San Antonio TX real estate agent

Picture this:  it's 4:30 A.M., there's a forecast of heavy rain throughout the San Antonio area, and there's an open-air breakfast being offered to you, free-of-charge at a location that's probably 20 miles or more from where you reside.  Do you attend?  Probably not.  But the adverse conditions didn't affect approximately 50,000 residents from San Antonio and nearby towns, many of whom attend the annual Cowboy Breakfast about this time every year, in spite of the adverse weather conditions that almost always prevail at what has become a San Antonio tradition. Hailed as the unofficial opening of the San Antonio Stock Show and Rodeo, the popular event annually sends the San Antonio Spurs packing for a nine-game road trip while the rodeo folks take over their home at the AT&T Center.

This year's event, which was the 32nd anniversary of the popular breakfast, was held this past Friday in the parking lot of the Cowboy Dance Hall in northeast San Antonio.  The menu consisted of breakfast tacos, chorizo and eggs, carne guisada, biscuits and gravy and brats, all prepared by a hearty group of volunteers.  Music was provided by the "Get Buck Wild" group, which was scheduled to play at 5 A.M.as the rain began and thousands of the early morning arrival scurried for cover. 

An added attraction this year, according to a report  by Vincent T. Davis in the San Antonio Express-News, was a wedding ceremony.  Drew Murphy and Betty Velasco exchanged vows with an entourage that included members of the Buffalo Soldiers Living History and Heritage Association and an American Indian flutist.  Look for this to become an annual tradition as other starry-eyed couples share the limelight with the breakfast crowd.

I didn't make it to this year's breakfast.  Somewhere in the distant path, I did attend. And it left a definite impact on me.  The community spirit that defines the lifestyle of San Antonio, TX was clearly in evidence as I shiveringly waited for my tacos and coffee. Maybe next year I'll make my second appearance. But it won't be at 4:30.  The event goes on until at least 9 A.M.  Look for me a half-hour before closing time!   Proceeds from the Cowboy Breakfast go to toward scholarships for students at St. Philip's College culinary arts program

You can visit my website at www.EdBarrettHomefinder.com for more articles and a wealth of information about real estate.  I'd like the opportunity to be your San Antonio real estate agent if you're considering moving to or within our fantastic city!

In an effort to stimulate the sagging economy, congress has passed The American Recovery and Reinvestment Act of 2009. Perhaps the major provision of the act is a tax credit for as much as $8,000 to first-time homebuyers, or buyers who have not purchased or owned a home in the past three years. Single taxpayers with adjusted gross incomes of up to $75,000 and married couples with incomes up to $150,000 can qualify for the full tax credit. Also, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. One word of caution: home buyers who receive a tax credit under the provisions of this act, must use the home as a principal residence for at least three years or face a possible recapture of the tax credit amount. 

Unlike the $7,500 tax credit passed in 2008, the $8,000 credit does not have to be repaid. A tax credit is a dollar-for-dollar reduction in the total amount a taxpayer owes. For example, if a qualified purchaser owed $8,000 in income taxes, his total debt would be reduced to zero. This differs substantially from a tax deduction, which essentially is based on a taxpayer's tax bracket.  For example, an $8,000 tax deduction on a buyer in the 15% tax bracket would only receive a tax reduction of $1,500. 

In the event a qualified purchaser does not owe any taxes at year end, he/she would receive a check in the full amount for which he/she is qualified. This amount is calculated by taking 10% of the home's purchase price up to a maximum of $80,000. 

The tax credit pertains only to owner-occupied homes purchased between January 1 and December 1, 2009.  The purchase date is the actual date on which a buyer takes ownership to the property.  Any home that will be used as a principal residence will qualify for the credit.  This includes single-family  homes, condominiums, townhomes, manufactured or mobile homes, and houseboats.

Applying for the tax credit is a simple process that requires applicants to complete IRS Form 5405 to determine the amount of their tax credit, and then claim this amount on their 2009 1040 income tax return.

For other articles by Ed Barrett, please go to:  www.EdBarrettHomefinder.com

Everyone has an opinion on what to do to make a home sell better, and more importantly, at a price that will make a seller happy.  My opinion, and observation in over 32 years of selling homes in San Antonio, TX  is that in order to recoup the most on your remodeling, or home improvement investment, you should do only what is necessary to make your home more saleable, without spending a lot of money.

Interior and exterior painting, new flooring, minor kitchen upgrades, primarily appliances and counter tops if they are old and might have a negative impact on a home’s ‘showability’ should be in the forefront of all remodeling jobs.  Bathrooms can usually be spruced up enough without spending more than you might get in return.  Lighting is important, and of course, with better lighting, you might want to look at the fixtures.  Tubs and showers, unless they are in obvious need of replacement, can usually be made presentable with a little bit of caulking and elbow-grease. 

