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
Forecast Says San Antonio Will Be One Of Top 10 Home Markets For 2009
September 10, 2009
Local Market Monitor, today released its latest Home Price Forecast, covering well over 300 US local markets. The forecast, which predicts local market behavior over the next 12 months, 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 10 markets with the best expected performance in home price are:
Baton Rouge, LA
Buffalo-Niagara Falls, NY
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Little Rock-North Little Rock-Conway, AR
Omaha-Council Bluffs, NE-IA
Pittsburgh, PA
San Antonio, TX
Syracuse, NY
Wichita Falls, TX
These top markets, where home values are expected to remain level, are among those markets that did not have a big housing boom and have had relatively small job losses over the past year. Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact. Dallas, San Antonio and Omaha have all experienced a 1.6 percent job loss over the past year, and jobs have actually increased in Baton Rouge.
“While home building activity nationally is down 35 percent from last year, some of our top markets are doing relatively better,” said Ingo Winzer, president of Local Market Monitor. “Building permits were off only 20 percent in San Antonio and Omaha, and they were up 10 percent in Buffalo.”
The 10 largest markets with the worst expected performance in home price are:
Fresno, CA
Las Vegas-Paradise, NV
Miami-Miami Beach-Kendall, FL
Orlando-Kissimmee, FL
Phoenix-Mesa-Scottsdale, AZ
Portland-Vancouver-Beaverton, OR-WA
San Jose-Sunnyvale-Santa Clara, CA
Stockton, CA
Tacoma, WA
Tucson, AZ
West Palm Beach-Boca Raton-Boynton Beach, FL
These markets, which are expected to have the largest declines in home values over the next year, are also among those that previously had the biggest price booms. This was attributed in large part to speculative buying, including the repercussions of inflated housing construction on the local job market and investor portfolios.
“Right now, a good market is still one where home prices aren’t going down,” said Ingo Winzer. “However, this will change as the recession eases. Next year we’ll see good price increases in many markets.”
First-Time Home Buyers NOW IS THE TIME To Act Quickly
August 21, 2009
Since Congress passed the American Recovery and Reinvestment Act earlier this year, many have seized the opportunity offered by the $8,000 tax credit for first-time home buyers. When you factor in today’s historically low interest rates and housing affordability with the financial incentive from the government, it’s easy to see why so many first time buyers have taken advantage of this chance to realize their dream of homeownership.
However, the ability to utilize this $8,000 tax credit will not be available to San Antonio homeowners much longer. To receive the tax credit, a first-time buyer must purchase and the transaction must close before 11:59 p.m. on November 30, 2009. Since closing on a home generally takes anywhere from 45-60 days, that leaves prospective buyers a little more than a month to take advantage of the this financial opportunity.
Buying a home now might not only be the opportunistic thing to do but also the more practical decision. In many instances, renting can actually be more expensive than buying. By choosing a fixed-rate mortgage, individuals can lock in to a lower payment that will stay the same unlike rent which can increase yearly.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit amount of 10 percent of the cost of the home, up to $8,000. Above those income levels, and the amount declines after that.
First-time buyers, as well as those who haven’t owned a home in the last three years, can take advantage of the credit.
You can claim the credit on your 2008 taxes by filing an amended return. Or you can wait and file it for the credit with your 2009 taxes next spring. As with any tax law, individuals should check with a tax advisor to discuss any specifics regarding the use of this provision.
PMI Predicts Which Housing Markets Are Most Stable
July 7, 2009
PMI Mortgage Insurance Co., today released its Second Quarter 2009 Economic and Real Estate Trends Report, and its widely cited U.S. Market Risk Index(SM). The quarterly report projects the likelihood that the nation’s housing prices will be lower in two years. As many as 324 – approximately 85% – of the nation’s 381 MSAs (Metropolitan Statistical Areas) are now facing increased risk of lower home prices in 2011. Florida, California, Nevada and Arizona continue to have the highest risk scores – 36 of the most risky MSAs are located in these four states – but an increased risk of lower future prices is now spreading across all regions of the nation, due to the significant increases in unemployment and foreclosure rates.
