CNNMoney Names San Antonio 3rd Most Affordable Housing Market
July 13, 2010
San Antonio is the 3rd most affordable housing market in the country, according to CNNMoney.com.
The website recently named its top 25 most affordable housing markets based on how well median income matches up to median home prices.
According to CNNMoney, San Antonio has a median household income of $55,958 and a median home price of $145,900.
“The city of “Remember the Alamo” has made great strides in diversifying its economy. Key components of strength are now the tourism, bio-medical and financial services industries. In addition, it’s a center of higher education and a major military center with 75,000 servicemen and women stationed in the city.
Jobs keep people coming to the city and a high quality of life encourages them to stay, said Mayor Julian Castro. Costs here are low and homebuyers can choose from a large stock of single-family properties at a median price of around $140,000.”
If you’re relocating to San Antonio or already live here and would like to work with a Texas Affordable Housing Specialist register below.
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TDHCA Releases First Funds Under $500 Million Of New Bond Authority For First Time Homebuyers
May 31, 2010
The Texas Department of Housing and Community Affairs (TDHCA) announced that beginning today the State will make available the first $50 million under an unprecedented $500 million in new mortgage revenue bond authority. The funds will be used for mortgage loans to eligible homebuyers offered through TDHCA’s Texas First Time Homebuyer Program, opening the door to homeownership for greater numbers of low to moderate income Texans, as well as creating more cohesive neighborhoods and an economic windfall to the state.
This announcement represents the single largest financing initiative for state homebuyer funds in the 27- year history of the program and serves as the state’s response to the recent expiration of the federal homebuyer tax credit. Funds will also be available for down payment and closing cost assistance, helping families overcome what is often the biggest obstacle to buying a home.
“Today’s initial release of up to $500 million in homebuyer funds sounds a clarion call to all Texans who have longed to buy a home of their own but thought it was beyond their reach,” said Michael Gerber, TDHCA Executive Director. “The demand for homeownership in our state remains high, as evidenced by the popularity of the homebuyer tax credit, and TDHCA is ready to meet this demand with safe, reliable lending products for qualifying borrowers. Not everyone who wants to buy a home is ready to do so, but for those households who are prepared this represents perhaps their greatest opportunity ever to buy a home. I encourage any interested Texan to not pass up this chance.”
Interest rates on these 30-year, fixed-rate mortgage loans will either be 4.99 percent or 5.74 percent, depending on which of two types of loans the borrower selects: assisted loans, which will feature the higher rate but also offer down payment and closing cost assistance up to 5 percent of the mortgage amount in the form of a 30-year repayable second lien; and unassisted loans, at the lower interest rate but with no additional funds for down payment and closing cost assistance.
Gerber pointed out that no monthly payments are due on the down payment portion of the assisted loan, and therefore will not be required to be included in the borrower’s debt-to-income-ratios. However, the loan is due and payable upon sale, refinance or payoff of the original mortgage loan.
TDHCA’s First Time Homebuyer Program offers qualifying households who have not owned a home in the previous three years an opportunity to obtain reliable mortgage loans who might otherwise resort to subprime loans or exotic mortgage products. Eligible households can earn up to 115 percent of the area median family income, depending on the number of individuals living in the home, as long as all other program requirements are met.
Loans are available through the program’s network of over 45 participating lending institutions with more than 235 branches located throughout the state. Applicants must qualify under FHA, RHS, VA, Fannie Mae, or Freddie Mac guidelines.
According to Gerber, the extraordinary volume of homebuyer funds also has the potential to make a major economic impact in communities throughout the state. He cited a study from the National Association of Home Builders that estimates that the one-year local impact of constructing 100 single-family homes in a typical metropolitan area includes 324 local jobs, $21.1 million in local income, and $2.2 million in taxes and other revenue for local governments.
Texans wanting additional information are encouraged to visit the Texas First Time Homebuyer Program Web site at www.myfirsttexashome.com or call 1-(800) 792-1119 to learn more about income and eligibility requirements, loan guidelines, or to find a participating lender.
For San Antonio residents, register below to work with a local Direct Realty Group Realtor to assist you:
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EPA Mandates Contractors Must Be Lead-Safe Certified by April 22, 2010
April 24, 2010
Think lead paint doesn’t affect your business? Think again.
