Houses Under $200,000 Are Selling Fast In San Antonio

Posted by Randy Kelley on September 12, 2009

This is a great article thanks to Creighton A. Welch - San Antonio Express-News, for web posting 09/12/2009

Houses Under $200K Are Selling Fast In San Antonio

What’s hot out there depends on who you ask. If it’s the meteorologist, it’s every day of the week this entire summer and probably most of the fall.

If you ask the local real estate market, you’ll find that it’s a certain segment of homes that is selling more than others.

And that hot homes category seems to be the one under $200,000. In fact, homes below $200,000 have made up 71 percent of the sales so far in 2009, according to the San Antonio Board of Realtors.

“The price range that seems to be moving is the first-time home buyer market due to the tax credit for these buyers,” said Janet Heydenreich, a real estate agent with the Phyllis Browning Co. “I think we will continue to see strong interest in that price range as the deadline approaches.”

First-time home buyers are eligible to receive an $8,000 tax credit if they qualify and purchase a home before Dec. 1.

The tax credit has created some pressure on the lower end of the market, because that’s what is most affordable to those first-time buyers who may just be starting out in their careers.

So, watch out for potential price wars.

“It is possible that bidding wars may appear as the deadline comes closer,” Heydenreich said.

If you’re thinking about selling your below-$200,000 home, now might be a good time, as the construction of new homes in this price range has slowed and the demand has increased.

“Because of the tax credit, there is a shortage of good homes under $250,000,” said Tyler Willmann, a real estate agent with Keller Williams Realty.

And he knows from recent experience.  “I actually got into a bidding war,” he said. “We started at $180,000 and went up to $200,000 and lost. We could not find anything in the $200,000 range that was in move-in shape.”

He said many of the best homes below $200,000 can sell in a matter of days.

And he said it will only get worse because there will be more price pressure closer to the tax credit deadline.

“I have three clients that will be ready in September to purchase. I just hope they can find something,” Willmann said. “If they have a nice home under $250,000, put it on the market.”

But even homes in that “hot” price range need to be in tip-top shape, and you should look at how many homes are for sale in your neighborhood, said DeniseGraves, a real estate agent with the Graves Group.

If the home needs some work, take care of that first. And if there are a dozen homes for sale near you, you might be better off waiting until a few of those sell.

Although interest definitely is greater for affordable homes, on the high end of the spectrum, where homes above $750,000 have made up just 1 percent of the market this year, there does seem to be some interest from those who can afford it, and who are gutsy enough to make such a big investment.

“The higher-end market is moving, but very slowly,”Heydenreich said. “We do have buyers in that price range, but they are being very cautious about their purchases and are not going to pay above market value for a home.”

She said the motivation for people buying in the higher-end price range above $750,000 comes from historically low and competitive interest rates.

There also seems to be some high-end interest because of an abundant inventory.

“Buyers feel like they can negotiate and get a great value in a luxury home,” said Graves.

With a relatively large amount of high-end homes, buyers feel each should have something unique about it, Graves said.

But whether buyers are looking for the most affordable home or the most high-end, whether a home sells boils down to how well a home is priced.

“We are seeing the market adjust itself to be more competitive. Buyers are reacting to correctly priced homes in show-ready condition, and we aren’t seeing low offers on those properties,” Graves said.

End of Article

Call Randy or Stephanie Kelley, Realtors(R), Keller Williams Legacy, San Antonio, for all your realty needs.  Visit our web site at sanantoniohomequest.com or call us at (210) 863-2661, (210) 867-8743, (800) 201-9145, or E-mail us at kelleybus@aol.com and swkrealtor@aol.com.  Ask us about our buyer reward cash bonus program.

82 Days Left For San Antonio Home Buyer $8000 Federal Tax Credit

If you’re a first time home buyer or haven’t owned a home in the last 3 years, you qualify for the up to $8000 Federal tax credit program; but, unless the program is extended by Congress, you must close on your purchase by November 30, 2009 to reap the benefit.

It’s September 9. That leaves only 82 days to find a home, negotiate the purchase, arrange funding, and close on the sale.

Don’t take a chance on losing your tax credit by waiting until the last minute to launch your home search. Do it now!

We are here to make the home purchase process as effective and efficient as possible.

We’re Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy. Our goal is to make your realty dreams reality by helping you buy the best house, in the best neighborhood, at the best price, and under conditions most favorable to you.

You can contact us at (210) 863-2661 or (210) 867-8743 or (800) 201-9145. You can visit us at SanAntonioHomeQuest.com and E-mail us at kelleybus@aol.com or swkrealtor@aol.com.

Don't forget to ask us about our Home Buyer Reward Program. 

Put us to work for you. You won’t be sorry!

2009 San Antonio BAH - Army, Air Force, Navy, Marine Corps

FY2009 BAH - San Antonio, TX

Military installations in BAH area: Lackland Air Force Base, Randolph Air Force Base, Brooks City Base, Medina Annex, Fort Sam Houston, Camp Bullis

Enlisted without dependents



E1    E2    E3    E4    E5    E6     E7      E8    E9

854  854   854  854  966  1051 1146   1243   1249

Enlisted with dependents

E1     E2     E3     E4     E5    E6     E7    E8    E9

1139 1139 1139 1139 1240 1257 1292 1331 1395

Warrant Officers without dependents

W1    W2    W3     W4     W5

1100 1243 1249   1266   1301
Warrant Officers with dependents

W1     W2    W3      W4     W5

1258  1308 1355    1410    1473


Officers without dependents

O1E   O2E   O3E   O1    O2     O3    O4   O5     O6   O7

1240  1247   1257  1037 1205 1251 1296 1319 1355 1382

Officers with dependents

O1E   O2E   O3E   O1    O2    O3    O4    O5    O6   O7

1300  1348  1420   1242 1257 1353 1500 1603 1616 1635

The SanAntonioHomeQuest.com Realty Solutions Team specializes in serving the realty needs of San Antonio’s active duty and retired military families.

