San Antonio Homes For Sale By Owner

What about buying a “for-sale-by-owner” home, A.K.A., a FSBO. By definition, a FSBO seller isn’t working under a listing agreement whereby a real estate agent will administer his side of the deal. But don’t assume the FSBO seller doesn’t have a non-realtor helping out. Unless he already knows the state regulations governing realty processes and procedures, a wise FSBO seller will have sought the help of some else (like a title company or lawyer) who knows the realty ropes and can assist with the in-and-outs of making sure the sale conforms with governing statutes. If the seller isn’t working with someone who knows real estate, and, if he’s not well versed in realty, he’s putting everyone at risk, including himself and anybody buying the property.


Whereas most FSBO sellers will have someone advising and assisting in the background, the non-represented FSBO buyer is at an negotiating disadvantage. That’s why, even for a FSBO, it’s preferable for the buyer to have an realty agent in his corner to make sure the FSBO seller has the property appropriately priced & is acting in conformance with realty law, processes, and procedures.


A FSBO seller is usually an exceptionally hard ball player, even when a friend, relative, or acquaintance is the buyer. That’s because the FSBO seller is his own face-to-face negotiator, as opposed to having a listing agent handle the negotiations as an intermediary. Keep in mind that negotiations done directly by a seller more often than not become contentious, leading to hurt feelings, and a significant level of distrust.


So, why does a home owner decide to venture into FSBO territory? Usually, it’s to avoid paying a realty brokerage commission. Avoiding the realty sales commission is understandable, but what’s not understandable is the tendency of FSBO sellers to overprice their property. It just seems natural for FSBO sellers to be tempted by the possibility of having their cake (avoiding the realty commission) and eating it too (selling the property significantly above market value).
Sometimes, to encourage showings, a FSBO seller will be willing to offer a commission to a buyer’s agent. The amount of commission to be paid to the buyer’s agent should be negotiated up front and carefully documented. Also, all parties should be working under a documented understanding that the buyer’s agent is not representing the seller and must maintain the buyer’s best interest throughout the home acquisition process.


If a FSBO seller won’t pay a buyers agent’s commission, the buyer himself might agree to pay either a negotiated commission or fee-for-service charge for having the benefit of having a trained realty professional administer his side of the deal.


What about ”friend-of-friend” FSBO leads? They can be very valuable and afford a great buyer’s opportunity. But, that happens in a very small percentage of cases. Why? In my San Antonio Texas market, the average home buyer sees 20 houses before making an offer. How likely is it that a friend-of-friend FSBO seller will have just the right house for any particular buyer? The odds are very low (but it could happen).


Here’s something else to consider if you are home buying or selling in Texas. There is a unique Texas circumstance that might work against FSBO buyers and sellers in the Lone Star State. Specifically, Texas law doesn’t mandate public recording of realty sales prices. That means that neither a home seller or buyer can go to the court house to find the sales prices for homes that were last sold in a particular neighborhood. Here’s the signifigance. A realty property’s current market value is set by the recent sales data for nearby comparable properties. Whereas there’s no public realty sales price database in Texas, there’s only one alternative source for determining a property’s market value and that source is the sales data recorded inlocal multiple listing service (MLS). That MLS database is available only to Realtors (R). That’s why, in Texas, a Realtor’s (R) help is invaluable for setting an appropriate and reasonable offering bid for a realty property (as opposed to the listed sales price which is almost invariably set above the property’s real market value).


Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.


Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.

Relocating To San Antonio

Relocating to the San Antonio area? Go here to request our free relocation packet:
http://www.sanantoniohomequest.com/offer.asp?or=2

Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.

Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.

At SanAntonioHomeQuest.com, we believe an informed home buyer is a wise buyer. That’s why our Realty Solutions Team has compiled a series of easy to remember hints and rules for home buyers.

First and foremost, here is the “Cardinal Rule” that home buyers should always keep in mind.

DON’T START YOUR SEARCH WITHOUT KNOWING WHAT YOU CAN AFFORD.

Sounds logical, doesn’t it, but a surprising number of buyers waste time and effort looking at houses they can’t afford. Now, if you’re wealthy enough to make a cash purchase, just make sure your money is liquid enough to bring to the closing table. But, if you’ll need a mortgage loan to seal the deal, don’t hesitate to consult with one or more lenders before starting your home quest. Mortgage loan officers want your business and, usually without charge, will happily help you determine your purchasing power based on your available assets, income to debt ratio, and credit history. So, don’t be afraid to talk with at least one lender before seriously shopping for a home.

You’ll receive more valuable hints about mortgage matters in coming messages. But, if you can’t wait or have immediate questions, send us an E-mail or give us a call and a member of our Realty Solutions Team will tell you all the things you need to know to be a SanAntonioHomeQuest power buyer.

Randall R. (Randy) Kelley
MS, BS, PA
San Antonio Realtor®
Internet Realty Services Advisor
sanantoniohomequest.com
Keller Williams Legacy
(210) 863-2661 or 867-8743 or (800) 201-9145
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March 2009 San Antonio Realty Market Report

As of Wednesday, 3 March 2009, here's what sellers and buyers need to know about San Antonio's residential realty market.

The early winter realty sales season was slower than usual. Now, as we enter the typically more active late winter and early spring season, the market is generally stable. Resale home inventory and time on the market have both changed little in the last 90 days. Recently, the average closed sale price has slowly trended downward. The market continues to favor buyers over sellers; but it seems that many prospective buyers are uncommitted, preferring instead to sit on the fence and watch for signs that the nation's turbulent economic conditions have stabilized.

Here's a very positive sign. The freshly-enacted $8,000 first-time home buyer tax credit is expected to spur both buyer and seller activity.

Our new construction home inventory is just enough to meet demand. Builders continue to offer some very attractive buyer incentives. San Antonio home buyers should always consider the advantages and disadvantages of purchasing a new construction vs. a resale home. A Realtor's® advice should be sought when weighing the pros and cons.

Although it might be a great time to buy a new construction home, it's always prudent to diligently check out the incentives offered by the builders and particularly the loans offered by the builders' affiliated lenders. Before signing a sales agreement, a buyer should seek the help of a Realtor ® to verify (1) that the property is reasonably priced and (2) that the lender is offering the most favorable loan, with the best interest rate, for the lowest settlement cost.

Because of its solid economic and demographic foundations, San Antonio remains one of the nation's bright spots for home ownership, rental investments, and commercial real estate. Affordable mortgage availability is extremely high. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 630 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.

Here are the market stats for San Antonio single-family detached home listings as of 4 March 2008:

active listings: 11924 - increasing very gradually, good for buyers

average list price for most recent sales: $190,305 - increasing very gradually - good for sellers

average sales price for most recent sales: $179,105 decreasing very gradually - good for buyers

average days on the market for most recent sales: 147 increasing gradually - good for buyers

Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.

Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.