Friday, June 17, 2011
Friday, April 29, 2011
KINETIC CONCEPTS (KCI) CONSTRUCTS NEW HQ
SAN ANTONIO (REBusinessOnline) – A wound care and therapeutic systems provider is constructing a 100,000-sf headquarters facility on I-10, just south of Hausman Rd. in the Alamo City.
Kinetic Concepts’ three-story office will be designed and built by a team comprised of Koontz McCombs Construction Ltd and RVK Architects.
Kinetic Concepts’ three-story office will be designed and built by a team comprised of Koontz McCombs Construction Ltd and RVK Architects.
Thursday, April 28, 2011
Wednesday, April 27, 2011
Tuesday, April 26, 2011
5 Steps to Deciding How Much to Offer – or Ask – for Your Home (Trulia)
One of the hardest, most important decisions homebuyers face is how much to offer for their home. And the glut of information on the web about real estate only makes buyers even crazier than the decision itself does. Supply, demand, foreclosure rates, mortgage rates – buyers think they need to run spreadsheets and do fancy math to make a smart offer. And THATcan be super intimidating.
But the fact is, there is a pretty short list of steps you need to take to make a smart offer – one that gets you a great value, but is also likely to be successful at getting the property. (A low offer does not make for a great deal if you don’t get the house!) And most of the same steps apply to sellers trying to set the list price that will lure the most buyers (and net them the most cash)!
Step 1: What do the “comps” say? First things first. When it comes to pricing a home, or making an offer to buy one, the ‘first thing” is the home’s fair market value. Both buyers and sellers should work with an experienced, local agent to understand what the home’s value is. Most agents will do this by offering you a look back at similar properties that have recently sold in the neighborhood – i.e., the comparable sales, or comps.
HINT: You can also find comps for a home listed on Trulia by scrolling down to the section labeled Sold Homes near 1234 Merriweather Lane on the property's Trulia listing page.
Ideally, look for comparables that are very recent sales (3 months or less before you’re listing or buying), very similar properties (i.e., same number of bedrooms, bathrooms, square footage; and similar style, condition and amenities). If you do get into contract, these may be the same comparables which will be considered by the appraiser, so looking at them before making an offer can:
(a) provide factual support for a lower-than-asking offer or for the asking price, in a negotiation, and
(b) result in a sale price at which the property will actually appraise, later on - avoiding the common glitch of the deal falling through because the appraisal comes in way below the agreed-upon price.
Also, looking at comps is the first step for locating a home’s seller and prospective buyer in the reality-based universe of current home values. The fact that you bought or refinanced the place at a given value 5 or 6 years ago is entirely irrelevant to what it’s worth today, as is the buyer’s belief that the place was worth $100K less at the trough of the market, in 2009.
Step 2: What can you afford? This step is much more critical for buyers than for sellers. (Unfortunately, sellers, the facts that you need to net a particular amount to buy your next home or pay your existing mortgages or credit card bills off has no relationship whatsoever to the price at which you should list or will sell your home.)
Buyers – it’s a must to make sure that your offer price for any given home falls within the range of what is affordable for you. This includes offering a price within the range for which your mortgage was preapproved, but also includes making sure that the monthly payment and cash you’ll need to close the deal (down payment + closing costs) are affordable in light of the particular house. If, for example, the property will require repairs for which you’ll need to conserve cash, or has HOA dues you hadn’t planned on, you may need to rejigger your offer accordingly.
Step 3: What’s your competition? (And what’s theirs?) This is another step at which it’s critical to check in with your agent. You need to know what level of competition you’ll face – whether you are a buyer, or a seller. As a seller, you can find this out by looking at things like how many comparable homes are listed in your town or your neighborhood in your general price range (your agent will brief you on this). Sellers should also consider what type of transactions their home will be up against – the more distressed properties (foreclosed homes and short sales) with which your home must compete, the more aggressive you must be with your pricing to get your home sold.
The more competition you have, as a seller, the lower you should tweak your list price to attract buyers to come see your home. (And the more buyers come to see your home, the more likely you are to get an offer!)
Buyers should also be cognizant of the competition level they will face for homes. Believe it or not, even on today’s market there are properties and neighborhoods in which multiple offers are the name of the game. Work with your agent to understand the list price-to-sale price (LP:SP) ratio , which lets you know how much under or over the asking price properties are selling for in your target home’s neighborhood; the higher the LP:SP ratio, generally speaking, the less competition there is among buyers.
Your agent can also brief you on:
(1) The number of offers – if any - that have been presented on “your” property (which the listing agent will usually, gladly tell). If there are other offers, you’ll want to make a higher offer to compete successfully gainst them; and.
(2) The number of days the home has been on the market, relative to how long an average home stays on the market before it sells – the longer it has, the more pressure is on the seller, price-wise, and the less competition the buyer is likely to have. (One exception is the sweet spot scenario, when a property that has been on the market for a long time has a price reduction and gets a bunch of offers as a result! )
4. How much do they need to sell (or buy) it? Buyers: Has the listing in which you’re interested been reduced at all? By how much? Has the listing agent informed you that her clients are highly motivated, flexible or have an urgent need to sell?
Sellers – most buyers are not in a high state of urgency to buy these days, given the long-term, high affordability of homes and interest rates, except when they have an urgent personal reason for moving, e.g., buyers who are relocating for work. Of course, all of real estate is hyperlocal, so it’s important to understand how motivated buyers are in your local market, generally speaking, before you set your list price.
NOTE from Timothy: Since this article was written by Trulia it suggests you use Trulia to search for comps. I recommend using comps from your local MLS system as the data will be more accurate.
But the fact is, there is a pretty short list of steps you need to take to make a smart offer – one that gets you a great value, but is also likely to be successful at getting the property. (A low offer does not make for a great deal if you don’t get the house!) And most of the same steps apply to sellers trying to set the list price that will lure the most buyers (and net them the most cash)!