We are Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 863-2661, (210) 867-8743, (800) 201-9145, E-mail at swkrealtor@aol.com or kelleybus@aol.com. Our goal is to make your realty dreams reality.

Lost Dog Lost Cat, Deerfield, San Antonio

Driving around Deerfield and surrounding subdivisions, we see a lot of lost dog and cat flyers.

We love pets. Maybe a note on this blog can help you find your lost one.

So, if you've lost a pet anywhere in the San Antonio area, let us know about it. Just call or send an E-mail with a description of the pet, its name, and the street or general area where it was last seen. We'll blog a lost pet notice for you.

We'll also need your name and phone number, but we won't publish it on the blog nor will we release it in any way.

We'll ask anyone who might have found or seen your pet to contact us and we'll pass that person's name and phone number to you.

If our blog entry helps you recover your doggie or kitty, it's worth the try. Unless we do it, we'll never know - so let's give it a go.

We’re Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We’ll help you make your realty dreams reality. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com

$8000 Federal Tax Credit Caution For San Antonio Buyers

If you hoping to take advantage of the up to $8000 Federal tax credit for first time homebuyers, here's a cautionary note from Melissa Kulikiff, Senior Loan Officer, Supreme Lending, San Antonio. Melissa says:

"The tax credit truly expires on November 30, 2009....This is the Monday after Thanksgiving.

Most title companies will be closed Thursday and Friday for the holiday.
Please keep this in mind if you are a first time home buyer hoping to take advantage of the tax credit. A 1-day delay could cost you $8,000.

Does this note of caution seem premature? I don't think so."

If you are a first time home buyer scheduled to close on your home purchase at the end of November, please heed Melissa's cautionary advice. Avoid the chance of losing your tax credit. Check with your Realtor(R), lender, and title company to make sure your closing won't be delayed past midnight on 30 November.

Melissa is available to consult with buyers needing information about the the $8000 tax credit, specifically, and mortgage loan issues, generally. You can contact her at Supreme Lending, San Antonio, Main Line: (210) 807-6850: Direct Line: (210) 807-6851; Cell: (210) 849-9030.

Do you need help with buying or selling San Antonio real estate? Contact us.

We're Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We'll help you make your realty dreams reality. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com

Deerfield San Antonio Realty Market Report

Deerfield is located in North Central San Antonio, between Blanco and Huebner just inside Loop 1604.

It’s conveniently located within reasonable commute times and distances to Randolph AFB and Fort Sam Houston. Every imaginable shopping, dining, and entertainment amenity is very close by.

Deerfield has an excellent reputation for desirability, high neighborhood standards and preservation of home values.

Do you want to know more about what’s happening to the realty market in and around Deefield? Go to our SanAntonioHomeQuest.com website and set up a “MLS Market Snapshot” report for ZIP code 78248. You’ll find the report interesting and useful.

Please call or send an E-mail if you need our help.

We’re Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661 or (800) 201-9145. We’ll help you make your realty dreams reality. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com.

Hurry Up For The $8000 Tax Credit For Buying A San Antonio Home

Hey, San Antonio homebuyer!

Do you know that you are racing the reaper for the $8,000 nonrepayable Federal income tax credit for first time home buyers (including those who haven't owned a home in the last 3 years)? The program expires at midnight, November 30. If you havent closed on your home purchase by then, you lose the benefit.

It's already September, and you don't have much time to find your house, negotiate the contract, arrange financing, close on the purchase, and do a whole bunch of other stuff in between.

Procrastination isn't advisable this late in the game, so get on the ball!

Save yourself much time, effort, and frustration by asking an experienced Realtor(R) to help you make your home search more efficient, effective and less costly.

A good Realtor(R) is your best buddy when it comes to buying your home. So, don't hesitate. Find yourself a Realtor(R)who specializes in buyer agency and start your home search right away.

We are pleased to offer our services.

We're Stephanie and Randy Kelley, Realtors(R) at Keller Williams Legacy, telephone (210) 867-8743 or (210) 863-2661, or (800) 201-9145. We'll help you make your realty dreams reality. Visit us at SanAntonioHomeQuest.com or E-mail us at swkrealtor@aol.com or kelleybus@aol.com

Is The San Antonio Home Market On An Upswing?

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

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.

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.

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.

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.

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.

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

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.

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

July San Antonio Realty Market Update

Here’s an excellent San Antonio realty market update as of July 18, 2009.



By Jennifer Hiller - San Antonio Express-News



San Antonio's real estate market continues to look a lot like the standby Saturday night date of dinner at a chain restaurant followed by a movie — not exciting, but reassuringly predictable.


With the median price of an existing home at $149,800 for the first half of the year — 1.3 percent below the median sales price during the same period last year — “stable” has become the watchword for the local resale home market.


The number of sales has dropped 16 percent for the year, to 8,251, according to new sales data released Friday by the San Antonio Board of Realtors. But the inventory of homes for sale is holding steady, which has helped keep prices from moving much in either direction.


Travis Kessler, CEO of SABOR, said that so far, the market's sales volume resembles 2003 — a time before the real estate market boomed on the strength of investor sales and exotic mortgage loans. “It looks like we could, if the trend continues, go back to a normal market for the San Antonio area,” Kessler said.


“Normal” would make the city one of the better real estate markets in the country.


Realtors have been monitoring short sales — distressed sales in which a lender agrees to take less money than is owed on a house — and foreclosures to see if the numbers start rising too high as a percentage of home sales.


So far for the year, 13 percent of the homes sold through the Multiple Listing Service had fallen into foreclosure and were owned by the lender.


“Even though we have short sales in our marketplace and foreclosures, those shouldn't be a majority of the transactions. They are in other parts of the country,” Kessler said. “When it doesn't control the market and isn't the majority of the market, it's a real strength for us.”