A new rule by the Environmental Protection Agency (EPA) mandates that all renovation and repair contractors working in pre-1978 homes, schools, and day care centers who disrupt more than six square feet of lead paint are required to become EPA Certified in lead-safe work practices. Contractors are required to take a one-day training course and firms must send a short application to the EPA. If not, they could face tens of thousands of dollars in fines in the future.
Steve Owens, Assistant Administrator of the Office of Prevention, Pesticides and Toxic Substances at the U.S. Environmental Protection Agency, said there is a simple reason for the new rule: protecting people’s health, especially children.
“Childhood lead poisoning is a preventable disease, and our goal is to eliminate it,” said Steve Owens.
Many contractors think the issue of lead paint poisoning went away years ago, or that they are doing all that needs to be done to avoid it. But lead paint poisoning isn’t just about eating paint chips, and even contractors who think they are doing a good job may not be working in a lead-safe manner. In fact, new research shows that contractors like plumbers, electricians, painters and window replacement experts can inadvertently expose children to harmful levels of lead from invisible dust disturbed during jobs they perform every day.
“The greatest risk is for young children living in homes during renovations,” said Owens. “One study found they were 30% more likely to have unsafe levels of lead in their blood than kids in homes where renovations were not occurring. So it’s very important that contractors learn how to work lead-safe and that families hire lead-safe certified contractors.”
A pregnant woman exposed to lead can transfer lead to her fetus. The irreversible damages of lead poisoning can lead to a range of effects from memory loss and diminished motor skills to behavioral and learning disabilities.
Those who work on pre-1978 homes, apartments, schools, day care centers and other places where children spend time, from large and small contractors to building services professionals, will have to take the necessary steps to become lead-safe certified. Firms must register with the EPA and pay a fee. Individuals must take a one-day training course from an EPA-accredited training provider to become a certified renovator. Renovator training is also available via e-learning. This option allows trainers to provide much of the course content online, making it more convenient for many renovators. EPA certification is good for five years.
“Getting lead-safe certified is it the right thing to do for contractors, their customers, and their employees, and especially for the children who spend time near spaces that are being renovated,” said Owens.
Steve Owens says that the EPA is mindful of the small added costs that may result from complying with this important rule. To that end, he said the EPA is launching a consumer campaign designed to raise awareness of the dangers of lead paint poisoning, and encourage consumers to choose only contractors who are Lead-Safe Certified.
Builder Magazine Ranks San Antonio 4th Healthiest Housing Markets for 2010
March 2, 2010
1. Austin-Round Rock, TX
2. Raleigh-Cary, NC
3. Charlotte-Gastonia-Concord, NC-SC
4. San Antonio, TX
Market Health Indicator: 43.1
2009 Total Building Permits: 6,099
2010 Building Permit Forecast: 7,341
Military installations account for three of the four biggest employers here–Lackland Air Force Base, Fort Sam Houston, and Randolph Air Force Base. They have helped keep the region’s unemployment rate a relatively low 7.11%, though the area did lose some jobs last year due to weakness in manufacturing. This trend is expected to turn around in 2010; a 2.3% increase in jobs is projected. Household growth has also been strong here. It came in at 2.2% in 2009 and should continue at that rate in 2010. With relatively affordable housing and a growing economy, San Antonio has earned a reputation as a great place to live. It is expected to gain another 2.2% of households in 2010. Single-family permits rose 20 percent during the fourth quarter of last year. Market Intelligence expects total building permits to rise at a 20% rate in 2010, reaching 7,341. By comparison, San Antonio produced 10,261 total building permits in 2008.
5. Charleston-North Charleston-Summerville, SC
6. Denver-Aurora-Broomfield, CO
7. Huntsville, AL
8. Washington-Arlington-Alexandria, DC-VA-MD-WV
9. Durham-Chapel Hill, NC
10. Eugene-Springfield, OR
11. Dallas-Fort Worth-Arlington, TX
12. Richmond, VA
13. Minneapolis-St. Paul-Bloomington, MN-WI
14. Colorado Springs, CO
15. Myrtle Beach-North Myrtle Beach-Conway, SC
16. Portland-Vancouver-Beaverton, OR-WA
17. Wilmington, NC
18. Houston-Sugar Land-Baytown, TX
19. Greenville-Mauldin-Easley, SC
20. Des Moines-West Des Moines, IA
Read the entire article “The 20 Healthiest Housing Markets for 2010″ at BuilderOnline.com
TriStone Homes Announces The Opening Saddle Creek Ranch
February 2, 2010
TriStone Homes, has announced the opening of their sixth community, Saddle Creek Ranch in Cibolo. “Saddle Creek Ranch is a special community,” says Dave Matlock, owner of TriStone Homes, “and we are excited about introducing new product that ties in with the hill country-style architecture that gives the community a unique streetscape.”
