Apr. 27, 2009 - Beautiful Custom Built Mediterranean Stucco

1502 YOSEMITE OAKS CIRCLE

Beautiful custom built Mediterranean stucco home surrounded by towering palms.  Handsome slate tile throughout & no carpet! Plantation shutters throughout! The island kitchen is complimented by granite countertops, gas for cooking, breakfast bar and convenient desk area. The den is complete with a full wall of built-ins. Bedrooms 2 and 3 are split and share a full bath. Bedroom 4 is the perfect study/office with a nearby full bath which has outside access to the patio. The oversized master also features custom built-ins and a super luxury bath with oversized tile shower, whirlpool tub and huge closet. Impressive architectural detail is evident throughout.  You could enjoy the summer on the huge covered patio and the grounds are beautiful with palms, Bradford pears and orange trees.  This home is located in a quiet, private neighborhood in a very convenient North Central location. 

Apr. 19, 2009 - Home With Great Location Near Medical Ctr

Great location offers this 3 bedroom/2.5 bath property ready for move-in.  New paint through-out.  The kitchen is complete with range, built-in microwave, fridge & brand new dishwasher. Carpet & laminate flooring, too! All bedrooms on upper level as well as the  gameroom/study. The living  room is complimented by a center fireplace and a built-in display shelving unit. Light & bright throughout. The exterior is brick & low-maintenance siding and there is an easy-care small backyard. This quiet neighborhood is so convenient to the Medical Center, USAA & USTA & major traffic arteries. See it today!

Apr. 11, 2009 - Totally Redone Single Story Charmer

6218 COLONY CREEK

Totally redone single story charmer complete in every way – new roof, new paint in & out, new carpet, new microwave, fully landscaped. Beautiful open floorplan with impressive architectural detail . . . curved entry wall, high ceilings, plant ledges, corner fireplace, open walls from kitchen to living and dining areas. Peaceful master suite with arched window, high ceiling and luxury bath complete with separate tub & shower and double vanity. Really nice soft-toned neutral color throughout with white trim. Enjoy the outdoors on the pergola covered patio which overlooks the tree-shaded backyard. Well maintained grounds with full sprinkler system.

buy,sell,house,home,realtor,agent,san antonio,market,relocating

Feb. 18, 2009 - 14415 Triple Crown Lane

                                                      ONE OWNER HOME IN GATED SUBDIVISION

Immaculately maintained one owner home in gated area…Sep dining room…Great kitchen…Liv rm w/corner fireplace & built-in unit…Ceramic tile…Huge master w/sitting area & window seat…Oversized bath featuring double vanities, sep tub & shower + great closet…Lg backyard…Nice landscaping…Gas cent heat & HWH…2nd HOA provides access to rec ctr in main Churchill Ests…Easy to show.

Feb. 17, 2009 - 10923 Whisper Ridge

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Remarkably pleasant 5 BR W/Beautiful Décor! New Stainless Steel Dishwasher, Cooktop, Vent, Oven & Microwave all in Jan’09 . . . Some Hardware & Fixtures Replaced . . . Fresh Paint . . . Handsome tile on Lower Level . . . Lower 5th BR/Study & Full Bath . . . Walk-in Wet Bar . . . Master & 2 BRS open onto Balcony overlooking Pool & Lush Bkyd with huge Live Oaks . . . Formal Liv/Din are Cheerful, Comfortable & Functional . . . Open Den/Dining/Kit Area allows for easy access to Backyard & large tree-shaded patio . . . Great for entertaining. Easy to Show.

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Feb. 17, 2009 - 26110 Sunny Meadow

                                                 RESIDENTIAL LOT WITH A GREAT PRICE

Prestigious area and a great price on this beautifully treed lot with plenty of views…see photos…This lot provides for a house facing Sunny Meadow and rear garage access from Wood Chuck…New elementary school nearby on Glenrose…Great rec center plus local

golf course (fee membership required)…Build your dream home today. Mandatory Maintenance Association provides access to rec ctr & golf course.

