San Antonio Favorites

In an attempt to get some people involved in this site... lets do a "what is your favorite" survey.  You are SO excited.. I know!  This will be a weekly thing.  So..lets start off with something everyone does, EAT. Personally, I love to eat.. a little too much.  Just ask my scale. 

Restaurants

Mexican:

Italian:

Greek:

American:

BBQ:

Chinese:

Thai:

Vietnamese:

Sandwich:

Salads:

Margaritas:

How To Tuesday- Buying Your First Home

I know its Wednesday...Tuesday was a busy day :)

another wonderful article taken from Yahoo Real Estate

Finding the right first home starts with a price range and a short list of desirable neighborhoods. But there are many other factors you'll need to consider before investing in what may be your biggest asset.

Before You Start:

• Grab your current household budget so you can consider your financial situation and your ability to make mortgage payments.
• Ask family and friends if they can recommend experts, like a lawyer and an inspector, who can help with the home buying process.
• Think about your lifestyle and how it might affect your choice of home and neighborhood.
• Do a little research on current home prices in the neighborhoods you plan to target.

Buying Your First Home

Home ownership is the cornerstone of the American Dream. But before you start looking, there are a number of things you need to consider. First, you should determine what your needs are and whether owning your own home will meet those needs. Do you picture yourself mowing the lawn on Saturday, or leaving your urban condo for the beach? The best advice is to look at buying a home as a lifestyle investment, and only secondly as a financial investment.

Even if housing prices don't continue to increase at the torrid pace seen in recent years in many areas, buying a home can be a good financial investment. Making mortgage payments forces you to save, and after 15 to 30 years you will own a substantial asset that can be converted into cash to help fund retirement or a child's education. There are also tax benefits.

Like many other investments, however, real estate prices can fluctuate considerably. If you aren't ready to settle down in one spot for a few years, you probably should defer buying a home until you are. If you are ready to take the plunge, you'll need to determine how much you can spend and where you want to live.

How Much Mortgage Can You Afford?

Many mortgages today are being resold in the secondary markets. The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Mortgages that conform to Fannie Mae's standards may carry lower interest rates or smaller down payments. To qualify, the mortgage borrower needs to meet two ratio requirements that are industry standards.

The housing expense ratio compares basic monthly housing costs to the buyer's gross (before taxes and other deductions) monthly income. Basic costs include monthly mortgage, insurance, and property taxes. Income includes any steady cash flow, including salary, self-employment income, pensions, child support, or alimony payments. For a conventional loan, your monthly housing cost should not exceed 28 percent of your monthly gross income.

The total obligations to income ratio is the percentage of all income required to service your total monthly payments. Monthly payments on student loans, installment loans, and credit card balances older than 10 months are added to basic housing costs and then divided by gross income. Your total monthly debt payments, including basic housing costs, should not exceed 36 percent.

Many home buyers choose to arrange financing before shopping for a home and most lenders will "pre-qualify" you for a certain amount. Prequalification helps you focus on homes you can afford. It also makes you a more attractive buyer and can help you negotiate a lower purchase price. Nothing is more disheartening for buyers or sellers than a deal that falls through due to a lack of financing.

In addition to qualifying for a mortgage, you will probably need a down payment. The 28 percent to 36 percent debt ratios assume a 10 percent down payment. In practice, down payment requirements vary from more than 20 percent to as low as 0 percent for some Veterans Administration (VA) loans. Down payments greater than 20 percent generally buy a better rate. Lowering the down payment increases leverage (the opportunity to make a profit using borrowed money) but also increases monthly payments.

How Much Home Can You Afford?

Bob and Janet's combined income is $50,000 a year, or $4,166 a month. Their housing expense ratio of 28 percent yields a monthly maximum of $1,166 for mortgage, insurance, and taxes ($4,166 x 0.28 = $1,166).

Their total debt ceiling of 36 percent is $1,583 (4,166 x 0.36 = $1,500). Their monthly debt payments include a $200 car payment, credit card payments of $100, and student loan payments of $200. Subtracting this total of $500 from the $1,500 permitted leaves $1,000 in monthly housing payments.

Costs of Buying a Home

Many home buyers are surprised (shocked might be a better word) to find that a down payment is not the only cash requirement. A home inspection can cost $200 or more. Closing costs may include loan origination fees, up-front "points" (prepaid interest), application fees, appraisal fee, survey, title search and title insurance, first month's homeowners insurance, recording fees and attorney's fees. In many locales, transfer taxes are assessed. Finally, adjustments for heating oil or property taxes already paid by the sellers will be included in your final costs. All this will probably add up to be between 3 percent and 8 percent of your purchase price.

Ongoing Costs

In addition to mortgage payments, there are other costs associated with home ownership. Utilities, heat, property taxes, repairs, insurance, services such as trash or snow removal, landscaping, assessments, and replacement of appliances are the major costs incurred. Make sure you understand how much you are willing and able to spend on such items.

Condominiums may not have the same costs as a house, but they do have association fees. Older homes are often less expensive to buy, but repairs may be greater than those in a newer home. When looking for a home, be sure to check the actual expenses of the previous owners, or expenses for a comparable home in the neighborhood.

