San Antonio hits the big time again by being ranked as #10 on the list of America's Best Bargain Cities. To determine which US cities were the best bargain, Forbes evaluated the average salary for workers with a bachelors degree or higher, unemployment, the cost of living, and the housing opportunity index. For the complete article, see the link below.
Austin ranked #1 and all five of Texas's biggest cities - Houston, San Antonio, Dallas and Ft Worth were among the top 10 best bargains.
Ya'll take your time moving here - we don't want to get too crowded! :)
(Reprinted with permission from Forbes)
America's Best Bargain Cities Try these places if you want to get the most for your money. By Zack O'Malley Greenburg
When my clients first start looking at a home purchase, I tell them the most important thing to notice is not the floor plan, the neighborhood, the location, or even the price. The #1 thing to consider when looking at homes is to evaluate whether or not the property might have a resale problem.
Here are the top ten issues to avoid when buying your next house:
•1. Large power lines close to the house - Whether it has been scientifically proven or not, many people believe that these large power lines can cause cancer. Besides that, they are not attractive.
•2. Drainage area or ditch next to the house. If there is a drainage area adjacent to the house, there might be an occasion when the water comes up into the house. There might also be a requirement to purchase flood insurance - now or in the future.
•3. Heavy road noise - if the house backs up to a busy street, I can't think of anyone who would think this is a plus.
•4. Master bedroom upstairs - most families only want to be close to the children for a few short years when they are very young. Then they prefer living on different floors. If the house is a one story, most families prefer split bedrooms on different sides of the house. (Use an intercom if your children are small.)
•5. The most expensive house in the neighborhood - If the house is the most expensive one in the neighborhood, the others will pull its value down. Even if it is much nicer than the others, appraisers and future market analyses will use other homes in the neighborhood to evaluate its worth.
•6. Funky floor plan - Even if you don't cook much, most future owners will want a decent sized kitchen. You need to ask yourself if there are there enough bathrooms for the number of bedrooms. Is there adequate storage? Tiny secondary bedrooms? These are all items that future owners will consider.
•7. Travel Time - How is the travel time to and from? Even if you don't mind the drive, the next owners might.
•8. Foundation issues - repaired or not, guaranteed or not, walk away.
•9. Aluminum wiring - Aluminum wiring was used for a very short time in home construction in the 70's. Then it was discovered that it shorted out easily and could start house fires. Unless the house has been totally remediated (there are several methods) do not consider a house with aluminum wiring.
•10. Elevation and stairs - Does the home have a lot of stairs to get to the front door? Are there a lot of different elevations within the house? Will grandma or small children be able to get around the house without falling?
Please note: The best insurance against buying a home that might have a resale problem is to have a good real estate professional representing you when you are out house shopping!
By Ken Cash, Broker, CRS Coldwell Banker Incline Village Realty Lake Tahoe CA & NV
WHATS THE DIFFERENCE? Bank Owned, Short Sale or Foreclosure...
In my daily business, receiving calls, making calls to my peers, to you and many others and what I've discovered is that most people both inside the industry and outside don't understand the differences between them.
What I have learned and applied to my business I hope will give you an idea about how to go about buying a Lake Tahoe foreclosure, short sale or bank owned property. There are some great deals to be had in Incline Village, but buying them can be very complicated. I urge you to call me to help guide you through this unusual and what I think is a rare opportunity.
Bank Owned: When a home goes to the Trustee Sale and is not sold there on the court house steps (yes they actually bid on them right there in Reno on the court house steps), the property goes back to the bank (or mortgage lender) as the case may be, and becomes an REO. That stands for Real Estate Owned or better known as Bank Owned. They are also referred to as a Foreclosure as unfortunately for some family or investor, the property has been "Foreclosed" on. In almost every case, the homes are sold "AS IS" so you must be very careful. These properties are generally listed with a Real Estate Agent who puts the information in the Multiple Listing Service also known as the MLS. Unfortunately, far too often the bank or mortgage representative known as an Asset Manager, list the property with this agent who is not in the local marketplace so locating and identifying not only the property, but where to find the agent can be time consuming. These homes and properties generally have had liens, additional mortgages, homeowners fees, utility fees placed against them. So working for you, I need to make sure these are all found in our due diligence and removed so we can move along much faster and in the end have a cleaner transaction. I don't want any unknowns after you close escrow that you and I must resolve.
