J.J. Rodriguez Real Estate & Mortgage Report July 2011

  December is upon us and the last three weeks of the year await us with holiday parties, shopping, eating, drinking, eating, drinking, & hopefully getting in some workouts too. Next month I will be wrapping up all the real estate activity that happened in 2011. But for now, here is the latest real estate news delivered right to your inbox.

There are 10,425 single family home listings as of December 6, 2011.

Table of current listings:

Price range ($’s)

Number of listings

10,000-99,999

1959

100-199,999

3933

200-299,999

1985

300-399,999

1025

400-499,999

540

500-599,999

290

600-699,999

220

700-799,999

131

800-899,999

101

900-999,999

93

1 million +

236

 

As far as sold transactions, there were 1103 closings from Nov 1- November 30, 2011. But there were 1269 closings last November in 2010. That equals 166 fewer sales this November than in November of 2010. That is about 13% less sales volume. Here’s the way that table looks.

Price range ($’s)

Nov 2011

Nov 2010

Difference

10,000-99,999

309

289

20 more this year

100-199,999

472

568

96 fewer this year

200-299,999

181

238

57 fewer this year

300-399,999

82

97

15 fewer this year

400-499,999

34

24

10 more this year

500-599,999

8

19

11 fewer this year

600-699,999

6

4

2 more this year

700-799,999

2

8

6 fewer this year

800-899,999

4

8

4 fewer this year

900-999,999

2

3

1 fewer this year

1 million +

2

6

4 fewer this year

 

This next chart is quite a valuable chart as it shows the activity in several different zip codes around the city. The market where you live may be doing better or worse than your neighbor’s across town. Check these zip codes and see what is going on in your neck of the woods!

Here is the legend: MOI= Months of inventory, ASP= Average sales price, ACDOM= Average cumulative days on the market,(total # of days a house was on the market) AOLP:SP= Average original list price to final sales price ratio. This shows how much a seller is coming off the original list price in relation to the final sales price. For instance, if the ASP is $200,000 and the AOLP:SP is 95.0%, then the original list price was $210,527. The seller conceded $10,527 dollars off the asking price. This list was compiled on December 6, 2011. Sales are compiled from November 1 through Nov 30, 2011. These numbers are courtesy of the San Antonio Board of Realtors. (SABOR).

 

 

 

 

 

 

 

 

 

 

Zip

# for sale

# sold

MOI

ASP$

ACDOM

AOLP:SP%

Highest    

   Sale  

   price

                   

Lowest sale

      price

Prominent community(s)

In that zip code

 

 