Choosing a Neighborhood

Before you start looking at homes, look at neighborhoods. Schools and other services play a large part in making a neighborhood attractive. Even if you don't have children, your future buyer may. Crime rates, taxes, transportation, and town services are other things to look at. Finally, learn the local zoning laws. A new pizza shop next door might alter your property's future value. On the other hand, you may want to run a business out of your home.

Look for a neighborhood where prices are increasing. As the prices of the better homes increase, values of the lesser homes may rise as well. If you find a less expensive home in a good neighborhood, make sure you factor in the cost of repairs or upgrades that such a house may need.

Finding a Broker

If you are a first-time home buyer, you will probably want to work with a broker. Brokers know the market and can be a valuable source of information concerning the home buying process. Ask lots of questions, but remember that most brokers are working for the seller, and in the end, their primary obligation is to the seller and not to you. An alternative is a so-called buyer's broker. This individual does work for you, and therefore is paid by you. Seller's brokers are paid by the seller.

Make sure that the broker has access to the Multiple Listing Service (MLS). This service lists all the properties for sale by most major brokers across the country. Brokerage commissions average 5 percent to 7 percent and are split between the listing broker and the broker that eventually sells the home. Don't be surprised if your broker is eager to sell you their own listing since they would then earn the entire commission.

Home Buying Costs

Down Payment	0% - 20% of purchase price
Home Inspection	$200 - $500
Points	$1,000 and up for 1% - 3%
Adjustments	3% - 8% of purchase price

Once you've determined a price range and location, you're ready to look at individual homes. Remember that much of a home's value is derived from the values of those surrounding it. Since the average residency in a house is seven years, consider the qualities that will be attractive to future buyers as well as those attractive to you.

Although it can be difficult, try to remember that you will probably want to sell this home someday. The more research you do today, the better your decision will look in the years to come.

How To Tuesday: Increase Your Property Value

provided by zillow.com

taken from Yahoo! Real Estate 

Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.

Some tips to achieve a positive impact on value are:

• Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
• Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
• Cosmetics are important.
  • Fresh paint will always add more value than it costs.
  • Clean or new carpet/flooring adds more value than it costs.
  • Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
  • If you can, add some colorful flowers and new sod.
• Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
• Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
• If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
• Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.

Take this advice.  It really does make a difference when the seller is motivated to sell.  It comes across to buyers and gets your property SOLD.

Baby It's HOT Outside!

'Tis the season for sweating profusely once you step outside.  Welcome to South Texas! Sometimes it feels as if we are living directly on the sun.  We are typically lucky enough to also get some humidity added to the mix.  Thankfully, this summer humidity levels haven't been too terrible.. yet.

Today is high of 100 degrees
Friday: High of 102
Saturday: High of 99 ( whew! a break..yeah right)
Sunday: High of 101
Monday: High of 104

You get the idea...it's hot.

So what can you do to survive a South Texas summer?

• Stay indoors with an A/C on.  This is the most preferred.  This however can turn out to be the most expensive.  Trust me.. its not for the faint of heart when you get your energy bill.  My advice: Go to someone else's house and enjoy their a/c. Oh and please get your A/C serviced prior to summer.. nothing is worse than an A/C going out in the middle of summer. 
• Go swimming! Whether its your pool, neighborhood pool or one of the close by lakes..do it. My advice: Wear your sunscreen!! 
• Stay hydrated. Of course the best way to do this is water... But to each their own.  My advice: stick with the water.. beer + heat = feeling awful!
• Go enjoy an ice cream, or if your watching your waistline, a frozen yogurt.  This will cool you down for sure.. I can attest to this.  My advice: stick with the froyo and some fruit.. it does the trick.

So basically.. stay out of the direct sun, wear your sunscreen, drink your water.  Don't forget to keep your pets hydrated and out of the sun also.

All in all it is something that you deal with if you want to live in our great city.  Trust me.. it's something you get used to and I'd rather deal with 100 degree weather in San Antonio than live anywhere else!

We're #4! We're #4!

San Antonio, along withAustin, Houston and Dallas, made another top 10 list on Forbes. Why wouldn't you want to live in a city that continues to grow?  

growth=more job opportunities=$$$

Click Here to read the article

It's A Buyers Market Y'all

Yes, the economy has taken a beating the past couple years.  We have seen epic lows as a nation..BUT, we live in Texas.

Did you know that the Texas economy is the 2nd largest in the United States, trailing California by a small percent?

Not only are we growing now but we will continue to do so at a rapid rate for the future.  What better place to live than in a flourishing economy?

In other words...why would you want to live anywhere else??

Some interesting articles regarding our fabulous Texas economy:
Click Here

Click Here

Welcome!

I'm glad you found me! This blog is to get you everything you will want to know about San Antonio, the real estate market here and even a little about me.

I am a new agent with JB Goodwin here in San Antonio.  JB Goodwin began in our great state capital, Austin, TX and has since expanded down to San Antonio.  JB Goodwin is already an established company up in Austin and has joined the ranks and made a name for itself here.  I am excited to join an awesome group of realtors and cannot wait to help the people of San Antonio with any of their real estate needs.

I plan on keeping you up to date on the trends that are happening in our stable economy, check THIS out.  Speaks for itself.

It is an awesome time to purchase your dream home and I hope to be the one to help!