Why You Should Purchase A San Antonio Area Home Right Now

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Here’s why you should purchase a San Antonio area home right now.

It’s December, typically the slowest month for Alamo City realty sales.

It’s likely there will never again be a home buyer’s market like we have in San Antonio right now.

If our realty market behaves as usual, after the first of the year, realty sales will perk up dramatically and list prices will rise.

Also, mortgage interest rates are rising now and expected to continue to rise in the first quarter of 2011.

So, please don’t wait. Now’s the time to take advantage of low home prices and low mortgage interest rates.

We’re here to give you home buying advice or assistance. Our goal is to help you purchase the best house, in the best neighborhood, for the price, terms and conditions most favorable for you. Don’t hesitate to call on us.

Queremos ayudarle con comprando la casa o perfecta ayudarle vendiendo su casa con servicio excelente.    (210) 288-9810 Missymcbee@kw.com.

We will be honored to help. We’re Stephanie and Randy Kelley and Missy McBee, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie), or (210) 288-9810 (Missy) or email us at swkrealtor@aol.com or kelleybus@aol.com or missymcbee@kw.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs and will gladly give you the best advice regarding timing your San Antonio home search.

We’d love to tell you more about why you should purchase a San Antonio home right now.

Timing Your San Antonio Home Search

When the time comes to house hunt, planning your lead time is very important.

Let's address buying a resale home first.

Give yourself at least 3 to 5 days to visit listings and at least 30 additional days to bring your purchase to the closing table. For example, if you want to be in your newly purchased home on 1 June, we recommend you be in San Antonio for your on-site home search no later than the 3d week in April.

What can you expect when you start visiting homes for sale.

Most buyers find they can't speed shop comfortably. They need time to develop a personal comfort level with the home search process. The comfort level will usually gel after the first or second day of visiting listings.

Keep this in mind. For the average home buyer, there's an inherent disadvantage in seeing too many listings over a short time period. Simply stated - visiting listings is a physically and mentally tiring experience. After seeing too many homes too quickly, there's a risk of developing a type of mental fuzziness whereby the details of homes you've seen start to meld and morph.

To keep from becoming confused, be prepared to take the time to make notes, maybe take pictures or videos, and, before leaving a listing, to discuss and record its pros of cons.

We recommend not trying to see more than 8 listings per day.

The next phase involves analyzing competing prospective properties, selecting your target property, and preparing and submitting the offer. That should take approximately 3 to 4 hours in an office setting. It's your realty agent's job to lead you through this phase and make it as clearly logical and comfortable as possible.

After the contract documents are prepared and submitted to the seller's realty agent, it's not necessary to stay in town. As long as you have telephone and Internet and/or Fax access, subsequent steps, to include actually closing your purchase, can be managed remotely.

What about buying a newly constructed production home?

Since the available home builder inventory is more concentrated in new subdivisions, it's somewhat easier to shop for a new construction home vs. going from point-to-point looking at resale homes. Consequently, if you are willing to rule out buying a resale home, you can cut your home shopping time to as little as 3 days by exclusive looking for a new construction product. We don't recommend that tactic, however, because you should at least peruse the resale market so you'll have a basis for comparing the value of buying a new home versus purchasing a resale home.  

Finally, what about buying a lot and building a custom home?

That's a very attractive alternative for a buyer with the time and resources needed to produce a home that's highly customized to meet all of his or her home ownership wants and needs. It's also a very tedious and complicated process not to the liking or capability of the average home buyer.

Keep these factors in mind. In San Antonio, unimproved residential lots and acreage tend to be very expensive. Ask your realty agent to set up a MLS search for residential lot listings for you if you are interested in learning about lot features and costs.

After acquiring your lot, the process of dealing with the builder, the architect, selecting features, going to show rooms to select floor covering, fixtures, etc., might take weeks instead of days. The average time to acquire a lot and produce a customized home from ground up can require 9 months or more for an elaborate home.

Although you don't have to be on-site from beginning to end, it's unquestionably better to be around while the home is being built. Otherwise, it's highly recommended that you keep in touch by designating a third party to monitor the process for you.

If you don't know the ins-and-outs of Texas real estate, we recommend using an experienced realty buyer's agent to represent you irrespective of whether you intend buy a resale home, a brand new production built home, or even if contract to have your home built by a custom home builder. Real estate deals are complicated and quirky and a good buyer's agent knows when and how to advise you about unseen risks and to lead you around the home buying pitfalls no matter how you eventually acquire your San Antonio home.

You'll find that an experienced realty buyer's agent is indispensable when the time comes to scout out the San Antonio area for your best home buy.  Keep this in mind. San Antonio is a very large city - the 7th largest metropolitan area in the United States. The area is highly diverse in terms of neighborhood demographics, geographic features and climate, quality of subdivisions and prices and styles of homes therein. Having a least a basic knowledge of where you might want to live in the San Antonio will help focus your search on the best neighborhoods, with the best conditions and prices meeting your home ownership wants and needs. 

We will be honored to help.  We're Stephanie and Randy Kelley and Missy McBee, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie), or (210) 288-9810 or email us at swkrealtor@aol.com or kelleybus@aol.com or missymcbee@kw.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs and will gladly give you the best advice regarding timing your San Antonio home search.

December 2010 San Antonio Residential Realty Market Report

San Antonio real estate is great this holiday season!

Although early December is typically the low season for realty activity in and around the Alamo city, there are indications that this year will be different.  Many factors are contributing to an unusually active market for late fall and early winter.

First, because of the area's high employment rate, population growth, and better than average home prices, San Antonio is unquestionably a top market for home buyers and sellers.

Second, mortgage rates remain historically low and lenders are aggressively seeking qualified home buyers.

Third, there are positive signs suggesting the national economy is experiencing a slow, but relatively steady recovery. That factor alone is bringing more buyers than usual into the market this December.

Consequently, reasonably priced and well prepared resale homes are selling well and production home builders are offering enhanced buyer incentives in hopes of clearing out their new home inventories before the new year.