The number of existing homes on the market has been virtually unchanged for the past couple of months, at just more than 12,000. San Antonio has an 8.5-month supply of existing homes on the market, which means that if no new homes came onto the market, it would take eight months to sell all those homes at the current pace. The housing inventory has been hovering at the eight-month mark since last fall — a sign of a buyer's market. A resale home market of 6.5 months of inventory is considered balanced between buyers and sellers.


The time it takes to sell a home has gone from 83 days this time last year to 97 days now — a number that's an average across the market and varies by neighborhood.


Richard Zepeda, an agent with Keller Williams Heritage, said that with prices holding steady, the longer sales time has been the biggest market change for sellers to deal with this year. “We have to educate our sellers,” Zepeda said. “This is not four years ago. It takes time.”


End of Article



If you need expert San Antonio realty advice or assistance, don’t hesitate to call on the SanAntonioHomeQuest.com Realty Solutions Team at (210) 863-2661 for Randy Kelley or (210) 867-8743 for Stephanie Kelley. Our E-mail address is kelleybus@aol.com .

San Antonio Texas June 2009 Realty Market Report

Posted by Randy Kelley on June 17, 2009

Here’s an excellent San Antonio realty market update as of June 17, 2008.

By Jennifer Hiller - Express-News

San Antonio’s real estate market continues to be neither a Fourth of July extravaganza nor a dud firecracker.

With the median price of an existing home at $148,100 for the first five months of the year — about 1 percent below the median sales price during the same time period last year — the city’s real estate market continues to be more workweek than holiday.

“I would describe the market as OK or good,” said John Flournoy, managing partner with the Phyllis Browning Co. “It’s not great.”

May home sales data released Tuesday by the San Antonio Board of Realtors show the number of homes on the market has been virtually unchanged for the last couple of months, at just more than 12,000.

“It’s not like a whole lot of properties are flooding the market. It’s just that there isn’t much demand,” said James Gaines, research economist with the Real Estate Center at Texas A&M University.

In May, sales volume was down 12 percent over the same month in 2008, with 1,612 sales of existing homes, according to SABOR.

San Antonio has an 8.5-month supply of existing homes on the market, which means that if no new homes came onto the market, it would take about eight months to sell all those homes at the current pace.

The housing inventory has been hovering at the eight-month mark since last fall — a sign of a buyer’s market. A resale home market of 6.5 months of inventory is considered balanced between buyers and sellers.

But overall, San Antonio should consider itself lucky to have unspectacular price changes and a basically ho-hum market.

“Status quo beats the heck out of a decline,” Gaines said. “There’s no reason to expect price increases. We’re having trouble creating jobs. People are nervous about the market or their jobs. Quite frankly, if you don’t have to sell, you probably don’t want to. But if you want to buy, right now is one of the best times.”

Prospective buyers should plan on being in a home at least three years, Gaines said. “We’re expecting that when we see some stability in the employment market and a sigh of relief from the stock market, that a lot more buyers will come out,” he said.

The average market is just fine with many in the real estate industry.

“Buyers are sitting on the fence a little bit,” said Tom Patterson of North Loop Inc. Realtors. “We just came back from a convention in Washington, D.C., and given the horror stories that I hear from some places, overall I’m real satisfied. I think we’re fortunate we’re where we are.”

End-Of-Article

If you need expert San Antonio realty advice or assistance, don’t hesitate to call on the SanAntonioHomeQuest.com Realty Solutions Team at (210) 863-2661 for Randy Kelley or (210) 867-8743 for Stephanie Kelley. Our E-mail address is kelleybus@aol.com .

San Antonio Mortgage Rates - 11 April 2009

Local Mortgage Rates
Today
+/-
30 yr fixed mtg
6.17%
15 yr fixed mtg
5.72%
5/1 ARM
5.64%
$30K home equity loan
7.64%

If you have questions or need San Antonio area realty assistance, please contact me. I’m honored to help.

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

Mortgage Loans For San Antonio Homes

This is the best way to go about getting your San Antonio home mortgage loan.


When planning a home purchase, it’s best to find out what you can afford sooner than later. Any lender will pre-qualify you based on your family income, debt, and credit history.


To start, you might go to this site, enter the requested information, and get a rough estimate of how much you should be able to borrow. The site doesn’t link to other sources:

http://www.mortgagecalc.com/payment/howmuchborrow.html

Note that the site doesn’t have the ability to pull your credit score or to do the person-to-person dialogue essential to getting more definitive information about (1) the best type of loan that you should get under your given circumstances and (2) the best loan terms and conditions that a lender can offer to you. It takes talking with a lender to get that information.


You’ll find that lenders are more than eager to talk with you. They want your business. So, don’t be hesitant to call your bank, credit union, or a mortgage broker (like the ones at the end of this message).


By all means, shop your loan around. Get a good faith estimate from each lender you talk to and compare the rates and charges. You’ll likely find a lender that charges less and gives you better terms than the others. Also, if you find a lender you like personally, but that lender doesn’t offer the best deal, let him or her know and ask if you can get terms that are as good as, or better, than the best competitor.


I recommend you use a lender that has a loan officer actually located in San Antonio and, I recommend that you not use one of the on-line-lenders. Why? If you use an Internet lender, you’ll still get your mortgage loan, but might have problems with the lender’s responsiveness and punctuality when you close on the sale. I can better keep things moving for a buyer if I have a local person to complain to for delaying a closing.


Here, among dozens in town, are some lenders you might consider contacting (only because they’ve given good service to my past Buyers — I have no business affiliation with any of these folks). The listing order doesn’t indicate preference. They’ve all shown equal ability and have a record of quoting reasonable charges.


