Dec. 15, 2015

San Antonio Housing Trends: November 2015

Downtown San Antonio

Home sales in the San Antonio area rose 2% in November 2015 as compared to the same period last year. While that doesn't seem like much, single family home sales have been trending upward since June 2014.

November 2015 was the first month in some time that we have seen a decrease in average home price as compared to the same period year over year. The San Antonio Board of REALTORS® (SABOR) reported the average price of single family homes decreased 8% in November 2015 to $219,808 compared to the same period last year. The last time average home price was below $220,000 was in February of this year.

“Though our prices are marginally less than they were at this time last year, it speaks to the stability of our local market that we don’t see big spikes or drops in our prices like other markets do,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “It’s also not unusual to see prices decrease somewhat as we get into the winter months. Fewer people are out shopping for homes and competition is not as fierce.”

In his recent 2016 economic and housing forecast, chief economist of the National Association of Realtors®, Lawrence Yun, suggests that more homeowners will be incentivized to sell in 2016. “Sales activity in 2016 will once again be primarily driven by the ongoing release of more pent-up sellers finally realizing their equity gains and using it towards the down payment on their next home.”

 

November 2015 San Antonio Market Statistics, San Antonio Board of REALTORS

November 2015 San Antonio Market Statistics, San Antonio Board of REALTORS®

About Liz Petroff

Liz Petroff is a full-time, dedicated real estate professional. Liz has helped many buyers and sellers – first-time, relocating, downsizing – through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest. Contact Liz with your real estate questions.

Nov. 16, 2015

San Antonio Housing Trends: October 2015

Downtown San Antonio

While sellers typically take a break from listing homes for sale during the "off season", it may be ripe with opportunity more than ever. Since April, homes have not been on the market longer than 59 days and inventory fell back below four months at 3.8 months in October 2015. The San Antonio Board of REALTORS® (SABOR) reported the average price of single family homes increased 10% in October 2015 to $231,116 compared to the same period last year.

“Even though we have headed into a traditionally quieter time of year when it comes to buying and selling, we continue to see more activity than this time last year,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “Not only is sales activity up in San Antonio, but in the surrounding areas as well. Helotes, Live Oak, Schertz and Selma all experienced significant increases in October with each growing at least 30 percent in total sales compared to October 2014.”

The level of inventory at 3.8 months remains shy of the 6.5 months of inventory that the Real Estate Center at Texas A&M University characterizes as a balanced housing market. A rate increase by the Federal Reserve could impact some buyers, primarily first-time homebuyers.

 

October 2015 San Antonio Market Statistics, San Antonio Board of REALTORS

October 2015 San Antonio Market Statistics, San Antonio Board of REALTORS®

About Liz Petroff

Liz Petroff is a full-time, dedicated real estate professional. Liz is available via email or by phone at (210) 464-8100. Liz has helped many buyers and sellers – first-time, relocating, downsizing – through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest.

Oct. 14, 2015

San Antonio Housing Trends: September 2015

Downtown San Antonio

If you've been house hunting in the last 6 months or so, you can relate to the news that in September 2015, more than 97 percent of homes sold for list price. The San Antonio Board of REALTORS® (SABOR) reported sales of single family homes totaling 2,413, which is the second consecutive month that the typical Fall slowdown in sales continues.

“Sales and price growth continue to show increases in the city of San Antonio as well as in surrounding areas,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “In San Antonio alone during September, sales increased five percent while the number of sales in Boerne, Helotes, Leon Valley and Terrell Hills increased at least 50 percent year-over-year.”

Average home price through the first nine months of 2015 was $232,931 making this the second month in a row where average home price was below $240,000.

Inventory remained flat at 4.0 months – roughly the same level since May of this year – but still shy of the 6.5 months of inventory that the Real Estate Center at Texas A&M University characterizes as a balanced housing market. Homes moved quickly spending an average of only 52 days on the market this September, 12 days fewer than 2014.