TriStone Homes will be offering plans from 1,348 to 2,963 square feet from the $140’s to $180’s with multiple elevation, structural and customization options to provide diversity in the curb appeal. Many plans have oversized front porches and covered back patios with a mix of materials including brick, stone, siding and board & batten. “Although the exteriors may have a nostalgic look, the interiors are designed for today’s lifestyles,” says Tony Di Giosia, Vice President of Product Development for TriStone Homes. “Features include open plans with architectural details such as high ceilings, arched openings, rounded corners and display niches.”
“The key to our growth has been the experience we provide our home buyers,” says Nancy Campbell, Vice President of Sales for TriStone Homes. “We focus on keeping the buyer at the center of the process through the entire journey from lot selection to closing. It’s something unexpected in the price range we build.”
Lot holds are currently being accepted for Saddle Creek Ranch, with sales and construction officially starting February 14th. Anticipated completion of the model home is mid-April. For more information on building a new home with TriStone Homes at Saddle Creek Ranch in Cibolo register below.
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FHA Suspend Anti-Flipping Rule For One Year
January 16, 2010
On Feb. 1, the Federal Housing Administration will place a one-year moratorium on its anti-flipping rule, which will allow buyers with FHA-backed loans to purchase homes that have been held for less than 90 days, officials said Friday.
The move will open a new pool of homes to first-time homebuyers who have been losing bids to cash buyers, but shouldn’t have much effect on home prices, analysts said.
“Opening up to FHA buyers means I can sell it to anybody. That’s big,” said investor Bruce May, owner of SoCal Homes.
FHA buyers made up 28.1 percent of the market in San Diego County, and 50.1 percent in Riverside County, according to real estate data firm DataQuick. Analysts said cash buyers take up much of the rest of the market, and many of them are speculators and investors. The new rule will connect the two groups.
“Give the consumers as many options as possible,” said Nathan Moeder, a real estate economist with the London Group. “Someone who’s buying an investment property to flip it, isn’t buying a junk property where there’s holes in the walls. From the consumer side, I’d be happy about that.”
The new rules limit seller’s profits to 20 percent above the purchase cost, unless an independent appraiser confirms that renovations and repairs justify the higher price.
“They didn’t want to facilitate speculators,” said Mark Goldman, an instructor at San Diego State University.
May thinks this move will grow the number of transactions in coming months: More buyers for investors will motivate investors to buy and renovate more houses.
“It should be good for everybody and the economy,” he said.
Written by Eric Wolff from the North County Times
Here’s the actual PDF from HUD that makes it official and takes you through the details.
San Antonio is also ranked 4th on FinestExpert.com’s list of the best cities for long-term property investment in 2010.
If your ready to start investing in the San Antonio market and would like to work with a Investor Friendly Realtor with local knowledge and experience, register below to get started.
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San Antonio Ranks 4th For Long-Term Property Investment In 2010
January 15, 2010
San Antonio, TX is ranked 4th on FinestExpert.com’s list of the best cities for long-term property investment in 2010. The rankings reflected potential for positive cash-flow and long-term investment rather than fast property flipping, as well as opportunities to purchase at a discount.
FinestExpert.com named Dallas-Fort Worth as the hottest real estate investment market for 2010.
After analyzing more than 10,000 real estate markets to identify stable, growth-oriented for investors, San Francisco-based FinestExpert.com formed its first top-10 hottest real estate investment market list for 2010.
Analysts looked at more than low home prices and focused on areas with strong employment, rental markets and growth as offset by foreclosures to determine which markets had the best opportunities. If investors only looked at bargain prices, most would flock to into the “rust-belt” markets such as Cleveland and Detroit.
According to the rankings, the top 20 markets are considered good “buy-and-hold” real estate investment markets, as opposed to quick “fix-and-flip.” Because of the distinction, the top markets needed properties with positive cash-flow, which includes home prices, hyper-local rents, taxes, insurance and other operating expenses.