Veronica Clarke
Senior Loan Officer
Legacy Mutual Mortgage
2526 N. Loop 1604 W., Ste. 150
Office: (210) 492-4900
Cell: (210) 559-7999
E-Fax: (888) 881-2260
veronica@legacymutual.com


J.P. Watkins, Mortgage BrokerTrue Texas Lending, LLC
9311 San Pedro , Ste 100
San Antonio, TX 78216
Toll Free (1-800) 460-6990
Office: (210) 490-4253
Cell: (210) 837-3006
FAX: (210) 490-7253
Jpwatkins@truetexaslending.com


Shannon Collier
Senior Loan Officer
WR Starkey Mortgage
12500 San Pedro Ave, Ste. 100
San Antonio, TX 78216
Office: (210) 545-9300
Cell: (210) 725-8470
Fax: (866) 703-8734
scollier@wrstarkey.com


Please call or send an E-mail if you have questions, need San Antonio realty advice or assistance, or want to know the best ways and means to acquire a San Antonio area property.


Randall R. (Randy) Kelley

MS, BS, PA

San Antonio Realtor®

Internet Realty Services Advisor sanantoniohomequest.com

Keller Williams Legacy

(210) 863-2661 or 867-8743 or (800) 201-9145

View My Newsletter

Buying A San Antonio Foreclosure

Posted by Randy Kelley on April 27, 2009

Daily Real Estate News July 9, 2008

Tips for Buying Foreclosures

Buyers seeking a deal on a foreclosed property need to keep some basics in mind because the transaction isn’t simple and the competition may be stiff, says Pat Lashinsky, CEO of ZipRealty, which has more than 2,200 associates in 19 states.

“When you find a good deal, there are five or six or seven offers, and you’re up against professional investors,” Lashinsky says.

Here are some other things buyers should consider:

These homes aren’t giveaways. Typically, they are priced 10 to 15 percent below non-bank-owned properties.
Banks have their own selling strategies. Skilled at analyzing prices and market conditions, they’ll often lower the price incrementally if a home hasn’t sold after a month.
Bidding Wars are Possible. When the price is attractive, expect plenty of competitive offers.
Factor in fix-up money. Many of these properties are in bad shape.
Get pre-qualified. Banks won’t deal with prospective buyers who aren’t.
Consider borrowing from the bank that owns the property. If the bank can hold the mortgage, it will sometimes agree to a lower price.

Source: San Francisco Chronicle, Carolyn Said (07/09/2008)

And here’s another tip that can save you time and aggrevation. Seek the help of a local Realtor(R). This year’s extremely active foreclosure market has produced many well qualified and experienced agents willing to help a buyer navigate the foreclosure minefields. Furthermore, lenders are always pleased to deal with a realty professional who knows the foreclosure ropes. So, if you’re a serious foreclosure buyer, do yourself a favor and join up with an experienced buyer’s agent. You won’t be sorry.

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

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

San Antonio Mortgage Rates For April 24, 2009

W.R. Starkey Mortgage Company, weekend rates for San Antonio, TX, April 24, 2009:

FHA/VA/Conventional - with great credit, the best rate is 4.5%!

Call Tuoc 478-9610, Chad 557-6320, Tish 364-0658, Cyrena 685-5618 orAdrian 347-8100.

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

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

San Antonio Mortgage Rates - 3 April 2009

From Starkey Mortgage, San Antonio:



Mortgage rates as of Friday, April 3, 2009:



Conventional as low as 4.375%



FHA & VA -4.5%.



You can call them night or day: Tuoc (210) 478-9610, Tish (210) 364-0658,

Adrian (210) 347-8100, Chad (210) 557-6320 and Cyrena (210) 685-5618. Say Randy Kelley sent you.



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



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

San Antonio Homes For Sale By Owner

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


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


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


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


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


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


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


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


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

Relocating To San Antonio

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

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

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

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

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

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

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

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

Randall R. (Randy) Kelley
MS, BS, PA
San Antonio Realtor®
Internet Realty Services Advisor
sanantoniohomequest.com
Keller Williams Legacy
(210) 863-2661 or 867-8743 or (800) 201-9145
Visit Us At
Stephanie’s Blog
View My Newsletter

March 2009 San Antonio Realty Market Report

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

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

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

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

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

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

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

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

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

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

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

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

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

Buying A San Antonio Foreclosure Property

Here’s an excellent San Antonio Express News article about Bexar County/San Antonio foreclosures.
http://www.mysanantonio.com/business/real_estate/Investors_exotic_loans_add_to_foreclosures.html

Foreclosures are an opportunity to acquire an affordable realty investment, but you have to know the process and understand the risks. For reliable San Antonio area realty services (including foreclosure advice or assistance), call on the SanAntonioHomeQuest.com Realty Solutions Team. You can contact us at kelleybus@aol.com or at (800) 201-9145 or (210) 863-2661
Visit My Web Site
View My Newsletter
Ask Me A Question

February 2009 San Antonio Realty Market Report

As of Friday, 20 February 2009, here’s what sellers and buyers need to know about San Antonio’s residential realty market.

Homes For Sale - 11922
Average List Price — $266,549
Average Days On the Market — 165
Under Contract (Closing Scheduled) - 1437

The “for sale” home INVENTORY remains HIGH, and is projected to increase during the spring marketing season.

CLOSED SALE PRICES are HOLDING STEADY.

The market FAVORS BUYERS, however, reasonably priced and well prepared new and resale homes continue to sell well.

In November and December 2008, home builders were offering greatly enhanced buyer incentives in hopes of selling off their new home inventory before the New Year. It appears that their efforts were successful because the new home inventory is now very low. Consequently, the homebuilders are offering fewer buyer incentives this month.

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

For San Antonio, the ECONOMIC DOWNTURN IMPACT is MINIMAL TO MODERATE. Beginning in November 2008, San Antonio’s realty market was much slower than projected for the season. The downturn continued through December, however market activity picked up again in January 2009 and is likely to take on an even more accelerated pace, particularly in March, April, and May.

AFFORDABLE MORTGAGE AVAILABILITY is EXTREMELY HIGH. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 620 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.

San Antonio continues to receive high marks as one of the nation’s top realty markets based on the area’s high employment rate, population growth, and better-than-average price appreciation.

