San Antonio Housing Blog » Buying a Home

New TPC Golf Courses in San Antonio

Rex Blackburn — Sun, 16 May 2010 21:36:24 +0000

The new TPC golf course is hosting the Texas Open this weekend. Watching the last round on TV and seeing aerial views of not only the course, but the J W MARRIOTT Hotel, reminds me of the impact this development is having on the San Antonio metro area. Cibolo Canyons is a series of gated communities ranging in price from the mid $200′s to well over a million dollars. It is an absolutely beautiful area. There is quite a bit of commercial development surrounding Cibolo Canyons and the TPC, with all the retail stores and restaurants that you would expect, as well as the new Lady Bird Johnson High School. As a result, several thousand new jobs are being created and a great place for families to raise their children, or retirees to enjoy all the amenities of the area.

The J W MARRIOTT has 1002 rooms, making it the largest hotel in the MARRIOTT system. It also offers 138,000 square foot of convention space, a 26,000 square foot Spa facility, gourmet restaurants, a lazy river water feature, and of course the two 18 hole courses designed by Greg Norman and Pete Dye. Sounds like a nice vacation destination and should attract golfers from around the world. For information on the area, the website is www.cibolocanyons.com. If you want to see homes for sale, please use the MLS home Search feature on the right of this site. Or feel free to contact THE BLACKBURN GROUP directly.

Real Estate Negotiation

Rex Blackburn — Mon, 26 Oct 2009 02:04:15 +0000

Having just closed two real estate transactions this past week, I am reminded of the various issues involved in the negotiation process. It should go without saying that the ability of Realtors to understand the art of negotiation is critical to their clients. In today’s real estate market in San Antonio, Realtors must be able to distinguish between a buyers or sellers market. It is not as simple as it might appear. In order to help your clients make an educated decision when either making an offer on a home or a seller responding to an offer, the Realtor must convey the correct information to his or her client. Obviously, the buyer or seller makes the final decision, but if that decision is based on incorrect data or information, then the ability to successfully negotiate is greatly impaired, and may result in no transaction at all. Then no one wins. A buyer does not get the home they wanted and the seller must wait for another offer. The reality is that once an offer is submitted, it is in everyone’s best interest to work diligently to make it work for all parties. Are compromises by both buyers and sellers part of the process? Absolutely! It’s a “give and get” deal. In order to get something, you typically have to give something, and vice versa. The bottom line is that Realtors need to understand the “ART” of negotiation in order to properly prepare their clients for the process. It’s amazing how smoothly a transaction can happen when everyone involved is knowledgable, prepared, and understands the processes from start to finish. As always, I welcome any questions or comments.

Gift Card Winner at Open House

Rex Blackburn — Wed, 03 Jun 2009 23:24:28 +0000

Last Saturday at our Open House, guests registered for a $50 gift card to be drawn on Monday. We want to congratulate Lisa Criollos whose name was drawn. Each month, we will be having open house events at 2 to 3 homes and will continue to have drawings for free gift cards. For those who might be interested in lookingat these open houses, we will post the time and addresses a week in advance. The next open house event will be on June 27th from 12 to 3pm. watch for the addresses to be posted on Monday, June 22. Again, congtrats to Lisa.

OPEN HOUSE at Sterlingford Place, San Antonio, Tx 78217

Rex Blackburn — Sun, 31 May 2009 15:46:28 +0000

An Open House on the northeast side of town gave folks a look at 4526 Sterlingford Place in the British Commons subdivision on Saturday, May 30. A 3 bedroom, 2 bath foreclosure priced at $108,900, it has approximately 1700 feet, pricing it at $64 per square foot. Very attractive pricing for a one story home.

It offers two living areas, one with a fireplace; two eating areas, a conveniently located kitchen and inside utility room. There are two patios, one on each side of the house and a two car garage. It is set on a large lot on a cul-de-sac street. This is a great home for anyone , just starting out or downsizing. The carpet was replaced recently but it could use a little TLC. If you want to take a look at this home, call Joy Myers at 210-259-6643 for a personal tour or visit www.bradfieldproperties.com/780274 for photos of property. Don’t wait , foreclosures are selling fast.