Feb. 13, 2009 - The Listing At 203 Willow Grove Drive

THE LISTING AT 203 WILLOW GROVE DRIVE                             

Beautifully upgraded Medallion Home featuring secondary bedroom & full bath on lower level; perfect for guests.  Truly better than new & priced so much less.  Spectacular kitchen with Silestone countertops, gas range & abundant handsome cabinetry.  Huge mastersuite is large enough for sitting area or computer center.  Upper area offers a gameroom or office/study.  Walk to the new neighborhood elementary school & enjoy the community recreation center.  EnergyStar Environmental Home certified/transferable warranty/Texas Backyard Wildlife Habitat community.  

Feb. 13, 2009 - Listing on 31375 Post Oak Trail, Fair Oaks Ranch, Texas, 78015

LISTING AT 31375 POST OAK TRAIL, WELL MAINTAINED HOUSE & 5 ACRES

Seller is very motivated and will consider any reasonable offer.  This is a very nice country home.  The 5 acres are fenced and crossfenced.  Private waterwell with new pump installed in 2007.  Additional storage building, garden areas, double gated blacktop driveway which circles the front yard.  There are 2 covered patios with new tile.  It has a large utility room as well as a large 2 car garage with a half-bath.  The exterior is all brick.  Custom designed and built.  Reduced to only $335,000.

Feb. 12, 2009 - Compromises On The Economic Stimulus Package

 REAL ESTATE HEADLINES.

HOUSE AND SENATE COMPROMISES ON THE ECONOMIC STIMULUS PACKAGE AS OF 2-12-09.

1.  The $15,000 Tax Credit is being considered for reduction to $8,000 for first-time home buyers and won't have to be paid back.

2.  The Compromise Bill will also reinstate the $729,750 loan limit in high cost areas for Fannie Mae, Freddit Mac and FHA loan guarantee programs that was in place throughout much of 2008.

3.  Plans are being put together by the Treasury Department to further reduce mortgage rates to below 5%

4.  Stay tuned in for the final version of these compromises.

Inman News/Skye.   

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Feb. 10, 2009 - 5 Ways To Balance Work And Life

5 WAYS TO BALANCE WORK AND LIFE

l.   Set limits for hours in the office

2.  Have company outings that allow you to bring a spouse, family, or a guest.

3.  Seek active lifestyles outside of the office to give you something to look

      forward to after work

4.  Set a day each week for a time off day when the stress becomes to great

5.  Set a certain number of hours during the day to take care of obligations

      needing to be done  that day.  

A well balanced work-life relationship is very important if you are to maintain

a steady production output 

RISMedia/Skye  

Feb. 4, 2009 - Residential Real Estate Report From 12/1/2008 To 12/31/2008

SAN ANTONIO RESIDENTIAL ACTIVE LISTINGS FROM 12/1/2008 TO 12/31/2008

For the month of December 2008, there were 9,369 houses listed in the price range of $80,000 to $499,999.  Within this price range,6,872 homes were listed between $100,000 to $299,999, The figures below $80,000 and above $499,999 as well as those below $100,000 and above $299,999 are not included to show the greatest number being listed  and in what price range.

The above figures gives one another way of looking at a column of numbers to interpret meaning to the residential real estate market during the month of December 2008.

Feb. 3, 2009 - San Antonio Housing Report From 12/1/2008 To 12/31/2008

HOUSING REPORT FOR SAN ANTONIO FROM 12/1/2008 TO 12/31/2008

548 3 bedroom homes were SOLD during the month of December between the price range of $80,000 and $499,999.  Within this price range, 119 3 bedroom homes SOLD between $120,000 and $139,999.   The figures below $80,000 and above $499,999 are not included to show the greatest number of sales within certain price ranges and also to indicate what is selling and in what price range.

In the 4+ bedroom market, 366 homes SOLD between these same price ranges of $80,000 and $499,999.  The greatest number selling within this range was 63 homes between $200,000 and $249,999.  Again, the price ranges above and below $80,000 and $499,999 were not included as well as those below $200,000 and above $249,999.

This gives one an idea of what is hot and what is not, so to speak.  The ACTIVE picture will be addressed in the next blog.

Sabor/Skye 

Dec. 30, 2008 - The 10 Year real estate cycle

The 10-Year Real Estate Cycle -- Interesting Information From RISMedia

First and foremost, all markets are cyclical. This is true of many places in the United States.  A good example is Southern California.  In 1960, 1970, 1980 and 1990, the real estate market was at it's lowest point.  There was excessive housing inventory, foreclosures and short sales.  In l994 the market stabilized from the 1990 downturn.  Just as markets began to climb, the Northridge Earthquake hit.  The resulting damage throughout Southern California, sent their real estate market into a downward plunge again.  It took 3 years for the market to stabilize.  The next upswing in the market began in 1998 and it peaked in 2005.  Seven years into the 1998 cycle  the present downward trend began.