“Our summer buying season was one of the most active we’ve seen and now it’s starting to wind down,” said Angela Shields, SABOR’s President and CEO. “Nevertheless, there is still plenty for buyers to choose from and the good news for sellers is buyers during this time of year are typically more serious about making a purchase.” A recent RealtyTrac report shows that the best month to buy is October.

 

September 2015 San Antonio Market Statistics

September 2015 San Antonio Market Statistics, San Antonio Board of REALTORS®

About Liz Petroff

Liz Petroff is a full-time, dedicated real estate professional. Liz is available via email or by phone at (210) 464-8100. Liz has helped many buyers and sellers – first-time, relocating, downsizing – through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest.

Oct. 9, 2015

ULI Report: San Antonio is a Real Estate Market to Watch

The findings are in, and greatness is expected from the San Antonio real estate market in 2016. According to the Urban Land Institute's 2016 "Emerging Trends in Real Estate" report, San Antonio ranked 20th in the country as a real estate market to watch for the coming year. The city was able to break into one of the coveted top 20 spots because of its status as an "18-hour city," or a second-tier city that is considered trendy by the masses, showing job growth and attracting industry development.

San Antonio Riverwalk

This is obviously welcome news for a city that continues to grow, thrive and carve out its own dynamic in the heart of Texas, but what exactly does it mean for the residential real estate market? We'll break it down for you.

More Jobs are Headed to San Antonio, Therefore More Buyers will Arrive

Currently, San Antonio has a strong economy, attracting both large corporations and small, local businesses. San Antonio is one of the cities throughout the country that is showing an increase in suburban job growth versus urban job growth, subsequently attracting more residents to this area. With more jobs in the city, more people will be moving into the community, and more homes will begin to sell. With an increase of buyers in the market, there will be a higher demand for San Antonio homes and sellers will enjoy quick sales with maximum profits.

Residential Housing Will Be Considered an Investment Opportunity

According to the ULI, San Antonio offers some of the best residential housing investment opportunities for both single-family and multi-family properties. Investors who are looking to capitalize on the current real estate market will find that there are high-quality properties available, and that they will be able to quickly sell those homes to interested buyers. The demand for homes in the region will continue to rise as the city grows in 2016, ensuring that investors will reap the rewards of their purchase.

A Diverse Range of Buyers Will Be Attracted to San Antonio

One of the reasons that "18-hour cities" are so appealing is the fact that they combine the best of big city life with the charm and comfort of the suburbs. These markets are getting hotter by the minute, as recent graduates, young professionals, growing families and established adults look to move to a place that offers them opportunity for success and all the comforts of home. Buyers of all ages and backgrounds desire the affordable prices and the urban amenities that can be found in San Antonio. With a diverse range of buyers looking to make this city their home, the real estate market will continue to thrive and grow.

Prices Will Go Higher, Demand Will Increase

All signs point to a strong start for the residential housing market in 2016. As job growth continues to fuel the local economy, more people will be interested in making the move to San Antonio. This will likely increase the price of homes currently on the market, and may also excite current homeowners to list their homes. Ultimately, there will be an increased demand for properties in San Antonio.

Buyers who are interested in getting into the market should start their search now, as they can get access to the homes that they want within the city before prices continue to rise. Competition is fierce, but it will only heat up as more people discover the potential of San Antonio and the possibility within the local real estate market.

At the same time, homeowners who are considering listing their property should begin the process of researching the current market conditions and preparing their home for sale. If you need to list now, it's a great time to do it, as you will have many interested buyers hoping to purchase your house. Now is a wonderful time to be in San Antonio.

If you want to know more information about the current San Antonio real estate market, or you simply are interested in its potential, then contact Liz Petroff today. Liz is a full-time real estate agent who specializes in the local market and has ample experience selling properties throughout the area. Begin your search for the perfect home in San Antonio.

Sept. 29, 2015

Start the Home-Buying Process with Pre-Approval

Start by getting pre approved for a mortgage

As with any big decision in life, they say you will know when the time is right to begin looking for a new home. You'll start feeling that pull toward the online listings, and begin obsessively browsing photographs of houses currently on the market. When you make the decision to go for it, you might be left wondering where to start. Frankly, the best place to begin your search for a new home is in your lender's office. We recommend that every buyer starts the process with a pre-approval.