On a scale to 1,000, a good cash-flow deal is rated at 850. The top-10 list also documents “discounted properties” or how many listings and the percentage of total listings selling for at least 10% their estimated value.
“Everyone wants a deal, no matter what market they are in. FinestExpert.com tracks property prices and values to compute an effective ‘discount’ for every property, thus allowing users to easily find the golden nuggets,” said Robert Boyer, co-founder of FinestExperts.com.
The top-10 markets are:
- 1. Dallas-Fort Worth-Arlington,TX: 4,206 discounted properties, 773 cashflow positive
- 2. Houston, TX: 5,563 discounted properties, 1,500+ cashflow positive
- 3. Tulsa, OK: 905 discounted properties, 211 cashflow positive
- 4. San Antonio, TX: 3,547 discounted properties, 496 cashflow positive
- 5. Salt Lake City, UT: 1,137 discounted properties, 22 cashflow positive
- 6. Phoenix, AZ: 8,426 discounted properties, 2,000+ cashflow positive
- 7. Indianapolis-Carmel, IN: 1,257 discounted properties, 299 cashflow positive
- 8. Denver-Aurora, CO: 6,449 discounted properties, 562 cashflow positive
- 9. Oklahoma City, OK: 1,085 discounted properties, 212 cashflow positive
- 10. Charlotte-Gastonia-Concord, NC-SC: 3,348 discounted properties, 296 cashflow positive
Written By Jon Prior from HousingWire.com
If you are an active investor looking to enter the San Antonio market, register below to start working with a Investor Friendly Realtor with local knowledge and experience.
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Would You Like $5,000 Towards Your Home Purchase In 2010?
January 12, 2010
United Lending LLC plans to give away $5,000 for a lucky someone to use toward a down payment, closing costs or furnishings for a new-home purchase this year.
The drawing is March 27 and you can enter the free drawing here.
Unlike our federal government’s giveaway (the $8,000 first-time home buyer tax credit) you don’t have to be a first timer for United Lending’s drawing. But you do have to be at least 18 years old and purchasing a primary residence in Texas.
Aristides Priakos, senior loan originator and financial analyst with United Lending says the company may draw more than one name for the $5,000 award.
Good luck!
Jennifer Hiller – Express News
San Antonio Real Estate Market Forecast To Have Strong Home Price Increases
December 11, 2009
Local Market Monitor, today released its fourth quarter Home Price Forecast, which predicts local market behavior for well over 300 US local markets over the next 12 months. The forecast identifies markets where home prices will continue to drop as well as stable markets with opportunities for growth.
According to the forecast, among the largest US markets—identified as those with populations greater than 600,000—the markets* with the best expected performance in home price are:
Baton Rouge, LA
Buffalo-Niagara Falls, NY
Columbia, SC
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Knoxville, TN
Little Rock-North Little Rock-Conway, AR
McAllen-Edinburg-Mission, TX
New Orleans-Metairie-Kenner, LA
Oklahoma City, OK
Omaha-Council Bluffs, NE-IA
Pittsburgh, PA
Rochester, NY
San Antonio, TX
Santa Ana-Anaheim-Irvine, CA
Syracuse, NY
Tulsa, OK
Wichita, KS
These top markets include some, such as those in Texas, where good home prices increases are likely once the economy improves, and others, notably in New York, where poor economic prospects make future price gains less likely.
“Even our ‘top’ markets don’t yet show price increases; rather, they’re markets where prices will be steady,” said Ingo Winzer, president and founder of Local Market Monitor. “Significantly, we now see Santa Ana-Anaheim among those markets, with Los Angeles not very far behind, as demand for housing from population growth absorbs excess inventory in Southern California.”
To read the full report, click here.
Now Official: Congress Extends and Expands Home Buyer Tax Credit
November 6, 2009
San Antonio First-Time Home Buyer Tax Credit
The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30, 2010. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight.
Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
Clearly, the time to act is now! Mortgage rates remain at historically low levels. The 30-year fixed rate mortgage fell to 4.97% last week. Also, Congress has indicated there will be no further extension. Buyers who wait to sign a contract could find themselves settling for a home they really don’t want, if they can find one at all. This once in a lifetime opportunity will shortly be gone for good.
Don’t take a chance and procrastinate – there won’t be another chance! Register below to get started.