Step 1: What do the “comps” say? First things first. When it comes to pricing a home, or making an offer to buy one, the ‘first thing” is the home’s fair market value. Both buyers and sellers should work with an experienced, local agent to understand what the home’s value is. Most agents will do this by offering you a look back at similar properties that have recently sold in the neighborhood – i.e., the comparable sales, or comps.
HINT: You can also find comps for a home listed on Trulia by scrolling down to the section labeled Sold Homes near 1234 Merriweather Lane on the property's Trulia listing page.
Ideally, look for comparables that are very recent sales (3 months or less before you’re listing or buying), very similar properties (i.e., same number of bedrooms, bathrooms, square footage; and similar style, condition and amenities). If you do get into contract, these may be the same comparables which will be considered by the appraiser, so looking at them before making an offer can:
(a) provide factual support for a lower-than-asking offer or for the asking price, in a negotiation, and
(b) result in a sale price at which the property will actually appraise, later on - avoiding the common glitch of the deal falling through because the appraisal comes in way below the agreed-upon price.
Also, looking at comps is the first step for locating a home’s seller and prospective buyer in the reality-based universe of current home values. The fact that you bought or refinanced the place at a given value 5 or 6 years ago is entirely irrelevant to what it’s worth today, as is the buyer’s belief that the place was worth $100K less at the trough of the market, in 2009.
Step 2: What can you afford? This step is much more critical for buyers than for sellers. (Unfortunately, sellers, the facts that you need to net a particular amount to buy your next home or pay your existing mortgages or credit card bills off has no relationship whatsoever to the price at which you should list or will sell your home.)
Buyers – it’s a must to make sure that your offer price for any given home falls within the range of what is affordable for you. This includes offering a price within the range for which your mortgage was preapproved, but also includes making sure that the monthly payment and cash you’ll need to close the deal (down payment + closing costs) are affordable in light of the particular house. If, for example, the property will require repairs for which you’ll need to conserve cash, or has HOA dues you hadn’t planned on, you may need to rejigger your offer accordingly.
Step 3: What’s your competition? (And what’s theirs?) This is another step at which it’s critical to check in with your agent. You need to know what level of competition you’ll face – whether you are a buyer, or a seller. As a seller, you can find this out by looking at things like how many comparable homes are listed in your town or your neighborhood in your general price range (your agent will brief you on this). Sellers should also consider what type of transactions their home will be up against – the more distressed properties (foreclosed homes and short sales) with which your home must compete, the more aggressive you must be with your pricing to get your home sold.
The more competition you have, as a seller, the lower you should tweak your list price to attract buyers to come see your home. (And the more buyers come to see your home, the more likely you are to get an offer!)
Buyers should also be cognizant of the competition level they will face for homes. Believe it or not, even on today’s market there are properties and neighborhoods in which multiple offers are the name of the game. Work with your agent to understand the list price-to-sale price (LP:SP) ratio , which lets you know how much under or over the asking price properties are selling for in your target home’s neighborhood; the higher the LP:SP ratio, generally speaking, the less competition there is among buyers.
Your agent can also brief you on:
(1) The number of offers – if any - that have been presented on “your” property (which the listing agent will usually, gladly tell). If there are other offers, you’ll want to make a higher offer to compete successfully gainst them; and.
(2) The number of days the home has been on the market, relative to how long an average home stays on the market before it sells – the longer it has, the more pressure is on the seller, price-wise, and the less competition the buyer is likely to have. (One exception is the sweet spot scenario, when a property that has been on the market for a long time has a price reduction and gets a bunch of offers as a result! )
Sellers – most buyers are not in a high state of urgency to buy these days, given the long-term, high affordability of homes and interest rates, except when they have an urgent personal reason for moving, e.g., buyers who are relocating for work. Of course, all of real estate is hyperlocal, so it’s important to understand how motivated buyers are in your local market, generally speaking, before you set your list price.
NOTE from Timothy: Since this article was written by Trulia it suggests you use Trulia to search for comps. I recommend using comps from your local MLS system as the data will be more accurate.
Friday, April 22, 2011
Hello from Timothy
I want to take a moment and post something directly from me to explain a little about previous (and future posts). Unlike other bloggers that share a lot of their own opinions and information in their own words I think there's value in sharing some of the wealth of information that I read daily in industry mail, email, newsletters, etc... I also like to share local news that impacts San Antonio's employment and housing market. I also include maintinence tips for your home.
I hope you find the information I share usefull and if there's anything else you would like hear about, just ask.
I hope you find the information I share usefull and if there's anything else you would like hear about, just ask.
4 ways to boost real estate showings - See my note at the end of this post
REThink Real Estate
By Tara-Nicholle Nelson
Inman News™
Q: It is now April and we have not had a showing in almost a month. Any suggestions how to get more showings? I thought of offering to pay closing costs, lowering the price or offering a flooring allowance. --Frustrated seller
A: All of the above. But in a different order of priority. And that's not all!
One thing that virtually never changes about real estate is this: When a listing won't sell and isn't even getting any showings, a price reduction is the single tweak a seller can make that wields the most potential to get buyers interested and get the home closer to being sold. Is it that buyers are greedy? Not necessarily -- several things make this so.
First: the realities of how buyers search for homes. Well, over 90 percent of buyers look for homes, first, on the Web. As such, they are forced to enter some basic search parameters, which normally include a range of bedrooms, a range of bathrooms, a price range, and an area (city/state or ZIP code). If your home's list price does not fall within a given buyer's price parameters, that buyer will never see your home's listing.
Second: the realities of house hunting. The buyers who aren't coming to see your home are going to look at listings of other homes in your neighborhood, and they're going to see the other homes in town with similar prices and features. And then they'll compare them all. If yours is smaller, less upgraded or not as attractive as other homes at the same price, or is priced higher than really similar homes, buyers will take a pass.
Third: Other than their own space and location needs, buyers have very few reasons to feel urgency to buy on today's market. The buyers that are out there are primarily buying now to take advantage of affordability -- i.e., they want a great deal. So, overpriced homes are an A-class turnoff.
