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. 

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.” 

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.

10 Tips to Make Your Home Stand Out When Selling

Want your home to stand out to buyers?  Take the extra steps when getting your home on the market.  There's a lot of competition out there, and buyers are seeking those homes that are truely "move-in ready". 

So use this checklist as a way to evaluate your home, and see if there's things you can do to enhance your home and your chance of selling.

1. Create an attractive entry -- both inside and outside.  First impressions are really important.
2. Hardwood floors are "in" with buyers.  Replace that old worn carpet with nice hardwoods.
3. Update and improve the little details like cabinet hardware, bathroom faucets, and doorknobs.
4. Make your bathrooms more attractive to buyers by replacing the large sheet glass mirrors with elegant framed mirrors and updated lighting.
5. Countertops?  Go granite, it might be more affordable than you think and it scores big with buyers.
6. Replace old ovens, cooktops and dishwashers with stainless finishes. 
7. De-clutter and organize clothes closets and kitchen cabinets.  No cost here, just a little effort.
8. Make the yard attractive to families with kids.  The grass should be well maintained and healthy. 
9. Don't overlook lighting.  The interior needs to be bright, so add lamps or improve fixtures to make the house well lit.
10. Stage the furniture to show off the best features of the home.

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!

San Antonio Home Sales - Is it a Good time to Sell or Not?

So is it a good time to sell a home in San Antonio?  Yes!  It is a good time to sell because whether you are staying in town or moving elsewhere, there's an abundant supply of homes to pick from when you become a buyer.  Interest rates are still near all time lows, and loans are still being made, as long as you have decent credit and a job that looks secure.  Big if's for many nowadays, but a bonus for those that do.


So, how does this market compare to '09's market and '08's market? The graph below shows that the last three months for which we have data to compare,  November and December of 2009 and January of 2010, sales have outpaced the previous year, and hopefully will continue to do so. 

San Antonio Home Sales Per Month

As a seller, it may take a little longer to get your home sold, but houses are still selling. Prices have remained somewhat steady in most areas of town, but as the number of foreclosures increase, we may see more drops in home sales prices.  The next graph compares the distribution of sales prices in San Antonio, comparing sales in 1999, five years later in 2004, and five years later in 2009. 

Price distribution of San Antonio Home Sales

The sales of homes from $120,000 up last year (2009) outpaced the comparison years, 1999 and 2004, while the sales of homes below $120,000 lagged considerably behind.  When comparing homes in the upper ranges of $200,000 and up, sales in 2009 were two to three times as plentiful as 10 years earlier in 1999.  Obviously inflation plays a part in this change, but as the city has grown in the last ten years, more companies have re-located to San Antonio bringing higher wages, and the growth of our medical industry and military commands continues to create a demand for higher end housing. 

Optimism reigns in the San Antonio real estate markets, at least at the present time!

Statistical information from the Texas A&M Real Estate Center.

Pricing Mistakes When Selling Your Home, and How to Avoid Them

When selling your home, your pricing strategy can make or break your chances for a successful sale.  Listing your home at a proper price will encourage a buyer to snatch up your home for fear of losing it to another buyer, while listing too high can cause your home to sit on the market for months.  Especially in our current slower market, proper pricing is crucial.

In her article, "Pricing Mistakes and How to Avoid Them,"  Shannon Petrie of FrontDoor.com lists six mistakes that home sellers most often make.

Mistake #1: Forgoing research
Sellers sometimes base their prices on hearsay or by checking the asking price of the home down the street.  Instead you should base your price on a competitive market analysis, or cma, done by a real estate professional that looks at recent sales in the same area that are similar.  These cma's are usually free because agents are hoping to get to list the home for sale.  Another option is to hire a real estate appraiser to do the job.  Cost:  Several hundred dollars.

Mistake #2: Hiring the agent who offers the highest list price for your home
Beware of agents trying to "buy" your listing by suggesting an unrealistically high asking price.  This is unethical and costs you time and money in the long run, since you'll most likely have to cut the price later after being on the market a long time.  The agent you choose to list your home should be able to back up their list price with comparable sales data.

Mistake #3: Getting emotionally involved
Try to stay objective during the pricing process by focusing on the comparable sales in the cma.  Everyone thinks their home is the best home on the block, and worth more than it really is.  Listen to the agents you interview to see how your home really compares.

Mistake #4:  Pricing too high at the beginning
If the home enters the market over-priced, you've lost many buyers who otherwise could have afforded your home.  By the time you adjust the price, those buyers have already bought something else.  Then when you do put a proper price on the home, buyers want to know why it has sat on the market for so long.  Your best opportunity for a quick offer is in the first two weeks the home is on the market, so don't waste that time by being overpriced.

