Can’t Find That Perfect Home?

When inventory is tight, it can be hard to find properties that match what you are looking for, and there’s a lot of competition with other buyers.
Buying a new construction home might be a good option for you. You can choose from multiple sizes and floor plans, customize the details and can often get financing incentives. One thing to keep in mind – you need to have a bit of patience with your moving date. Since the houses haven’t been built yet, they won’t be ready for you to move into right away.
As with regular resale properties, it’s helpful to have a real estate agent representing you and your best interests! The seller pays my commission, so you don’t need to. In return, you will get someone advocating for you when you are making an offer and throughout the escrow process.
Let me know if you’d like me to send you a list of new home communities in the areas you’re looking in. I’d love to help you find a good match!
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Buyers Need Some Skin in the Game

I still see many buyers still requesting the seller to pay all of their closing costs when purcScreen Shot 2016-08-25 at 3.57.47 PMhasing a house not even considering the amount of closing costs the seller is responsible for paying on their end. This of course, all started when the government wanted to stimulate the economy and give buyers money several years ago. Well, the government is not doing this any longer and buyers now expect sellers to take on that roll.

When a buyer purchases a property they can expect an estimate of 3% of the sales price in
closing costs…this does vary with each lender and getting with a lender or a REALTOR® to go over a better estimate should always be your first point of contact.

When a seller sells their property their closing costs can come to 9% of the sale price. If they paid both, you are looking at 12% off of their estimated net; which in some cases leaves them very little in their investment.

Homeownership is a great thing and everyone deserves a home; however buyers should have some skin in the game without thinking they can just move in with someone else paying the bill. What are your thoughts?

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San Antonio Housing “HEATING UP”

San Antonio – As the summer is heating up, so is the San Antonio area housing market. May reported 2,Screen Shot 2016-06-13 at 11.11.39 AM807 homes sold in the area, a 10 percent year-over-year increase according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Both average and median sales prices experienced moderate growth with the average price increasing two percent to $249,024 and the median edging up three percent to $208,700. These prices still remain well below the state’s average price of $271,213 and median price of $217,000.

“Our average and median sales prices continue to see some growth each month, but at a manageable pace that keeps our city affordable and stable,” said Bob Jacobs, SABOR’s 2016 Chairman of the Board. “We expect this trend to continue throughout the summer.”

In the San Antonio area, homes priced under $200,000 made up 46.9 percent of the homes sold in May. Homes priced between $200,000 and $500,000 accounted for 47.6 percent of the homes sold and homes priced over $500,000 made up 5.5 percent of the market. The largest share of homes last month were priced between $200,000 and $250,000 which made up 18 percent of the market. A total of 15 homes sold were priced over one million dollars.

Homes in Bexar County sold for an average price of $234,778 in May while spending just 47 days on the market. Of the 2,065 homes sold in the county last month, 1,792 were existing homes while 273 were new construction.

“Summer is always a popular time to buy and sell as kids are out of school and people often have more flexibility to make a big move,” said Angela Shields, SABOR’s President and CEO. “With interest rates remaining low and thousands of new listings coming on the market each month, there is something for everyone.”

Around Texas, sales and prices experienced moderate growth as well. A total of 28,613 homes were sold during the month with a median price of $217,000, a 5.9 percent increase from the previous year. Homes in the state averaged 53 days on market with inventory at just 3.6 months.

About SABOR:The San Antonio Board of REALTORS® is the largest professional trade association in San Antonio and represents over 9,500 REALTOR® members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina and Wilson. SABOR is one of over 1,200 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).

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2016 Housing Markets Continues Growth from Previous Year

JpegSan Antonio Board of REALTORS® releases January 2016 housing market report:

January kicked off the year with 1,534 homes sold in the San Antonio area, a seven percent increase over the previous year according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Both average and median prices also jumped up with the average sales price reported at $224,527 and the median price at $186,100, a six and five percent year-over-year increase, respectively. The month reported 2,819 new listings with homes staying on the market just 63 days in January, 15 percent less time than January of last year.

“Some of the factors we look at to know if we have a healthy market are how many homes we have available and if the prices are still affordable,” said Bob Jacobs, SABOR’s 2016 Chairman of the Board. “In San Antonio, we have an inventory of 3.5 months and we continue to see record numbers of sales and prices still below what others around the state are spending.”

In fact, in Texas the average price of a home sold in January was $239,819, meaning the San Antonio area is still less than what many others around the state are paying for homes. Months of inventory in the state matched San Antonio’s of 3.5 months and days on market in Texas were just 66 days.

In the San Antonio area, homes priced under $200,000 made up 55.67 percent of the homes sold in January while those priced between $200,000 and $500,000 accounted for 39.83 percent of sales. Homes priced over $500,000 edged up to 4.5 percent of the homes sold.

In Bexar County, home sales increased 7.4 percent for 1,173 total sales. Kendall County also experienced an increase of 10.7 percent more homes sold in January over last year.

In just the city of San Antonio, sales of new construction properties grew by 95.7 percent year-over-year with 45 new homes sold in January. Meanwhile, sales of existing homes rose four percent to 676 homes sold.

“Last year saw a record number of homes sold, so it’s no surprise that 2016 started off so strongly,” said Angela Shields, SABOR’s President and CEO. “The month ended with 1,792 sales still pending, so we expect February to continue this growth and lead us into a strong Spring buying season.”

SABOR Multiple Listing Service Report: Home Sales Recap

January 2014

January 2015

January 2016

Total Month Sales

1,363 (7% increase)

1,439 (5% increase)

1,534 (7% increase)

Average Price

$194,312 (6% increase)

$211,968 (9% increase)

$224,527 (6% increase)

Median Price

$161,900 (7% increase)

$178,000 (9% increase)

$186,100 (5% increase)

*Percentage increases are based on a year-over-year comparison.