In fact, buyers who may see your overpriced home online, and like it, will actually wait to allow the market to educate you into reducing the price, rather than taking on the unpleasant and often impossible task of convincing a seller of their home's true market value.
While being educated by the market, to a seller, sounds terrible, it's worse for your home to be lagging and you not taking the lesson away.
Clearly, my top-line advice is to lower your price, below a $25,000, $50,000 or $100,000 cutoff, so that your home falls within buyers' search parameters.
And my No. 2 recommendation is something you didn't mention: offer a time-sensitive bonus and/or commission increase to the buyer's broker or agent. The vast majority of the qualified buyers out there are working with buyer's agents. Incent these agents to show your home by offering an extra half or full percentage point of commission, or a bonus to the buyer's agent who brings an offer that closes escrow by a given date.
Ask your own agent about how the agent can publicize this offer to other agents mostly likely to represent your home's target market.
Buyer incentives, like closing-cost credits, can also help distinguish your home from the competition, but they are not likely to dramatically increase showings of a home no one is currently coming to see, unless you're going from zero credit offered to a full 6 percent, which might not be necessary.
If you can reduce the price and offer a bonus or commission increase to the buyer's broker or agent, you will reposition your home, and a buyer's incentive offering won't hurt your case, either.
Instead of offering a flooring credit, though, I'd rather see you consider replacing the flooring that is in bad shape. I'm not big on sellers doing much costly repair work these days, but floors are a massive surface in a home -- replacing them can create an entirely different experience for those who do come see your home, and it can be done cost-effectively (ask your real estate broker or agent for suggestions of flooring installers and which floor materials to use).
Marketing your price-reduced homes as having new floors vs. having a flooring allowance (which implies that it has old, dirty or otherwise undesirable floors) might be the better boost to viewings.
The more viewings you get, the more likely you are to get your home sold.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
From Timothy... Everyone's situation is different. Chances are that if I currently have your home listed we are already communicating about showings. I am happy to provide you with statistics on showings of similar homes as well as other information about, "the competition". In some cases, 2 showings a day is the norm. In others, 2 a week would be exceptional. Whatever the situation please know that I'm doing everything I can to drive buyers into your home because as the above article said, "The more viewings you get, the more likely you are to get your home sold."
By Tara-Nicholle Nelson
Inman News™
Q: It is now April and we have not had a showing in almost a month. Any suggestions how to get more showings? I thought of offering to pay closing costs, lowering the price or offering a flooring allowance. --Frustrated seller
A: All of the above. But in a different order of priority. And that's not all!
One thing that virtually never changes about real estate is this: When a listing won't sell and isn't even getting any showings, a price reduction is the single tweak a seller can make that wields the most potential to get buyers interested and get the home closer to being sold. Is it that buyers are greedy? Not necessarily -- several things make this so.
First: the realities of how buyers search for homes. Well, over 90 percent of buyers look for homes, first, on the Web. As such, they are forced to enter some basic search parameters, which normally include a range of bedrooms, a range of bathrooms, a price range, and an area (city/state or ZIP code). If your home's list price does not fall within a given buyer's price parameters, that buyer will never see your home's listing.
Second: the realities of house hunting. The buyers who aren't coming to see your home are going to look at listings of other homes in your neighborhood, and they're going to see the other homes in town with similar prices and features. And then they'll compare them all. If yours is smaller, less upgraded or not as attractive as other homes at the same price, or is priced higher than really similar homes, buyers will take a pass.
Third: Other than their own space and location needs, buyers have very few reasons to feel urgency to buy on today's market. The buyers that are out there are primarily buying now to take advantage of affordability -- i.e., they want a great deal. So, overpriced homes are an A-class turnoff.
In fact, buyers who may see your overpriced home online, and like it, will actually wait to allow the market to educate you into reducing the price, rather than taking on the unpleasant and often impossible task of convincing a seller of their home's true market value.
While being educated by the market, to a seller, sounds terrible, it's worse for your home to be lagging and you not taking the lesson away.
Clearly, my top-line advice is to lower your price, below a $25,000, $50,000 or $100,000 cutoff, so that your home falls within buyers' search parameters.
And my No. 2 recommendation is something you didn't mention: offer a time-sensitive bonus and/or commission increase to the buyer's broker or agent. The vast majority of the qualified buyers out there are working with buyer's agents. Incent these agents to show your home by offering an extra half or full percentage point of commission, or a bonus to the buyer's agent who brings an offer that closes escrow by a given date.
Ask your own agent about how the agent can publicize this offer to other agents mostly likely to represent your home's target market.
Buyer incentives, like closing-cost credits, can also help distinguish your home from the competition, but they are not likely to dramatically increase showings of a home no one is currently coming to see, unless you're going from zero credit offered to a full 6 percent, which might not be necessary.
If you can reduce the price and offer a bonus or commission increase to the buyer's broker or agent, you will reposition your home, and a buyer's incentive offering won't hurt your case, either.
Instead of offering a flooring credit, though, I'd rather see you consider replacing the flooring that is in bad shape. I'm not big on sellers doing much costly repair work these days, but floors are a massive surface in a home -- replacing them can create an entirely different experience for those who do come see your home, and it can be done cost-effectively (ask your real estate broker or agent for suggestions of flooring installers and which floor materials to use).
Marketing your price-reduced homes as having new floors vs. having a flooring allowance (which implies that it has old, dirty or otherwise undesirable floors) might be the better boost to viewings.
The more viewings you get, the more likely you are to get your home sold.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
From Timothy... Everyone's situation is different. Chances are that if I currently have your home listed we are already communicating about showings. I am happy to provide you with statistics on showings of similar homes as well as other information about, "the competition". In some cases, 2 showings a day is the norm. In others, 2 a week would be exceptional. Whatever the situation please know that I'm doing everything I can to drive buyers into your home because as the above article said, "The more viewings you get, the more likely you are to get your home sold."