Also, if you are in the market to buy soon, ask about the tax credit for first time home buyers up to $8000. And check back here on Wednesday to find out who won the drawing from this open house for a gift card and to find out when and where the next open house will be. We will be doing open houses on a regular basis with drawings for free gift cards as well. Again, if anyone has any uestions on foreclosures or real eatate in the SanAntonio area, please don’t hesitate to contact us.

Dave Ramsey’s Town Hall For Hope

Rex Blackburn — Fri, 24 Apr 2009 17:20:00 +0000

My wife Barbara and I have been big Dave Ramsey fans for a long time. The response to his Town Hall meeting was phenomenal! Those of you who did not get a chance to view it should visit his site, www.townhallforhope.com . It is well worth a few minutes of your time. When asked how long this depressed economy would last, Dave stated that the economy will turn back around when the housing market rebounds. And, he empahsized that it was a great time to buy, as long as you can afford to. Interest rates are extremely attractive right now, hovering around 5% and of course, there is a large inventory of homes to choose from. He quoted numerous statistics during his talk, many focused on foreclosures. It should be noted that one half of all foreclusures are located in twelve states. The stats are available to review on the site mentioned above. The doom and gloom reported by much of the media is misleading. Not all areas are experiencing the severe real estate conditions that you keep hearing about on the news. San Antonio and Texas in general has a very strong economy. While we are affected by national economic factors, which has put our real estate market into more of a buyer’s market, it is not a “fire sale” market. Sellers’ are realizing that homes are taking slightly longer to sale than in the last few years and they have to be more aggressive in their pricing, but seller’s in most cases are not “giving their homes away”. On the other hand, buyers’ are in a position to take advantage of the aggressive pricing and usually can negotiate a very attractive price; advantage buyers’. As a Realtor, I firmly believe that as Dave stated, real estate is a sound investment and now is agreat time to buy, if you can afford to. I also believe in Dave’s message last night.

At the end of the town hall meeting, Dave said there were 3 things we can do: GET UP AND TAKE ACTION; STOP LISTENING TO LOSER TALK; and START GIVING.

I think that too often we have the mindset that we cannot change or control what happens; we simply accept the decisions of others, whether it be the government of people around us. Nothing could be further from the truth. We as individuals can control what happens to us. We can make smarter choices, take smarter actions, and produce better results in our lives. The question is whether we are willing to make the effort or accept the status quo. It is time for each of us to look “within ourselves” and ask ourselves some hard questions. Are we willing to get out of our comfort zone, start making smarter choices, and taking action to get the results we want? We can, we just have to make the commitment, have the conviction in our hearts, and the courage to make it happen. Again, take a little time and visit www.townhallforhope.com . You won’t be disappointed.

How is the San Antonio Housing Market?

Rex Blackburn — Sat, 24 Jan 2009 22:37:45 +0000

It’s interesting how everyone has a different opinion of the market. People that rely soley on the news from various media sources talk only of doom and gloom. If you talk to realtors, the answer typically depends on their individual situation. Those that are busy, working with buyers and sellers, writing offers, and having those offers accepted, of course, think the market is good and getting better. Those sitting around with nothing to do and no sales think we are in another “Great Depression.” If as a typical consumer, you are laid off, then the economy is terrible. If you’re working and nothing has changed, it seems to be okay.
A good example of that is the relocation of one of Caterpillar’s main manufacturing facilities to Seguin, Tx. (just 30 miles east of San Antonio). This will bring 1400 jobs to our area and obviouly have a major economic impact. Those people employed will believe the economy is great; those people laid off by Caterpillar in Illinois and South Carolina will not.
The reality is that San Antonio has been affected by the economic situation. Our real estate market was down over 15% from the previous year. Inventory levels are up about 20% over last year. We are now in a buyer’s market, but we are in an active market. Since the first of the year, we are seeing greater activity and more offers being made. Many sellers’ are gradually lowering their pricing to find the market value, More buyers’ are seeing the prices come down and realize that the value is now there. Interest rates are hovering around 5%, a great opportunity for buyers’.
While the San Antonio real estate market is not what we have been used to, it is still a good place to be in this business, especially when you look at other areas of the country. And it’s a great opportunity to invest in a home in San Antonio, Texas!

