Good news!
The S&P/Cash-Shiller U.S. National Home Price Index improved in the second quarter of 2009 versus the 2d quarter of 2008. Yes, that's good news, but keep in mind that, in the 2d quarter of last year, the nation's realty market was becoming woefully distressed. So it's wise to view the improved 2d quarter 2009 index figure with some caution. Most experts agree that, although the nation's realty market is becoming healthier, it may still be a few months way from being cured.
So, what's up with San Antonio's realty market. First keep in mind that, despite the economic gloom and doom around us, San Antonio's economy has remained relatively strong. Consequently, real estate sales activity has continue to march right along - at a somewhat slower, but steady pace. Granted, some neighborhoods have experienced deflated home values but it's too early to tell if the San Antonio area, in general, will close 2009 with lower across the board home values.
The good news is that, in July, San Antonio home sales were up, inventory down, and time to sell down. Average and median sale prices showed significant improvement; and, now, August sales data indicate the area will enter the usually slower fall and winter realty sales seasons in a much better condition than usual.
Our improving sales can be attributed, at least in part, to the increasing availability of mortgage money and the excitement generated by the $8000 first time home buyer Federal Tax credit program. It's comforting to know that the Federal government's economic initiatives may be bearing fruit. Let's hope the trend continues.
Here's this blog's take away message:
1) San Antonio's economy is sound, strong, and growing and our realty market is benefiting from the city's economic stability.
2) It's a good time to buy or sell a home in San Antonio.
3) To avoid losing the $8000 Federal Tax Credit, a first time home buyer (including someone who hasn't owned a home in the last 3 years) should act quickly to find and purchase a property. To receive the credit, the purchase must be closed before December 1, 2009.
4) Whereas homes in some San Antonio neighborhoods are not selling as well as in others, it's highly advisable for a prospective home seller to obtain the advice and assistance of an experienced Realtor (R) to determine the best marketing plan for his or her property based on actual sales data for the neighborhood and the surrounding area.
That’s all for now on this hot San Antonio afternoon (103 degrees at 3:10 P.M).
Here’s wishing you a happy home buying or selling experience. Stay cool.
Please don’t hesitate to call upon us if you need the help of experienced Realtors(R). We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We put the reality in realty. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com
Wednesday, August 26, 2009
Tuesday, August 25, 2009
San Antonio Realty Report
It’s Tuesday, 25 August 2009.
San Antonio’s weather continues to be hot and exceptionally dreadfully droughtful.
Temperature Projection: High 102 Low 74
No rain projected until next Friday.
Today’s realty market conditions:
Single Family Detached Homes For Sale: 11863 of which 1942 are under sales contracts
Average Time On The Market For Homes For Sale: 162 days
Latest Sales Data:
Average List Price: $196,555
Average Sales Price: $186,633
List to Sales Price Ratio: 95%
Average Time on Market: 127 days
Median Sold Price: $150,000
These data indicate San Antonio’s realty market is relatively healthy and favors buyers over sellers.
That’s all for today.
Here’s wishing you you have a happy home buying or selling experience.
Please don’t hesitate to call upon us if you need the help of experienced Realtors(R). We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We put the reality in realty. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com.
San Antonio’s weather continues to be hot and exceptionally dreadfully droughtful.
Temperature Projection: High 102 Low 74
No rain projected until next Friday.
Today’s realty market conditions:
Single Family Detached Homes For Sale: 11863 of which 1942 are under sales contracts
Average Time On The Market For Homes For Sale: 162 days
Latest Sales Data:
Average List Price: $196,555
Average Sales Price: $186,633
List to Sales Price Ratio: 95%
Average Time on Market: 127 days
Median Sold Price: $150,000
These data indicate San Antonio’s realty market is relatively healthy and favors buyers over sellers.
That’s all for today.
Here’s wishing you you have a happy home buying or selling experience.
Please don’t hesitate to call upon us if you need the help of experienced Realtors(R). We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We put the reality in realty. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com.