Of course, the above is not evident in Texas at this time, and hopefully it won't be.  We are feeling some of the downward trend effects that are happening nationally but on a much lower scale.  Hallelujah for Texas. 

Source: RISMedia/Skye  

Dec. 4, 2008 - Mortgage Forgiveness Debt Relief Act

Here Is Interesting Info From RISMedia.com

Prior to December of 2007, if a homeowner lost his or her house due to a bank foreclosure, and the bank forgave any difference between the price it was sold for and what was owed, the homeowner would owe aditional income tax on that portion.  For example, if the homeowner owed $300,000 on the mortgage, and the foreclosure sale brought $200,000, the bank would forgive $100,000.  However, the homeowner would owe income tax on the $100,000 forgiven by the bank.

Presently, and because of the economic stress existing nationwide, last December Congress eliminated the income tax due on the forgiven portion of the foreclosure sale described above.  However, this only applies to the tax years of 2007, 2008, and 2009.  The old rule would be in effect in the tax year 2010 and beyond.  Eligibility requirements are: it must be the homeowners principal residence; not vacation, investment or other properties.  The ceiling on forgiven debt is $2,000,000.

In regard to home equity loans, if part of the forgiven debt was a home equity loan and was used for purposes other than to build, buy or make big improvements, that portion is still taxable.  Home equity loans used for vacations are taxable.

Short sales happen when a borrower falls behind in his or her mortgage payments and lender approves the sale of the property for less than what is owed on the mortgage.  All proceeds must be turned over to the lender or bank.  The taxable income includes: the portion of the mortgage the bank forgave, any commission or other selling costs if this debt is cancelled.  However, Congress has provided tax relief for the years 2007, 2008, and 2009.  A short sale is not automatic, the bank has to weigh its cost against the foreclosure cost.

If the bank forgives a percentage of debt, say, 25%, of an outstanding homeowner, this is also taxable except for the years 2007, 2008 and 2009.  Compliments of the U. S. Congress.

If the homeowner takes advantage of the debt cancellation by the lender, the homeowner is required,
when the property sells, to reduce the basis (original price of the home) equal to the amount forgiven.  A homeowner can now receive a $250,000 (single) and $500,000 (married) capital gain exclusion on the sale of their primary residence.  Here is an example to clarify the concept based on a purchase price of $300,000 with a married couple selling the property:

Home sells for $750,000
Less Original Basis* ($200,000)
Less Capital Gain Exclusion ($500,000)
Gain on Sale $50,000
Capital Gains Tax at 15%= $7500 (Owed by Owner)

*This is the original basis or price of home $300,000, less the $100,000 debt cancellation by the lender.

Consult your tax accountant or attorney for any complicated situations not as clear cut as above.

Dec. 2, 2008 - Staging A Home For A Quick Sale And High Sales Price

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

Homeowners cannot stage their own homes and create space because of the emotional attachment they have with the house contents.  Clutter begins with that favorite picture of Fido playing with the children or the end table given to the owner by the parents.  The objectivity of creating space is lost in the nostalgia brought on by bygone occurrences.

The conflict staging creates in the minds of homeowners is shown by their reluctance to reduce furniture in a room or rooms. Again, creating space is lost with their inability to focus on increasing the concept of space in the home for the buyer's benefit.  Another factor that does not fit in with space creation is room functionality.  Because there is no table on which to place a vase does not outweigh the need to create space for the buyer. 

A professional stager will recommend to the homeowner that every functioning table be decorated with fresh flowers to create a pleasing atmosphere.  Outdoor patio tables are set for dinner and game tables are ready for action.  Calm tranquil music should emanate through the house enticing the buyer to look further into this or that corner for special needs.  All TVs should be off during the time the buyer is present on the premises.

It is not true that a professional stager is very expensive because of the furniture that they want you to have present in the home.  The professional stager will attempt to use the homeowner's furniture if it is a positive feature and enhances the salability.