What is Pre-Approval? 

Pre-approval is the process of working with a mortgage lender in order to find out what type of loan you are qualified for and how much money they can lend you. It is based on your current credit score, your financial background and the amount of money you have available for a down payment. Essentially, pre-approval means that your lender is confident that you will be qualified to secure a mortgage on the property you intend to purchase. Once you have been pre-approved, your lender will provide you with a letter that you can present to sellers when you make an offer on a home.

How Do You Get Pre-Approved for a Mortgage?

Pre-approval begins with a meeting with your lender. Contact your preferred lender ahead of time, and talk to them about the documents that you should bring to this meeting. Documents they might request include your tax returns, your W-2 forms, proof of any assets that you have, proof of income, your driver's license and your social security number. Your lender will provide you with information about the amount you will be able to mortgage, but it's important that you have an idea of how much money you can spend on a monthly payment. Discuss your budget restrictions with your lender, and together you can find a mortgage amount that is right for you.

Why Should You Begin The Process of Buying a Home with a Pre-Approval?

The bottom line is, real estate agents and sellers will not take you seriously if you have not been pre-approved. Many agents require their home buyers to get pre-approved before they begin searching for homes. In addition, the current San Antonio market is considered a seller's market. Most properties receive multiple offers in a matter of days, and sellers won't even consider an offer from a buyer who has not been pre-approved. Pre-approval gives you the information you need in order to make the right financial investment in a home, and also gives confidence in your ability to finalize the purchase.

With a pre-approval in hand, both your real estate agent and the seller's agent know that you are a serious buyer who is committed to purchasing a new house. As you begin your house hunt, you should remember a few of these simple tips:

  • Stick within your budget. It's too easy to fall in love with a home that you cannot afford, so don't go looking at houses that are out of your price range. Be ready financially.
  • Identify several must-have features, and keep them in mind when considering any properties. Choosing two or three important features will help you focus and narrow down your search.
  • Search for homes based on neighborhoods. The one thing you can't change is location, so you will want to choose a house that is in a desirable location.

Check out this post for more tips on buying a home in the booming San Antonio market. If you have any questions about pre-approval or searching for a home in this area, then contact Liz Petroff today. She's an expert real estate agent who is passionate about finding her clients their dream home!

Sept. 16, 2015

San Antonio Housing Trends: August 2015

Downtown San Antonio

The San Antonio Board of REALTORS® (SABOR) reported another strong month for San Antonio home sales for August 2015. Sales of single family homes in August totaled 2,551 homes sold. While this was a month-to-month decrease compared to last month's total of 2,978, it was a very healthy 5 percent increase over the same period last year. A dip in sales from July to August is typical as the start of the school year marks the end of the busy season.

Average home price in August was $237,168, which is the first time in three months where average home price was below $240,000. Compared to August 2014, the average home price in August 2015 saw an increase of 7 percent.

Inventory remained flat at 4.0 months compared to July, still shy of the 6.5 months of inventory that the Real Estate Center at Texas A&M University characterizes as a balanced housing market. Homes moved quickly spending an average of only 50 days on the market this August, ten days fewer than 2014.

Median sales price increased 8 percent versus last year to $197,100. This number is a month-to-month decrease of 1.45 percent, down from $200,000 in July 2015.

“We continue to see incredible growth in our area. In the city of San Antonio alone, 1,136 homes sold which is more than a seven percent increase from 2014,” said Mary Ann Jeffers, 2015 Chairman of the San Antonio Board of REALTORS®. “However, we also saw increases in other areas including Alamo Heights, Shavano Park, Live Oak, Fair Oaks Ranch, Converse, Cibolo, Schertz and Castle Hills.”

