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Housing Tax Credit through April 30, 2010
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Posted - 01/20/2010
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Few people realize but the definition of a first time home buyer is someone that has NOT owned their primary residence for the past three years. That opens up the potential for many in San Antonio to take advantage of the Tax Credit for up to $8,000!
A great example would be someone in the military that may have purchased a home some time ago, lived in the home and then has been renting it out the past three years. In the interim, the homeowner has actually been renting a place for their primary residence. Now that they have been stationed to San Antonio, they have a great opportunity.
With today's low interest rates, the ability to roll your closing costs into the loan while getting a great deal on a home, this is a great time to buy!
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2010 Housing Forecast
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Posted - 01/10/2010
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2010 Holds many things in store and from a real estate perspective, things appear to be positioned for a strong year in San Antonio. With the help of consistently low interest rates, an affordable housing market sprinkled with some tremendous bargains and the extended and expanded tax credit, Realtors expect continued steady sales the first half of 2010.
During that time, Realtors anticipate that most foreclosures will be absorbed back into the market range of $200,000 or less. We are expecting to see the next round of foreclosures to hit the market segment mostly at $200,000 or more. This is due in part to the final part of the recession affecting higher wage earning households.
Even as the Fed begins to increase rates, mortgage loan rates are expected to stay below 6% for owner occuppied properties while investors can expect to have rates at 7% or better with 20% down and multiple discount points.
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Safety in San Antonio
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Posted - 09/22/2009
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With difficult economic times unfortunately, there comes another economic impact-higher crime. I was recently the victim of a vehicle burglary in my own neighborhood. While the items stolen were able to be replaced, the feeling of being secure in my own home was more difficult to re-establish.
In speaking with the officers who responded to my home, this type of burglary has become more common and has several objectives. The first is to simple take items of value of from the interior of the vehicle. This seems somewhat straight forward. The second is actually to steal the vehicle. The third is the most troublesome. In some cases, vehicles are broken into and nothing is stolen except the garage door remote. The reason behind this is to plan a home invasion during the day when you are away.
It is possible to combat this crime though with some easy planning. First, always lock your doors on you car, even at home. Thieves love unlocked cars. Next, remove all of your valuables, including your GPS at the end of the day. When thieves look through vehicles prior to break in, they are looking for laptop cases, cameras, GPS, portable DVD players, etc.,. If those items are not in the car, then are you are not much of a target because there is nothing of value.
I hope this information helps you to avoid the frustration of dealing with a vehicle break in. Not only is it a waste in dollars for you, but also a waste in time and effort. Good Luck!
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New July MLS Stats
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Posted - 08/25/2009
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While the San Antonio market has never shown the flash of high market gains, it has always remained consistent. Now, based on July MLS Year to date stats, there may be reason to celebrate, although in cautious style. Year to day, home sales through July indicate a 2% increase in the median sales price up to $158,300, compared to $155,200 a year ago. Also, Realtors have sold 1980 homes year to date compared with 1823 just a year ago. That's a 9% increase in sales
These are year to date numbers. If you venture to look at July 2009 versus July 2008, you will actually see that our average sales price has dropped by 1% from $188,090 to $186,477. Homes on average are taking 95 days to sell. A year ago it was 84.
Overall, our market still remains consistent. A reason for the increase in sales numbers can be attributed to a couple of factors. One, the $8,000 Tax Credit has helped motivate first time buyers and Second, people still need to buy homes and there are some great deals out there, either through builders, bank owned properties or just plain old motivated sellers.
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Beware of the Short Sale
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Posted - 06/03/2009
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Today as I searched through over 11,000 listings in the MLS, I found only 167 homes that were actively being marketing as Short Sales. What a shuprising number! That means that 98% of the hoems out there available are able to sell their homes for more than they owe and in many cases more than what they paid just a few years ago.
What I am concerned about are the listings we see being marketed as Short Sales that also promise huge returns for the buyer. Keep in mind, the San Antonio market has stayed level or appreciated somewhat in the last 24 months unlike most other markets. Banks when looking at our market understand that homes don't have to be given away to sell. Actually, we are seeing the REO properties fair well in price when a Realtor prices them according to market.
Be cautious when pursuing a Short Sale and make sure that the Realtor representing you have completed additional courses in order to better represent you.
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Watch out--MORE TAXES Could be on the Way!
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Posted By - Wayne Marinik - 04/09/2009
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San Antonio area lawmakers have introduced ”sales price disclosure” legislation they claim will lead to equitable and fair property taxes. Don’t believe it.
State Rep. Michael Villarreal’s House Bill 133 and Sen. Jeff Wentworth’s Senate Bill 444 are short-sighted and bad for Texas homeowners. Bexar County Chief Appraiser Michael Amezquita and the San Antonio Express-News have also advocated for mandatory sales price disclosure. But it won't solve our problems. In fact, it would make things worse.
Sales price disclosure violates private property rights and, as proven in other states, does not lead to fairness in taxation. It does, however, lead to new taxes for property owners. Three-quarters of states that have real estate transfer taxes started with sales price disclosure. One is typically precursor to the other. Skeptical? Read this 50-state analysis from the National Council of State Legislatures and the Federation of Tax Administrators.
Several real estate transfer tax bills, which are essentially new sales taxes on real estate, are moving through the Texas Legislature right now. We oppose these measures because they represent new property taxes that will further burden Bexar County’s homeowners. There are better ideas.
The National Association of REALTORS® commissioned a study to analyze the effects of a transfer tax on real estate. The report assumed a tax rate of 0.5% (one-half percent) and a $125,000 purchase price. Based on these assumptions, the cost of buying a home would increase by about $600, and home sales would decline by almost 3%. One proposal, however, would've allowed the county to set the tax rate, so homebuyers could see a larger cost increase and sales could decline more than 3%. Additionally, the Real Estate Center at Texas A&M University concluded that the creation of a transfer tax on real estate may create more problems than it solves, costing the state $955 million in lost economic activity with 11,575 jobs eliminated.
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