We are fast approaching the busiest time of the year for real estate.In addition to that on April 30, 2010 the much talked about homebuyer tax credit comes to an end for first time and move-up homebuyers.
Take a look at the statistics that compare January 2009 and January 2010.One thing is for sure regardless of year the greatest percent of homes selling range between $100,000 to $199,999.There was an increase this year in homes sold under $99,999.That could be the reason for the decrease in average price this year.
To see the annual sales trends for San Antonio over the last 6 years click here.
As the title implies San Antonio's future is bright. Yesterday I attended the San Antonio Council of Residential Specialists (CRS) luncheon and the guest speaker was Dr. Henry Cisneros former Mayor of San Antonio.He had some great information about the happenings around the city.
Here are some highlights:
1. San Antonio has a stable economy that is attractive for companies.This is enticing to companies to bring new or expand existing jobs.
2. More jobs means more homes selling!With an increase in job growth we can expect San Antonio to have an increase in both home sales and values.
3. He mentioned recently seeing a few surveys that put San Antonio within the 10 percentile of cities fairing well through the recession.In one survey San Antonio was number one!
4. If you didn’t know Bio Science is huge in San Antonio employing over 120,000 people with revenue of $16 billion.Bio Science is divided into 4 sectors:
a. Medical Education
b. Medical Clinic
c. Medical Research
d. Bio Medical
5. Insurance giants All State and Nationwide will add a combined 1400 jobs in San Antonio in the near future.
As I heard from San Antonio Mayor Julian Castro, at his State of the City address, San Antonio’s economy through tourism, housing, job growth, Bio Science, etc is doing great.I’ll sum it up with what Dr. Cisneros said, “San Antonio is on a Roll!”
On Wednesday the Senate voted 98-0 and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the first time homebuyer tax credit. It is reported that the President signed the bill today.
First-time Homebuyers
The first-time homebuyer tax credit will be extended until April 30, 2010. In addition, those who have signed a contract before May 1, 2010 will have 60 days to close on the home.
Increases the income limits to $125,000 on a single return and $225,000 on a joint return.
Those who purchase in 2010 will be able to claim credit on 2009 tax return.
Definition of first-time buyer: those who have not owned a home in the last three years.
The credit will remain at $8,000.
Move-up Buyers
Those who have owned the same home for 5 consecutive of the last 8 years will be eligible for a $6,500 tax credit.
The $6,500 tax credit will be eligible for purchases between December 1, 2009 and May 1, 2010. The same opportunity to close within 60 days applies.
The income limits are also $125,000 on a single return and $225,000 on a joint return.
Those who purchase in 2010 will be able to claim the credit on 2009 tax return.
Other provisions regarding the homebuyer tax credit:
No homes over $800,000 will be eligible for the tax credit.
It will extend the tax credit for the military and other Foreign Service Officers serving abroad through April 30, 2011. It also waves the recapture fee for all military personnel should the individual move and sells the home within 3 years.
As November 30th approaches many have wondered will lawmakers extend the tax credit to first time home buyers. It looks like we are getting close! Although a final deal has not been reached, there are encouraging signs that a deal is likley.
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to “move up” borrowers (yeah!).
Details of the revised homebuyer credit are as follows:
Credit would be 10% of sales price up to $7290
For first time homebuyers, the income level to qualify is $ 75,000 single/150,000 married.
For “move up” buyers the income level to qualify is $ 125,000 single/250,000 married.
For “move up” buyers, they must have been residing in their primary residence for 5 years.
The credit would run from Dec. 1, 2009 to April 30, 2010.
Bonus Bonus!! They are talking about adding to the proposed plan that all sales contracts signed as of April 30, 2010 would have 60 days to close.
Although this is all real exciting news until it's signed into law, it is all subject to change.
Great news for our Veterans. If you are a disabled veteran who is receiving disability compensation from the Department of Veterans Affairs you could be eligible for a Residence Homestead Exemption. To receive a disabled veteran exemption, you must either be a veteran who was disabled while serving with the U.S. armed forces or the surviving spouse or child (under 18 years of age and unmarried) of a disabled veteran or of a member of the armed forces who was killed while on active duty. You must also be a Texas resident and can only choose one property to receive the exemption.
In order to receive your exemption you will need to submit a Disabled Veterans Homestead Exemption Application with the Bexar Appraisal District. Click here to get the application.