Monday, August 24, 2009
What's In Your San Antonio Builder's Name
What’s in a name? That which we call a rose by any other name would smell as sweet.” So said Shakespeare’s Juliet.
That’s a nice thought, but, if you’re thinking about buying a new construction or resale San Antonio home, we strongly advise that you not do the Juliet thing and assume that a builder’s name doesn’t matter. Every home builder’s name equates to a reputation established over time and, when a builder’s reputation is bad, buying that builder’s product increases the risk of a bad outcome for you, the buyer.
So, are there some San Antonio home builders that are, right now, in the process of developing bad reputations. Frankly, in light of today’s sophisticated home building techniques and close monitoring of construction codes and standards, it’s really difficult, but not impossible, for a contemporary San Antonio builder to develop a really bad reputation. That’s especially true for the area’s high volume new home production builders who stake their national reputation on building quality homes in neighborhoods where standards are diligently maintained.
Just ask the experts. Home inspectors and other folks who monitor the building industry seem to agree that San Antonio’s new home builders are doing a good to excellent job. So, home buyers can take comfort in knowing that, although there’s an occasional exception, a poorly constructed new home is a rarity in San Antonio.
But, alas, despite currently concentrating on quality and customer service, at least one San Antonio home builder is still having a hard time living down a bad reputation. I need not name that builder, but, if you don’t know and want to know who it is, just ask a San Antonio native or a local Realtor(R). They’ll know.
Let’s just call the builder ”Blah Blah Home.”
Through transition and acquisition, Blah Blah Home’s San Antonio name has changed four times in the last 50 or so years. Although the latest name is a well known national brand, Blah Blah Home San Antonio remains linked to a tainted past characterized by bad construction, unreliable customer support, and poorly developed neighborhoods. So to use Juliet’s jargon, Blah Blah Home San Antonio by any other name would still smell as sour.
How sour? Consider this. When listing Blah Blah Home resales, San Antonio realty agents despair of having to divulge that they are Blah Blah Home products. Why? Because, it’s so well known that the odds are high that a Blah Blah Home product will resell for a price that’s significantly below the average sold price for neighboring non-Blah Blah Home properties.
So, here’s this blog’s take away message.
If you’re thinking of buying either a new construction or resale San Antonio area home, be sure to first seek a Realtor’s(R) advice or at least talk with a few long term residents. Ask about the builder with the worst name in town. They’ll know who you’re talking about and, if there are any other builders going the Blah Blah Home way, they’ll also tell you about those guys. San Antonians love to talk about builders with sour reputations!
That’s all for today.
Here’s wishing you you have a happy home buying or selling experience.
Please don’t hesitate to call upon us if you need the help of experienced Realtors(R). We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We put the reality in realty. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com.
That’s a nice thought, but, if you’re thinking about buying a new construction or resale San Antonio home, we strongly advise that you not do the Juliet thing and assume that a builder’s name doesn’t matter. Every home builder’s name equates to a reputation established over time and, when a builder’s reputation is bad, buying that builder’s product increases the risk of a bad outcome for you, the buyer.
So, are there some San Antonio home builders that are, right now, in the process of developing bad reputations. Frankly, in light of today’s sophisticated home building techniques and close monitoring of construction codes and standards, it’s really difficult, but not impossible, for a contemporary San Antonio builder to develop a really bad reputation. That’s especially true for the area’s high volume new home production builders who stake their national reputation on building quality homes in neighborhoods where standards are diligently maintained.
Just ask the experts. Home inspectors and other folks who monitor the building industry seem to agree that San Antonio’s new home builders are doing a good to excellent job. So, home buyers can take comfort in knowing that, although there’s an occasional exception, a poorly constructed new home is a rarity in San Antonio.
But, alas, despite currently concentrating on quality and customer service, at least one San Antonio home builder is still having a hard time living down a bad reputation. I need not name that builder, but, if you don’t know and want to know who it is, just ask a San Antonio native or a local Realtor(R). They’ll know.