“We are right on par with the rest of the state in terms of sales and price growth,” said Angela Shields, SABOR’s President and CEO. “Texas reported a five percent growth in total sales for August as well as a six percent increase in average sales price and more than seven percent in median sales price.” San Antonio-New Braunfels MSA: Home Sales Recap August 2015

SOURCE: San Antonio Board of REALTORS®

Whether you're buying or selling a home in a this market, it is important to be prepared. A sellers' market indicates that there are far more buyers than sellers, and the lack of inventory can create challenges for both buyers and sellers.

About Liz Petroff

Liz Petroff is a full-time, dedicated real estate professional. Liz is available via email or by phone at (210) 464-8100. Liz has helped many buyers and sellers – first-time, relocating, downsizing – through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest.

Aug. 28, 2015

5 Signs You are Ready Financially to Buy a Home

Are you ready to buy a home?

You drive past all of the "For Sale" signs with yearning, knowing that you would love to be a homeowner. You want a place to call your own, a place that allows you to enjoy your part of the American Dream. When you know your heart is ready to take the plunge and purchase a home, you have to also evaluate your financial situation. After all, buying home is one of the biggest financial decisions you'll make, so you'll want to weigh all of the options. In San Antonio, the market is heating up and home prices are on the rise. In July 2015, the median sale price of a home in San Antonio was about $200,000, and interest rates remain low. It seems like more and more people are wondering whether now is the right time to get into the market. How do you know if you are ready financially for this milestone.

You Have a Solid Understanding of Your Monthly Budget

Prior to purchasing a home or applying for a mortgage, you should establish a monthly budget and make sure it is realistic for you. When you own a home, you not only have to pay for your mortgage each month, but also a variety of other expenses. This includes homeowners' insurance, taxes, homeowners' association fees, and utility costs in your new home.

You Earn a Reliable Salary

In order to pay your mortgage each month, you have to have income you can count on. If you feel like you are established in your current position and you have identified the amount of money you can spend on your house payment, then now is a good time to purchase a home. The salary required to purchase a median home varies in each market, depending on the cost of living and the value of the real estate in that area. In San Antonio, for example, a home buyer should have a salary of roughly $48,000 per year to afford the monthly payments on a median-priced home.

You Have Enough Savings to Afford a 20% Down Payment

Most mortgage lenders prefer their home buyers to have a 20% down payment on their home. This helps you to put immediate equity into your home, and allows you to lower the monthly payment of the home you want to purchase. It is ideal to have a 20% down payment, but there are options available for home buyers who do not have access to a significant amount of cash. Lenders can discuss other loan types with you, but most of those loans will require you to pay for private mortgage insurance, or PMI, which increases your monthly payment.

You Know How Long You Plan to Live in Your New Home

The fact of the matter is, it costs money to buy and sell your home. In addition to commission fees, you also will pay for title fees, closing costs and a host of other expenses related to the real estate transaction. If you only intend to stay in your home or area for a year or so, it may not be the best time to buy. However, if you plan to spend at least a few years here, your investment could be worthwhile.

You Have the Ability to Repair, Update, and Upgrade Your Home

Before beginning your home search, set aside some cash for repairs and upgrades. It is recommended that you set aside 1% of the purchase price of your home each year for general maintenance. 

If you feel like now is the right time for you to invest in real estate and discover the home of your dreams, then get in touch with Liz Petroff. Liz is an experienced real estate agent who understands the San Antonio market and its current conditions. She is dedicated to helping each of her clients with a patient approach of listening and understanding their needs, and guiding them through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest.

Aug. 18, 2015

San Antonio Housing Trends: July 2015

Downtown San Antonio

The San Antonio Board of REALTORS® (SABOR) reported another strong month for San Antonio home sales for July 2015. Sales of single family homes continued its upward trend totaling 2,978 homes sold year-over-year, an 18.6 percent increase during the same period last year. Average home price in July was $240,469 making this the third month in a row where average home price was above $240,000. This is an increase of 4.7 percent over July 2014.

Inventory continues to increase, but remained low at 4.1 months. Although there were more homes available, they remained on the market an average of only 48 days.