I have attached the pamphlet the Texas Comptroller of Public Accounts put together so you can learn more about the Homestead Exemption for Disabled Veterans. You can get the pamplet by clicking here.
So you found your Realtor now it's time to find a new home. Before showing you homes most Realtors will ask if you have been pre- approved. Realtors ask that question because it's the first step in the home buying process and you need to know:
1. Your ability to qualify for a mortgage loan. You don't qualify, you can't purchase a home or may need to look at someone co-signing for you.
2. How much of a loan do you qualify for...this is how we will set a price range. Example: $150,000 - $175,000.
3. What kind of down payment will you need? If you are looking in rural areas, but still in Bexar county you might qualify for 100% financing.
4. The closing cost associated with your transaction. On average closing cost will be 5%-6% of the sales price.
Keep in mind...When you find your dream home before you can write-up an offer you will need a pre-approval letter from a lender.
Next week: Asking the right questions when meeting with a lender.
When you bought your home, you probably comparison shopped. Well, buyers are still doing that today. According to the National Association of Realtors, the average purchaser looks at 10 to 20 properties prior to purchasing a home.
Regardless of how many properties are on the market, people purchase what they see, not “how it’s going to be.”
Think Like A Buyer
In preparing your home for sale, it is eminent to envision your home through a “buyer’ eye.” You are not just selling a house. You are selling a shelter, lifestyle, and dreams. People always want the best for themselves, and your home should
represent the buyer’s answer to this goal.
Do Everything Before Your Home Goes On Market
Consider investing in a home inspection prior to putting your house on the market. This way there are no surprises and you sell with confidence NOT uncertainty! Complete all your repairs, improvements, and enhancements prior to your first showing.
Remember, your best showings come early in the listing period. Be ready!
Preparing Your Home For Sale
It needs to be cleared from top to bottom in order to help it sell for the most amount of money. Get a head start on the competition by following some of these suggestions.
1. Wash all windows, inside and out, this will add to the overall impression and help your property show in a nice, bright light. Curtains should be clean and attractive.
2. Remove posters and adhesive from walls and doors. Putty and paint any holes that result from nails or other mishaps.
3. Remove all “clutter” from each room. Remove things such as coats, shoes, clothing, pet toys, pet-food bowls, trash cans, toys, child-safety barriers, playpens, and the like. Keep all nonessential items off the floor so that the room doesn’t appear cluttered. Remember: Uncluttered rooms appear bigger.
4. Replace shower curtains and keep them clean
5. Install higher wattage light bulbs to show your property brightly
6. Organize closets. Remove unnecessary items and put them in storage. Large closets sell houses and a well-organized closet looks much bigger than one crammed with clutter. TIP: Leave a small empty space on each shelf to show potential storage space.
7. Use air fresheners in each room (Bath & Body Works plug-ins work well). Smell is a huge part of what buyers remember about your home.
8. De-Personalize. Remove pictures, drawings and magnets from the refrigerator.
9. Repair caulking in tubs and showers.
10. Box and stack items in a storage facility or along a wall in the garage.
12. Shampoo all carpets and vacuum. If the carpet does not clean up well, replace it with a neutral color.
11. At night, turn on outdoor lighting. Buyers often drive by homes they are considering at various times of day.
I recently listed a great home that needs new owners! The home is located in the Waterwood subdivision directly off I37 in Elmendorf. Conveniently located to downtown San Antonio.
Come out to see this 1 story home with 4 bedrooms and 2 bathrooms. This great home has been newly remodeled with recent carpet, interior paint and an A/C unit. Nice open floorplan at approx. 1500 square feet with plenty of natural light. Large lot (.41) and a fenced backyard with shed. Must see to appreciate!
A seller will often ask me “what made the buyer select theirs over ours? Sometimes that’s an easy answer and other times there’s no obvious reason other than buyer preference. Being the chosen one is the ultimate goal to a seller. It’s the validation of why you originally put your house on the market. When a buyer is choosing a home what is it about the chosen one? I thought it would be a good topic to blog on since we are in a buyers market and we have more sellers out there each vying for the title of The Chosen One (a.k.a. Home Sold)!
Being the chosen one allows for you to FEAR no more!