Among the nation’s fifty most populous MSAs, 28 of the Top 50 are now in the highest risk category, signifying the greatest probability of lower house prices by the first quarter of 2011, relative to the first quarter of 2009. Although the Risk Index does not measure the magnitude of declines, the forecast remains consistent with the outlook for moderating price declines in some of the largest MSAs for the remainder of 2009 and into 2010.
“Rapidly rising foreclosure and unemployment rates, continuing declines in house prices, and weakening consumer demand all worked to increase risk in the general economy, and the housing market specifically,” said David Berson, PMI’s Chief Economist and Strategist. “As a result of the continued weakness in prices, and the relatively low level of interest rates, improvements in affordability across the nation’s MSAs will continue to incentivize repeat and first-time homebuyers back into the market.”
For all 381 MSAs, the average Affordability Index reading was 133.3 in the first quarter of 2009, compared with a reading of 120.6 for the fourth quarter of 2008. Across the nation, approximately 98% of the 381 MSAs showed higher affordability. PMI’s proprietary Affordability Index measures today’s housing affordability in a given MSA relative to a 1995 baseline. An Affordability Index score exceeding 100 indicates that homes have become more affordable; a score below 100 means they are relatively less affordable.
PMI’s U.S. Market Risk Index(SM) ranks the nation’s 50 largest metropolitan statistical areas (MSAs) and uses economic, housing, and mortgage market factors (home price appreciation, employment, affordability, excess housing supply, interest rates, and foreclosure activity). Risk scores translate directly into a probability (ranging from zero to 100) that the price of homes in a given MSA will on average be lower at the end of the next two years.
A complete copy of the PMI Second Quarter 2009 Economic and Real Estate Trends(SM) (ERET) report and Appendix that provides data for all 381 U.S. MSAs is available at: http://www.pmi-us.com/econ.
Second Quarter 2009 PMI U.S. Market Risk Index (First Quarter 2009 data)
10 Riskiest and 10 Most Stable MSAs out of 50 Largest MSAs
10 Riskiest of the 50 Largest MSAs
Risk Risk Affordability
Rank MSA Index Index
High Riverside-San Bernardino-Ontario, CA 99.9 114.95
High Miami-Miami Beach-Kendall, FL 99.9 115.90
High Los Angeles-Long Beach-Glendale, CA 99.9 113.65
High Fort Lauderdale-Pompano Beach-
Deerfield Beach, FL 99.9 122.03
High Las Vegas-Paradise, NV 99.9 160.34
High West Palm Beach-Boca Raton-
Boynton Beach, FL 99.9 134.18
High Orlando-Kissimmee, FL 99.9 127.06
High Tampa-St. Petersburg-Clearwater, FL 99.9 126.57
High Santa Ana-Anaheim-Irvine, CA 99.9 114.12
High Phoenix-Mesa-Scottsdale, AZ 99.9 134.59
10 Most Stable of the 50 Largest MSAs
Risk Risk Affordability
Rank MSA Index Index
Minimal Cleveland-Elyria-Mentor, OH 1.5 204.18
Minimal Pittsburgh, PA 1.5 155.54
Minimal Columbus, OH 2.1 178.41
Minimal San Antonio, TX 2.8 135.92
Minimal Houston-Sugar Land-Baytown, TX 3.7 146.83
Minimal Dallas-Plano-Irving, TX 3.8 141.54
Minimal Fort Worth-Arlington, TX 5.8 142.93
Low St. Louis, MO 12.9 146.90
Low Charlotte-Gastonia-Concord, NC-SC 15.0 143.11
Low Nashville-Davidson-Murfreesboro-
Franklin, TN 16.6 135.47