Although it's 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 their affiliated lenders. Before signing a sales agreement, a buyer should seek the help of a real estate professional 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 costs.

For those who love stats, here are the key indicators for San Antonio's single family detached home listings as of 5 December 2010.

There are 11,733 homes for sale compared to 10,951 one year ago. The inventory is high but trending steadily downward. The plentiful inventory is a favorable sign for home buyers and the downward trend is a favorably sign for home sellers.

The average sales price for the most recent closings is $214,455, compared to last year's $181,959. That's an unreliable indicator because of the large number of lower priced properties sold in 2009 under the tax incentive program. An analysis of longer term data indicates an absence of any significant sales price appreciation since 2007. That's another good sign for buyers.

Average cumulative-days-on-the-market (CDOM) for the most recent sales is 135 compared to 126 last year. During 2009, CDOM figures were unacceptably high, but dropped fast during the Federal Tax credit home buying frenzy. It remains to be seen if cumulative market time will improve further, but a slight upward trend is possible. Nonetheless, for the time being, CDOM data is positive for San Antonio home buyers, specifically, and for San Antonio's realty market, generally.

Industry analysts see these data as reflecting a housing market favoring buyers over sellers but trending toward more balanced conditions in the coming months.

That's all for our December, 2010, San Antonio residential realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.

Wishing you a merry Christmas and Happy New, we're Stephanie and Randy Kelley and Missy McBee, Realtors® at Keller Williams Legacy, San Antonio, Texas.  If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie), or (210) 288-9810 or email us at swkrealtor@aol.com or kelleybus@aol.com or missymcbee@kw.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

We look forward to answering your questions about our December 2010 San Antonio Residential Realty Market Report.

BofA in WikiLeaks crosshairs? | Inman News

Great article in Inman News this morning. Does Bank of America have it coming? To see the entire article, go here:



BofA in WikiLeaks crosshairs? Inman News

About San Antonio Residential Property Taxes

We get lots of  home buyer questions about San Antonio area residential property taxes.

It's understandable why property taxes are a matter of buyer concern.  Almost every buyer we encounter has heard someone complain that Texas real estate taxes are confusing.

Basically, it's not easy to answer property tax inquiries without doing some detailed research. 

Why?

In addition to San Antonio, the largest city in Bexar (pronounced exactly like "bear") County,  there are 20 smaller cities located in the county.   In addition to the cities, there are many other types of Bexar County taxing units, including, but not limited to, 11 independent school districts, 1 metropolitan utility district, a university health system, a community college district, the San Antonio River Authority, and two emergency service districts.

So, here's why a seemingly simple property tax question get complicated. 

In Bexar County, it's not unusual to have a residential property fall within the jurisdiction of one set of taxing units while a neighboring property falls within the jurisdiction of a slightly, or even significantly different, set of taxing units.  It's simply an issue of property location and taxing jurisdiction boundaries.

So, if you are a San Antonio/Bexar County home buyer, how do you go about determining the property tax rate for a particular area or for a specific property?

You might use a factor of 2.2% of appraised value.  That's the median property tax rate; but, be prepared to be disappointed with that factor, first, because the rates are so variable around the county and, second, you'll need to know a property's appraised value if you want to know about the tax bill for a specific property.

If you know the address of a property located in your area of interest, you can go to the
Bexar County Appraisal District website and do a free search for tax information about the property. The results will show the property's taxing jurisdictions and the aggregate property tax percentage rate.

Be prepared to experience some frustration with the site because you have to have the property's address just right or else the program won't find it.

If you don't want to do the research yourself, ask a Realtor® to do it for you.  Realtors® are expert property tax investigators, for both geographic areas and individual properties.

We will happy to answer your Bexar County/San Antonio property tax questions.  Just call or send an email.

We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or email us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

We love to answer questions about San Antonio residential property taxes.




 

Buying A New Versus Resale San Antonio Home

Here’s the sananantoniohomequest.com Realty Solutions Team’s evaluation of the pros and cons of buying a new versus a resale San Antonio home.

First, keep this in mind. The appeal of a new home is so great that, over the 19+ years we’ve represented home buyers, 80% have bought a newly constructed home. It’s easy to see why.

■Each year, the builders seem to have more and more enticing features built into their products.

■The homes are new and unspoiled. They don’t have the expected wear and tear found in every resale home, no matter its age.

■The builders’ lending programs are very competitive and the builders ofter offer additional incentives to encourage the buyer to use their affiliate lenders. That’s particularly true toward the end of the year.

■Texas law requires the builder to warrant the home’s structure for 10 years.

■The appliances are warranted by the manufacturers in accordance with their standard warranty programs. The home’s other components & systems are usually warranted for a minimum of 1 year and sometimes up to 3 years.

■In terms of settlement costs, they can be reduced by using a builder’s cash incentive, if one is offered.

What about a resale home?

■Resale homes over 10 years of age come without a warranty, however we encourage the buyer to negotiate for a seller paid 1 year home protection plan. Usually the seller will agree to buy the plan in order to sweeten the deal and help seal the sale.

■Resale homes usually come with owner installed features that new homes don’t have - things like upgraded blinds, curtain rods, garage shelving, etc. If you are short on the money needed to improve a new home, then a resale home might work out better.

■If you need help with a resale home’s settlement costs, we can negotiate for seller to contribute to your closing costs. Sometimes it works, sometimes not; and, your lenders might limit the seller’s contribution to approximately 3% of the sales price.

In summary, when balancing the pros and cons of buying new vs. resale, there are many factors to consider and many opinions to be heard and evaluated. You usually won’t have a feel of the way you’ll go until you’ve personally seen a few resale and new homes, listened to some sales pitches, and driven around some new vs. established resale home neighborhoods.

The preceding advice is commonsensical, but, when comparing resale to new construction homes, some pros and cons aren’t always evident. We have your back on these issues and will let you know when you might not be seeing a consideration that’s important.

We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Call us for our advice about buying a new versus resale San Antonio Home

Interesting San Antonio Home Selling & Buying Survey

Here's a recent San Antonio home selling and buying survey with a very interesting outcome.