F = Freedom: to move, downsize, create a nest egg, buy a bigger home, etc
E = Excitement: walking down the road to SOLD
A = Accomplishment: hard work paid off
R = Relief: no more living spotless 24/7
You may be thinking why would there be fear in selling a home? Because it’s the idea of people not saying nice things about the house, the idea of having the home sit on the market day after day, the fear of no showings, the fear of not pricing right, etc. We fear the unknown and the challenge is to be in the know as best you can!
Join me as I take you on the journey through the eyes of potential buyers. Our trip next week will explore outside forces that affect the saleability of a home.
The San Antonio Board of Realtors® just published the Single Family Home Sales Report for April 2009. Take a look! In April the average sales price for a single family home in San Antonio, Texas was $181,286 (in March it was $174,388).
As you can see the top 3 price ranges are:
$120,000 to $139,999 with 180 homes sold
$140,000 to $159,999 with 175 homes sold
$110,000 to $119,999 with 132 homes sold
A very close third was the $200,000 to $249,999 with 131 homes sold
March numbers:
$120,000 to $139,000 with 161 homes sold $140,000 to $159,999 with 140 homes sold $200,000 to $249,000 with 136 homes sold
As of April 30, 2009:
Number of homes pending: 1017 homes/average price $189,683 and 25 condos/average price $145,017 Number of active listings on the market in April: 12,141 and 513 condos
I recently listed a wonderful well maintained home ready for some new owners! The home is located in Oakmont Downs off DeZavala Road, the location provides easy access to IH10, Medical Center, USAA and La Cantera.
The house is a 1 story with 4 bedrooms (the 4th bedroom is off the master and would be perfect for an office or nursery) and 2 bathrooms. This is a great open floorplan at 2100+ square feet with plenty of windows. Oakmont Downs is located in the Northside School District.
The San Antonio Board of Realtors just published the Single Family Home Sales Report for March 2009.
Take a look! In March the average sales price for a single family home in San Antonio, Texas was $174,388.
As you can see the top 3 price ranges are:
$120,000 to $139,000 with 161 homes sold $140,000 to $159,999 with 140 homes sold $200,000 to $249,000 with 136 homes sold.
As of March 31, 2009:
Number of homes pending: 946 (14 were condos)
Average listing price for a home on the market: $186,724 and for a
condo $110,655.
Next month I will share with you April's housing numbers.
Before I came into real estate I have to admit I was one of those neighbors who (at night) would go take a flyer from a neighbors brochure box to see what they were asking for their house. After the initial rush of taking the flyer I would compare and see if they have all the great things I have in my house. If they were priced too low then I would have to make adjustments. For example...their fireplace does not look as clean as mine or I have black appliances and they have white - that has to add about $10,000 in value right? We are all fans of our own house and rightfully so, but we must remember that in real estate it's not all about the size of the house, or location or even the amenities that determine value. We have to be mindful there are external factors that can play a large role in the pricing of your home.
What external factors?
1. Job losses reduce available buyers
2. Interest rates rise and that can reduce buying power (lucky for us interest rates are at an all time low)
3. Your neighbor reduces their asking price (how dare them, right?)
4. New listings add competition
5. Brand new homes going up in the area that creates new inventory.
As most sellers like to do before they list their home they want to do some research. If you would like a monthly snapshot on the real estate activity in your neighborhood go to www.yvetteallenproperties.com/market_snapshot. I often get asked how accurate is the information. All the information is pulled from the San Antonio MLS.
Market Snapshot is for you if you want to know: 1. How many homes are on the market in your area, 2. The listing price of the home down the street and 3. The SOLD price of all the homes in your area. As a bonus you get to click on each home that is for sale in your mapped area and get details (picture too) about the property. Details include address, how long the home has been on the market, listed and/or sold price, amenities, etc.
You can learn about the happenings in your area all from the privacy of your own home. So no more going out late at night to snatch a flyer!
Having a pre-approval letter gives you leverage when making an offer on a property. Here’s how:
1. Sellers prefer to negotiate with pre-approved buyers because they know the buyers are financially qualified and that results in the closing of the transaction.
2. A pre-approval letter can make or break a multiple offer situation. Be the one with the letter!
3. Time saved is another great advantage. If you have a seller motivated to move or has already moved, your offer will look more attractive since you already completed one of the more time consuming steps. In the seller’s eyes it could mean a quicker close.
For a seller it’s about selecting a buyer who can close the deal. Be the buyer who can accomplish that by being pre-approved.
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