Real Estate Agents, Do You need One?

Rex Blackburn — Sun, 07 Sep 2008 21:16:38 +0000

In today’s world where you have a vast resource of information via the internet, many potential buyers and sellers may question the importance of hiring a real estate agent. While most people today search the internet first to start their search for properties, it is important to understand the role of a qualified REALTOR.

Realtors play an important and neccessary role in the purchase or sale of a property. There are mutiple phases of a transaction. After a home has been selected by a buyer or an offer comes in on a listing, then negotiations begin. For experienced buyers and sellers who have been thru the process multiple times in their lives and are comfortable handling their own transaction, then I wish you well. However, most people still choose to use a real estate agent because they value the experience and knowledge that a realtor brings to the table, and realize their own lack of the same.

When negotiating an offer, price is not the only factor. Here are some of the issues that come into play. Who pays for the Title Policy? The survey? Which title company do we use? How much earnest money is reasonable and fair? Have the buyers been prequalified or preapproved and just what does that mean? Does the buyer want any seller concessions? Is the seller willing to give any concessions? Is the refrigerator included or does the buyer assume it is and the seller assumes it isn’t? Can we agree on a closing date; Is the seller willing and able to move out before closing to allow the buyer immediate possession? Or does the seller want a temporary leaseback in order to move? These are just a few of the questions that arise in negotiating a contract. And this is just the first phase of negotiation.

In Texas, we have an option clause that allows a buyer to terminate a contract for any reason. There is an option fee paid by the buyer to the seller for this privilege. Typically, this is to allow a buyer to do their due diligence. Usually, the buyers choose to have an inspection done to make sure the house is structurally sound, no safety issues, electrical, mechanical, plumbing in good working order. During this option period, the buyer has the right to ask a seller to fix or repair any items that show up on the inspection. Not all buyers and sellers are created equal. What might seem reasonable to one party may be deemed totally unreasonable by the other side. It is up to the realtors to help the buyers and sellers thru this.

Once all negotiation are completed, then realtors must manage the process thru to close. Any repairs that have been agreed to, must be completed to everyone’s satisfaction. Survey, if required must be done. Appraisal must take place. Buyers must get their financing arranged. It is extremely important that all parties involved, title company, mortgage company, appraiser, surveyor,realtors, buyers, and sellers, communicate with each other to make the transaction close in a timely manner with the least disruption possible.

So, buyers and sellers must ask themselves if they are comfortable handling all the phases of buying or selling a home. If not, make sure you find a realtor that has the experience, and the knowledge necessary to satisfy you. As always, we are available to answer any questions that anyone may have.

Is San Antonio a Buyer’s market?

Rex Blackburn — Wed, 11 Jun 2008 03:00:06 +0000

Several of my clients lately have told me that “It’s a buyer’s market so we should be able to get instant equity” when we buy, or “It’s a buyer’s market so we can really low-ball the asking price”. Why do they think this? Simply, NATIONAL NEWS is of course reporting the real estate market as being in severe distress. There is no doubt that real estate is down nationally. However, while some areas are hurting, other areas are doing well. The real estate market is specific to the geographic region.

San Antonio is still one of the strongest markets in the country. As a matter of fact, Forbes Magazine ranked San Antonio as one of the nation’s strongest housing markets, behind only Seattle and Oklahoma City. The reason, a 11.2% increase in home prices.

With that said, San Antonio has not totally escaped the economic times. The sub prime issues have certainly affected us. Mortgage companies have tightened their parameters, thus taking a percentage of potential buyers out of the market. Many investors have virtually disappeared from our market because of their exposure in other markets. This has changed the dynamics of our market. Builders have stopped buiding spec homes. They placed large incentives on their inventory to move existing product. That inventory has for the most part been sold off, which now drives buyers back to pre-existing homes.