Thursday, April 21, 2011
Existing-Home Sales Rise in March
Washington, DC, April 20, 2011
Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in March, down from 4.95 percent in February; the rate was 4.97 percent in March 2010.
Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.
“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
A parallel NAR practitioner survey2 shows first-time buyers purchased 33 percent of homes in March, compared with 34 percent of homes in February; they were 44 percent in March 2010.
All-cash sales were at a record market share of 35 percent in March, up from 33 percent in February; they were 27 percent in March 2010. Investors accounted for 22 percent of sales activity in March, up from 19 percent in February; they were 19 percent in March 2010. The balance of sales were to repeat buyers.
The national median existing-home price3 for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply4 at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1 percent below the 678,000-unit pace one year ago. The median existing condo price5 was $153,100 in March, which is 10.1 percent below March 2010.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
Existing-home sales in the Midwest increased 1.0 percent in March to a pace of 1.06 million but are 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.
In the South, existing-home sales rose 8.2 percent to an annual level of 1.99 million in March but are 1.0 percent below March 2010. The median price in the South was $138,200, down 6.6 percent from a year ago.
Existing-home sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and are 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in March, down from 4.95 percent in February; the rate was 4.97 percent in March 2010.
Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.
“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
A parallel NAR practitioner survey2 shows first-time buyers purchased 33 percent of homes in March, compared with 34 percent of homes in February; they were 44 percent in March 2010.
All-cash sales were at a record market share of 35 percent in March, up from 33 percent in February; they were 27 percent in March 2010. Investors accounted for 22 percent of sales activity in March, up from 19 percent in February; they were 19 percent in March 2010. The balance of sales were to repeat buyers.
The national median existing-home price3 for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply4 at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1 percent below the 678,000-unit pace one year ago. The median existing condo price5 was $153,100 in March, which is 10.1 percent below March 2010.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
Existing-home sales in the Midwest increased 1.0 percent in March to a pace of 1.06 million but are 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.
In the South, existing-home sales rose 8.2 percent to an annual level of 1.99 million in March but are 1.0 percent below March 2010. The median price in the South was $138,200, down 6.6 percent from a year ago.
Existing-home sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and are 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Wednesday, April 20, 2011
Wednesday, April 13, 2011
Want 3.5% of the sales price paid towards your closing costs? FREE?
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Tuesday, April 12, 2011
COUNTRY ICON SINGS NEW TUNE
BOERNE (Contact Music) – Country singer George Strait has purchased the Tapatio Springs Golf Resort and Conference Center with business partner Tom Cucisk.
The property, in Boerne near San Antonio, contains three nine-hole courses and more than 100 hotel suites.
The previous owner was Textron Financial Corporation, which paid $4.5 million for the retreat last summer.
The property, in Boerne near San Antonio, contains three nine-hole courses and more than 100 hotel suites.
The previous owner was Textron Financial Corporation, which paid $4.5 million for the retreat last summer.
Tuesday, April 5, 2011
COLLEGE POINTS TO WONDERLAND AMERICAS MALL
SAN ANTONIO (San Antonio Business Journal) – After 27 years of serving the Alamo City, Career Point College opens its nursing school campus at Wonderland of Americas Mall today.
The 42,000-sf facility was announced last November and will offer day, night and weekend classes.
The education provider’s main office and classrooms are at 485 Spencer Ln. on the city's northwest side, where it occupies 85,000 sf.
The 42,000-sf facility was announced last November and will offer day, night and weekend classes.
The education provider’s main office and classrooms are at 485 Spencer Ln. on the city's northwest side, where it occupies 85,000 sf.
Wednesday, March 30, 2011
5 Things Home Buyers Do That Turn Sellers Off (and Kill Deals)
(TRULIA.COM) In today’s market, every savvy seller wants to know what turns buyers off, so they can get their homes sold as quickly as possible, for as much as possible. But buyers, take note – there is a minefield of seller turn-offs you can trigger that hold the potential to keep you from getting the home you want at the best price and terms, or to unnecessarily complicate dealings with your home’s seller.
Lest you think all of today’s sellers are under the gun and will just put up with whatever behavior buyers dish out, be aware that there are still many multiple offer situations in which buyers have to compete with each other to get a home – buyers who trigger these turnoffs tend to lose in those scenarios. Also, avoiding these seller turnoffs can create a transactional environment of cooperation and avoid things turning adversarial. That, in turn, can empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further.
For sellers, these turnoffs pose the potential of irritating you out of an otherwise good deal – maybe even the only deal you have!
Here’s a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:
1. Trash-talking. Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you!
Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there. Sellers: avoid being at home while your home is being shown. Buyers: save your commentary for your agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.
2. Being unqualified for mortgage financing. When a seller signs a buyer’s offer, most often the seller agrees to effectively pull the home off the market, forgoing other buyers who might be interested. As such, the only thing worse than getting no offers on your home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.
Sellers: Work with your agent to vet your home’s buyers’ qualifications, including their loan approval, down payment and earnest money deposit – before you sign a contract. It’s not overkill for your agent to call the buyers’ mortgage pro before you sign the contract and get a level of comfort for how robust their qualifications are. Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.
3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs, and deals are more available in a market like the current one, in which supply so vastly outpaces demand. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.
Sellers: Don’t get overly emotional about receiving a lowball offer; counter at the price you and your agent decide makes sense based on the total circumstances, including your motivation level, recent comps and the interest/activity level your listing is receiving. Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response.
4. Renegotiating mid-stream. Sellers plan their finances, moves and - to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair. But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer's remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.
Sellers: avoid mid-stream price renegotiations by having a full set of inspection reports and repair bids at hand when you list your home. Buyers: try to avoid renegotiating the entire deal unless you get some major surprises at your inspections or inflating small repairs to try to justify a major price cut.
5. Misleading or setting the seller up. Remember when we talked about buyer turn-offs? Being misled by listing photos or very fluffy property descriptions was high on the list. The same goes for sellers.Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? #LAME Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors? Lame squared.