Mistake #5: Overpricing because you have "time"
Time does not equal dollars.  Being on the market longer actually costs you money.  Especially in a market where home prices are declining or just staying flat, being on the market longer is not a good option.

Mistake #6:  Chasing the Market
If prices are dropping and your home is overpriced, then as you lower the price, you are still falling behind the market that's declining.  List the home as competitively as you can from day one, and then assess market feedback and numbers of showings to see if further cuts need to be made.

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.

Sellers Beware! Top 10 Ways to Turn off A Homebuyer!

We work with both sellers and buyers, and see a lot of San Antonio homes.  Some are ready to be on the market, and others not so much.  Sometimes it is hard to communicate to sellers what it takes for a home to be ready for prime time!  This list from Jay McDonald, 10 Ways to Turn off a Homebuyer, says it very well.

10 Ways to Turn off A Homebuyer....

• Dirt  Cleanliness IS Godliness!  No one want to buy your dirty home and have to clean it!
• Odors  Smoke odors or pet odors make buyers walk right back out the door!
• Old fixtures  You didn't replace them because it cost so much, why should the buyers want to do it?
• Wallpaper  A big no, at least at the present time.  Buyers don't want it -- take it down!
• Popcorn acoustic ceilings  Can be removed, but it's a messy job.  Younger buyers hate it!
• Too many personal items  You're not selling your family or possessions, just your home!
• Snoopy sellers  When the home is being shown, LEAVE the HOUSE!
• Misrepresenting your home  If buyers are expecting too much, they'll be disappointed and won't buy your home.
• Poor curb appeal  Preparing the outside of the home is just as important as preparing the inside, maybe even more crucial!
• Clutter  Piles of clutter tell the buyer that the home is TOO SMALL.  Ditch the clutter and organize the home's contents to emphasize the existing storage.

Do's and Don'ts for Maintaining Your Kitchen Cabinets

The Do It Yourself Network has some great tips for maintaining your kitchen cabinets.  Whether you are getting your San Antonio home ready to sell, or just wanting to keep your cabinets looking like new,  follow these easy steps.

Do inspect the caulk around sinks and backsplashes to prevent water damage to cabinets.
Do clean knobs and drawer pulls using mild soap and warm water.  Dry with a soft cloth.

Do lubricate and adjust drawer slides periodically.  Use a little silicone spray lubricant.
Do lubricate and adjust door hinges.
Do tighten loose knobs or pulls.


Don't put wet dishes in cabinets - dry thoroughly before putting them away.

Don't clean cabinets with harsh abrasives.


Don't hang wet dishcloths on the edge of the countertop or on cabinet doors or drawers.


The DIY article also gives specific tips for wood cabinets and plastic laminate cabinets.  Check it out!

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!

Five Home Staging Myths

Are you selling your home?  You are obviously still the owner until the house sells, but when it is listed, it becomes "inventory" and should be viewed as a house and not a home.  You've probably heard about staging your home to make it more attractive to buyers.  There are professional home stagers in San Antonio you can hire, and even if you don't hire a pro, you can get great staging hints from your Realtor.  But today we'll talk about the 5 biggest myths surrounding staging a home for sale.

• I don't need to stage my home, buyers can see past my stuff.  Actually, NO they can't.  Most buyers cannot imagine their stuff in a home that is cluttered with the seller's possessions.  We tell our sellers that every box of clutter they remove from the home puts $$ back into their pockets at closing.

• The original (and expensive) features of my home add value.  Those 30 year old drapes and 20 year old wallpapers do not add value to today's buyers.  If a home is not vintage, meaning it is less than 50 years old, and it has not been updated, then the buyers won't pay for dated fixtures, even if they were expensive "in their day".
• My home isn't expensive enough to pay for staging. On the contrary, all homes need to present themselves in the best way possible. Take a look at your competition in the price bracket, and figure out what you need to do to make your home stand out. Staging can be just as important in a smaller home as it is in a larger home.
• Empty rooms look bigger.  Not usually!  When you are trying to sell an empty home, it is very hard to help buyers see how a room is used, and what fits in that room.  A few rented or borrowed pieces of furniture can define a space for the buyer.  Conversely, in a really large open room, buyers can sometimes have a problem when a room is empty because the room looks TOO large!
• "It's really a bedroom, but we're using it as a gym."  If it's a three bedroom home, but only two rooms have beds, buyers will sometimes question whether the third room would work as a bedroom or not.  For the sake of the time you have your home on the market, put the gym out in the garage, and give the bedroom it's real purpose. 

Buyers need to be able to picture themselves living in your home, so the house needs to look like they could bring all their stuff and move right in.  Staging simply means improving your home's appearance in order to appeal to the widest segment of the potential buyers.  The way you decorate your home to SELL may be quite different from the way you decorate to DWELL!

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!