So really, how is the San Antonio real estate market? Just as it is nationally, some areas are stronger than others. Another factor is price. There are certain price points that are stronger than others. The lower price points are more active than the more expensive properties. So, is it a buyer’s market? It depends on the area, the price point, and the individual seller’s position. Every transaction stands alone. The bottom line for a buyer: Find an experienced agent that knows the market that can convey good, current information to you so that you can make an educated buying decision. Please feel free to contact us if you have any questions.

FHA Loan Limits Increased!

Rex Blackburn — Fri, 07 Mar 2008 04:35:55 +0000

HUD announced today that the loan limits have been increased thru the end of the year. In Bexar and Comal County, the limit was raised from $200,000 to $332,500. In lieu of the extreme pressure on the mortgage industry due to the high delinquency rate of subprime loans (leading to high foreclosure numbers as well), this announcement should offer a much needed boost to the real estate market. While this is only thru the end of the year, it is anticipated that Congress may permanently raise these limits.

The FHA program gives potential homebuyers many advantages, including the following: low cash investment (3% down payment), not credit score driven (allowing for less stringent credit requirements), extremely competitive interest rates, and now limits high enough to provide more choice in home sizes, locations, neighborhoods, and potentially higher quality construction and features. This move will obviously see an increase in FHA home loans and home sales, taking up some of the slack left by the disappearance of the subprime market.

In addition to this news, FHA also allows for seller funded down payment assistance programs, giving buyers an even greater opportunity to buy a home with little or no down payment, interest rates that are as competitive as any in the market, and relaxed credit requirements. Between now and the end of the year, Buyers have the ability and the chance to buy more house than in the past. We also have more inventory to choose from because of the slowdown in the market which gives buyers more leverage in negotiating a more attractive price.

With all that FHA has to offer, with the condition of the current market, and with interest rates as low as they are, it is hard to come up with a reason not to buy a home AT THIS TIME! If we can answer any specific questions, please let us know.

Does Zillow’s Zestimates Give Accurate Home Values?

Rex Blackburn — Sat, 23 Feb 2008 20:55:09 +0000

Zillow.com has become a media darling. In case you don’t know, Zillow.com is where you can get the company’s take on how much your house and millions of others across the country are worth, and has become one of top time wasters of homeowners. Here’s how it works: you go to zillow.com, type in an address, and the nice thing is, as soon as you type it in, it gives you an aerial picture of the house. It tells you what Zillow believes this house is worth.That would be the “zestimate.” And not too long ago, zestimates were the talk of cocktail parties everywhere. People started zillowing neighbors, bosses, celebrities. Even CNN got hooked, publishing zestimates of celebrities in their popular Fortune Magazine. And Investors have been hooked as well, investing over $50 million in venture capital.

But at the end of the day, does Zillow’s zestimates provide accurate information on the value of your home or the home you wish to buy?

The answer: not in Texas. And amazingly enough, Zillow agrees. Take a look at Zillow’s own accuracy information of their zestimates of some Texas counties, including Bexar and Comal county:

In Bexar county, only 27% of Zillow’s zestimates are within 5% of the homes value! Even worse, only 76% are within 20% of the home’s value.

Now think about this, if you are selling your home, and you use Zillow to determine your home’s value you, the odds are that you will be off by as much as 20%. On a $200,000 home that equates to $40,000 that you could overprice your home where it will never sell, or you undervalue your home and lose the equity that you you have built up over the years.

As a homebuyer, if you use zestimates to determine the offer you wish to make, you could be overpaying for a home.

The bottom line: while zestimates are fun for zillowing your boss’s home, it is not a tool that you should be using to determine the sales price of you home, or the offer you should make on a home you wish to buy. There is only way to do that, and that is to use a real estate professional that has access to local, property specific, and comparable home information. Greg Swan, a top real estate professional in Arizona, has done a great job of showing just how out of touch Zillow is with reality at his blog.

And if you don’t believe us, listen to Zillow’s own Sara Bonert, who wrote in her blog, “ At the end of the day, the consumer still needs a professional to help determine an asking price that is JUST RIGHT! “

If you are thinking of selling your home, and want an accurate value of your home, just fill out our Home Value Request page and we will send you a free CMA (Comparitive Market Analysis).