Median sales price increased 6.4 percent to an even $200,000. Realtor.com recently reported a 10.5 percent increase year-over-year in the median list price in the San Antonio market from July 2014 to July 2015.

“Not only is the San Antonio area reporting strong numbers, but the whole state has experienced immense growth as well,” said Angela Shields, SABOR President and CEO. “Texas reported 169,757 homes sold since January, a 5.8 percent year-over-year increase with total dollar volume up 12.4 percent. We continue to be one of the fastest growing states due to our affordability, strong economy and warm weather.”

San Antonio-New Braunfels MSA: Home Sales Recap

SOURCE: San Antonio Board of REALTORS®

Whether you're buying or selling a home in a this market, it is important to be prepared. A sellers' market indicates that there are far more buyers than sellers, and the lack of inventory can create challenges for both buyers and sellers.

About Liz Petroff

Liz Petroff is a full-time, dedicated real estate professional. Liz is available via email or by phone at (210) 464-8100. Liz has helped many buyers and sellers – first-time, relocating, downsizing – through every aspect of the transaction from financing, to property search and valuation, navigating contracts, and negotiating in your best interest.

Aug. 16, 2015

What Are They Building: iFly Indoor Skydiving

Have you seen the silo-like structures sitting out at the intersection of I-10 and Loop 1604 at The Rim? That's assumed to be the location of the new iFly Indoor Skydiving San Antonio facility. According to their website, iFly San Antonio is scheduled to open "Late 2015". The facility will take approximately six months to complete. According to Chris Miller, director of marketing for iFly, the facility is expected to open "toward the end of the year or very early next year".

iFly San Antonio wind tunnel
Section of the iFly Wind Tunnel on site.

The Austin-based company currently has 35 locations worldwide with an additional 12 U.S. locations and six international locations planned for completion. No details on how large the San Antonio facility will be, but iFly does offer four standard tunnel sizes each accomodating a different number of "flyers". Given the success of nearby TopGolf, you could assume this might be one of the larger iFly tunnels. iFly Austin features a 14ft climate-controlled and re-circulating vertical tunnel with 1600 horsepower.

Just about anyone can fly, including those with physical disabilities. As you'd expect, there are some restrictions to participating in this indoor skydiving experience. Watch the video below to learn more about iFly Indoor Skydiving.

For more information, visit the iFly website.

Aug. 13, 2015

San Antonio 78247 Zip Code Among 10 Hottest Zip Codes in the U.S.

Based on the Realtor.com Combined Hotness Index, San Antonio's 78247 zip code was selected sixth on its list of the Top 10 Zip Codes in America. Chief economist of realtor.com®, Jonathan Smoke, stated that “For first-time home buyers, these communities provide great opportunities to enter the housing market, build a career, and raise a family; older generations are able to build wealth and enjoy a variety of lifestyles.”

According to the report, households and population grew 7 percent in the past five years with a population of 49,514 living in the 78247 zip code. It also states that the share of $100,000 earning households is expected to grow by 15 percent by 2020.

Other Texas Zip Codes in the Top 10 include 75023 (Plano) and 78729 (Austin).

First Half 2015 Market Statistics for Zip Code 78247

Based on sold data from the MLS, between January 1, 2015 and June 30, 2015...

  • A total of 428 single-family detached homes were sold in the first half of 2015

  • Of those transactions, 3.50% (15) of the homes sold closed above San Antonio's June 2015 Average Home Price of $242,588

  • Average home price in the 78247 zip code was $167,931

  • Homes stayed on the market an average of 42 days

According to the report, median list prices grew 7 percent year over year during the first half of the year.

More on realtor.com's methodology can be found on the Realtor.com website.

78247 Homes For Sale

You can find every active MLS listing available in the 78247 zip code on SanAntonioTXForSale.com. Some of the San Antonio subdivisions in zip code 78247 include Redland Oaks, Longs Creek, Steubing Ranch, Green Spring Valley, and Preston Hollow.

New listings and price changes are updated regularly throughout the day. You can view photos, maps, school and other information vital to your home search. Sign up for updates on new listings and price changes.

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