San Antonio Housing Blog » Home Values

Boerne Home Search and Market Statistics

Barbara Blackburn — Mon, 22 Mar 2010 15:44:04 +0000

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!

San Antonio Housing Market – Good or Bad?

Rex Blackburn — Mon, 27 Oct 2008 15:32:12 +0000

With the continued negative information regarding our economy nationwide, including the housing industry, the stock market, the failed banks, and whatever else you want to throw into the mix, one would get the impression that we should all go hide in a closet and hope one day that it will be safe to come out. Perception is our Reality. While there is no doubt that we are experiencing difficulties based on the above mentioned issues, the world is not coming to an end. Is it as bad as you hear and read? As a Realtor in San Antonio, Texas, I will say to you that we are not in bad shape. In fact, I would say that we are in a pretty good position for the future.

Like the rest of the country, San Antonio has certainly been affected by the tough economic conditions that exist today. We are experiencing a correction in our market as a result. Here are some numbers to consider. Overall, sold homes for the last 12 months are down approximately 28% over the previous 12 month period. These numbers come directly from the San Antonio Board of Realtors. That is a serious downturn in sales. However, keep in mind that 2006 was a record year, 2007 was almost as good. Business cycles. The upside to these numbers is that homes are currently selling for 96 to 98% of list price, the same as in the previous 12 months. In addition, homes are maintaining their value or slightly increasing in value, NOT DECREASING! Homes are staying on the market for 30 to 60 days longer than in the past, but that simply makes for a good buyer’s market at this time. Sellers need to be patient; buyers should look seriously at the opportunities right now as the leverage is on their side. But, what is our future?

In San Antonio, the future is very strong. We anticipate the housing market coming back in 2009. Forbes.com just rated San Antonio as the number TWO BEST-VALUE CITY in the country, right behind Austin. The military is bringing in additional personnel to handle the medical training for all of the services, which will infuse millions of dollars into our local economy. Microsoft just opened a data center that also will have a major economic impact on San Antonio. It is projected to become the single largest user of power in the area. We have 2 PGA golf couses being built as well as a 1000+ room J.W. MARRIOTT Hotel. This will attract golfers from around the world. All in all, I cannot think of a better place to buy or invest in real estate than San Antonio, Texas.

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.

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).