It is highly recommended that the homeowner hire a professional stager to maximize the available space and create an atmosphere conducive to the buyer's reason for wanting to see the inside of the house.  The appeal must be to the greatest number of buyers and the professional stager knows what needs to be done to maximize this number.  He knows what it takes to focus the buyer on the house and fulfill their need to see it.

RISMedia/Skye 

Nov. 24, 2008 - Check your credit score for the 2009 residential real estate market

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

What Home Buyers Can Do To Prepare for the Residential Real Estate Market in 2009!

I read an article recently on RISMedia.com which was very interesting, and I'm sure it will be to others as well.  Here are some of the features:

Those clients that are waiting for the downturned housing market to level out or right itself can do some preparatory work in the mean time.  The first step is to check your current credit score.  The results may surprise you,  because credit card companies are reducing credit limits or the amount that you may spend.  This causes your existing obligations to be higher than they were before because of the reduction in the credit limit.

The big reason for the credit activity above is because of the increase in risk existing today.  Lenders are adjusting interest rates and fees and contacting you earlier when your payment is a few days late.  Another feature that lenders are exploring is measuring your usage of your credit card.  Because they have issued a credit card, they expect you to use it or they will lose interest in your account.  Lenders are also freezing home equity lines of credit. 

Here is a summary of what you can do to prepare for 2009:

l.  Check your credit report - Many negative items should be removed after seven to ten years.

2.  Don't get close to card limits - Pay down balances as much as possible.

3.  Keep accounts active - Accounts get closed with little activity.

4.  Pay bills on time - If your payments are getting shakey, contact  the credit card  company  ASAP.

5.  Don't apply for new cards - The application for that new card will have a negative effect on your score.

 Joe Skye

Nov. 20, 2008 - $7,500 Tax Credit For First Time Homebuyers!

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

$7,500 TAX CREDIT FOR FIRST TIME HOME BUYERS!

Here it is, a way to cut costs in the tax area of our lives and, believe it or not, very few buyers are taking notice of this savings feature in buying a house.  Who can use an extra $7,500 to redecorate their house, get a new paint job, new carpeting or some wood flooring?  The answer is: all of us. 

Keep in mind that this is a tax credit or reduction in taxes which in turn would free up funds to use elsewhere.  The purchase must be completed between April 9, 2008 and July 1, 2009.  Another aspect is that the $7,500 tax credit must be paid back over 15 years but with no interest.  It amounts to an interest free loan. 

Please contact Mary or Joe Skye for further details on the $7,500 tax credit.

Source: David Fialk/RISMedia/IRS Newswire/Skye

Aug. 11, 2008 - S.A. Builders Continue to Tackle Oversupply

S.A. Builders Continue to Tackle Oversupply

San Antonio-area builders continued to chip away at the oversupply of new homes that has saturated the market since 2006, selling more homes than they started in second quarter 2008. Local builders started 2,495 homes in 2Q 2008, down 35% from the 3,832 homes started in second quarter 2007, according to a Metrostudy report. Builders sold 2,857 homes, though that's still 26% fewer than the 3,864 homes they sold in 2Q 2007. The slowdown is part of a calculated strategy started in late 2006, builders say, to keep the market healthy by selling through the oversupply of homes that hit San Antonio that year. Since 2006, local builders have been advised to cut housing starts to a cumulative 10,000 or less for any 12-month period in order to absorb all excess homes, according to Jack Inselmann of Metrostudy. Earlier this year, Inselmann projected the goal would be met by the end of September. The declines are well underway, with San Antonio having the tightest monthly housing inventory of the roughly 40 major markets tracked by Metrostudy. Inselmann has since revised his target date to the end of 2008, citing the credit crunch caused by problems at Fannie Mae and Freddie Mac and rising oil prices. Meanwhile, many San Antonio builders are cutting inventories by minimizing their number of spec homes.

Source:  Metrostudy/TAMU/Skye (August '08)

Jul. 31, 2008 - Outstanding Residential Real Estate Service

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

Service above and beyond your expectation is what we strive to deliver to each and every buyer and seller whom we work with during the buying or selling process.  Service is initiated with the buyer signing the document referred to as the Buyer Representation Agreement which formalizes the relationship between the broker and the buyer.  If the client is a seller, the Listing Agreement spells out the agreements, duties and responsibilities of the broker and the seller. 