It’s from Credit Suisse, a leading world wide financial services company specializing in advising clients about all aspects of finance, including real estate.

Each month, Credit Suisse surveys leading Realtors ® across the Nation to determine conditions in their market areas.

Here are the October 2010 survey results for San Antonio - the 7th largest realty market in the United States:

■Buyer traffic is below expectations for the season.

■Resale home owners are lowering their prices and offering creative buyer incentives. Home builders are offering more incentives.

■The length of time to sell a home is increasing. That’s usually an indication of continuing price declines in coming months.

Credit Suisse reports these interesting comments from real estate agents:

■“The terrible economy combined with tighter lending practices have discouraged people from buying”

■“Buyers only become seriously interested if sellers are willing to cut prices.”

Is this truly a a doom and gloom scenario for San Antonio real estate?  Absolutely not!

San Antonio homes are still being listed and sold at a slower but steady pace. A home seller who is willing to set a realistic listing price and make improvements to put the best face on the property is most likely to quickly find a buyer willing to take advantage of lower prices and fantastically low mortgage interest rates.

In this market, proper preparation on the part of both sellers and buyers pays off.

If you’re looking for the most reliable advice about how to go about selling or buying a San Antonio home, call us.

We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

We solicit your positive and negative comments about this interesting San Antonio home selling & buying survey.

Sunday, November 7 - Turn Your Clocks Back

Friendly Reminder… Time change this weekend, November 7th – clocks turn back 1 hour.

Compliments of:

JAY GILMORE
Senior Loan Officer
W.R. Starkey Mortgage
Office: 210-545-9300
e-Fax: 866-694-0243
Cell: 210-287-2659
jgilmore@wrstarkey.com
http://www.leavejayaloan.com/
NMLS# 232136

When it's time to buy or sell a San Antonio home, call on us.

We're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Don't Forget - Sunday, November 7 - Turn Your Clocks Back

November 2010 San Antonio Realty Market Report

It's Autumn in South Texas. Bright beautiful days, balmy afternoons, and cooler nights herald the approaching holiday season. Residents and tourists are out and about, delighting in San Antonio's most pleasant season.

Typically, San Antonio's residential realty market also cools in the fall and early winter months; however, this year, realty sales may be much cooler than usual.  Here's why.

Twelve months ago, driven by the Federal First Time Home Buyer Tax Credit Program, San Antonio's realty market was in the midst of a home buying frenzy.

The tax credit program was initially very successful as an exceptionally large number of home buyers rushed to purchase their first homes. Although the program prompted elevated home sales across the board, the inventory of properties priced below $150,000 sold off faster than homes in the higher priced categories.

After the tax credit program ended in April 2010, the market quickly drew back. Clearly, the tax credit program's success had drawn much of the energy out the market for the coming months.

Now, San Antonio area home sales and list prices are well below average for the second half of the year. Home values in some neighborhoods have depreciated and sellers have lowered their list prices accordingly. Nonetheless, buyer response has been tepid and the inventory of homes on the market remains high.

In order to attract buyers, owners of resale homes are offering attractive concessions and home builders are advertising enticing incentives.

Given the uncertain national economy, it's difficult to reach conclusions about San Antonio's long term realty market trends, but in the short term, it's clear San Antonio's home market remains relatively healthy and extremely favorable for buyers.

As for sellers, the advantage goes to the home seller most willing to reduce his or her price expectations and expend the money, time, and effort to improve the property's condition and appearance.

Looking ahead, all key economic indicators are positive for the San Antonio realty market's continued growth. Contributing factors are the city's low unemployment rate, a history of sustained job growth, and the activities of a highly successful alliance of politicians, government agencies, and private entities focused on supporting local business development and encouraging outside corporations to locate to the area.

Of particular note for the coming year is the continuing infusion of manpower, money, and material resources associated the area's Military Base Realignment and Closing (BRAC) projects.

For those who love stats, here are the key indicators for San Antonio's single family detached home listings as of 3 November 2010.

There are 12,053 homes for sale compared to 11,073 one year ago. The inventory is high but trending slightly downward. The plentiful inventory is a favorable sign for home buyers.

The average sales price for the most recent closings is $183,120, compared to last year's $169,225. That's an unreliable indicator because of the large number of lower priced properties sold in 2009 under the tax incentive program. An analysis of longer term data indicates an absence of any significant sales price appreciation since 2007. That's another good sign for buyers.

Average cumulative-days-on-the-market (CDOM) for the most recent sales is 127 compared to 128 last year. During 2009, CDOM figures were unacceptably high, but dropped fast during the Federal Tax credit home buying frenzy. It remains to be seen if cumulative market time will improve further, but a slight upward trend is possible. Nonetheless, for the time being, CDOM data is positive for San Antonio home sellers, specifically, and for San Antonio's realty market, generally.

Industry analysts see these data as reflecting a housing market strongly favoring buyers over sellers.

That's all for our November 2010 San Antonio realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.

Wishing you a happy Thanksgiving holiday, we're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

15087 Spring Mist - Well Maintained And Affordable

15087 Spring Mist -a well maintained and affordable 2 bedroom, 1 full bath property - is located in the San Antonio's Spring Creek neighborhood. 

This resale home is in the Northeast School District and is within easy commute to downtown San Antonio, Randolph Air Force Base, and Fort Sam Houston. 

Everything is neat and tidy and ready for a quick move in. 

The home features a courtyard entry, really high ceilings in the living area, and a pass through window from the dining room to kitchen.  The covered patio offers a nice retreat and there's just enough yard for a nice garden.  There's cross fencing for a dog run.  The home backs to church property that's almost like a park.  The seller is offering a residential service plan.

Go here for more 15087 Spring Mist photos and information.

Contact us at (210) 863-2661 or at kelleybus@aol.com to schedule a showing.

We're here to help you with all your San Antonio area realty needs.

Click if you're looking for homes for sale.

Click for expert advice about selling your home .

