Down payment assitance and gift funds
Down payment assitance and gift funds are not as common in this market as they used to be with the seller being allowed to gift funds to the buyer. This effectivly made a zero down home purchase possible. In today’s market the gift funds for a home can only come from a few sources. The most popular source still allowed is parents or imediate family. Example: If you come up $1000 or more short on a down payment your parents can donate the gift funds towards those cost. I’ve included a short video from the “Two Mortgage Guys” below with more information on this process.
Buying a new home
Buying a new home is a great option for the buyers here in San Antonio. With so many different price ranges and areas to choose from new home buyers in San Antonio can find an energy efficient new home that fits their payment goals. In todays economy many people are fixaded on getting “A great deal” on foreclosed homes. And while they may get a great deal, the work it takes is not always with in the abilities of the home owner. Today even a new home buyer can get great deals on to be built homes. Buyers that plan on owning a home in 5 months or more can shop for a home now, put down as little as $500, start building and move in later. Builders are now paying up the max in closing cost allowed along with thousands of dollars in free upgrades. With these incentives buying a new home is looking a lot better. Before you go looking at new homes check out my first month free offer here.
Buying foreclosures
Buying foreclosures is a hot topic for first time buyers. Here in San Antonio the first most asked question I get from first time buyers is “What kind of deal can I get on a foreclosure?” The second most asked question is “If I get an inspection can I negotiate a lower price for repairs?”
To answer the first question. Right now the average sales price to list price ratio is 97.1% for foreclosures sold in the last two months as of today July 23rd. This means foreclosed homes are selling on average for 2.9% less than current list price. In some cases the sales price is much lower than list price in others the sales price actually higher than the list price. HUD foreclosures are currently running a special first time buyer program that allows buyers to purchase a home with as little as $100 down payment. The buyer still has closing cost but this program has been such a success that buyers are finding themselves in competition with multiple offer situations. Buyers can also ask for up to 3% closing cost for HUD homes. The biggest twist this prgram brings to the market is that the buyers must offer a full price offer to get the $100 down program. With that in mind I think the foreclosure market is a great place to start looking for deals that might fit buyer needs here in San Antonio.
In reguards to repairs or reduction in price. Don’t hold your breath. Be prepared to pay for all repairs out of your own pocket. In some cases buyers can find a Fanne Mae home that offers a rehab loan or a HUD that has a repair escrow already attached to the listing for a specific repair HUD has identified as a must fix.
Covenant Partners
http://www.sahomelocator.com
HUD homes in San Antonio
foreclosed home
HUD homes in San Antonio have been selling like hotcakes. While the now expired tax credits helped sell some of these homes the HUD $100 down payment program that is still in effect is largly responsible. Without the $100 down program, buyers are required to bring a down payment of 3.5% to close in addition to closing cost that can run as high as 6% under an FHA loan. HUD also offers 3% closing cost on top of the $100 down program. Buyers with low cash reserves have been buying up homes in the San Antonio area at a quick pace. Over the last 6 months as of July 13, 2010 Hud homes are selling on an avg of 47 days. See the previous 6 months of sales here. If considering a HUD home buyers should consider all options and steps in this transaction with care. Speak with your agent in detail about the pros and cons of this type of transaction or give me a call.
Covenant Partners
http://www.sahomelocator.com
San Antonio-Ranchland Hills
San Antonio-Ranchland Hills subdivision housing market summary consist of seven homes total. Five homes are currently still available for sale, one is pending final close and one home has been sold in the past three months. San Antonio-Ranchland Hills is located at the corner of O’Connor and Stahl Rd on the North East side of San Antonio 78247. The average price per sq/ft in Ranchland Hills is $67. Over all this is an older subdivision with starter home prices, located near bus lines, walking distance to schools and groceries. For the best results in your home search or sale be sure to use a licensed Realtor.
Covenant Partners
http://www.sahomelocator.com
San Antonio-Rose Meadows
San Antonio-Rose Meadows housing market report is a little thin. It’s not a very big subdivision but the houses are only a few years old to brand new. There are two builders working in the subdivision and both are building some nice houses. There are eight homes total in this report. Six homes are available, one is pending sale and one has been sold in the past three months. To view the three month market summary click here. Be sure to consult a licensed Realtor when buying and selling real estate.
Covenant Partners
http://www.sahomelocator.com
San Antonio-Woodstone
San Antonio-Woodstone subdivision housing market summary contains homes sold by banks, HUD and private sellers. This San Antonio subdivision is older and well established. Homes here average on 25-30 years old with a few newer homes in the past 10 years. Buyers looking for larger yards with established trees and a low entry price should look at Woodstone homes. The current average price per sq foot in Woodstone Subdivision is $72. View the most current market summary report below. Use previously published reports to track housing market changes.
March 24, 2010 update
November 2009 update
September 2009 Original
Covenant Partners
http://www.sahomelocator.com
San Antonio-Spring Creek Forest Housing Market Summary
San Antonio-Spring Creek Forest Housing Market Summary has twenty six homes total. Eleven of the homes are still available to purchse, two have active option contracts, one is pending and twelve homes have been sold in the past three months. The average price per square foot in San Antonio-Spring Creek subdivision is $73.01. For the complete market summary click here. As always, be sure to use a licensed Texas Realtor when buying or selling real estate.
Covenant Partners
http://www.sahomelocator.com
San Antonio-Pheasant Ridge
San Antonio-Pheasant Ridge housing market summary has seventeen total homes. Seven of the homes are still active and available for sale, one has an active option contract, one is pending close and eight homes have sold in the past three months. Homes in Pheasant Ridge subdivision are selling at an avg of $73.01 per square foot. For the complete market summary for San Antonio-Pheasant Ridge click here. Remember! When buying and selling real estate consult a Realtor.
Krishna Perkins, Realtor, ABR
San Antonio-Valencia
San Antonion-Valencia Subdivison Market Summary has sixteen homes total for the past three months. Ten homes listed in this summary are currently active and still avialble for sale. One home in San Antonio Valencia is under active option, one in pending closing and four homes have sold in the past four months. With only four homes sold in Valencia for the past three months this is not the hotest neighborhood to be selling a home in at the moment. The average price per square foot for homes sold is $68.95. To view the complete market summary click here. Be sure to always use a Realtor when buying or selling real estate.
Krishna Perkins ABR, SFR
Covenant Partners
http://www.sahomelocator.com