Let’s just call the builder ”Blah Blah Home.”
Through transition and acquisition, Blah Blah Home’s San Antonio name has changed four times in the last 50 or so years. Although the latest name is a well known national brand, Blah Blah Home San Antonio remains linked to a tainted past characterized by bad construction, unreliable customer support, and poorly developed neighborhoods. So to use Juliet’s jargon, Blah Blah Home San Antonio by any other name would still smell as sour.
How sour? Consider this. When listing Blah Blah Home resales, San Antonio realty agents despair of having to divulge that they are Blah Blah Home products. Why? Because, it’s so well known that the odds are high that a Blah Blah Home product will resell for a price that’s significantly below the average sold price for neighboring non-Blah Blah Home properties.
So, here’s this blog’s take away message.
If you’re thinking of buying either a new construction or resale San Antonio area home, be sure to first seek a Realtor’s(R) advice or at least talk with a few long term residents. Ask about the builder with the worst name in town. They’ll know who you’re talking about and, if there are any other builders going the Blah Blah Home way, they’ll also tell you about those guys. San Antonians love to talk about builders with sour reputations!
That’s all for today.
Here’s wishing you you have a happy home buying or selling experience.
Please don’t hesitate to call upon us if you need the help of experienced Realtors(R). We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We put the reality in realty. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com.
Wednesday, August 19, 2009
San Antonio Home Sales Up In July 2009
By Jason Buch - Express-News
San Antonio recorded more sales of existing homes in July than any other month in the past year.
Sales last month totaled 1,980, a 9 percent increase from the same time a year ago and the largest volume of sales seen here since June 2008, when sales broke 2,000, according to data from the San Antonio Board of Realtors. The median price also was up 2 percent.
National news reports that the country is coming out of the recession and the up to $8,000 tax credit for first-time home buyers have fueled sales, SABOR Chairwoman Florence Terrell said in a news release.
Add interest rates of between 5.5 percent and 6 percent, and many potential buyers and sellers who had been sitting on the fence are taking action, Travis Kessler, SABOR chief executive, said.
July is usually a peak time for home sales, but this July has been a landmark, Kessler said. “This is the first time in 12 months that we’ve seen an increase in sales as compared for that same month the year before.”
But year-to-date home sales, at just more than 10,200, did not reach where they were at this time last year, when 11,669 homes had sold.
Home prices have been relatively stable in San Antonio, Kessler said. Year-to-date median home prices are $151,600, compared with $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little h $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little in last year.
About 67 percent of July’s sales were for houses costing less than $200,000, a market generally dominated by first-time buyers. Kessler said that shows the tax credit for first-time buyers is bolstering sales.
D’Ann Harper, broker/owner of D’Ann Harper Coldwell Banker Realtors, pointed out that the tax credit applies to buyers who haven’t owned a home in three years.
“We usually have a slowdown towards end of the year, but with that home buyer tax credit still in effect, I think that’s going to help us tremendously and keep momentum going,” Harper said.
Her agents have been busier in July than in recent months, she said, and they have seen appreciation in values in the $225,000-$300,000 price range.
Kessler said 10 percent of San Antonio homes sold through the Multiple Listing Service in July were foreclosures, or short sales, compared with 50 percent of monthly sales in states like California, Nevada, Arizona and Florida. Short sales and foreclosures have averaged 13 percent of total sales this year.
End of Article.
Call Randy or Stephanie Kelley, Realtors(R) at Keller Williams Legacy, San Antonio, Texas, for all your realty needs.
Our telephone numbers are (210) 863-2661, (210) 867-8743, & (800) 201-9145. Visit us at SanAntonioHomeQuest.com.
San Antonio recorded more sales of existing homes in July than any other month in the past year.
Sales last month totaled 1,980, a 9 percent increase from the same time a year ago and the largest volume of sales seen here since June 2008, when sales broke 2,000, according to data from the San Antonio Board of Realtors. The median price also was up 2 percent.