While most of the metropolitan area offers exceptionally good home buying and selling opportunities, there are some areas experiencing serious home marketing challenges. Consequently, anyone relocating to the San Antonio area or contemplating selling a San Antonio home in 2009 should seek a Realtor’s (R) advice and assistance.

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

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

1961 Lou Ann For Sale Near Randolph AFB & Fort Sam Houston

1961 Lou Ann, New Braunfels, TX, is a truly exceptional executive property, complete with a recently installed swimming pool and enough land for a horse. The home is vacant and the homeowner is highly motivated to consider all reasonable offers, so don't miss the opportunity to bid on this fine property. Click below for details:

http://www.sanantoniohomequest.com/MyHomeDtl.asp?lstPages=1&HomeID=801807

For reliable realty services in the San Antonio metropolitan area, call on the SanAntonioHomeQuest.com Realty Solutions Team. You can contact us at kelleybus@aol.com or (800) 201-9145 or (210) 863-2661

San Antonio Realty Conditions Among Nation’s Best

Here’s good news for San Antonio area home buyers and sellers.

San Antonio Express-News - 02/20/09


Builder Magazine has named San Antonio as one of the nation’s healthiest real estate markets.
The magazine and Hanley Wood Market Intelligence looked at the 75 largest markets in the country to consider which were in the best shape using population trends, job growth, home prices and building permits as measures.Houston, Austin, Fort Worth, San Antonio and Dallas were named the top five cities in the country. “The healthiest markets have many things in common,” the magazine said. “Most of them are great places to live, either close to the ocean, mountains or major universities. Most of them didn’t have a huge run-up in prices during the boom and aren’t experiencing rampant deflation during the bust.”
_________________________________________________
For reliable realty services in the San Antonio metropolitan area, call on the SanAntonioHomeQuest.com Realty Solutions Team. You can contact us at kelleybus@aol.com or (800) 201-9145 or (210) 863-2661

Home For Sale Near Randolph AFB & Fort Sam Houston

Click here to see a truly remarkable find for someone looking for a home with elbow room within a comfortable commuting distance to Randolph AFB and Fort Sam Houston.

http://www.sanantoniohomequest.com/MyHomeDtl.asp?lstPages=1&HomeID=801807

It’s a truly exceptional executive property, complete with a recently installed swimming pool and enough land for a horse. The home is vacant and the homeowner is highly motivated to consider all reasonable offers, so don’t miss the opportunity to bid on this fine property.

Please contact me if you have San Antonio area realty questions or need real estate or mortgage loan advice or assistance; and, when you’re ready to visit this or any other San Antonio listing, contact me and I’ll give you a guided home tour.

Randy Kelley, Realtor(R)
sanantoniohomequest.com
Keller Williams Legacy
San Antonio, Texas
(800) 201-9145 or (210) 863-2661
kelleybus@aol.com

San Antonio Homes For Sale - 30 Jan 2009

San Antonio, TX – 30 January 2008

Here are today’s single family detached home listing stats from the San Antonio Multiple Listing Service.

Homes For Sale – 11927 — up 33 from last report
Average List Price — $266,549 — down $287 from last report
Average Days On the Market — 164 — same as last report
Under Contract (Closing Scheduled) – 1267 – down 2 from last report

San Antonio is a very large city. While most of the metropolitan area offers exceptionally good home buying and selling opportunities, there are some areas experiencing serious home marketing challenges. Consequently, anyone relocating to the San Antonio area or contemplating selling a San Antonio home in 2009 should get a Realtor's (R) advice and assistance.

Ask us first.

Stephanie&Randy Kelley & Tara Kelley Guariglia, Realtors(R)
The SanAntonioHomeQuest.com Realty Solutions Team
Keller Williams Legacy
(800) 201-9145(210) 863-2661 or (210) 867-8743

Home Prices Up In Some San Antonio Areas

For San Antonio home buyers and sellers, here's a very timely San Antonio Express News article by Aissatou Sidime, dateline January 30, 2009:

While most of the San Antonio metro area saw a drop in home prices in 2008, a handful of sales areas — in Comal County and North Central and far eastern Bexar County — experienced an increase in median home prices last year, as buyers sought more rural environs, shorter commute times and more home for their money.

Buyers in search of a bucolic lifestyle helped to push the median price up 7.2 percent in area 26, which covers Comal, to $252,900 — the largest increase in the San Antonio metropolitan area.
Areas are sales regions designated by the San Antonio Board of Realtors.

The rural appeal of southeastern Bexar’s less-developed area 20, which includes China Grove and Elmendorf, was also strong in 2008. The median price there increased 2.1 percent to $98,200. Neighboring area 19 also had a boost, a 1.7 percent increase to $78,300.

“The East Central School District still offers 4-H and (Future Farmers of America programs) so those families who want their children exposed to agriculture are attracted to it,” said Eddie Callender Jr., an agent at Southeast Realtors on Goliad Road.

Last year, a large number of buyers also bought homes in areas where they could avoid heavily congested arteries such as U.S. 281 outside North Loop 1604. Area 6, which includes Hollywood Park and Hill Country Village, benefited from the trend, rising 1.5 percent to $244,000, as did neighboring area 14 and area 13, which includes the inner-loop communities of Alamo Heights and Terrell Hills. Area 14 saw prices edge up 0.3 percent to $157,900, as area 13 saw an increase of 1.7 percent to $247,200.

But buyers also were willing to move to subdivisions off less-beaten paths, such as off U.S. 87 in area 20.

“The traffic past (Loop) 1604 along the (U.S.) 281 corridor is a lot more difficult to overcome; and people were concerned that with 281 not getting a toll road, traffic would get worse,” said Judy Dalrymple, an agent with The Phyllis Browning Co. She sells homes mostly in the Shavano Park, Hollywood Park and Hill Country Village areas inside Loop 1604.

For some buyers, a key motivation was the need to buy a home in an affordable price range, which generally is considered to be under $140,000 locally.