When we present an offer the acceptance time typically takes from a few days to a couple weeks and on occasion much of our work is done verbally until right at the end. I must move your offer forward but not push so hard we loose the buying opportunity. The work loads of the asset manager to whom the property has been assigned are very stressful. Not all deal well with this. I am very accomplished at this, have managed many transactions, so this will all be OK. In some markets, the property can be very distressed, however, here in Lake Tahoe, they seem to always be in reasonably good condition, however, and we will still want to have inspections done. And as in all of these buying opportunities, you need to be pre-qualified by your lender or if paying all cash, provide me with proof of ability to perform. We need to submit that paperwork with our offer on day one. If there is another interested buyer, this may just give us the extra power to win the home for you.
Foreclosures: The word can be misleading as often the property is in a pre-foreclosure where the owner is behind in their payments by several months and the bank has issued them by mail a "Notice of Default" and probably set a date for the Trustee's sale I mentioned above. During this time between the issue of notice of default and the time of the trustee's sale on the court house steps, the homeowner can sell their home and pay off the bank or mortgage company. There are also other measures that can be taken to avoid the foreclosure such as government programs now being proposed. Owners can contact their lender and defer payments or make other arrangements. I truly hope they do and they can. Neither you nor I want to see anyone loose their home.
But if not, the day will arrive and the home will be sold or at least an attempt made to sell at the Trustee's Sale. On this day, the home is sold in a bidding environment and the purchaser must pay for the home in cash or cash equivalent right there right then, at the time of sale. There is no time available to arrange financing. Remember the liens and other mortgages that I mentioned above? You may be buying those as well. You had better be taking great care and caution and know exactly what you are buying. The reason this happens is the trustee may be selling the property for the holder of a second or third mortgage and if you buy under that scenario you could be also be buying the first mortgage and who knows what else. And don't forget, you will be liable for taxes, homeowner association liens, utilities and other liens as well. So as the saying goes, "Buyer Beware".
Short Sales: If the property owner wants to avoid foreclosure and the bad credit that goes along with it, they will attempt to sell the property before the foreclosure takes place. A short sale will be between you and the property owner of record, but the bank must agree to the terms of the sale by discounting the loan balance. Your offer to purchase will likely be less than is owed to the bank or mortgage lender. We will be negotiating with the home owner and the owner in turn will negotiate with the bank who must agree to accept less than is owed when the home is sold. Likely the property owner will owe the difference to the lender bank even after proceeds are given to them. That is why this part takes so long. This is often the trickiest part and why most short sales do not close escrow. The property owner can accept your offer, but that doesn't mean it's a done deal. No no no. The bank must accept the deal too. I have many times experienced the banks rejection of the offer that we and the seller worked so hard to reach. Too often what happens is the buyer and seller agree on the price, and the bank takes weeks to even months to approve and in the mean time, the Trustee's sale and foreclosure happens first. So when I am not too excited about the short sale, it is because we both need to plan on us having 2-4 months for the process to take place and hope we can successfully close escrow. During that time too, you will probably be spending money on inspections, appraisals, escrow fees and if the opportunity fails, you are out that money. There is also in most cases a statement that says, "Not a settlement-in-full" and the deficiency balance remains against the seller. When the seller finds that statement, they too can become less than excited about the process.
I hope this has been of help to you. You should call or email me with your questions. We should also go out and find these great properties, these great homes. Fortunately for everyone, this opportunity will not last forever. As a friend said to me recently, "the money never goes away. It just changes pockets." Let's change some of this money and opportunity to your pocket.
Spring has sprung, and I like to go with lighter desserts this time of year. I took two pies to our last dinner club and got rave reviews on them! I thought I would share the recipes with everyone.
Strawberry Pie
8 oz of cream cheese (I use low fat)
1/3 c sugar
½ c sour cream
1 t vanilla
2 pints of strawberries
8 oz of Kool Whip
Graham Cracker Crust
Wash berries. Slice. Put 1T sugar on them and let them sit while you prepare the filling. Beat cream cheese and 1/3 cup sugar together until consistent. Stir in sour cream and vanilla, then strawberries. Fold in Kool Whip. Pour into graham cracker crust. Chill for four hours.