Sellers: If you get multiple offers and are tempted to take a sky-high one or one that claims to be all cash, consider requesting proof that the buyer has sufficient funds to make up the difference between what you think the home will appraise for and the actual sale price, and statements showing the cash truly exists. Buyers: Don’t be lame. I’m not saying you have to tell the seller exactly what your top dollar is, but making offers with terms designed to intentionally mislead is really, really bad form – and can result in losing the home entirely if and when your bluff gets called.
Lest you think all of today’s sellers are under the gun and will just put up with whatever behavior buyers dish out, be aware that there are still many multiple offer situations in which buyers have to compete with each other to get a home – buyers who trigger these turnoffs tend to lose in those scenarios. Also, avoiding these seller turnoffs can create a transactional environment of cooperation and avoid things turning adversarial. That, in turn, can empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further.
For sellers, these turnoffs pose the potential of irritating you out of an otherwise good deal – maybe even the only deal you have!
Here’s a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:
1. Trash-talking. Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you!
Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there. Sellers: avoid being at home while your home is being shown. Buyers: save your commentary for your agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.
2. Being unqualified for mortgage financing. When a seller signs a buyer’s offer, most often the seller agrees to effectively pull the home off the market, forgoing other buyers who might be interested. As such, the only thing worse than getting no offers on your home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.
Sellers: Work with your agent to vet your home’s buyers’ qualifications, including their loan approval, down payment and earnest money deposit – before you sign a contract. It’s not overkill for your agent to call the buyers’ mortgage pro before you sign the contract and get a level of comfort for how robust their qualifications are. Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.
3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs, and deals are more available in a market like the current one, in which supply so vastly outpaces demand. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.
Sellers: Don’t get overly emotional about receiving a lowball offer; counter at the price you and your agent decide makes sense based on the total circumstances, including your motivation level, recent comps and the interest/activity level your listing is receiving. Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response.
4. Renegotiating mid-stream. Sellers plan their finances, moves and - to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair. But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer's remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.
Sellers: avoid mid-stream price renegotiations by having a full set of inspection reports and repair bids at hand when you list your home. Buyers: try to avoid renegotiating the entire deal unless you get some major surprises at your inspections or inflating small repairs to try to justify a major price cut.
5. Misleading or setting the seller up. Remember when we talked about buyer turn-offs? Being misled by listing photos or very fluffy property descriptions was high on the list. The same goes for sellers.Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? #LAME Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors? Lame squared.
Sellers: If you get multiple offers and are tempted to take a sky-high one or one that claims to be all cash, consider requesting proof that the buyer has sufficient funds to make up the difference between what you think the home will appraise for and the actual sale price, and statements showing the cash truly exists. Buyers: Don’t be lame. I’m not saying you have to tell the seller exactly what your top dollar is, but making offers with terms designed to intentionally mislead is really, really bad form – and can result in losing the home entirely if and when your bluff gets called.
Tuesday, March 29, 2011
NATIONWIDE IS ON WESTOVER HILLS' SIDE
SAN ANTONIO (San Antonio Business Journal) – Nationwide Insurance breaks ground today on its new 300,000-sf sales and service operations center in the master-planned Westover Hills community.
Two years ago, the insurance company announced plans for the center near Hyatt Resort Dr. and SH 151.
When completed, the facility will house 800 employees and allow the company to expand operations while consolidating some office space. It is expected to be completed in 2012.
Two years ago, the insurance company announced plans for the center near Hyatt Resort Dr. and SH 151.
When completed, the facility will house 800 employees and allow the company to expand operations while consolidating some office space. It is expected to be completed in 2012.
Thursday, March 24, 2011
Home Maintenance Tip...
Keeping Your Water Heater Fit
Most people don't give much thought to their water heater - they just turn on the faucet and expect hot water to come out. Water heaters are relatively maintenance free, and you can keep your water heater in peak operating condition just by performing two simple maintenance tasks every six months: test the pressure valve and then flush the tank.
If the pressure release valve is not operating properly, the tank can potentially over pressurize and explode. Flushing the tank prevents sediment build up, which can reduce your water heater's energy efficiency and clog your water lines. Consult your owner's manual or other maintenance guide for instructions on how to safely perform these maintenance tasks.
Most people don't give much thought to their water heater - they just turn on the faucet and expect hot water to come out. Water heaters are relatively maintenance free, and you can keep your water heater in peak operating condition just by performing two simple maintenance tasks every six months: test the pressure valve and then flush the tank.
If the pressure release valve is not operating properly, the tank can potentially over pressurize and explode. Flushing the tank prevents sediment build up, which can reduce your water heater's energy efficiency and clog your water lines. Consult your owner's manual or other maintenance guide for instructions on how to safely perform these maintenance tasks.
Tuesday, March 15, 2011
J. CREW HIRING 200 IN ALAMO CITY
SAN ANTONIO (San Antonio Business Journal) – J. Crew Group is opening a new customer contact center in the Alamo City. The company plans to hire more than 200 over the next three years.
The 45,000-sf facility at 814 Arion Pkwy. in north central San Antonio is expected to be fully functional by mid-summer 2011.
The 45,000-sf facility at 814 Arion Pkwy. in north central San Antonio is expected to be fully functional by mid-summer 2011.
Thursday, March 10, 2011
Monday, March 7, 2011
ALAMO CITY'S PEARL GETS A POLISH
SAN ANTONIO (San Antonio Express-News) – The Pearl Brewery’s residential stock is about to go up. Developers are entering the arena thanks to the completion of the Park amphitheater and the addition of more retail space.
Two upcoming residential developments, both slated to open at the Pearl in late 2012, are expected to bring the apartment tally to about 300 units.
Infrastructure work has already begun on the 211-unit Can Plant apartments. Just north of the building, a 150,000-sf project will include about 73 residential units along with office and retail space for shopping and restaurants.
The outdoor amphitheater, dubbed the Park, was recently completed on a hill along the San Antonio River.
Two upcoming residential developments, both slated to open at the Pearl in late 2012, are expected to bring the apartment tally to about 300 units.
