Feb. 24, 2008 - Fruits from completion of Catching the Next Wave In the Corridor

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

One of the Benefits of Catching the Next Wave in the Corridor!

Catching the next wave in the South Central Texas corridor (San Antonio-Austin-Temple-Belton, TX) will result in the employment of approximately 1,000,000 individuals.  This should be a major reason for moving ahead as rapidly as possible with the WAVE.  Many obstacles lie in the path to completion --such as funding, education and legislation.  A thousand mile journey begins with the first step!

Source: UT Austin iC2 Institute-Smithson/Adams/Stacy/Evans/Skye

Feb. 22, 2008 - What $330,000 buys in a subdivision in Southern California

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

What $330,000 buys in a Southern California subdivision

It buys a 3 bedroom, one bathroom, 988 square-foot house on a 2,500 square foot lot. 

" What a deal! Great opportunity for that handy investor, contractor or developer to transform this 988 sq. ft. fixer. It's located in a quiet neighborhood with many well cared-for and remodeled homes.  Near to stores, transportation and the freeway, someone with great imagination can have the deal of the year.  Included are washer, dryer and refrigerator.  The fireplace is red brick and is close to the dining area. Come see it!"  

Check out our website at: www.TxHomeSearch.com and see what $330,000 can buy you in San Antonio, Texas!!!  

Feb. 6, 2008 - Timely Tax Tips

Here is some timely advice we would like to pass on from Kate Leonard, Senior Loan Officer with SWBC.  We enjoy working with Kate as she provides professional and efficient service to our buyers:

It's that time again...time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Recent stats say the IRS audited 1 out of every 97 returns last year, so it pays to be careful. And even though this may seem like a very painful process, taking just a few simple steps right now will make your tax filing far easier and more accurate.

Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year--or call your tax planning professional for a checklist. Use this as a checklist to make sure you have a good start on the documents you may need this year. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2007 TAXES."

Do the math. According to the IRS, the most common mistake on tax returns is bad math--from transposed numbers to downright incorrect data. And with one document leading to the other, those errors can make a huge impact. And even if you use tax software, you're not off the hook--since they only add the info YOU put in. Double-check entries carefully.

Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return.

Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees.

Remember, there isn't a lot of room for error when you're dealing with the IRS. A slight miscalculation could mean the difference between getting a return and writing a check--or worse, paying a penalty. It pays to work with a tax professional. If you need a referral, contact us—we’ll be happy to help!

Source:  SWBC/Leonard/Skye

Feb. 4, 2008 - What's In Store for 2008

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

What's in Store for 2008?

Where we've been and where we're going

The recent housing cycle in Texas peaked in 2006, but the falloff has not been as rapid or as deep as in other states. Total sales volume declined, and homebuilders face an excess of unsold new homes. Nevertheless, home prices continued to climb and the months' inventory of unsold homes remained within the general guidelines of a "good" market.

The outlook for 2008 is for further reduction in sales volume and construction activity, with slower, but still positive, price gains. Barring any unforeseen calamities, the overall housing market in Texas should be much stronger than most other areas of the country.

Four major conditions will influence the Texas housing market for the rest of the decade:

1. General economic conditions: A major risk to the real estate market in 2008 is the prospect of a general economic recession. So far, employment and income trends in Texas favorably support housing demand.
2. Uncertainty in the capital and mortgage market: The period of "easy credit, easy terms" that fueled the recent housing cycle is over, but mortgage credit for qualified buyers (those with documentable jobs and income and savings for a down payment) is available and at historically attractive interest rates. The banks, investment funds and other capital market institutions are reeling over the lasting effects and default rates. Foreclosures will remain historically high throughout the year and may not decline until well into 2009.
3. Demographic trends: Texas continues to lead the nation in numerical population growth and in-migration. Growth over the next several decades will help keep the state's housing market moving forward despite short-term disruptions.
4. Housing affordability: The median home price in Texas is about two-thirds of the national median home price, which makes Texas the most affordable high growth state in the United States. The price of housing will be one of the strongest magnets for population and business growth in the state during the next 25 to 30 years.

San Antonio on a state level is duplicating what Texas is doing on a national level in regard to population growth, in-migration and housing affordability. San Antonio experienced an appreciation rate of approximately 7.48% from November 2006 through November 2007.

Total reported sales in 2007 declined a little more than 5%. Sales volume in 2008 is projected to fall another 5% as buyers (a) must meet stricter mortgage underwriting criteria, (b) marginal, sub-prime buyers are excluded from the market, and (c) the psychological impact of a national housing decline influences many to "wait and see".

The general trend toward a buyer's market is evidenced by the increase in inventory of unsold homes. Buyers should find bargains in 2008 especially in unsold new homes as builders move to reduce inventories. The statewide average and median home prices in 2008 is expected to grow slower than the long-term rate of increase but significantly better than the overall national experience. Predictions range from 2% to 3.5% increase in the average priced home in Texas. This increase will be constrained by sales of excess new-home inventory at lower prices and the number of foreclosed homes that will enter the market. Both conditions will influence not only the specific homes sold but also the surrounding neighborhoods.

The longer-term outlook, however, is most favorable. Population growth, affordable housing, available and affordable labor, and an attractive business climate will fuel future market increases and expansion.

Source: Texas REALTOR/First American CoreLogic/Skye