Some improvements, which won’t usually bring a full return on your investment, but are often necessary, include a new roof and an upgrade on an air conditioning system.  Repairs and improvements of these types do add a competitive advantage to a home being sold, and will often reduce the time the home stays on the market.

Other improvements, which fall into the above category, i.e., they don’t bring a full return on investment, should usually be avoided.  Adding a deck to a home, vinyl siding, or room additions, etc., are unnecessary expenses if you are planning to sell your home in the near future, and will almost always result in a negative return on your investment, unless you do all the work yourself.  

Landscaping is important, but only to the extent that it will be the ‘icing on the cake.’  I’ve never sold a home with exceptionally nice landscaping if the home itself left a lot to be desired.  Keep the lawn mowed and watered if you're in a dry climate like San Antonio, TX, and plant some flowers.

Put your money into the‘showability, factor and you'll reap the greatest benefits.   At least in San Antonio, TX this requires minimum effort and cost, and is usually  the deciding factor when two homes of otherwise equal value are being considered by a buyer.  Most important of all, play Mr. or Mrs. Clean in keeping your home spotless while you are trying to sell. 

For other articles by Ed Barrett, go to:  www.EdBarrettHomefinder.com.  If you are thinking of selling your home in San Antonio, TX,. Ed Barrett Realtors is offering a full service brokerage fee of 5%, to include a professionally designed virtual tour.

Consistent with the residential and commercial growth in the area of Texas State Highways 1604 & 151, The University of Texas Health Science Center has announced the opening of a new health Christus Santa Rosa medical building in Westover Hills, not far from the Alamo Ranch development, one of San Antonio's most ambitious projects in recent years.

The new clinic will offer a wide variety of specialties, to include cardiology, pulmonary disease, surgery, urology gastroenterology as well as family medicine, according to a release in the San Antonio Business Journal. "This clinic represents a new era for the school and its practice,": says William L. Henrich, dean of the School of Medicine and vice-president for medical affairs at the Health Science Center. The clinic will be connected to the new Westover Hills hospital campus of Chrisus Santa Rosa Health Care when the hospital opens next June, according to the Business Journal article.

The addition of the clinic by the highly regarded Health Science Center, one of the leading teaching and research institutions in the state,  is a definite plus for the area and is sure to stimulate residential and commercial growth. Retirement communities, such as the over 55 Del Webb development at Hill Country Retreat in Alamo Ranch are sure to be pleased with the proximity of the new clinic to their retirement community. Previously, residents would have had to travel to the South Texas Medical Center for similar treatment. 

For additional information on the new clinic, or for information on residential development in the Westover Hills and Alamo Ranch areas, you can contact me at:  (210) 681-5252, or email me at:  EdBarrett@satx.rr.com 

To view other articles by Ed Barrett  and to search for homes in the Westover Hills/Alamo Ranch areas, to include customized searches of gated communities and foreclosure properties,  www.EdBarrettHomefinder.com 

Interest rates, and their impact on the real estate market, have always fascinated me.  I'm not sure of what the highest rates ever were on a 30 year mortgage.  I do remember a time when  the Veteran's Administration  was quoting a rate of 17.5% on the purchase of a home in San Antonio, TX.  If you were to acquire a loan of $81,787 at this rate the monthly principal & interest would be $1,199.00 per month. The same monthly payment at 6% equates to a loan of $200,000. 

As you might expect, when interest rates were at the higher rates, there weren't a lot of buyers who could afford to purchase a home. The short term solution for this in San Antonio was the the issuances of a variety of  buy down mortgages which had a more affordable initial interest rate in the 7 to 8% range.  Buyers in the early 1980s  were content with these buy down mortgages, even though they knew they would escalate to as high as 14% over the ensuing four years. 

A curious phenomena during this time was that in spite of the certainty of the interest rates increasing at a rate of 2% per year over the next four years, sales prices were at an all time high.  The values seemed to be dictated by the initial lower interest rate rather than what the rates would be when the buydown matured to a fixed interest rate.  No one seemed concerned that the payment on a $150,000 mortgage at 7%, would increase by over $700 per month at maturity.

My thoughts at the time were that a very high percentage of the buyers of these buy down mortgages would not be able to afford the higher payments, and would either have to re-finance their loans sometime during the four year period when their interest rate was increasing, or sell their home.  The only problem with latter solution was that in order for them to sell their homes, the values would have to increase significantly during this time frame.  To re-finance, the fixed rate would have to stabilize at an affordable rate. 

Well, neither of these solutions came about.  As it turned out, the market prices in the early 1980s were highly inflated, and values tumbled in the mid-1980s as more and more homeowners, unable to re-finance their mortgage or to sell their homes, had no alternative but to accept the foreclosure solution.   Homes purchased in the early to mid-1980s were selling at foreclosure for as much as 40% lower than their loan balance.