Infrastructure work has already begun on the 211-unit Can Plant apartments. Just north of the building, a 150,000-sf project will include about 73 residential units along with office and retail space for shopping and restaurants.
The outdoor amphitheater, dubbed the Park, was recently completed on a hill along the San Antonio River.
Friday, March 4, 2011
FEDERAL HELP FOR DISLOCATED MILITARY EMPLOYEES, SPOUSES
WASHINGTON, D.C. (U.S. Department of Labor) – The U.S. Department of Labor announced this week more than $6.1 million in federal assistance for about 1,450 Texans affected by 2005 Base Realignment and Closure actions.
The National Emergency Grant will provide retraining and re-employment services to dislocated workers as well as military spouses.
“Civilian defense workers and military spouses are important players in maintaining the security of our nation,” said Secretary of Labor Hilda L. Solis. “When their jobs disappear as a result of base realignments, it is our government’s responsibility to provide services that will put them on a path toward new work opportunities.”
Awarded to the Texas Workforce Commission, this grant will be operated by the Alamo Workforce Development Board, Central Texas Workforce Development Board, North East Texas Workforce Development Board and Upper Rio Grande Workforce Development Board.
Realignments at the affected military installations covered under this grant began in 2007 and will continue through Sept. 15, 2011.
Roughly half of the $6.1 million will be released initially. Additional funding up to the amount approved will be made available as the state demonstrates a continued need for assistance.
The National Emergency Grant will provide retraining and re-employment services to dislocated workers as well as military spouses.
“Civilian defense workers and military spouses are important players in maintaining the security of our nation,” said Secretary of Labor Hilda L. Solis. “When their jobs disappear as a result of base realignments, it is our government’s responsibility to provide services that will put them on a path toward new work opportunities.”
Awarded to the Texas Workforce Commission, this grant will be operated by the Alamo Workforce Development Board, Central Texas Workforce Development Board, North East Texas Workforce Development Board and Upper Rio Grande Workforce Development Board.
Realignments at the affected military installations covered under this grant began in 2007 and will continue through Sept. 15, 2011.
Roughly half of the $6.1 million will be released initially. Additional funding up to the amount approved will be made available as the state demonstrates a continued need for assistance.
Thursday, March 3, 2011
Thursday, February 24, 2011
4 Tips to Avoid Foreclosure Scams
More home owners are falling prey to scams that promise to “stop the foreclosure” and “save your home.”
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:
1. Watch for outlandish claims. "Eliminate your debt!" and "We guarantee to stop the auction" are too good to be true. If it sounds like an easy way out, don’t believe it, the FTC warns.
2. Don't pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn’t pay any business or person who promises to modify your loan because only your lender can do that.
3. Beware of those imitating government agencies. Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.
4. Make payments only to your lender, no one else. Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.
Source: “In Saving Home, Steer Clear of Scams,” The Atlanta Journal-Constitution (Feb. 13, 2011)
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:
1. Watch for outlandish claims. "Eliminate your debt!" and "We guarantee to stop the auction" are too good to be true. If it sounds like an easy way out, don’t believe it, the FTC warns.
2. Don't pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn’t pay any business or person who promises to modify your loan because only your lender can do that.
3. Beware of those imitating government agencies. Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.
4. Make payments only to your lender, no one else. Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.
Source: “In Saving Home, Steer Clear of Scams,” The Atlanta Journal-Constitution (Feb. 13, 2011)
Friday, February 18, 2011
San Antonio’s grocery store sector set to heat up with new Whole Foods
SAN ANTONIO (San Antonio Business Journal) Whole Foods Market has inked a long-term lease for a new store at The Vineyard, a far North Side shopping center that is located along Loop 1604 and Blanco Road.
The new Whole Foods outlet will offer another food-shopping alternative to residents from tony communities such as Stone Oak, Hill Country Village and even Shavano Park.
The new outlet also marks the first expansion by a national grocer in San Antonio in some 10 years — outside of the dominate local player HEB.
The new Whole Foods outlet will offer another food-shopping alternative to residents from tony communities such as Stone Oak, Hill Country Village and even Shavano Park.
The new outlet also marks the first expansion by a national grocer in San Antonio in some 10 years — outside of the dominate local player HEB.
Texas on the Brink
The Texas Legislative Study Group, a HouseDemocratic caucus, has released the 2011 version of Texas on the Brink.
The report compares Texas to the rest of the country based on various functions of government, including public education, healthcare, taxation, and air quality. The numbers suggest the Lone Star State is not doing well in most categories, including percentage of adults with a high-school diploma, healthcare spending per capita, and uninsured children.
“We've earned a reputation as first in jails and last in school,” said Elliott Naishtat (D-Austin). “Given that we lead the nation in the number of people we execute and the fact that we're last in high school graduation rates, I'd say that we've lived up to our reputation.”
The report compares Texas to the rest of the country based on various functions of government, including public education, healthcare, taxation, and air quality. The numbers suggest the Lone Star State is not doing well in most categories, including percentage of adults with a high-school diploma, healthcare spending per capita, and uninsured children.
“We've earned a reputation as first in jails and last in school,” said Elliott Naishtat (D-Austin). “Given that we lead the nation in the number of people we execute and the fact that we're last in high school graduation rates, I'd say that we've lived up to our reputation.”
Thursday, February 17, 2011
Tips for Sellers
Repair and Replace Kitchen Counters to Stay on Top of Scratches
You can repair kitchen counter mishaps with only a little time and money. Big boo-boos, however, will need professional help. Read
Repair and Replace Door Hardware To Update Rooms
Repair and replace door hardware that makes rooms look dingy and outdated. We’ll show you how door and cabinet pulls, knobs, and hinges can give your home new sparkle. Read
Repair Walls to Give Rooms A Fresh Face
Sooner or later you’ll repair walls that make rooms look worn out. Erasing dings, dents, and scuffs is an easy fix. We’ll show you how. Read
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Tuesday, February 15, 2011
H-E-B Stores Spring Up This Year
SAN ANTONIO (San Antonio Express-News) – H-E-B will open 19 stores in Texas this year, with at least four in or around the Alamo City. A 112,000-sf store opened Friday at 20725 SH 46 in Bulverde. It replaced an older nearby store. Some 240 employees were transferred to the new H-E-B. An additional 160 were hired. Another store is expected to open March 4 at 5910 Babcock Rd. in San Antonio. More H-E-B Plus-styled stores will open in the fall, including one at 19565 I-35 S. in Lytle and one at 420 W. Bandera Rd. in Boerne.