National news reports that the country is coming out of the recession and the up to $8,000 tax credit for first-time home buyers have fueled sales, SABOR Chairwoman Florence Terrell said in a news release.
Add interest rates of between 5.5 percent and 6 percent, and many potential buyers and sellers who had been sitting on the fence are taking action, Travis Kessler, SABOR chief executive, said.
July is usually a peak time for home sales, but this July has been a landmark, Kessler said. “This is the first time in 12 months that we’ve seen an increase in sales as compared for that same month the year before.”
But year-to-date home sales, at just more than 10,200, did not reach where they were at this time last year, when 11,669 homes had sold.
Home prices have been relatively stable in San Antonio, Kessler said. Year-to-date median home prices are $151,600, compared with $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little h $152,200 at this time last year. The median price for single-family homes last month was $158,300, a 2 percent increase from July last year.
“Price stability is still favorable in today’s real estate cycle,” Kessler said.
The 1,675 pending sales in San Antonio last month represent a 3.7 percent increase from last July, the highest that number has been since June 2008. San Antonio’s available inventory of 11,868 is further evidence of stability, Kessler said, as that number does not represent an oversupply and has changed little in last year.
About 67 percent of July’s sales were for houses costing less than $200,000, a market generally dominated by first-time buyers. Kessler said that shows the tax credit for first-time buyers is bolstering sales.
D’Ann Harper, broker/owner of D’Ann Harper Coldwell Banker Realtors, pointed out that the tax credit applies to buyers who haven’t owned a home in three years.
“We usually have a slowdown towards end of the year, but with that home buyer tax credit still in effect, I think that’s going to help us tremendously and keep momentum going,” Harper said.
Her agents have been busier in July than in recent months, she said, and they have seen appreciation in values in the $225,000-$300,000 price range.
Kessler said 10 percent of San Antonio homes sold through the Multiple Listing Service in July were foreclosures, or short sales, compared with 50 percent of monthly sales in states like California, Nevada, Arizona and Florida. Short sales and foreclosures have averaged 13 percent of total sales this year.
End of Article.
Call Randy or Stephanie Kelley, Realtors(R) at Keller Williams Legacy, San Antonio, Texas, for all your realty needs.
Our telephone numbers are (210) 863-2661, (210) 867-8743, & (800) 201-9145. Visit us at SanAntonioHomeQuest.com.
Monday, August 17, 2009
Cash Bonus For San Antonio Public Service Homebuyers
If you are an active duty or retired military member or family member, or a government civil service or public service employee or family member, you are eligible for SanAntonioHomeQuest's Public Service Reward Program . To qualify, all you have to do is use our buyer representation services to purchase a San Antonio area residence.
Here's what it's worth to you:
Home Value Earns Cash Bonus
$1 - $99,999 --- $350
$100,000-$149,999 --- $650
$150,000-$249,999 --- $950
$250,000-$399,999 --- $1,250
$400,000+ --- $1,550
Contact Randy or Stephanie Kelley at Keller Williams Legacy, San Antonio,
telephone (210) 863-2661,(210) 867-8743, or (800) 201-9145 or visit us at SanAntonioHomeQuest.com.
Here's what it's worth to you:
Home Value Earns Cash Bonus
$1 - $99,999 --- $350
$100,000-$149,999 --- $650
$150,000-$249,999 --- $950
$250,000-$399,999 --- $1,250
$400,000+ --- $1,550
Contact Randy or Stephanie Kelley at Keller Williams Legacy, San Antonio,
telephone (210) 863-2661,(210) 867-8743, or (800) 201-9145 or visit us at SanAntonioHomeQuest.com.
San Antonio $8000 Tax Credit
$8000 Tax Credit for San Antonio Homebuyers
Posted by Randy Kelley on August 17, 2009
As Credit Deadline Approaches, Race Is On for First-Time Buyers
By Kathleen Lynn Print Article
RISMEDIA, August 17, 2009-(MCT)-First-time buyers are searching for homes with a growing sense of urgency, worried that time is running out on an $8,000 federal tax credit.