The services made available to the client beyond any written document are transportation, bottled water and refreshments, free computer service, notary, messenger, fax and telephone service.  If the client has children, they are accomodated as well with the resources available in the real estate office. 

Our goal is to explore what the clients really want and how we can better serve them.  We provide internet links to information addressing schools, taxes, health care, insurance,recreation, community and any other information requested, To deterrmine the client's needs, it will be necessary to ask questions and listen to the client's responses.  We want to make the client feel special and appreciated by responding to all questions and concerns whether buying or selling or both.

May. 23, 2008 - Seller Buy-Down In Lieu Of A Price Reduction

real estate,buy,sell,house,home,realtor,agent,san antonio,market,relocating

  Seller Buy-Down In Lieu Of A Price Reduction

 When interest rates increase, fewer buyers can afford the payments associated with home purchases and fewer buyers can qualify and budget for the higher payments.  When you factor in increased home values, buyers become priced out of the market.  This is what causes the local real estate market to change from a “seller’s market” to a “buyer’s market”.  Simply stated, buyers have interest rate, payment and budgeting objections that they do not have when interest rates are low.  The solution to this problem is often to use buydowns to lower the buyer’s effective interest rate and mortgage payment and  help them qualify. 

A real estate agent or loan officer who has an excellent knowledge of how to use buydowns will be able to answer many of these buyer-related objections and help consummate the sale.  When a home buyer says, “I’d love to buy that house, but the payment or interest rate is too high”, you should be able to say, “What payment or interest rate would you like?  I’ll try to get you there.”  Showing the buyer lower priced homes with fewer amenities is rarely a sufficient answer.  An understanding of how buydowns lower the interest rate and the mortgage payment can help all involved.  So here are the basics:

 Lenders do not care what the interest rate is or how many discount points are charged to the borrower.  They care what the combination of interest rate and discount points equals or yields.  The total of the two is referred to as the yield. 

On a 30-year fixed-rate mortgage, which is the standard loan most borrowers seek on home purchases, each discount point paid has a value of .25% interest.  (A discount point  is 1% of the loan amount, or $l,000 on a $100,000 mortgage loan.)  Since each discount point paid to the lender in cash has a value of .25% interest, 4 points paid lowers the interest rate 1% over the 30 year term. 

 The buyer should be aware that when he makes an offer to buy, he is allowed to ask the seller for an amount which is considered to be a seller concession.  This amount will depend on the type of loan the buyer is obtaining.  It only takes 4 discount points to lower the interest rate one full percent on a 30-year fixed-rate loan.  Six discount points would lower the rate 1.5%.  With an interest rate of 6% and the seller paying 6 discount points the buyer would actually get 4.5% fixed for 30 years.  It is a whole lot easier for the buyer to pay 4.5% interest than 6% and the payments are substantially lower and easier to qualify for. The seller could offer these lower rates instead of lowering their price by up to 6%.  The seller would be getting full price and the buyer would receive lower interest rates.

 The most common form of buydowns employed by lenders nationwide are called interest rate buydowns.  These buydowns come in the two primary categories, permanent or temporary.  A permanent interest rate buydown would lower the buyers interest to a fixed amount for the entire loan period.  A common permanent interest rate buydown would be a 1% interest reduction for 30 years.  The lender would require the seller to pay them an amount equal to approximately 4-5% (4-5 points) of the loan amount in cash at closing.  In return, the lender would give the buyer an interest rate 1% below the market rate for 30 years.  A temporary interest rate buydown could be for 36 months and would be as follows:

                         3-2-1 TEMPORARY INTEREST RATE BUYDOWN (over 36 mo.)

      Note        7%/ $100,000 Loan     7%/ $100,000 Loan     Mo. Savings     Annual

     Year        Without Buydown       With 3-2-1 Buydown                            Savings

        1                    $666                      $477 at 4%              $189            $2,269

        2                    $666                      $537 at 5%              $129            $1,548

        3                    $666                      $600 at 6%              $  66            $  792

   4% after Yr 3         $666                      $666 at 7%                   0            $4,609        

Gross buydown amount required to be paid by seller at closing = $4,609 which is equal to 4.61 points.                                                                                                                                    

Note:  The above payments are for principal and interest only and have been rounded off for simplicity.                                                            

 Source: Elias/Skye