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TDHCA Down Payment Assistance Programs No Longer Accepting Applications
September 25, 2009
Written By Jason Buch – Express-News
Texas this week halted a loan program that has successfully facilitated hundreds of home purchases by first-time buyers, leaving some people scrambling to pay their down payments and closing fees.
The Texas Department of Housing and Community Affairs no longer is accepting applications for two short-term lending programs to home buyers eligible for the up-to-$8,000 federal tax credit.
The decision does not affect the federal program, which has a Dec. 1 deadline.
In a letter sent to lenders Friday, Eric Pike, TDHCA Texas Homeownership Division director, wrote that the department was still processing many of the approximately 700 applications it had received.
“In order to ensure there is sufficient staff capacity, funding and time to process the remaining inventory of files, effective Wednesday, September 23, 2009, at 5:00 p.m., TDHCA will no longer be accepting loan application packages,” Pike wrote.
The department received more than 300 loan applications over the final two days of the program for a total of about 1,225 said Gordon Anderson, a TDHCA spokesman. It was the issue of being able to serve all the applicants rather than a funding problem that prompted the department to stop taking applications, he said.
“We still have the staff resources and the time and the funds to process the applications received up to that point,” Anderson said. “If you’re in the pipeline, that’s not an issue. But we’re no longer accepting any more applications.”
There are 545 applications for the short-term loans at various stages of approval, he said.
Rochelle Stevenson recently learned she was likely eligible for the loan and decided to use it to put a down payment on a three-bedroom house with a backyard large enough for her 3-year-old son. On Monday, Stevenson’s loan officer said she wouldn’t be able to get her application to TDHCA before the deadline.
“My first reaction was, ‘Will I be able to afford everything? Is this the time for me to buy a house?’” she said.
Now, Stevenson said, she’s trying to borrow money from family members to make the purchase.
“I just feel like they could have given some kind of more of a warning than one week, or a few days actually, before they just pulled their plug on it, because people do have their hopes up,” she said.
TDHCA in July began offering the loans to first-time home buyers who qualify for the federal tax credit. The state set aside $7.5 million for the loans.
Buyers can use the loans to defray closing costs or down payments, and the state is reimbursed when the buyers receive their tax credits.
Dancing Bear Ranch Offering Special Financing But Must Close Before November 30th 2009
September 15, 2009
Dancing Bear Ranch, a private community on Medina Lake, is offering special financing options on Texas Hill Country real estate to anyone who closes on a homesite before November 30th, 2009. Along with benefits such as up to 90% financing and no attorney fees, Dancing Bear Ranch has also partnered with Broadway Bank to make the first 6 payments on new property loans.
Dancing Bear is a master-planned community that sits on 2,526 acres of rolling Texas Hill Country real estate. It provides exclusive access to beautiful Medina Lake from a private lakeside park and boat ramp. Homesites range from 2 to 6 acres, and feature dramatic elevation changes and expansive views of the clear waters and surrounding countryside. Located just 20 minutes Northwest of San Antonio, homes here offer a peaceful lake country lifestyle with easy access to the luxuries and conveniences of city living. In minutes, families can enjoy incredible shopping, dining and entertainment at the famous San Antonio River Walk, SeaWorld, Six Flags Fiesta Texas and La Cantera Resort.
With these special financing options, there’s no better time to take part in the perfect combination of accessibility and seclusion that Dancing Bear Ranch offers. For a limited-time, buyers will enjoy:
- Competitive rates
- Up to 90% financing
- No survey required
- No attorney fees
- No pre-payment penalty
- Simple application process
- Fast closing
- Flexible repayment options
And best of all, if you close before November 30th, 2009, Dancing Bear Ranch will make the first 6 payments on your loan. Please visit www.dancingbearranch.com for more information on this special offer. If you’ve ever dreamed of living in the Texas Hill Country, take advantage of this great opportunity.
Dancing Bear Ranch is a private gated community, featuring Hill Country estates and custom homes with private access to Medina Lake. Just 20 minutes from Northwest San Antonio, Dancing Bear Ranch offers private estate living in an active, family-friendly community, with great amenities and scenic views. Hill Country estate homesites range from 2 to 6 acres, with prices starting at $59,900.
Contact Information:
Daniel Gaitan
Trend Setter Realty
info@searchsahomes.net
210-846-5282 Direct
210-855-8432 Fax