As history dictates, the real estate  market recovered and interest rates became very stable, remaining in the 5.5% to 6.5% range for most of the current decade.  At these generous rates, more buyers were able to afford home ownership, and subsequently, home prices in San Antonio reached an all time high after an article in a national magazine forecasted San Antonio as the best city in the country in which to purchase a home. 

Whether the San Antonio real estate market would have continued to flourish if it hadn't been for the current lending debacle that has crippled our economy, is questionable.  My thoughts are that home values would have increased beyond their true value and we would have had a subsequent decline in values.  It's all about supply and demand and affordability.  And this, as always, will be dictated to a large extent by the current interest rates. 

 To read other articles by Ed Barrett, go to www.EdBarrettHomefinder.com

When I opened my own San Antonio real estate  office in 1987, my intention was to work as a one-man shop.  I'd spent my previous 11 years in real estate bouncing around from one large company to another, working as office manager, training director, marketing director, real estate columnist for a popular San Antonio weekly newspaper chain, and most importantly, as a real estate agent.  What I had discovered over the years was that the latter activity was were I was earning the most income.  The prestige of managing an office, the exposure it brought in local  San Antonio newspapers and real estate news magazines was good for the ego, but the bottom line income came from selling real estate.

I was a maverick of sorts at the time;  most San Antonio real estate agents preferred working for the well-oiled mega-office companies, which offered a name brand, company training, constant updates on market conditions and innovations, and for many the comfort and competition that having other agents around the office provided.

I must admit that at first, I missed a lot of these features.  The internet was still in the future;  updates on San Antonio market condtions, new loan programs and marketing innovations were hard to come by.  I did grow a small sales force; we numbered 7 at most, but we were aggresive and took advantage of the San Antonio foreclosure market in the the late 80s and early 90s, managing to place in the top 25 companies in San Antonio one year. 

Sometime in the mid 90s the internet made its grand entry into the San Antonio real estate market.  The word at the time was that if you didn't have your own website, you could not survive in the real estate industry.  Well, that wasn't exactly true at the time.  Most agents ignored the call for their own website and survived nicely throughout the remainder of the decade.  Many of today's agents are still working with tried and true methods that brought them success in the past, and are still doing well  Others have latched on to internet marketing, hiring webmasters and Search Engine Optimization experts to get them top position on google, yahoo and other search engines that over 80% of all buyers go to to find a home at some point in their quest to purchase a home.

The new-age internet agent is becoming more aware of the internet phenomena, and what they are discovering is that they can do the necessary marketing on their own, or in cooperation with other agents of like-mind who have found that with the resources available on the internet today, they no longer need the support of a large office. 

Will this lead to the demise of the large real estate companies?  Probably not.  But they will have to make changes if they are to retain their top agents.  One way they can do this is to reduce their sales forces and invest heavily in a smaller force of high producing agents, providing them with the very best in individual websites and strong Search Engine Optimization, which is the only way to get to the first page of the major search engines. 

In the meantime, with the support of my wife, I am working at home, with a portion of my home devoted to a home office.  My laptop, two printers, fax machine, cell phone and wireless router provide with all I need to keep up with the larger companies. 

For other articles by Ed Barrett, click on:  www.EdBarrettHomefinder.com

Well, our short-lived lower interest rates, spurred on in part by the anticipation of The Treasury Department's bailout plan, hit a snag over the past few days.  Ironically, the catalyst for the rate increase was the uncertainty of the details of the same bailout plan as lawmakers took varying positions on what was best for the country.

The biggest increase on the week's interest rates occurred on Friday of last week and continued Monday as more objections were laid out by lawmakers to the more than 700 million dollar bailout plan.  Rates leveled off during the remaining days of the week as Treasury Secretary Henry Paulson and the Federal Reserve Chairman Ben Bernanke traveled to Capitol Hill in an attempt to relieve the anxiety of senators and representatives. Rates for the week averaged 6.32% according to a Bankrate.com survey of major lenders. The rate for the same timeframe one year ago was 6.49.  Four weeks ago the rate was 6.6%.

Blaming the poor housing market for the financial turmoil in which the country is currently embroiled, Bernanke and Paulson noted that lenders are holding hundreds of billions of dollars in bonds that are backed by mortgages issued to homeowners who can't afford to make the payments on their homes.

If you're wondering why this situation would have such an impact on credit worthy buyers, the answer is that banks are reluctant to lend money to one another, fearing that their once reliable, trustworthy lending partners might go out of business because of poor mortgage debt and they won't be repaid.

Bernanke and Paulson are optimistic the bailout plan will be resolved soon.  I think this is a must and it will happen.  When it does, perhaps home mortgage rates will once again fall below the 6% mark and our economy will get on to the long road to recovery.  

To view other articles by Ed Barrett, please go to:  www.EdBarrettHomefinder.com