Bexar County Foreclosure Postings Up
ADDISON (Foreclosure Listing Service) – Quarterly foreclosure posting activity in Bexar County topped 4,300 for the fifth time in this foreclosure cycle, according to the latest report from Foreclosure Listing Service.
“From January through the upcoming foreclosure auction on March 1, 4,330 postings have been filed threatening properties in Bexar County with foreclosure," said FLS President George Roddy Sr. in the report.
That's about even with first quarter 2010, which had 4,346 postings, but it's up 1 percent from fourth quarter 2010, which had 4,268 postings.
Foreclosure posting activity in first quarter 2011 in Bexar County was 105 percent higher than it was eight years ago when FLS began tracking foreclosure activity there.
Here's how other areas tracked by FLS compared:
“From January through the upcoming foreclosure auction on March 1, 4,330 postings have been filed threatening properties in Bexar County with foreclosure," said FLS President George Roddy Sr. in the report.
That's about even with first quarter 2010, which had 4,346 postings, but it's up 1 percent from fourth quarter 2010, which had 4,268 postings.
Foreclosure posting activity in first quarter 2011 in Bexar County was 105 percent higher than it was eight years ago when FLS began tracking foreclosure activity there.
Here's how other areas tracked by FLS compared:
Total Postings 1st Quarter 2011 | % Change from 1st Quarter 2010 | % Change from Previous Quarter | |
Austin metro | 4,186 | up 6% | up 5% |
Travis County | 2,245 | up 7% | up 3% |
Williamson County | 1,310 | up 4% | up 4% |
Hays County | 437 | up 6% | up 22% |
Bastrop County | 194 | down 2% | down 1% |
McLennan County | 367 | up 18% | down 7% |
Bell County | 592 | up 7% | up 5% |
Bexar County | 4,330 | no change | up 1% |
Comal County | 296 | up 2% | down 3% |
Guadalupe County | 258 | down 8% | up 2% |
FHA Mortgage Insurance to Increase April 18, 2011
For loan terms greater than 15 years; The monthly mortgage insurance factor is raised from .90 to 1.15 for loans with less than 5% down. Loans with 5% or more down the mortgage insurance factor is raised from .85 to 1.10
For loans with 15 years or less on the term; The monthly mortgage insurance factor is raised from .25 to .50 for loans with less than 5% down. Loans with the 15 year term than have more than 5% down will have a monthly factor of .25
These figures going up means a higher mortgage payment. Rates are still great- the market is starting to recover and now lending once again is getting more expensive and tighter. The time to buy is NOW.
For loans with 15 years or less on the term; The monthly mortgage insurance factor is raised from .25 to .50 for loans with less than 5% down. Loans with the 15 year term than have more than 5% down will have a monthly factor of .25
These figures going up means a higher mortgage payment. Rates are still great- the market is starting to recover and now lending once again is getting more expensive and tighter. The time to buy is NOW.
Monday, February 14, 2011
Saturday, February 12, 2011
Sunday, February 6, 2011
Friday, February 4, 2011
Mortgage Rates Stable
Mortgage rates stable Inflation stays in check as economy improves By Inman News
Inman News™
February 03, 2011
Mortgage rates were little changed this week on news that the economy improved and inflation remained in check at the end of 2010, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
The economy grew at an annual rate of 3.2 percent during the fourth quarter, up from 2.6 percent in the third quarter, Freddie Mac Chief Economist Frank Nothaft said, while the core price index for consumer expenditures rose by an annualized rate of 0.4 percent -- the smallest increase since records began in 1959.
Rates on 30-year fixed-rate mortgages averaged 4.81 percent with an average 0.8 point for the week ending Feb. 4, essentially unchanged from 4.8 percent last week but down 5.01 percent from a year ago. The 30-year fixed-rate mortgage hit a low in records dating to 1971 of 4.17 percent during the week ending Nov. 11.
The 15-year fixed-rate mortgage was also stable, averaging 4.08 percent with an average 0.8 point, compared with 4.09 percent last week and 4.4 percent a year ago. The 15-year fixed-rate loan hit a low in records dating back to 1991 of 3.57 percent in November.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.69 percent this week with an average 0.7 point, little changed from 3.7 percent last week but down from 4.27 percent a year ago. The 5-year ARM hit a low in records dating to 2005 of 3.25 percent in November.
The 1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.6 point, unchanged from last week and down from 4.22 percent a year ago.
Looking back a week, demand for purchase loans was up a seasonally adjusted 9.5 percent during the week ending Jan. 28 compared to the week before, the Mortgage Bankers Association said in releasing the results of a separate applications survey.
The survey did not include a holiday adjustment for the Martin Luther King Jr. Day holiday, the MBA said. Looking at the past two weeks, purchase loan applications were flat, and refinance applications down about 5 percent. Looking back a year, demand for purchase loans was down 21.4 percent.
In a Jan. 14 forecast, MBA economists said they expect rates on 30-year fixed-rate loans will climb to an average of 5.5 percent during the final months of 2011, and to an average of 6.1 percent during the fourth quarter of 2012.
Inman News™
February 03, 2011
Mortgage rates were little changed this week on news that the economy improved and inflation remained in check at the end of 2010, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
The economy grew at an annual rate of 3.2 percent during the fourth quarter, up from 2.6 percent in the third quarter, Freddie Mac Chief Economist Frank Nothaft said, while the core price index for consumer expenditures rose by an annualized rate of 0.4 percent -- the smallest increase since records began in 1959.
