San Antonio Homes For Sale By Owner

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


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


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


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


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


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


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


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


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

Relocating To San Antonio

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

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

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

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

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

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

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

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

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