I just received a note from a client that I have been working with for some time. She and her husband started looking as the overall market was weak, and they knew some good deals could be made. However, they decided last night that the ecnomoy was too shaky and they were going to sit it out for while longer until things started to get better.
Ok, what is going to get better for a buyer?
-Low interest rates? Lowest in years! If you qualifiy for the Texas Veteran Program and have a VA disablity of 30% or more, you can get a 30 year fixed for a guaranteed rate of 4.78% this week!!!
-Low home prices? Home prices in the greater San Antonio area have weatherd the economy better than most, but our prices have either been steady or seen some decline. Will every house for sale go lower? I doubt it seriously. So current prices are probably as good as we will see for some time as well.
-Availability/Inventory of existing homes? The most we have had on the market - ever! The San Antonio MLS currently has about 10,790 singel family residential units available. If there isn't something you want, you may never find it!
-Availablity of mortgage money? Again, loads of money out there. Every lender I talk to is looking for new buyers. A lot of refinancing in the works, and that should spark a bit of new purchases as well, but where are the buyers? Yes, the requirements are a bit more stringent than a couple of years ago. you have to do more than breath to get a loan!
The money is there and it is cheap and the houses are there and they are priced well. Getout and see what we have and if you have a job and want a new house, now may be the best time in years to make that happen!
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