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Please keep 15087 Spring Mist - a well maintained and affordable property - in mind.

Buyers Look For The Negatives In A Property

Did you ever notice how buyers look for the negatives in a property?

They look for a reason to rule out, to narrow their search. In the current market, there are so many homes available that I find that sellers aren't the only ones losing out.

Easily changed features of a home or even a very minor repair on a desirable listing that otherwise meets ALL of the buyers criteria can be the “Kiss of Death.”  I call it the "Mona Lisa's eyebrows effect." Check it out.  She doesn't have any.

Once distracted by a property's minor flaw or trivial issue, the prospective buyer "goes squirrelly" and loses the BIG picture like the kid in this YouTube video.



Thus distracted, it's walk out time, with the buyer thinking, "It may be a Mona Lisa, but why should I hang around a house with no eyebrows, when there are soooo many homes on the market and there must be something better out there than this."

Here are just a few minor items that have placed seeds of doubt in some of my clients minds.

• Cigarette smoke smell or animal smell at the front door.

• Any kind of minor damage around the entrance.(cracked or missing grout in tile, loose weather stripping, bad paint on door or trim)

• Dirty carpet (YUCK) This is the one that the new home sales people love to sell against! Who wants someone else’s nail clippings in their carpet?

• A toilet that runs or sticks when flushing. This opens a whole plethora of questions from the client. "OMG! What other plumbing issues are there? Do they have septic problems? "(Whether or not it's on septic)

• Dated wallpaper/paint. Client: "YUCK! What were they thinking?" Me: "Actually, this was a nice selection in 1989."

• Clutter (just too much of anything) Actually, this is my complaint, the clients don’t usually say anything, or sometimes they say, “Man, they have a lot of stuff,” which translates into, “This place is so cluttered and full of cha chas that I can’t see the house.”   This is when they get real squirrelly and start looking at your collections of vintage tongue depressors, and seriously, why didn’t you lock that valuable stuff up anyway instead of distracting the buyers?

Anyway, these are just a few, I have more and I am sure that you have plenty that you could share. Unfortunately, not all sellers have gotten the memo: The best priced house, in the best condition, in the best location THAT WINS THE BEAUTY contest will sell first. The point is that these relatively inexpensive fixes cause the buyers to lose focus, get distracted (my favorite term is to "go squirrelly") and move on to the next best thing.

In the current market, when a home fits all the major needs of a buyer, we should be able to help them see the BIG picture, how to address the concerns and negotiate those minor distractions into financial savings. . . . . unless there's something better down the street. Hey there's a squirrel!

October 2010 San Antonio Real Estate Market Report

Here's your October 2010 San Antonio real estate market report.

It proves what a difference a year makes.

Twelve months ago, driven by the Federal First Time Home Buyer Tax Credit Program, San Antonio's realty market was in the midst of a home buying frenzy.

The tax credit program was initially very successful as an exceptionally high number of home buyers rushed to purchase their first homes. Although the program prompted elevated home sales across the board, the inventory of properties priced below $150,000 sold off faster than homes in the higher priced categories.

After the tax credit program ended in April 2010, the market quickly drew back. Clearly, the tax credit program's success had drawn much of the energy out the market for the coming months.

Now, San Antonio area home sales and list prices are well below average for the second half of the year. Home values in some neighborhoods have depreciated and sellers have lowered their list prices accordingly. Nonetheless, buyer response has been tepid and the inventory of homes on the market remains high.

In order to attract buyers, owners of resale homes are offering attractive concessions and home builders are advertising enticing incentives.

Given the uncertain national economy, it is difficult to reach conclusions about San Antonio's long term realty market trends, but in the short term, it's clear San Antonio's home market remains relatively healthy and extremely favorable for buyers.

As for sellers, the advantage goes to the home seller most willing to reduce his or her price expectations and expend the money, time, and effort to improve the property's condition and appearance.

Looking ahead, all key economic indicators are positive for the San Antonio realty market's continued growth. Contributing factors are the city's low unemployment rate, a history of sustained job growth, and the activities of a highly successful alliance of politicians, government agencies, and private entities focused on supporting local business development and encouraging outside corporations to locate to the area.

Of particular note for the coming year is the continuing infusion of manpower, money, and material resources associated the area's Military Base Realignment and Closing (BRAC) projects.

For those who love stats, here are the key indicators for San Antonio's single family detached home listings as of 8 October 2010.

There are 12,458 homes for sale compared to 11,304 one year ago. The inventory is high but stable for the time being. That's a good sign for home buyers.

The average sales price for the most recent closings is $187,140, compared to last year's $176,287. That's an unreliable indicator because of the large number of lower priced properties sold in 2009 under the tax incentive program. An analysis of longer term data indicates an absence of any significant sales price appreciation since 2007. That's another good sign for buyers.

Average cumulative-days-on-the-market (CDOM) for the most recent sales is 123 compared to 126 last year. During 2009, CDOM figures were unacceptably high, but dropped fast during the Federal Tax credit home buying frenzy. It remains to be seen if cumulative market time will improve further, but a slight upward trend is possible. Nonetheless, for the time being, CDOM data is positive for San Antonio home sellers, specifically, and for San Antonio's realty market, generally.

Industry analysts see these data as reflecting a housing market strongly favoring buyers over sellers.

That's all for our October 2010 San Antonio realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.

We're here to help you with all your San Antonio area realty needs.


Click if you're looking for homes for sale

Click for expert advice about selling your home

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

That's all for your October 2010 San Antonio real estate market report.

Texas Attorney General Halts Foreclosures

Breaking news - The Texas Attorney General halts foreclosures and sales of foreclosed properties!

This rather astounding development is summarized in the following bulletin from the Texas Association of Realtors Legal Department:

"The Texas Attorney General's office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents "robosigned” affidavits and other documents recorded in Texas."

"The AG suspension notices were sent to 30 mortgage-loan servicers doing business in Texas."

If you want to know more, read Nancy Sarnoff's and Parva Patel's Houston Chronical article reposted in the San Antonio Express News on 20 October 2010.