78109

217

21

10.33

114,707

110

99.0

    181,000                 

82,000

Converse, Dover

78209

236

19

12.42

354,150

132

89.1

817,500

59,000

Alamo Heights

78210

89

5

17.8

67,580

311

72.4

160,000

35,000

Highland, Denver Heights

78216

113

14

8.07

177,414

145

92.1

369,000

89,000

Ridgeview, Harmony Hills

78217

96

14

6.85

150,914

94

88.2

475,000

72,400

Northern Hills, MacArthur Terace

78218

92

13

7.07

114,254

164

87.6

268,000

40,000

East Terrell Hills, Oakwell Farms

78230

193

23

8.39

237,157

100

95.6

948,000

61,099

Colonies North, Whispering Oaks

78232

151

33

4.58

205,171

118

94.5

352,000

60,000

Thousand Oaks, Hollywood Park

78233

177

29

6.10

109,286

76

94.0

241,019

45,000

Valley Forge, Woodstone

78247

234

49

4.78

124,145

103

93.3

208,000

65,000

Longs Creek, Stoneridge,

Steubing Ranch

78248

79

9

8.77

330,856

118

96.5

485,000

175,000

Deerfield,Churchill Estates, Inwood

78249

231

30

7.70

155,853

99

93.0

247,500

71,500

Hunters Chase, University Oaks, Parkwood, Rivermist

78250

254

40

6.35

107,139

117

92.1

240,000

53,000

Northwest Crossing, Great Northwest

78251

196

19

10.31

144,984

157

95.3

234,605

67,800

Sierra Springs, Crown Meadows, Timber Ridge

78253

331

41

8.07

196,154

143

95.4

407,000

48,100

Alamo Ranch, Westcreek

78257

111

5

22.2

697,800

202

94.3

1,300,000

292,000

The Dominion, Presidio

78258

399

39

10.23

314,450

192

92.2

1,210,000

124,000

Stone Oak,  Las Lomas

78259

136

24

5.66

200,460

161

94.0

416,000

97,000

Encino Park, Redland Woods

78260

274

23

11.91

274,729

139

93.4

510,000

149,900

Lookout Canyon, Panther Creek, Timberwood Park

78261

211

18

11.72

238,917

112

95.7

439,000

119,000

Bulverde Village, Indian Springs, Cibolo Canyons

Interesting stuff, eh? If you would like to see how your neighborhood in particular or zip code are doing in terms of real estate sales activity, send me an email and I will be happy to analyze your particular community.  Based on the previous table, it looks like 78232 & 78247 both have less than 5 months inventory which means those areas are starting to tilt in favor of the sellers. The less inventory there is, prices start to go up gradually. By the same token, those areas greater than 9 months are still buyers market territory with high inventory. 6 months of inventory is considered a neutral or balanced market.

 

Factors that help determine how quickly and for what price a house sells:

 

  1. Seller motivation- Why is the seller selling? Do they have to be somewhere for a job, is there a death in the family, are they empty nesters or is their family expanding, can they not afford the house anymore, etc. The answer to these questions will gauge how badly they need to sell and in turn dictate the final price.
  2. Price- Studies have shown that the closer a house is priced to market value, the quicker it normally sells. If a seller prices their house too high, it will be forced to compete with higher priced houses that have more amenities, size, etc. Or it will become a “ bounce house”, where buyers may look at it, but invariably choose another property because it is better priced.
  3. Location- Not only is the area important in terms of crime, freeway accessibility, & schools, but are there power lines behind the house, railroad tracks nearby, is the house next to a freeway, water tower or other structure, does it back up to a busy street with noise & lots of traffic, is there construction going on at or near the house, etc.
  4. Condition- is the house clean, does it smell good or does it have a smoke smell or pet smell or cooking smells, has it been updated with flooring, lighting, kitchen remodel or bathroom remodel or upgrade, what about the yard, is the grass dead, is the landscaping pretty, does it need interior or exterior painting, etc
  5. Real estate broker or agent marketing, exposure- is the agent or broker you are hiring experienced, how many houses have they sold in that area, are they technologically savvy, do they have a good marketing plan, do they have testimonials from previous sellers, do they have good understanding of the internet, do they offer professional photography, do they keep in touch with their clients, etc. Do you trust them to get the job done for you?

 

____________________________________________________________________________­­­­­­­­­________________________________________________________________­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

____________________________________________________________________________________________________________________________________________

 

Let’s talk about the mortgage side for a moment. The most important thing you can do if you are planning to buy a house is to get pre-approved for a mortgage beforehand. Then once you find out exactly what you can afford, then you can go out with an agent and find the house you really want. And you will know where to look because you have been pre-approved and can safely shop in your price range.

The biggest challenges to getting pre-approved and ultimately finally approved for a mortgage loan are these:

1.      Credit score- It is imperative that your score be as high as it possibly can. For FHA and VA 620 is usually the minimum, for USDA it’s 640, and for conventional financing with less than 20% down, it’s 680. I have access to a credit vendor who specializes in not only what your score is, but has computer models  that will let you know what to pay off or not pay off, and in general what to do to raise your credit score. It is a remarkable piece of technology that has helped me guide and counsel potential borrowers so that they can eventually raise their score and buy.