Real estate agents say they’re seeing a surge of first-timers who want to close on a property by Nov. 30, the deadline for the credit. The rush has set off bidding wars and stirred up a normally quiet August market.
“We’re inundated,” said Paula Clark, an agent with Coldwell Banker in Hillsdale, N.J.
To meet the Nov. 30 deadline, buyers need to have a contract by around Sept. 30 because inspections, mortgage approvals and other details typically take about two months.
House hunter Stan Salazar of the Bronx, a 34-year-old assistant building superintendent, said that he and his wife, Marianela, were drawn into the real estate market mainly by lower home prices. But they’d like to close in time to get the credit, he added.
“Hey, $8,000 is $8,000,” Salazar said, after touring an expanded Cape Cod last week with real estate agent Sheldon Neal.
“It has pushed some of the buyers who have been watching the market into action,” said Abby Ceres-Buda, an agent in Hawthorne, N.J.
While $8,000 may not seem like a big deal when you’re talking about a purchase that typically runs $300,000 and up, it’s enough to get some cautious home shoppers off the fence.
“It’s not that much, you would think, but these are young kids starting out, so every little bit helps,” said agent Annekee Brahver-Keely.
Michael and Jennifer Marino, who recently closed on a Cape Cod, said they were motivated less by the $8,000 than by the fact that they’re expecting their first child. But the money will pay to replace a couple of aging appliances.
“That’s furnace money and hot-water-heater money,” said Michael Marino, a 34-year-old printer.
Ray Searles, a teacher who will soon close on a colonial in River Edge, said the $8,000 gave him and his wife the final push to buy a home.
“We’d been thinking about it for a year, and once we heard about the credit, we said, ‘We’re getting a house by December,’ ” said Searles, who now lives in an apartment. “It’ll just go toward furnishing the house.”
The starter home segment - under $500,000 or so - has been active since spring. According to statistics from the RealSource Association of Realtors, 1,897 Bergen County homes under $500,000 went under contract in June and July of 2009 - up 26 percent from the same period in 2008. At the same time, the number of homes going under contract above $500,000 declined 3.7 percent.
The tax credit is just one reason. First-time buyers are also attracted by lower home prices - down about 20 percent in the region from the market peak in 2006 - and mortgage rates in the 5.5 percent range. In addition, unlike trade-up buyers, they don’t face the obstacle of having to sell a house before they buy.
Still, the approaching tax credit deadline has heightened interest recently among first-time buyers.
“I have five closings in August,” said agent Roberta Whitley Gomez. “It’s the credit. I think it’s bringing a lot of people out.”
“They’re very concerned about losing the credit,” said Maria Rini, a Re/Max agent in Oradell.
Harry Elias, an agent with Friedberg Properties, said he got a call recently from a young couple eager to start the house hunt, after watching friends buy their first home. They saw that completing the sale could take two to three months, and want to close in time to qualify for the credit, Elias said.
The influx of first-timers has led to multiple offers on houses in good condition. In addition, more properties at the lower end of the market are selling at or near their full asking price, agents say.
“In the $400,000 price range, we don’t have a great deal of inventory of nice houses,” Clark said.
Some first-time buyers, strapped for cash, are negotiating to buy short sales - in which a lender takes less than is owed on the mortgage to allow a distressed homeowner to sell. These properties are usually less expensive, but the transactions tend to drag on, as the bank considers the offer. Buyers who are enmeshed in some of these deals are getting nervous, hoping that the sales will close in time to let them get the credit.
“The last two short sales we were involved in, one was a six-month ordeal and the other was a seven-month ordeal,” Rini said.
Other buyers have been trying to buy for several months, but have lost out as the competition heated up in the starter-home market.
“We’ve had bidding wars on some houses, especially in the $400,000-$450,000 range,” said Jeana Cowie, a Re/Max agent.
Now they worry they won’t be able to find a place and close in time.