Call us if you want advice about San Antonio foreclosures.  We're here to help you with all your San Antonio area realty needs.
Click if you're looking for homes for sale.

Click for expert advice about selling your home .

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

That's the news about Texas Attorney General Halts Foreclosures.

How Do You Pronounce Bexar?

So, how do you pronounce Bexar?  Newcomers to San Antonio frequently stumble over the name of San Antonio's home county by putting great emphasis on the X, thereby pronouncing a first syllable rhyming with Mex.

It's a common and understandable error. 

So how should you pronounce Bexar? Click here for an unforgettable way to remember.

 

Yes, Bexar is correctly pronounced exactly like "bear."

No matter how you pronounce it, Bexar County is a roaring great place to live, work, and buy or sell a home.  We're here to help.

Click if you're looking for homes for sale.

Click  for expert advice about selling your home.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs

San Antonio, Texas, Residential Real Estate Taxes

Looking for information about San Antonio, Texas, real estate taxes?  Look no further.  Here are the basics.

First, here's the good news.  The State of Texas doesn't charge a personal income tax. 

Now, here's the less than good news.  Texas residential property taxes tend to be a bit pricey.

Keep this in mind. The real estate property tax rate is standard for the taxing jurisdiction where a property is located.

So why is it, when neighbors compare their property taxes, they tend to become confused.  They ask questions like, "Why is Joe's property tax so much higher than Jane's, when their houses look the same ?"  

The reason that property taxes seem so different for similar homes is, for the most part, not because the tax rates are different, but because the tax appraised property values are different from property to property.

Also, there will be slight variations in the property tax rate based on the taxing jurisdiction where properties are located.  For example, Joe's property is located in the Northside Independent School District within the incorporated limits of San Antonio. Jane's property is also located in the Northside Independent School District, but in a part of the neighborhood that happens to fall outside the city limits. 

Although both will pay the same Northside Independent School District tax rate, city boy Joe's taxes will also include taxes for San Antonio services that county girl Jane doesn't enjoy.  Consequently, even though Joe and Jane's comparable homes have the same tax appraised value, Joe's property tax will, nonetheless, be higher, because he's getting more services and is subject to a higher overall tax rate.
On the average, a citizen owning a property located in an incorporated Bexar County jurisdiction will pay a yearly property tax that equals approximately 2.7% of the property's appraised tax value.  Home owners in unincorporated areas of the county will usually pay lower property taxes because they enjoy fewer services and, therefore, their basic tax rate is lower.

Texas law requires the local property tax appraiser to reappraise all residential property located within his or her jurisdiction as of 1 January of each year, based on the sales of comparable property during the preceding 12 months. When you become a Texas home owner, you'll receive a property tax reappraisal notice yearly, usually in March or April.

That's the basics for San Antonio, Texas, residential  real estate taxes.

If you need other realty related advice or assistance, we offer the very best.

Click here if you're looking for homes for sale.

Click here for expert advice about selling your home.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs

Mortgage Loans For San Antonio Physicians

Yes, there are still special mortgage loans for San Antonio physicians and other professionals.

We can refer you to a lender specializing in home financing programs designed specifically to meet the needs of doctors, dentists, medical students, lawyers, and members of similar professions.


Professional mortgage loans feature

■No down payments

■Up to $1,000,000

■No mortgage insurance

■Eligibility for condo financing

■High loan-to-value refinances

Interested? Click for more information.

We also offer the very best in San Antonio realty services.

Click here if you looking for homes for sale.

Click here for expert advice about selling your home.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs including information about mortgage loans for San Antonio physicians and other professionals.

It's Happening In Bulverde This Weekend

It's Happening In Bulverde This Weekend is brought to you by Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio.   If you're looking to buy or sell a San Antonio home, go to SanAntonioHomeQuest.com, read our newsletter, or visit our San Antonio military websites at sanantonioarmypcs.com , sanantonionavypcs.com, or sanantonioairforcepcs.com.

Mike's In The Village is the place to go for fine dining in Bulverde.  Here's what's happening at Mikes this weekend.

Bon Appétit,

Chef Mike

PS- Call us at 830-438-2747 to make your dinner reservation.

Go see Chef Mike where it's happening in Bulverde This weekend

San Antonio Mortgage Loan Comment - Week of Sep 20, 2010

Market Comment - Week of September 20th, 2010

(Save Reading Time - Read The Bold Highlights)

Mortgage bond prices rose last week pushing interest rates slightly lower. Tame inflation readings helped to counter the better than expected weekly jobless figures. Core producer and consumer price data was generally bond friendly. The Philadelphia Fed report showed tremendous weakness in that region. Industrial product and capacity use data also came in below estimates, which helped rates improve.

Rates fell by about 3/8 of a discount point for the week.

The Fed meeting Tuesday will be the most important even this week. The housing data the beginning and end of the week can result in mortgage interest rate movements. Expect more volatility, as stocks and bonds are likely to continue their back and forth trading pattern.

Inflation

Inflation is an increase in the level of prices of goods and services over a period of time. Signs of inflation do not generally bode well for mortgage bonds. Inflation erodes the value of fixed income securities generally causing bond prices to fall and interest rates to rise. Tame inflation readings are usually well received.

The mortgage bond market received mixed inflation data last week. The producer price index, a major gauge of inflation at the producer level, rose 0.4%, higher than the expected 0.3% increase. However, the core rate, which excludes volatile food and energy, rose 0.1% as expected.

The relatively flat core producer price figure helps reinforce the belief that inflation remains in check. However, the higher than expected producer price figure supports the opposite conclusion. The consumer price release followed the same pattern. Consumer prices rose 0.3%, higher than the expected 0.2% increase. However, the core, which excludes volatile food and energy prices, was unchanged and lower than the expected 0.1% increase. Tame core inflation readings are generally good for fixed income securities such as mortgage bonds. We saw an example of this Friday morning as bond prices rose and interest rates fell.