KEY LIME PIE
2 - 14 oz cans of sweetened condensed milk ( I use low fat, if that makes you feel better)
1 cup of fresh lime juice
2 eggs
Graham Cracker Crust
Combine the milk and eggs. Beat well, then add the lime juice. Beat well. Pour in crust and bake at 325 for 15 minutes. Let cool, then chill for two hours before serving.
You can add this topping, but I don't.
1 c sour cream combined with 2 T powdered sugar and 1 T lime zest.
According to Builder Magazine the Healthiest Housing Markets for 2009 are:
1.Houston
2.Austin
3. Ft Worth
4. San Antonio
5. Dallas
In that order! This is for the whole country. This is great news for us in the Lone Star State.
Here is San Antonio, we added 15,000 jobs last year, our population grew 2.8% thru the third quarter of 2008. Existing home prices in the Alamo City are only down 1.8%. The median home price is 154, 400 - which is $25% lower than the national average.
Check out www.Texaplex.com for some great information and statistics about the economy and Real Estate in Texas and San Antonio.
My new favorite restaurant is the Roaring Fork @ Blanco and 1604. It is a great restaurant to meet friends or have a nice date. When we were getting our kitchen redone last fall, we became nightly visitors to the Roaring Fork. Their happy hour features half price appetizers and drinks. Indoors is nice, dark, loud, and cozy, but I like the outdoor patio on cool or warm nights. My favorites are the flatbread pizza, the huge portion of guacamole and chips - and of course - their margaritas. Joe likes the Pork Stew and the Big Ass (No kidding - that is the name of it) Burger.
Many people are overwhelmed when it comes to choosing a realtor. They 'settle' for their brother in law, the lady at work's friend, or someone they just happen to catch on phone duty. Here are some ideas and recommendations for choosing a realtor - to buy or sell.
I would suggest you 'interview' two or three agents. This is what I would suggest you ask them: 1. How much experience do they have? How many houses did they sell last year and in what price range? Do they work alone or with a team?
2. FOR SELLERS: What will they do to market your home? All agents put a sign in the yard and put it in the mls. See what they do and ask them why they chose those particular marketing methods. (ie internet, home magazine books, open houses, etc)
FOR BUYERS: What do they do to help you find a home? How do they feel about working with buyers?
3. See if you connect with them. This is the most important criteria. Do you feel like they can be trusted? Will they communicate with you frequently on the status of your listing or buying transaction? Also do you think they will be honest with you?
Texas has been very lucky compared to the rest of the country. San Antonio has fared well in Texas, and Inwood has done well in San Antonio. Homes continue to sell in Inwood and have actually gone up 1% in price per square foot. The days on market did increase, however. The homes that did sell were updated, staged, in great condition, and priced right. The feedback I hear from many buyers agents after showing in Inwood is that many of the homes are not updated like other comparable neighborhoods. Keep this in mind if you are considering selling anytime soon. You can refer back to your Inwood newsletters, or access the blog on my website for ideas on how to update your home.
Between January 1, 2008 and January 1, 2009, there were 39 homes in the neighborhood that were sold. (In 2007, there were 25 homes sold.)
The Sold Prices ranged from $327,000 to $1,037,000.
The average List Price was $537,064. The average sales price was $517,075.
The average sale price per square foot was $134.00. Of course, there were variances between The Bend, The Estates, and the Custom areas. Please note: There were ten homes that sold in the Estates during 2009, which may have skewed the price psf toward the higher end. The average in the estates was $142.00 psf.
The Days on Market of sold homes ranged from 3 day to 399 days. The average Days on Market for sold houses was 83. (Up from 58 in 2007)
I have lived in Texas for thirty years now, so I guess I am almost a native. Even when I lived in New Mexico, I was so close to the border that as soon as I said "HIIIIIII" everyone said I talked like a "Texan". My grandparents and family members always lived in Texas. The football stadium in Robert Lee, Texas was named after my great grandfather - Dr. Griffith. I had grandparents in Quanah, Texas and Daingerfield, Texas. Texas really is a unique state. A friend of mine sent me this list, and I got a kick out of it. How many of these towns have you visited? Do you have any other towns to add to the list? Let me know.
If you have questions about updated flood maps, a good place to check is bexarfloodfacts.org. These flood plain maps, which were created with the aid of aerial photography, topographic maps, and a computerized geographical info system will not become official until they are approved by FEMA. However, it is a good reference site. Another website to access is floodsmart.gov.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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