Agent Ivana Crecco recently worked with a couple who were outbid on houses twice before finally succeeding with a home in Paramus. They expect to close at the end of September - in plenty of time to qualify for the tax credit.
Distributed by McClatchy-Tribune Information Services.
Call Randy or Stephanie Kelley, Realtors(R) at Keller Williams Legacy, San Antonio, for all your realty needs. Our telephone numbers are (210) 863-2661,
(210) 867-8743, & (800) 201-9145. Visit us at SanAntonioHomeQuest.com.
Posted by Randy Kelley on August 17, 2009
As Credit Deadline Approaches, Race Is On for First-Time Buyers
By Kathleen Lynn Print Article
RISMEDIA, August 17, 2009-(MCT)-First-time buyers are searching for homes with a growing sense of urgency, worried that time is running out on an $8,000 federal tax credit.
Real estate agents say they’re seeing a surge of first-timers who want to close on a property by Nov. 30, the deadline for the credit. The rush has set off bidding wars and stirred up a normally quiet August market.
“We’re inundated,” said Paula Clark, an agent with Coldwell Banker in Hillsdale, N.J.
To meet the Nov. 30 deadline, buyers need to have a contract by around Sept. 30 because inspections, mortgage approvals and other details typically take about two months.
House hunter Stan Salazar of the Bronx, a 34-year-old assistant building superintendent, said that he and his wife, Marianela, were drawn into the real estate market mainly by lower home prices. But they’d like to close in time to get the credit, he added.
“Hey, $8,000 is $8,000,” Salazar said, after touring an expanded Cape Cod last week with real estate agent Sheldon Neal.
“It has pushed some of the buyers who have been watching the market into action,” said Abby Ceres-Buda, an agent in Hawthorne, N.J.
While $8,000 may not seem like a big deal when you’re talking about a purchase that typically runs $300,000 and up, it’s enough to get some cautious home shoppers off the fence.
“It’s not that much, you would think, but these are young kids starting out, so every little bit helps,” said agent Annekee Brahver-Keely.
Michael and Jennifer Marino, who recently closed on a Cape Cod, said they were motivated less by the $8,000 than by the fact that they’re expecting their first child. But the money will pay to replace a couple of aging appliances.
“That’s furnace money and hot-water-heater money,” said Michael Marino, a 34-year-old printer.
Ray Searles, a teacher who will soon close on a colonial in River Edge, said the $8,000 gave him and his wife the final push to buy a home.
“We’d been thinking about it for a year, and once we heard about the credit, we said, ‘We’re getting a house by December,’ ” said Searles, who now lives in an apartment. “It’ll just go toward furnishing the house.”
The starter home segment - under $500,000 or so - has been active since spring. According to statistics from the RealSource Association of Realtors, 1,897 Bergen County homes under $500,000 went under contract in June and July of 2009 - up 26 percent from the same period in 2008. At the same time, the number of homes going under contract above $500,000 declined 3.7 percent.
The tax credit is just one reason. First-time buyers are also attracted by lower home prices - down about 20 percent in the region from the market peak in 2006 - and mortgage rates in the 5.5 percent range. In addition, unlike trade-up buyers, they don’t face the obstacle of having to sell a house before they buy.
Still, the approaching tax credit deadline has heightened interest recently among first-time buyers.
“I have five closings in August,” said agent Roberta Whitley Gomez. “It’s the credit. I think it’s bringing a lot of people out.”
“They’re very concerned about losing the credit,” said Maria Rini, a Re/Max agent in Oradell.
Harry Elias, an agent with Friedberg Properties, said he got a call recently from a young couple eager to start the house hunt, after watching friends buy their first home. They saw that completing the sale could take two to three months, and want to close in time to qualify for the credit, Elias said.
The influx of first-timers has led to multiple offers on houses in good condition. In addition, more properties at the lower end of the market are selling at or near their full asking price, agents say.
“In the $400,000 price range, we don’t have a great deal of inventory of nice houses,” Clark said.