If future data echoes that of the core consumer price data, then it is a real possibility that mortgage interest rates can remain low. However, if future data shows inflation spikes be ready for a jump in rates. Floating in this environment is risky. The good news is that mortgage interest rates currently are historically favorable.

This article is compliments of Shannon Collier of  WR Starkey Mortgage, LLP - A different kind of company...where people come first!
12500 San Pedro Ave., Suite 100

San Antonio, TX 78216
Shannon Collier

Senior Loan Officer
Office: 210-545-9300
e-Fax: 866-703-8734
Cell: 210-725-8470
scollier@wrstarkey.com
www.ShannonCollier.com
NMLS# 232124

Seven Easy Tips For San Antonio Home Buyers

So you want to buy a San Antonio home, but aren’t sure how to go about it? Here are seven easy tips to keep you focused on the basics and on track toward meeting your home ownership goal.

■ The absolute first step is to determine your ability to buy a home in the first place. That means looking carefully at your debts and income to see if you’ll have the cash flow to manage a monthly mortgage payment. Ask a lender to qualify you for a loan. It’s as simple as a phone call to your bank, credit union, or a mortgage broker. After answering a few questions, you’ll be told if you'll qualify for a loan and where you should set your home purchase price limit.

■ Find a real estate agent, preferably one that’s credentialed as a Realtor®.  The best way is to ask co-workers, friends and relatives for the name of a Realtor® who has given reliable personal service. For an excellent article on the basics for selecting a Realtor® , click here.

■ Ask your selected Realtor® to set up an ongoing automated San Antonio Multiple Listing Service (MLS)  listings search for you. Your MLS search will be better than anything you can do on your own and will promptly send you information about the newest listings meeting your requirements.

■ When you find promising listings, ask your Realtor® to conduct showings for you. Act quickly - the best listings go under contract fast.

■ Trust your Realtor® to lead you through the property analysis, pricing, and offer submission processes. That’s what a Realtor® is trained to do.

■Work with your Realtor® to negotiate for the best price and for any incentives the seller might be willing to offer. Certainly a sales price reduction comes first, but incentives like a home protection plan, contributions to your closing costs, home repairs, and seller paid mortgage points add value to your purchase.

■ Make sure you carefully read and comprehend your purchase contract and stay fully in touch with the purchase process from beginning to closing. Although it’s your Realtor’s® job to keep you, and the process, on track, it’s your job to stay focused and concentrate persistently on the home buying tasks at hand. If you feel uncomfortable about anything, tell your Realtor® immediately.

Buying a home is always a challenging process, but, if you follow the preceding tips and trust the leadership of a reliable real estate professional, it will be as close to hassle free as possible.

For unexcelled home buyer representation, you need look no further than our San Antonio Home Quest Realty Solutions Team.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

San Antonio Home Buying - Improve Your Credit Score

If you’re looking to buy a San Antonio area home and you’ll need a mortgage loan to do it, it’s advisable to check your credit scores just to make sure you can qualify for a home loan. If the news is bad, click here for an excellent article on how to improve your credit rankings.

If you looking to buy or sell a San Antonio home or just want to chat about the wonderful Alamo City, contact us.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

San Antonio Living - The Botanical Garden

San Antonio is a great place to work and live.  A favorite recreation spot is the wonderful San Antonio Botanical Garden.  It's very conveniently located close to center city, sponsors a farmer's market, and has activities that appeal to adults and children. 

Here are the remaining special events for 2010:

Playhouses and Forts Exhibit.  June 26 through October 24  This activity is a kiddie must.

Gardens by Moonlight.  September 25

Art in the Garden.  October 14 - George Schroeder opening

BOOtanica - October 24  Not to be missed by the kids.  It's a Halloween happening.

For classes, tours, and more information click here.

If you looking to buy or sell a San Antonio home or just want to chat about the wonderful Alamo City, contact us.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

First Rule For San Antonio Home Buying

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's 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.

There are lenders with more reliable experience than others. If you want names and contact information for those lenders, please contact us.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Buying A New Construction San Antonio Home

It’s always worthwhile to look at the new home builders’ products. A newly built home’s appeal is great. It’s easy to see why. Each year, the builders seem to have more and more enticing features built into their products. The homes are new and unspoiled. They don’t have the expected wear and tear found in every resale home, no matter its age. The builders’ lending programs are very competitive and the builders offer additional incentives to encourage the buyer to use their affiliate lenders.

That said, be cautious if you decide to buy a new construction product . It’s not in your best interest to rely on the sales representative and construction staff to adequately represent your interests. Take along someone who knows the hooks and pitfalls of every new home buyer incentive and mortgage loan program. Use someone who knows how to monitor the process from contract writing to closing and who’s ready to step in on your behalf is something goes awry.

If you decide to buy a new construction home - or a resale - we'll be happy to help.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

San Antonio Area Taxes, Auto Registration, Insurance Information

If you're moving to the San Antonio area, you’ll want to know about local taxes and the cost of registering your automobile and insuring your home. Here are the facts.

The area’s sales tax rate averages 8.125% but may vary a little between the various incorporated jurisdictions in and around San Antonio and Bexar County.

The real estate property tax varies between jurisdictions and is influenced mostly by the school tax component. Count on paying approximately 3% of your home's tax appraised value for the more costly school districts to as low as 2% or less for rural areas.

What about homeowner’s insurance? The cost will vary between insurers. As a rule of thumb, count on paying approximately .005 times your home’s value.

And now, what about the cost of bringing a non-Texas registered auto into the area? You’ll pay a registration fee of $60 to $90, a title application fee of $28 to $33 - depending on the county - and a new resident auto tax of $90. You’ll required to have the auto inspected. That will cost approximately $18.00.

That's the facts.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

San Antonio Homes For Sale - Property Taxes

So, what can a home buyer expect to pay in yearly real estate taxes in and around San Antonio and Bexar and adjoining counties?

The following is a very good article from the Bexar County tax assessor’s website. It’s worth reading because it explains how the property taxes are set and collected, but doesn’t specifically address tax rates.

