 15 percent of all San Antonio sales, were lender-owned.

Based on some encouraging fourth-quarter 2009 numbers, SABOR in January projected an increase in the number of home sales this year, along with possibly some price appreciation.  But the January 2010 numbers did not show that strength in our local market.  Hopes are still high for a strong recovery this Spring due to the coming warmer weather, the low interest rates and the tax credit deadline.

Showing homes in San Antonio, Texas

Thankfully, business has been good lately.  We've had the opportunity in the last few weeks, to work with four sets of really good buyers.  The fun part is that we have a buyer in the $150's, the $250's, the $350's and the $700's+.  So we're getting to show a wide variety of homes in San Antonio and nearby neighborhoods.

What has made this experience fun and interesting, is the unique floorplans we've seen, the unique furnishings in those homes, and the various styles of decorating and staging home sellers have worked to achieve.  For the most part, an overwhelming percentage of the homes we've shown have been really ready to show, and were in move-in condition.  I suspect that as the numbers of foreclosures increase, I won't be able to say that much longer.  But in the meantime, a big thank you to San Antonio's home sellers.  Job well done! 

It makes the Realtor's job a lot easier and a lot more fun when the buyer can see themselves moving into a home without having to do a lot of clean-up or re-do's to make the home livable.  And that translates into more money in the Seller's pocket.  Keep up the good work Sellers.

What do the New FHA Lending Changes Mean to Buyers?

What do the new FHA lending changes mean to buyers?  The sweeping set of policy changes for FHA announced in late January were designed to strengthen the FHA's capital reserves to support the nation's housing market recovery, says David H. Stevens, US Dept. of HUD.  Included in those changes are:

1. An increase in the up-front MIP (Mortgage Insurance Premium) and a future increase on the annual MIP.  This will go into effect in the spring.
2. New borrowers will need a 580 or better credit score in order to only put 3.5% down on their loan.  If lower than 580 they will need a 10% down payment, beginning this summer.   This allows FHA to lower its risk and to be able to continue to provide loans to borrowers who have shown themselves to be good credit risks.
3. Increased FHA lender enforcement of adhering to FHA guidelines and standards, also going into effect this summer.
4. Reduction of seller concessions from 6% to 3%.  The current level exposes FHA to excess risk by creating incentives to inflate the appraised value of the home.  This, too, will go into effect this summer.

So what do these changes really mean for future borrowers?  It means a return to the sound business practices lenders used to follow whereby the borrower needed good credit and a substantial down payment before becoming a homeowner. 

The borrowers who benefit from future FHA loans will be more likely to be able to repay those loans and not end up in  foreclosure like many folks today.  Fewer people will be able to purchase homes through the FHA, but those that do, will be able to pay their bills!  And FHA should be financially stable and around many more years to help future home buyers.  It's a good thing.

Were You a First Time Homebuyer in 2009?

Were you a first-time homebuyer in 2009?  When you get around to doing your taxes this Spring, do you know what IRS will need from you in order to get your tax credit? 

According to the IRS website,  there are five items you need to have in order to verify the details of your home purchase for the purpose of getting your tax credit.  They are:

• A copy of the final closing contract (HUD-1 Statement)
• A copy of your most recent monthly mortgage statement 
• If the home was newly constructed, a copy of the occupancy permit

Plus two of the following four items:

• Copy of your current drivers license showing home address
• Copy of a recent pay statement showing your name and home address
• Copy of a recent bank statement showing your name and home address
• Copy of a current auto registration showing your name and home address

So, get your records in order, homebuyers, and enjoy the one-time benefit you are receiving.  And, welcome to the club of home-OWNERS!

REALTOR® Magazine-Daily News-Sellers Should List Homes Early

REALTOR® Magazine-Daily News-Sellers Should List Homes Early

The message here from the nation's realtor organizations is that in order to reach the homebuyers who are looking to take advantage of the tax incentive for purchasing a new home, home sellers should be putting their homes on the market NOW, and not wait until Spring.  The incentive ends April 30th, so unless it is extended again, the homes need to go under contract by late March, and the buyers should be out house shopping soon to find the best deals. 

Traditionally home sellers wait until March or April to list their homes, hoping to move after school is out in late May or early June.  That pattern will not work with the tax incentive deadline.  So if you are thinking of moving up, moving down, or just moving, you should contact a Realtor very soon to get your home out there for buyers to find.  The number of homes on the market will surely increase as the year progresses, so the competition gets tougher later.  Don't wait!

How's the San Antonio Real Estate Market? - "Home sales up, but foreclosures drag down prices in S.A."

The San Antonio Real Estate Market

According to the Texas Real Estate Center  on September 16,2009, "Home sales up, but foreclosures drag down prices in S.A.  San Antonio continues to  an increase in homebuying — in large part thanks to first-time homebuyers motivated by a tax credit. But prices have failed to increase, and experts are saying growing short sales and foreclosures are dragging down prices.  San Antonio recorded 1,761 single-family home sales in August, a 2 percent increase from last August, according to the San Antonio Board of Realtors (SABOR). It's the second month in a row the volume of sales has topped the previous year's number, ending a year-long slump.  The increase in home sales was not matched by a price increase. The median price for single-family homes in August was $147,800, a 2 percent decrease from a year ago. Florence Terrell of SABOR blamed that on a high number of short sales and foreclosures.  Bexar County has 1,554 properties posted for the October 6 foreclosure auction. That's up from 1,132 for September 1 auction, according to www.RexReport.com."

So what does that mean for you?  If you're in the market to purchase a home, it's a great time!  Our inventories in SA remain high, and interest rates are really low.  If you're needing to sell your San Antonio home, you'll need to be a little more aggressive in your pricing, and you'll need to get your home in tip top shape to sell quickly.  Analyists predict a quicker recovery for our market than in some other Texas cities, but not until 2010. 

Currently in SA....

And, by the way, if you're in San Antonio this weekend don't miss the Alamo City's "Jazz's Alive"  in Travis Park downtown Saturday and Sunday.  Great music, and best of all, it's free!