Some first-time buyers, strapped for cash, are negotiating to buy short sales - in which a lender takes less than is owed on the mortgage to allow a distressed homeowner to sell. These properties are usually less expensive, but the transactions tend to drag on, as the bank considers the offer. Buyers who are enmeshed in some of these deals are getting nervous, hoping that the sales will close in time to let them get the credit.
“The last two short sales we were involved in, one was a six-month ordeal and the other was a seven-month ordeal,” Rini said.
Other buyers have been trying to buy for several months, but have lost out as the competition heated up in the starter-home market.
“We’ve had bidding wars on some houses, especially in the $400,000-$450,000 range,” said Jeana Cowie, a Re/Max agent.
Now they worry they won’t be able to find a place and close in time.
Agent Ivana Crecco recently worked with a couple who were outbid on houses twice before finally succeeding with a home in Paramus. They expect to close at the end of September - in plenty of time to qualify for the tax credit.
Distributed by McClatchy-Tribune Information Services.
Call Randy or Stephanie Kelley, Realtors(R) at Keller Williams Legacy, San Antonio, for all your realty needs. Our telephone numbers are (210) 863-2661,
(210) 867-8743, & (800) 201-9145. Visit us at SanAntonioHomeQuest.com.
Tuesday, August 11, 2009
San Antonio Homes For Sale
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 our home buyer guests.
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 & Stephanie Kelley, Realtors(R), at Keller Williams Legacy, San Antonio, telephone (210) 863-2661 or (210) 867-8743, E-mail at kelleybus@aol.com or swkrealtor@aol.com
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 & Stephanie Kelley, Realtors(R), at Keller Williams Legacy, San Antonio, telephone (210) 863-2661 or (210) 867-8743, E-mail at kelleybus@aol.com or swkrealtor@aol.com
Friday, August 07, 2009
San Antonio Real Estate Update
San Antonio's Multiple Listing Service (MLS) statistics are strongly suggesting that the area's buyers' market is rapidly weakening. If the trend continues, the market should be in balanced territory (neither favoring buyers or sellers) by mid-to-late fall.
Here are this Friday's San Antonio MLS stats:
Active Listings: 11817
Pending Sales: 1862
Average List Price: $284,373.00
Average Days On Market: 161
Last Average Sales Price: $188,082
Last List to Sales Price Ratio: 97%
If you have questions or need realty advice or assistance, visit us at SanAntonioHomeQuest.com ,
call us at (210) 863-2661 or (210) 867-8743 or (800) 201-9145, e-mail us at kelleybus@aol.com.
Here are this Friday's San Antonio MLS stats:
Active Listings: 11817
Pending Sales: 1862
Average List Price: $284,373.00
Average Days On Market: 161
Last Average Sales Price: $188,082
Last List to Sales Price Ratio: 97%
If you have questions or need realty advice or assistance, visit us at SanAntonioHomeQuest.com ,
call us at (210) 863-2661 or (210) 867-8743 or (800) 201-9145, e-mail us at kelleybus@aol.com.
Thursday, August 06, 2009
Aug Fed Meeting Might Increase San Antonio Mortgage Rates
The Federal Reserve Board is meeting August 11th and 12th, and its actions could impact San Antonio area home loan rates! Don’t Wait. Call your lender before the Fed acts and review your situation to determine if there’s anything you need to do.
If you don’t have a lender, please E-mail or call us and we’ll give you a list of lenders that our buyers have found to be reliable.
Randy & Stephanie Kelley, Realtors (R), Keller Williams Legacy, kelleybus@aol.com,
(210) 863-2661 or (210) 867-8743 or (800) 201-9145
If you don’t have a lender, please E-mail or call us and we’ll give you a list of lenders that our buyers have found to be reliable.
Randy & Stephanie Kelley, Realtors (R), Keller Williams Legacy, kelleybus@aol.com,
(210) 863-2661 or (210) 867-8743 or (800) 201-9145
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