Rates on 30-year fixed-rate mortgages averaged 4.81 percent with an average 0.8 point for the week ending Feb. 4, essentially unchanged from 4.8 percent last week but down 5.01 percent from a year ago. The 30-year fixed-rate mortgage hit a low in records dating to 1971 of 4.17 percent during the week ending Nov. 11.
The 15-year fixed-rate mortgage was also stable, averaging 4.08 percent with an average 0.8 point, compared with 4.09 percent last week and 4.4 percent a year ago. The 15-year fixed-rate loan hit a low in records dating back to 1991 of 3.57 percent in November.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.69 percent this week with an average 0.7 point, little changed from 3.7 percent last week but down from 4.27 percent a year ago. The 5-year ARM hit a low in records dating to 2005 of 3.25 percent in November.
The 1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.6 point, unchanged from last week and down from 4.22 percent a year ago.
Looking back a week, demand for purchase loans was up a seasonally adjusted 9.5 percent during the week ending Jan. 28 compared to the week before, the Mortgage Bankers Association said in releasing the results of a separate applications survey.
The survey did not include a holiday adjustment for the Martin Luther King Jr. Day holiday, the MBA said. Looking at the past two weeks, purchase loan applications were flat, and refinance applications down about 5 percent. Looking back a year, demand for purchase loans was down 21.4 percent.
In a Jan. 14 forecast, MBA economists said they expect rates on 30-year fixed-rate loans will climb to an average of 5.5 percent during the final months of 2011, and to an average of 6.1 percent during the fourth quarter of 2012.
Friday, January 28, 2011
DECEMBER 2010 TEXAS HOME SALES DOWN, PRICES UP
COLLEGE STATION (Real Estate Center) – Just over 15,740 existing homes were sold in Texas last month, according to newly released data from Texas Multiple Listing Services (MLS). That's a 3 percent drop from December 2009.
Meanwhile, the median price for an existing home increased by 4 percent last month to $150,500, and there was a 7.2-month inventory.
December 2010 MLS data for many Texas cities (current as of Jan. 27, 2011) are available on the Real Estate Center website. Here is a sampling:
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Meanwhile, the median price for an existing home increased by 4 percent last month to $150,500, and there was a 7.2-month inventory.
December 2010 MLS data for many Texas cities (current as of Jan. 27, 2011) are available on the Real Estate Center website. Here is a sampling:
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Monday, January 24, 2011
Cheaper to buy than to rent in 72% of largest U.S. cities
Cheaper to buy than to rent in 72% of largest U.S. cities
Trulia: Former homeowners flooding rental market
By Inman News, Monday, January 24, 2011.
Inman News™
Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.
"Since the start of the 'Great Recession,' many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets," said Pete Flint, CEO and co-founder of Trulia, in a statement.
"Though necessary for achieving true economic recovery, stricter bank lending practices have also further aggravated the struggling housing market in the short term. Even highly qualified homebuyers face intense scrutiny on their income, savings, existing debt and credit history before they can get a mortgage loan."
Trulia's rent vs. buy index compares the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of Jan. 10, 2011.
A price-to-rent ratio of 1 to 15 means that it's much cheaper to buy than to rent in a particular city. A ratio between 16 and 20 means that it's more expensive to rent than to buy, but, depending on the family's situation, buying could "make financial sense," the site said. Any ratio above 20 indicates that owning is much more costly than renting in a city.
In 36 out of 50 of the country's most populous cities, buying a two-bedroom home is less expensive than renting one. These cities include many areas that have been hit hard by foreclosures, such as Las Vegas, Phoenix and Fresno, Calif.
Top 10 cities to buy vs. rent:
Rank | City | State | Price to Rent Ratio |
1. | Miami | Fla. | 6 |
2. | Las Vegas | Nev. | 6 |
3. | Arlington | Texas | 7 |
4. | Mesa | Ariz. | 8 |
5. | Phoenix | Ariz. | 8 |
6. | Jacksonville | Fla. | 8 |
7. | Sacramento | Calif. | 10 |
8. | San Antonio | Texas | 11 |
9. | Fresno | Calif. | 11 |
10. | El Paso | Texas | 11 |
Source: Trulia
In 10 cities, renting is cheaper, but buying might make more financial sense, according to Trulia. These cities include Los Angeles, Boston, and Fort Worth, Texas.
The index considers the total cost of homeownership compared to the total cost of renting. Calculations for the total cost of homeownership include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase, homeowners association dues, and private mortgage insurance. The homeownership cost calculation also includes tax advantages from mortgage interest, property tax and closing-cost deductions.
Calculations for total rental cost include rent and renters insurance.
The total cost of homeownership was highest, compared to the cost to rent, in New York; Seattle; Kansas City, Mo.; and San Francisco.
Top 10 cities to rent vs. buy:
Rank | City | State | Price:Rent Ratio |
1. | New York | N.Y. | 31 |
2. | Seattle | Wash. | 24 |
3. | Kansas City | Mo. | 21 |
4. | San Francisco | Calif. | 21 |
5. | Memphis | Tenn. | 20 |
6. | Los Angeles | Calif. | 20 |
7. | Fort Worth | Texas | 19 |
8. | Oakland | Calif. | 18 |
9. | Portland | Ore. | 18 |
10. | Albuquerque | N.M. | 18 |
Source: Trulia
"Although owning a home is relatively more affordable in most cities, market conditions have caused an interesting demographic swap between traditional renters and buyers," said Tara-Nicholle Nelson, consumer educator for Trulia, in a statement. Nelson is also an Inman news columnist.
"For example, lifelong renters are seizing the opportunity to become homeowners while affordability is high. At the same time, a growing number of longtime homeowners are finding themselves tenants -- some by choice and others by necessity."
Through newly acquired startup Movity, Trulia created interactive maps comparing each city's population, projected job growth, and unemployment and foreclosure rates.
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