2.      Self employed vs w2 wage earner. If you’re a salaried employee, then your pay stubs and w2 will confirm your income. Bonuses and commissions can only be counted if you have been receiving them regularly for at least the past 2 years. Part time work earnings only count if you have been working part time steadily the past 2 years or more. Self employed people have to show their tax returns for the last couple of years to document income. Unfortunately, some people don’t claim all the money they make (imagine that), so when an underwriter looks at the tax returns, they may decline due to lack of income when in reality the borrower does make enough, but doesn’t want to pay taxes on that income.

3.      Debt to income ratios. This is certainly a biggie. Your gross monthly income is the basis. For just the house payment alone, this payment should not exceed more than 31% of income. If you make $5000 a month your total mortgage payment should not exceed $1550. For all debts, including the house payment, the ratios shouldn’t exceed 41-45%. That would be $2050 to $2250 for all monthly debt payments. FHA is a little more lenient and sometimes allows more debt. It all depends on what the automated underwriting results come back with.

4.      Of course the house must appraise for at least the sales amount and be insurable.

 

As an example only, Interest Rates as of this writing are hovering around 4% for a 30 year fixed and about 3.5 or slightly more for a 15 year fixed. This is with 1 origination point. If you want to pay more than 1 point, then you can get a rate that is even lower. The point is it’s an extraordinary time to buy. We are living in times that in a few years from now we may not see interest rates this low again for a long, long time.

 

I want to thank you if you have referred anybody to me this year for real estate or mortgage assistance. As anybody in the industry will tell you referrals are the lifeblood of the business. I have said many times before your referral will be a good reflection on you. And if you have actually been a client of mine, then I thank you for the trust you have placed in me. It is a pleasure to help you in the sale or purchase of a property or help you obtain a mortgage loan. I have been a mortgage loan officer for 11 years and a Realtor for 13 years and each year I strive to get better. So the next time you hear someone who wants to buy or sell or get a mortgage, I hope you will think of me first.

 

May the blessings of the season be upon you and your family.

 

 

 

J.J. Rodriguez, ABR, CRS, GRI, SFR, SRES, Loan Officer, Realtor

ERA Troy Realtors,

Mortgages Direct

105 Galleria Fair

San Antonio, Tx 78232

NMLS#282353,

Equal Housing Lender

210-601-7074

JJRodriguez@earthlink.net

www.JJRodriguez.com

www.BestLoansByJJ.com

 

 

 

 



Home Page | Homes For Sale | Buyers | Sellers | Mortgage Center | Cambiarse de Mexico a San Antonio | Relocation Package | California to SA Relocation | Property Value Report | Important Info About San Antonio | San Antonio Builders: Production & Custom | School Links | Testimonials | Weather Links | My Listings | Office Listings | Meet J.J. | Utilities Information & Local Resources | Sold Properties | Military Pay and Benefits | Interest Rates and Mortgage Information | Alteza luxury high rise condominiums | J.J. Rodriguez December 2011 Real Estate & Mortgage Newsletter | Property taxes & rates | Free Real Estate Reports | Dream Home Finder | 15 Reasons Why I Should be Your Real Estate Agent | For Sale by Owner Real Estate Info | Free E-mail Property Updates | Free Real Estate Newsletter | How Much Real Estate Can You Afford | Just for Kids | My Real Estate Link Partners | Real Estate and Mortgage Glossary | Real Estate Refinancing Information | Why Select me to Help You Sell Real Estate | Why Select me to Represent you when Buying Your Next Home | Real Estate Mortgage Calculators | Real Estate and Consumer Info | Free Property Updates | Property Search (San Antonio - Residential) | Property Search (San Antonio - Condo) | Property Search (San Antonio - Commercial) | Property Search (San Antonio - Farm) | Property Search (San Antonio - Commercial Land) | Property Search (San Antonio - Lot) | Property Search (San Antonio - Multi-Family) | Property Search (San Antonio - Rental) | Blog
Site Map | E-Mail

Logo
ERA Troy, Realtors
105 Galleria Fair • San Antonio, TX 78232
Phone: (210)601-7074 • Toll Free: 1-800-695-1994
Office: 210-494-1985
Fax: 210-497-4344


San AntonioNew BraunfelsBoerne