Among the six areas to see price appreciation, buyers found affordable homes in Shady Oaks in area 14, where half of the homes sold in 2008 were priced under $157,900, and Foster Meadows in area 20, where list prices in the new subdivision ranged between the $90,000s and $170,000s, agents said. END OF ARTICLE

San Antonio is a very large city. While most of the metropolitan area offers exceptionally good home buying and selling opportunities, there are some areas experiencing serious home marketing challenges. Consequently, anyone relocating to the San Antonio area or contemplating selling a San Antonio home in 2009 should get a Realtor's (R) advice and assistance.

Ask us first.

Stephanie&Randy Kelley & Tara Kelley Guariglia, Realtors(R)
The SanAntonioHomeQuest.com Realty Solutions Team
Keller Williams Legacy
(800) 201-9145(210) 863-2661 or (210) 867-8743
kelleybus@aol.com

San Antonio Homes For Sale Today

San Antonio, TX – 28 January 2008

Here are today’s single family detached home listing stats from the San Antonio Multiple Listing Service.
Homes For Sale – 11857 — up 37 from yesterday
Average List Price — $266,836 — up $203 from yesterday
Average Days On the Market — 164 — down 1 from yesterday
Under Contract (Closing Scheduled) – 1269 – up 15 from yesterday

Don't hesitate to contact our San Antonio Realty Solutions Team for all your San Antonio realty needs.

Stephanie and Randy Kelley
Keller Williams Legacy(210) 863-2661 or (210) 867-8743(800) 201-9145
kelleybus@aol.com
www.sanantoniohomequest.com

Planned Development For San Antonio's South Side

It’s 3:00 P.M., Sunday, 25 January 2009, partly cloudy and 60 degrees in the Alamo City.

Go here for a very informative article about residential development plans for San Antonio’s south side. It’s good news down the road for employees of the southside military bases, the Toyota plant, and other business and educational activities currently under development in the area.

http://www.mysanantonio.com/business/Southern_living.html

If you need advice or assistance with your San Antonio area home buying and selling needs, visit us at SanAntonioHomeQuest.com or send an E-mail to kelleybus@aol.com.

San Antonio Home Buyer's Cardinal Rule

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.

You’ll receive more valuable hints about home buying & 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.



Stephanie and Randy KelleyKeller Williams Legacy
(210) 863-2661 or (210) 867-8743
(800) 201-9145 kelleybus@aol.com
www.sanantoniohomequest.com

San Antonio Housing Forecast Update

From the Builder Housing Forecast: New home starts in San Antonio were down to 8700 for ’08. With a 2.1 month supply, San Antonio has the lowest number of new homes finished on the ground than any other major city in the United States. In 2008, San Antonio builders sold more homes than they started, thereby significantly reducing inventories. In '08, Texas started more homes than any other state, had the greatest population gain over any other state and the greatest job growth of any state. Outlook projection: Look for it to take 3-6 months to see a real pickup in sales. 2009 will likely be slightly better than 2008.

From the San Antonio Express News: San Antonio's luxury home niche is suffering from excess, with the local market having a 48 month supply of homes priced over a $1 million. The area's lowest inventory is priced $250,000 and below, which makes up 74% of the market. That's a 7 month supply while 6 to 6.5 months is considered ideal.

Also from the San Antonio Express News: Texas is still the leader in price appreciation. Texas was one of just three States showing "meaningful price increase” in the 12-month period ending 10/31/08. Texas showed a 2.7% increase in median home price. Only West Virginia and South Dakota exceeded Texas.

Lackland Air Force Base is gaining 363 new single-family and duplex units. The developer plans to invest $142 million in the new housing starting this spring

San Antonio Realty Market Expected to Improve

This very timely article was recently published in the "San Antonio Express News."

Article Take Aways:

San Antonio residential home sales should improve in 2009, but median home prices are expected to remain flat and home value appreciation may be as low as 1%.

San Antonio’s home market is fundamentally stronger than most markets nationwide.

Here’s the article.

By Aïssatou Sidimé - "Express-News"

Existing home sales should improve in 2009, based on home sale increases during the last month, according to presenters and attendees at the San Antonio Board of Realtors Annual Housing Forecast on Tuesday morning.

“I’m expecting to be at least at 2005 volumes and maybe slightly less than 2007,” said presenter Bob Gardner, CEO of Legacy Mutual Mortgage.

Still, 2009 won’t see a return to the boom days of 2006. Median home prices in San Antonio are expected to stay flat.

Gardner’s predictions were welcome news for an industry that appeared to shift closer to the ugly national picture in November when the number of home sales dropped 32 percent and the median price fell 4 percent.

Based on home sales for the last five weeks, Gardner told the audience of 650 attendees at the Omni San Antonio Hotel in the Colonnade that he’s taken the unusual step of hiring new employees in an industry that had been shrinking.

“There are people coming out of the woodwork buying housing,” Gardner said. “I thought January would be more like 2003, but I don’t think so. We are expecting to exceed our (sales) predictions by 35 percent. I’ve had to add some contract people to handle the business.”

Other presenters, including Paul Bishop, managing director of real estate research for the National Association of Realtors, and Mark Dotzour, chief economist of the Texas A&M University’s Real Estate Center, agreed that San Antonio’s housing market is fundamentally stronger than most markets nationwide.

“In 2008, San Antonio had job growth, cheap mortgages and positive price appreciation but declining volumes,” Dotzour said. “It tells me local economics are not the issue. It’s a lack of confidence in our government. And when that is repaired, buyers will start buying again.”

Bishop said these same positive forces also kept foreclosures down statewide compared to the rest of the country.

Actual data from 2008 may not show as cheery a picture, though.

Mortgage rates do continue to fall, and job growth is positive. But home price appreciation averaged less than 1 percent for the year through November 2008. The median sales price was $150,400 during that period, up slightly from $150,100 for the comparable period in 2007 And home sales declined 18 percent from 21,178 sales in the same period in 2007, according to SABOR figures.