To save research time, simply contact a San Antonio area real estate advisor and ask for tax information on a representative property meeting your home ownership wants and needs. For example, tell the advisor you want to know about property taxes for the average recent vintage $100,000, 3 bedroom, 2 and 1/2 bath, 2 car garage home near Randolph Air Force Base.

Your real estate advisor should be able to tell you very quickly about the average property tax bill for such a property. By the way, the answer is approximately $3,000 per year.

Here’s the article explaining the Texas property tax system:

Property Taxes. Property taxes are local taxes. Local officials value your property, set your tax rates, and collect your taxes. State law governs how this process works.There are four main parts to the property tax system. The appraisal district values property, administers exemptions, calculates tax ceilings and maintains current ownership information on the appraisal records. The appraisal review board is a panel made up of people from the local community. They are independent from the appraisal district. They settle any disagreements between the appraisal district and the property owner about the valuation of the property. The governing bodies of the taxing units, such as the city councils, school boards, or county commissioners decide the annual budgets and set the tax rates. This determines the total amount of taxes to be paid. The tax office calculates the levy, mails the statements, collects the taxes and disburses the tax revenue to the taxing units.The Bexar County Tax Office collects taxes for 52 taxing entities. All property in Bexar County is taxable by the county, Flood Control, Alamo Community College District, University Health System, San Antonio River Authority and one of the independent school districts. There may also be additional taxes for cities or towns, or special districts such as municipal utility and Emergency Service Districts.Property taxes are a major source of funding for local services. They help pay for public schools, community health services, fire and police protection, streets, roads, flood control projects, and many other services.The property tax is an ad valorem tax. Ad valorem is a Latin phrase which means according to value. The tax is based on the value of the property. For example the property tax on land valued at $10,000 will be ten times higher than land valued at $1,000.

All property is taxable unless state or federal law exempts all or part of the value. Total exemptions may be granted for public properties or those owned by qualifying organizations such as churches, schools, or charitable organizations. A partial property tax exemption excludes part of a property´s value from taxation (i.e., General Residential Homestead, Over-65 Homestead, Disability Homestead and Disabled Veterans Exemptions).

What a property is used for on January 1, market conditions at the time, and who owns the property on that date, determine whether the property is taxed, its value, and who is responsible for paying the tax. A tax lien attaches to property on January 1 to secure payment of taxes for the year.

END OF ARTICLE

Of course, we’ll be pleased to answer your property tax questions and, if you’re a buyer looking to visit listings or a seller wanting to sell ahome, we can help.


We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or http://kelleybus@aol.c/om. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.




Labels: Homes For Sale San Antonio, PCS San Antonio, San Antonio Army PCS, San Antonio Navy PCS, San Antonio Physician Loans , San Antonio Real Estate, San Antonio Realty, San Antonio Realty Market Report

Tips For Buying A San Antonio Home - Coming Up With The Down Payment

If you’re looking to buy a San Antonio home and you’re entitled to VA mortgage loan benefits, you’ll most likely use a VA mortgage to make your purchase. Why? Because your VA mortgage loan provides 100% financing, ie., you can be in with no down payment.

But, what if you can’t qualify for a VA mortgage loan?

The good news is this. In today’s market, if your credit score (minimum 620) and your debt-to-income ratios are good, there will be a mortgage loan program available for you. The bad news is this. You’ll have to come up with a down payment.

So, how do you come up with down payment money?

Click here for timely tips offered by San Francisco blogger Tara-Nicholle Nelson. It’s a good article - well worth the reading.

And, of course, when you’re ready to visit homes for sale and deal with mortgage lenders, we can help.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Buying A San Antonio Foreclosure Property

So, you might want to buy a "foreclosure?" 

You've heard a foreclosure might be an opportunity to snag a home for a bargain price.  But, what, exactly, is a foreclosure?

The term "foreclosure" is defined by the status of the property.

First, there is the foreclosure being auctioned at the courthouse steps by a trustee representing the lender after the homeowner has defaulted on the mortgage payments. This type of  foreclosure is risky and most buyers avoid taking the risk if they aren't well versed with the legal and technical aspects of buying a foreclosure auction property.

Second, there is the foreclosure that has already been sold at the courthouse steps and, more often than not, bought by the lender foreclosing on the property in the first place. These foreclosure properties are most commonly referred to as REO (real estate owned) properties, meaning they are owned by lending institutions. Usually, a REO is eventually listed for sale in the local Multiple Listing Service (MLS).

Third, there is foreclosure signed over to the government by a lender after a borrower has defaulted on a FHA or VA loan. The lender gets the loan insurance proceeds guaranteed by the FHA or VA program and gets off the hook. The government takes over, MLS advertises the property, and, through an intermediary asset manager, sells the property.

A foreclosure may be a good deal, but don't count on it in the San Antonio realty market. It seems like our market has stayed too healthy to drive down the value of foreclosures in good condition. The best foreclosures can even sell for a price above market value.

If you find a foreclosure that meets your needs, seek the assistance of an experienced realty advisor to help you through the bidding process.

We can help.  We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

VA Loan Eligibility For Buying A San Antonio Home

Do you have questions about your VA eligibility for buying a San Antonio home?

Your eligibility is determined on a case-by-case basis by the Department of Veteran Affairs and is proven by a Certificate of Eligibility showing the amount of your entitlement.

To be considered for a VA home loan, you must meet one or a combination of these basic military service requirements:

90 days of active duty during wartime

181 days of continuous active duty during peacetime

6 years of service for Reservist/National Guard

Must you have an honorable discharge to qualify?  Perhaps not.  When it comes to the question of discharge type, the VA determines eligibility on a case-by-case basis.

Issuance of your Certificate of Eligibility (COE) is essential before you apply for your VA backed home mortgage.  It tells the lender the amount of your entitlement.

So, what's so great about a VA home loan?  Basically, it's a wonderful reward for your dedication and service to your country.  Specifically, you'll enjoy:

No down payment (100% financing)

No private mortgage insurance (PMI)

Relaxed qualifying standards

Competitive interest rates

No penalties for mortgage pre-payment

Cash-out and debt consolidation

Streamline rate reduction

For more information on your eligibility, you should contact the U.S. Department of Veterans Affairs, or speak with a VA loan professional at your credit union, bank, or at a mortgage brokerage.