About SABOR:  The San Antonio Board of REALTORS® is the largest professional trade association in San Antonio and represents over 9,500 REALTOR® members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina and Wilson. SABOR is one of over 1,600 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).

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Texas Appraisal-Protest Process Refined

  HB 2083 will take effect January 1, 2016, which is an important step toward a more consistent, fair, and transparent appraisal-appeal process. Now property owners who appeal their appraisals using equal and uniform protests must use generally accepted appraisal methods and techniques if they claim the property was a appraised higher than comparable properties. Also, property owners can now use properties in other counties as comps if their aren’t enough comparable properties in their own county.

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What Are You Waiting For?

What Are You Waiting For?

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 11.8% (most pessimistic) and 26.7% (most optimistic). The bottom in home prices has come and gone. Home values will continue to appreciate for years.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have started to inch up, most experts predict that they will begin to rise even more over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up approximately three quarters of a percentage point over the next 12 months. An increase in rates will impact YOUR monthly mortgage payment.

San Antonio’s May’s average sales price was $246,772, a 10 percent increase from last May and a figure that has remained above $200,000 since February 2014. Meanwhile, the median sales price climbed above $200,000 for the first time with a price of $202,500.

Waiting no longer makes sense if you are considering to sell and or buy a new house.

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Sales Up…Affordable Housing Still Strong in San Antonio

Arrow Up

Sales of single-family homes in San Antonio showed a 13 percent year-over-year increase in April with the majority of sales taking place in homes priced under $200,000, according to figures in the April 2015 Multiple Listing Report by the San Antonio Board of REALTORS® (SABOR). Days on market plummeted 18 percent to just 59 days while months of inventory rose slightly to 3.8 months from 3.6 months in March. April’s average price edged up six percent year-over-year to $224,426 and the median price rose seven percent to $189,300.

According to Realtor.com, the increases seen around the country in prices are correcting for severe price declines in the recent past. These higher prices are to be expected as the economy improves. Home sales have strengthened as more buyers have entered the market during the spring buying season, and sustained job growth and interest rates below four percent have also been a catalyst behind the improvement in sales.

Growing prices coupled with low supply have not deterred local buyers who continue to flood the market seeking their dream homes. In April, the month ended with 2,390 sales still pending, a 13.6 percent increase from April 2014. Price per square foot rose five percent to $103 and 97.5 percent of homes sold for list price.

Though homes priced under $200,000 continue to make up the majority of the city’s sales with 54.21 percent in April, this is still nearly six percent less than April 2014. Meanwhile, homes priced between $200,000 and $500,000 grew 5.6 percent year-over-year to make up 41.58 percent of April’s market and homes priced over $500,000 increased 0.1 percent to a total of 4.13 percent of sales.

The information is not guaranteed by Trudy Pape, REALTOR® and she nor Coldwell Banker D’Ann Harper REALTORS® are responsible for any errors or omissions. Information courtesy of The San Antonio Board of REALTORS®. (SABOR).

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San Antonio’s 2015 Housing Forecast Recap

San Antonio Board of REALTORS® Housing Forecast was January 8, 2015.

According to guest speaker Mario Hernandez, President of the Economic Development Foundation, the population of San Antonio increased 2.04 percent from the previous year. That is a phenomenal increase for just one calendar year but the good news is that means more home buyers. Hernandez also revealed a 2.62 percent increase in job growth over the last year and a drop in the unemployment rate from 6.5 in 2012 to 4.3 currently. Hernandez also shared that San Antonio is the seventh largest city in the United States and our cost of living is 9.2 percentage points below the national average.

Housing Market statistics for a look back at the year was presented. As of the end of November, a total of 22,655 homes have been sold in the city. That’s a four percent increase from the previous year. Days on market dropped to just 68 days, which is down seven days from 2013.

Dr. Mark Dotzour of the Real Estate Center at Texas A&M provided valuable information as always to include that 6.5 months of inventory is the national average instead of what is normally quoted as 6 months. San Antonio is currently below that number with 3.9 months of inventory. Dr. Dotzour’s suggestion was the need to build more homes. If home prices are going up and there is more housing inventory then the market is good.

All in all the message was it is “great” to live in San Antonio where the economy is good and growing. With affordable housing and low cost of living we are in the perfect place. That being said if you are considering to sell you house now is a great time to do so. Interest rates are still low with more incentives for first time home buyers being considered this year. There are many buyers out there looking for a house and just can’t find any. You can’t go into a store and buy something if the shelves are empty.

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What to Know About Home Warranties

Home warranties, also known as residential service contracts, cover the repair and replacement of certain systems or appliance that fail due to normal use during the term of the contract.

A home warranty is different from insurance in that it doesn’t insure against losses. It only covers items specified in the contract that need repair or replacement due to normal use.

In Texas, annual contract fees generally run $365 to $395 for standard coverage, but most companies offer upgrades or optional coverage for additional fees.

Typically, a residential service provider charges a flat fee for a request for service, about $65 to $100 per request.

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Small Land Sales are Big in Texas

Screen Shot 2014-06-02 at 3.49.06 PMDefinitions of “small” and “large” vary among the state’s seven regions, but a purchase of less than 200 acres is generally considered a small land sale. Here are a few highlights from the report:

  • Texas saw 4,189 small land purchases last year.
  • Median tract size was 20 acres.
  • The average price per acre was $4,849.

View the Texas Small Land Sales Report in its entirety.

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