New foreclosures were kept to just 0.6 percent in Texas versus 1.1 percent nationally in the third quarter of 2008, Bishop said. But San Antonio foreclosure postings spiked 46 percent in January to the single highest number of auction filings for one month since at least 2000.

Anecdotally, local agents also report higher home sales, but they say Gardner’s forecasted 35 percent increase is more than they expect to see. Several agents reported their December and January sales were either flat or increasing. Historically, sales dip in these months.

But, still, that’s hardly 35 percent.

“I was at 2005 levels (last year) and expect to do better,” said Missy Stagers, an agent with Coldwell Banker D’Ann Harper Realtors. Stagers said she has four deals already set to close this month, versus one in January 2008 and nine in January 2007. She expects to benefit from shrinking new-home inventories and a stronger general economy.

Presenters said the lackluster 2008 figures masked some strong sectors.

Lisa Schmidt of The Phyllis Browning Co. said downtown condo sales are ahead of projection. “Pretty much what has been finished is sold,” she said of the 910 condos built or placed under construction since 2007.

In addition, there were strong price-per-square-foot increases in several communities in 2008, including Rogers Ranch, Colonies North, Cordillera Ranch and Terrell Hills, which each showed at least a 5 percent price increase in 2008, Gardner said.

End Of Article

If you have questions or need San Antonio realty advice or assistance, don’t hesitate to contact the SanAntonioHomeQuest Realty Solutions team at sanantoniohomequest.com , Keller Williams Legacy, (800) 201-9145, (210) 863-2661, (210) 867-8743.

Risks When Buying Lender Owned (REO) San Antonio Real Estate

Written by Stephanie Kelley, Real Estate Professional in San Antonio

This excellent article is compliments of Stefani Romer, EPro. Stefani works for Old Republic Home Protection, a major provider of home warranty (protection) insurance.

Article Take Aways:

(1) REO purchases are riskier than usual real estate deals.
(2) The buyer should be prepared for higher repair and maintenance costs when buying a REO property.
(3) The buyer should consider asking the REO seller to furnish a 1 year home warranty protection plan.

Here's the article:

Prepare for Unexpected Risks When Buying A REO

Have you ever bought a “mystery gift” from a catalog company? That is when you purchase a surprise package containing, say, $100 worth of unknown items for only
$50. You have no idea what is in there, but you know it is a good deal. Buying an REO can be a lot like that.

When purchasing an REO (bank owned) property, there can be a variety of risks. Often times the utilities were not turned on prior to the close of sale, so the true condition of most of the home's systems and appliances is unclear. For that reason, the buyers may need to set a larger repair budget to cover any problems discovered when the utilities are turned on and the systems and appliances are tested for the first time.

There are also times when the buyers have a pretty good idea of the condition of the home because the utilities were on and a thorough inspection was performed. In those instances, the repair budget is more accurate.

Whether or not the buyers clearly know the condition of the home and its systems and appliances, they have set the purchase price knowing that there will be some additional out-of-pocket expenses necessary to make the home livable. There has been a “budget” set for the repairs and renovations needed in the first few weeks and months after taking possession of the property.

One can plan for what is known or anticipated. The tough part is when the unexpected happens - the heater stops working three months after close of sale, the shower valve in the master bathroom malfunctions, or any other problem that can occur in the first year of home ownership.

What happens next? The “budget” has been spent and now the buyers are facing an expensive repair with a pretty slim bank account.

Plan ahead and be prepared. Be sure to protect your own investments and those of your clients by including a home warranty on all REO transactions. More banks are willing to pay for them today, and on those occasions when they won't, be sure the buyers include them even if they have to pay for it. The home warranty is more than worth the money if a major system or appliance needs to be repaired or replaced.

For more information on the value of including home warranties on all your REO's or to order home warranties for your current transactions, call your local Old Republic Home Protection Account Executive.

Stefani Romer, ePRO
Sr. Account Executive
(800) 282-7131 Ext. 1377
StefaniR@orhp.com



Do you need San Antonio realty advice or assistance? You can contact me at swkrealtor@aol.com, visit my website at sanantoniohomequest.com or blog my realty services team at http://sanantoniorealestate.blogspot.com and http://www.trulia.com/blog/stephanie_kelley .

Are San Antonio Mortgage Interest Rates Taking An Unexpected Turn?

Are mortgage loan interest rates taking an unexpected turn? You'd expect rates to be falling with treasury bonds at a historic low and considering all the stimulating "bailout" monies that the Fed has recently infused into the lending system. But, what's really going on.

You might be surprised as you read these interesting quotes from a recent article by Charles Guy Stidham III, a VP Loan Officer at Town & Country Mortgage Services, San Antonio.

“The rates should probably be around 4.5%, but … large institutional investors are trying to fatten their margins and are not budging below 5%.”

“Matt Lauer and his “morning” gang may not know what they are talking about when rates at 4% are being bantered about.”

The apparent 5% interest rate floor is evidenced by these Town & Country Mortgage Services rates quoted in Charles’ article:

30 year fixed (with 720+ Fico score & 1% origination fee) 5.0%
15 Year fixed (with 720+ Fico score & 1% origination fee) 5.0%
FHA & VA 30 year fixed (with 1% origination fee) 5.0%
5 Year jumbo Adjustable Rate (with 1% origination fee) 6.5%

In comparison, here are some competing 30 year fixed rates quoted in Charles' article:

Bank of America 5.76%
USAA 5.45%
Wells Fargo 5.50%
Coldwell Banker Mortgage 5.61%

So, here's the message for prospective home buyers. Mortgage interest rates are highly unpredictable and the only certainty is that it pays to shop around for the best interest rate and loan settlement charges.