We can help you find a VA loan expert.  Contact us.

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Minimum Credit Score To Qualify To Buy A San Antonio Home

It's a fabulous summer for San Antonio home sales.  There's a larger than usual inventory of reasonably priced and well prepared resale homes.  New home builders are enticing buyers with valuable incentives.  Mortgage interest rates are historically low. 

Yet, many buyers have been holding back, concerned about their ability to acquire a mortage loan and confused about the sustainability of the national economic recovery.

Nonetheless, lenders report a promising trend.  It appears more prospective buyers are now willing to launch their home search and are wisely consulting with a loan officer about qualifing for a mortgage loan.   

Lenders report the average loan seeker almost always starts the loan qualifying discussion with questions about the significance of the FICO credit score.   Most people already know their score but aren't sure what it means.  Here's the answer.

FICO scores generally fall between 550 and 800. Nearly 20% of the U.S. population have a credit score under 620 and that's the cutoff for a prime-rate loan.   But the FICO score is only one of many factors taken into consideration when qualifying for loan.  For example, income and debt issues can offset even the best FICO score. 

Once all factors are taken into consideration, a loan officer can advise a prospective buyer to either start looking for a dream home or to take steps to improve the financial factors holding back qualiflying for a mortgage loan.

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Why Rent A San Antonio Home In A Buyers Market?

Are you renting or hope to rent a San Antonio area home?  Do you know someone who is now renting? With so many opportunities for San Antonio area home buyers, everyone who is renting or hopes to rent should at least explore what home buying opportunities are available.

This summer, San Antonio residential real estate is boldly in a buyer's mode.  Mortgage interest rates remain at historic lows.  List prices are comparatively much lower than in past years.  Sellers are now helping buyers with down payments, buying down rates, offering concessions and much more!

The real estate market changes quickly, so don't let yourself  or your friends miss out on this fantastic opportunity. Check out homes for sale on your favorite San Antonio realty website (like sanantoniohomequest.com).  Call a Realtor for realty information and home search advice and assistance.  Tell your renting friends to do the same.  You, and they, won't be disappointed.

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Information About Texas Real Estate Broker Services

Texas law requires all real estate licensees to give a written statement about brokerage services upon first substantive dialogue with a prospective buyer, tenant, seller or landlord.  According to Texas Real Estate Commission (TREC) rules, a substantive dialogue can occur at a face-to-face or telephone meeting or by written communication (including email) that involves a substantive discussion relating to a specific real estate property.  If the substantive dialogue occurs at other than a face-to-face meeting (like a telephone conversation), the required written statement should be sent to the party promptly.

The required information is easily conveyed using TREC's Information About Brokerage Services disclosure form.  The form is found here:

www.trec.state.tx.us/pdf/contracts/op-k.pdf

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

July 2010 San Antonio Homes For Sale Report

The second week in July is typically San Antonio's realty market yearly high point. Many pending sales will close within the next 30 days. Uncommitted buyers with school age children must rush to find the right home in order to be able to close on their purchase or at least be under a binding contract before school starts.


This year, many factors are converging to make San Antonio's realty market exciting, interesting, and somewhat confusing.

Although the local economy is strong and population growth is high, home values in many neighborhoods have depreciated. Home sellers have lowered their list prices accordingly, but buyer response has been tepid and the inventory of homes for sale is growing at an unusually fast pace. Also, builders are offering enticing incentives in an effort to move their new home inventory more quickly.

Despite the fact that mortgage rates are the lowest since the 1950's and there is an ample supply of very reasonably priced homes to pick from, Realtors® report their current home buyer traffic has fallen well below expectations. Some are concerned that the end of the Federal home buyer tax credit programs may have signaled a long term lull in demand caused by faltering buyer confidence in the national economy.

It is difficult to reach conclusions as to the long term market trends, but in the short term, it's clear San Antonio's home market remains extremely favorable for buyers. As for sellers, the advantage will go to the seller most willing to reduce his or her price expectations and to expend the money, time, and effort to improve the property's condition and appearance.

For those who love the stats, here are the key indicators for San Antonio's single family detached home listings as of 11 July, 2010.

There are 12,948 active listings compared to 12,033 one year ago. The inventory is rising fast. That's a good sign for home buyers.

The average sales price for the most recent closings is $190,497, compared to last year's $189,785. The absence of any significant sales price appreciation is another good sign for buyers.

Average cumulative-days-on-the-market (CDOM) for the most recent sales is 121 compared to 137 last year. During 2009, CDOM figures were unacceptably high, but dropped fast during the Federal Tax credit home buying frenzy. It remains to be seen if cumulative market time will improve further, but a slight upward trend is possible. Nonetheless, for the time being, CDOM data is positive for San Antonio home sellers, specifically, and for San Antonio's realty market, generally.

Industry analysts see these data as reflecting a housing market strongly favoring buyers over sellers.

That's all for our 11 July 2010 San Antonio realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.

We're Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Active Option Defined For San Antonio Homes For Sale

Active option means a buyer has successfully negotiated a contract to buy the property and, for a small fee, has purchased the unrestricted right to back out of the contract within a negotiated number of days, usually 10 days in this market. If the buyer exercises his option to walk away, the property will go back on the market. During the option period, the buyer will have the property inspected by a licensed residential property inspector (if he so chooses), takes steps to finalize loan arrangements, and
contemplates going through, or not going through, with the purchase.

The seller may continue to allow showings during the option period in hopes of garnering a back up offer.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

San Antonio Gated Community Security

The safety of San Antonio gated communities may be a myth. The police department advises gated community homeowners to be especially vigilant because thieves and no-good-doers scope out and work the communities just because they know the residents have a false sense of security. Gated communities are notorious for being targets for auto vandalism and burglaries. Some San Antonio gated communities tend to have a rash of incidents about every three years.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.