Sep. 25, 2007 - 13731 Chisom Creek in College Park Adjacent to UTSA

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13731 Chisom Creek in College Park

This extraordinary one-story ready for quick occupancy home can be yours.  This is a comfortable 3 bedroom/2 bath home with a living area that features high ceilings, a striking brick fireplace, a large atrium and deck.  The overall condition is great.  The property is located near UTSA, USAA, Med. Ctr, and La Cantera.  Give us or your real estate agent a call and check it out.    

Contact us about this property which is located in the University of Texas at San Antonio neighborhood.  UTSA is continually expanding and adding value to the surrounding residential neighborhoods.  The appreciation rate will continue to be positive in this area.  One can drive through and around College Park and feel and see the potential for expansion and increase in land value.

Sep. 22, 2007 - Good News For VA Buyers

Good News For VA Buyers

Ginnie Mae has eliminated the VA loan limit effective immediately.  This will allow more veterans to utilize their VA benefits and obtain affordable homeownership.  The previous limit was $417,000.  Please note that Ginnie Mae still requires that the amount of the veteran's available VA guaranty plus the borrower's down payment must be at least 25% of the lesser of the purchase price or the appraised value.  VA has not changed the veteran's maximum guaranty of $104,250 (first time use).  Therefore, if the veteran does not provide a down payment, the maximum loan for the veteran would still be $417,000.  This is how it will work: Sales price of $650,000 divided by 4 = $162,500 (this amount should be covered with the maximum guaranty of $104,250); which would leave a down payment of $58,250.  This would be a 91% loan to value ratio approximately.

Source: CTX Mortgage/Bailey/Skye  

Sep. 20, 2007 - A Good Day For Housing

A Good Day For Housing!

Today is a good day for housing, noted the National Association of Realtors.  On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S. House of Representatives has passed the Expanding American Homeownership Act of 2007, H.R. 1852.  The legislation will offer home buyers a safer alternative to risky mortgage  products and help many homeowners who may be facing foreclosure, and the combination of efforts could have a positive impact on the housing market and consumer confidence.

While some homeowners are faced with mortgage payments they can no longer afford as their adjustable subprime loans reset, a reformed FHA is positioned to offer borrowers a safer mortgage alternative and help bring stability to local markets and local economies.

As the leading advocate for expanding homeownership opportunities, NAR has long supported FHA modernization legislation that increases loan limits, eliminates the statutory 3 percent minimum cash down payment, and gives FHA the flexibility to provide risk-based pricing.  NAR also supports the continued availability of FHA loss mitigation programs.  We are pleased that this bill contains all of these important enhancements.

FHA's loss mitigation program includes mortgage modifications, allowing borrowers to change the terms of their mortgage so that they can afford to stay in their home.  The program also offers "partial claim" programs in which FHA lends the borrower money to cure the loan default.  This no-interest loan is not due until the property is sold or paid off.

Eliminating the 3 percent minimum down payment will help many buyers into homes, as will increasing FHA-insured mortgage loan limits, which will help first-time home buyers, minority buyers and others who cannot qualify for conventional mortgages.  People who live in high-cost areas will benefit as well, since low limits currently preclude many of these buyers from using FHA-insured mortgages.

Source: NAR/Skye   

Sep. 18, 2007 - Why Do Some Houses Sell Quicker Than Others?

Why Do Some Homes Sell Quicker Than Others?

They are priced right.  Pricing is usually the number one determinant as to how long a home will be on the market.  Obviously, the property has to be priced competitively, but do not set the price based upon what you heard a neighbor received for their home. Adjacent homes can be radically different. They both may have the same floor plans, but improvements, a more desirable location in the neighborhood and other seemingly small variations can make a significant difference when it comes to price. Also, how a home is staged for the market carries a great deal of weight in the ultimate price received.

 In considering the right price, one of the most important traits you need is objectivity.  Homeowners, naturally, have an emotional attachment to their home, and because of their feelings they oftentimes overestimate what their home is worth.  Despite the attachment, try to be practical and logical. Make a competitive study of recent sales that are comparable to your home. Evaluate price per square foot, age, condition and location.  Also functional obsolescence and major updating could have a great impact upon pricing. 

Remember, that the value of your home can be impacted by developments that are not yet in place.  Is there vacant land nearby? If so, what businesses or structures will be erected there in the future? Is it a desirable addition to the neighborhood? If there is vacant land, visit the local planning and zoning commission to see what might be built. You can always call a local real estate professional who knows your neighborhood to explain the elements that go into pricing and why.  Ask that person about a CMA (comparative market analysis) and what it means. 

Source:  Mitchener/Skye