Many lenders will offer enhanced convenience and cost free services just to get your business. For example, Charles Stidham III offers the following promotional services:

No application fee
Free credit report for pre-qualification customers
Same day loan approval
Guaranteed call back on the same day (when referred by a real estate professional, like Stephanie Kelley)

You can contact Charles at Town & Country Mortgage Services at:
Cell 210 478-9846
FAX: 210 495-8908
gstidham@satxhomeloans.com

Do you need San Antonio realty advice or assistance? You can contact me at kelleybus@aol.com, visit my website at sanantoniohomequest.com or blog my realty services team at http://sanantoniorealestate.blogspot.com and http://www.trulia.com/blog/stephanie_kelley .

San Antonio Home Construction & Sales Down

Posted by Randy Kelley on January 5, 2009

Here’s another article showing why San Antonio’s residential realty market will most likely strongly favor buyers during the first quarter of 2009.

By Creighton A. Welch - Express-News 01/05/2009

Single-family home starts declined 32 percent in San Antonio and single-family home sales were down 29 percent in 2008 compared with 2007, a worse than expected decline.

During 2008, 8,719 new homes were started and 11,112 homes closed, according to Metrostudy, a housing research firm that presented its numbers at the annual Greater San Antonio Builders Association housing forecast.

In 2007, there were 12,800 home starts and 15,675 closings.

As a result of deteriorating economic conditions, Metrostudy expects construction and sales to continue to fall for much of 2009 as the San Antonio area remains a buyers market for much of the year.

There are 38 months worth of vacant developed lots available, and there were 8,053 lots delivered in 2008, 7,326 less than in 2007.

New home inventory did decline during the past year, falling 30 percent from 7,532 new homes in the fourth quarter of 2007 to 5,147 in the fourth quarter of 2008.

Posted by Randy Kelley, MS, BS, PA, San Antonio Realtor®

You can contact Randy at kelleybus@aol.com , visit his website at sanantoniohomequest.com or blog his realty services team at http://sanantoniorealestate.blogspot.com and http://www.trulia.com/blog/stephanie_kelley

A New Tax Credit For First Time San Antonio Homebuyers

Here’s some welcome news in recently enacted federal housing legislation: first time home buyers can get a $7,500 tax credit. Congress intends for the credit to make housing more affordable. But qualified buyers have to act quickly – the credit is only available for purchases before July 1, 2009.

Here’s how the tax credit works:

There are income limits: $75,000 for single purchasers, $150,000 for couples.

The credit is not made to the buyer in the form of a check. Instead, the credit is an itemized deduction on federal tax returns (your buyers should consult with their tax advisor).

It effectively reduces the purchase price by $7,500.

The credit is limited to first time buyers.

The credit must be repaid (at no interest) at the rate of $500 per year for 15 years.
However, if the home is sold, the seller will not repay more of the credit than they realized in profit.

The preceding article is compliments of:

Edilma (Edi) Davila Cook
Mortgage Loan Officer
Retail Mortgage Sales
Bank of America, San Antonio

Direct: (210) 525-5007
Fax: (210) 525-5085
Mobile: (210) 326-9389

Bank of America is an Equal Housing Lender.

Call Edi for rate quotes and loan qualification or pre-approval information. Mention Randy & Stephanie Kelley if you contact Edi.

To search listings, research schools, and learn more about San Antonio, visit our website at SanAntonioHomeQuest.com.

January Is The Month To Buy A San Antonio Home

Posted by Randy Kelley on January 3, 2009

Article Take Away: It’s January - the best month to buy a San Antonio home.

Hey, buyer! Are you sitting on the fence, waiting out the market, looking for the bottom? You’re not alone. Hundreds of prospective San Antonio home buyers are holding back, waiting for home prices to stabilize, and hoping to jump in and buy just when prices start to rise again.

Your logic’s good and here are some facts to make it even better:

First, San Antonio’s realty market tends to be exceptionally stable. It’s not prone to experience drastically depreciating home values and rapidly falling sale prices. In fact, the value of the average San Antonio area home has appreciated every year for decades.

Second, real estate prices are very localized and there will always be a neighborhood where, for a variety of reasons, home values and prices are depreciating. If you are interesting in finding out what’s really happening with a neighborhood’s home values, ask a real estate professional to do a highly reliable comparative market analysis for you. Or you can visit web sites like Trulia where you might get a fairly reliable ballpark estimate.

Third, and most important, every year, San Antonio’s average residential list price fluctuates according to a predictable seasonable demand cycle. List prices are lowest in the fall and winter, rise in the early spring, peak in mid-to-late summer, then slide back in early fall. You’re most likely to negotiate a good deal in November and January and least likely to get a good deal in May and June.

January has consistently been the very best month for San Antonio home buyers.

Don’t let the opportunity go by. Go buy!

January 2009 San Antonio Realty Market Report

Posted by Randy Kelley on January 2, 2009

As of Friday, 2 January 2009, here’s what sellers and buyers need to know about San Antonio’s residential realty market.

Despite dropping dramatically in December, the “for sale” home INVENTORY remains HIGH, and is projected to increase during the first quarter, 2009.

CLOSED SALE PRICES are FALLING STEADILY.

The market STRONGLY FAVORS BUYERS, however, reasonably priced and well prepared new and resale homes continue to sell well.

In November and December, home builders offered greatly enhanced buyer incentives in hopes of selling off their new home inventories before the New Year. Builders typically pull back on buyer incentives in January, but that might not be the case this year. We’ll let you know in the February report.

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

For San Antonio, the ECONOMIC DOWNTURN IMPACT is now MODERATE. Beginning in November 2008, San Antonio’s realty market was much slower than projected for the season. The downturn continued through December. Nevertheless, San Antonio still receives high marks as one of the nation’s top realty markets based on the area’s high employment rate, population growth, and better-than-average price appreciation.

AFFORDABLE MORTGAGE AVAILABILITY is EXTREMELY HIGH. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 580 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.

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

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


Approximate Location Boundaries: San Antonio Metropolitan Area Including Surrounding Counties

Location Characteristics: Nations 7th Largest City