San Antonio TX real estate agent

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.

Lennar Homes Corporation, a highly-respected builder of quality homes throughout 16 states, is offering up to a $70,000 discount on selected homes that close by November 30, 2008.  In addition to the Lennar Homes bonus, any homes purchased through Ed Barrett Realtors that meet the requirements of this offer, will be eligible for a closing cost reduction of $3,000.

The following homes are eligible for the Lennar Homes price reduction.

Kallison Ranch

Address                          Sq. Ft.      BR/BA/Gar/Stry        Was            Now
(Horizon I Collection)

8418 Western Way           2743             4/3/2/2               $230,900       $175,900
8410 Western Way           2614             4/2.5/2/2            $227,000       $184,900
8403 Western Way           2119             4/2/2/1               $206,900       $166,900
8446 Western Way           2119             4/2/2/1               $198,900       $169,900

(Horizon II Collection)

8511 Winchester Way      1923              3/3/2/1               $220,900        $179,900
8443 Cheyene Pass         2903              4/2.5/2/2            $257,900        $222,900
8546 Winchester Way      2903              4/2.5/2/2            $251,900        $224,900

Highpoint at Westcreek

12803 Point Range          2565               4/2.5/2/2            $229.900        $198,900
    511 Point Springs        1978              3/2/2/1               $202,900         $166,900
    503 Park Point            2497               4/2.5/2/2            $220,900        $181,900

Cibolo Valley Ranch     

    321  Prickly Pear        2102                4/2.5/2/2            $178,900        $157,900
    240 Rattlesnake         2102                 4/2.5/2/2            $178,900        $161,900

Preserve at Indian Springs

25651 Santolina             3026                 4/3/2.5/2             $332,900       $256,900
 2826 Sweet Olive          2801                 4/2/5/2/2             $299,900       $233,900
25627 Santolina             2205                 3/2/2/1                $274,900      $212,900
25803 Santolina             2897                 4/2.5/2/2             $314,900       $245,900
  3603 Pastiflora             2715                 4/2.5/2/1.5          $305,900       $265,900

For additional information on Lennar Homes and their floor plans, you can contact me at: (210)681-5252, or by e-mail at: EdBarrett@satx.rr.com.    This is a limited offer, and is subject to change by Lennar Home Corporation.

Perhaps the flagship San Antonio development for Pulte Homes in the Alamo Ranch area is their exclusive Del Webb retirement homes at Hill Country Retreat.  Not far from the Del Webb community, Pulte offers their premier DeZavala home series for those who haven't reached retirement age, and for retirees who are looking for a different lifestyle. 

Alamo Ranch is the future of San Antonio development according to many leaders in the building industry.  Located near numerous major highways and arteries leading to the highways, the ambitious development is home to a recently opened major shopping area, with plans for new schools, hospitals and recreation areas.

Just minutes from Alamo Ranch is Westover Hills, a major San Antonio employment area, Lackland AFB, and Wilford Hall Medical Center. Those looking for entertainment will be pleased to find Seaworld of Texas less than 2 miles from the Pulte development, and Six Flags Fiesta Texas, less than 15 minutes away. For the golfing devotee, San Antonio offers numerous golf courses, many of them, including the world class Arnold Palmer course at LaCantera. 

For those who like to stay closer to home, Pulte Homes in Alamo Ranch area offers state of the art sports courts, swimming pools, playgrounds, parks and a variety of ball fields.  Always looking to improve their neighborhoods, Pulte Homes encourages homeowners to offer suggestions for adding improvements to their neighborhoods.

Model Homes currently available in the DeZavala Series are:

Plan                                    Starting Price       Square Feet    Bedrooms/Baths

Vernon Hill                             $179,990              1,896                  3/2
Monterrey                              $189,990               2,118                 4/2
Barclay                                 $199,990               2,455                  4/2.5

All prices are subject to change.

For a brochure on Pulte Homes  Dezavala home series and other Pulte Home plans, you can contact me by e-mail at:

EdBarrett@satx.rr.com

For additional information on San Antonio real estate or to view other articles written by Ed Barrett, please click on: 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

Located near State Highway 151, one of the major links to Interstate highways and the two heavily-traveled Loop 410 and Loop 1604, Tristone Homes offers high quality homes at an affordable price.  Westcove Village is just minutes from Seaworld, the new  Alamo Ranch Shopping District, and one of San Antonio's fastest growing business district in Westover Hills.  Downtown San Antonio, San Antoinio International Airport, Six Flags Fiesta Texas, and Lackland AFB  are all within easy driving distance on San Antonio's ever improving highway system.

Tristone Homes offers a wide variety of floorplans in Westcove Village, ranging in price from as low as $130,000 on up to $240,000.  Some of their more popular floorplans, and their base prices are:

The Fredericksburg                    1519 Square Feet               Base Price:  $138,999
The Guadalupe                          1698 Square Feet               Base Price:  $154,999
The Pedernales                         2061 Square Feet               Base Price:  $160,999
The Colorado                             2190 Square Feet               Base Price:  $161,999
The Mason                                2448 Square Feet               Base Price:  $167,999
The Wimberly                            2782 Square Feet               Base Price:  $174,999
The Medina                               2962 Square Feet               Base Price:  $176,999

Tristone Homes professional sales staff, experienced construction team and customer care representatives who promise to give you one-on-one attention throughout the construction of your Tristone Home at Westcove Village in San Antonio, assures you of a very pleasant and rewarding home buying experience. 

To get to Westcove Village traveling north on Highway 1604, take State Highway 151, turn right on Military Drive for approximately 1/4 mile and then turn left onto Chinook.

To receive a brochure on Tristone Homes in Westcove Village, or  on their other neighborhoods at Laurel Mountain Ranch or The Ridge at Leon Valley call me at:  (210) 681-5252, or send an e-mail to:  EdBarrett@satx.rr.com.  Base prices on homes in Laurel Ranch, located just outside Highway 1604  begin in the $140s.  The Ridge at Leon Valley, with homes ranging in price from $130,000 to $170,000  is just minutes from the San Antonio Medical Center, with a wide-range of shopping outlets nearby.  If you are looking for a quick move-in, Tristone Homes has a limited number of homes that are near completion.  Ask for details on these homes when you contact me.  All Tristone Homes are eligible for Texas Vet financing, with interest rates ranging from as low as 4.75% for qualifying veterans. 

For years, the Federal Housing Administration loan programs had been looked down on by borrowers and lenders because of statutory and regulatory constraints the limited the agency's ability to carry out its mission of offering reasonable loan programs to the American working class.

The recent enactment of H.R. 3221 has eliminated many of the problems and has made FHA loans a very viable way to purchase a home.  According to National Association of Home Builders President Sandy Dunn, "H.R. 3221 will give the FHA greater flexibility to respond to the needs of borrowers, enable more working families to become home owners, expand affordable mortgage loan opportunities for seniors and allow the agency to play an important role in stablilizing the mortgage markets."

H.R. 3221, the Housing and Economic Recovery Act of 2008, while enabling the FHA to deliver a full range of mortgage products throughout the country by permanently raising the FHA loan limit to 115% of an area's median home price, with a maximum loan range from $271,050 to as high as $625,500 for those qualifying areas of the country.

Other incentives resulting from H.R. 3221 are the simplification of requirements for purchasing condominiums and an increase in the loan limits for reverse mortgages to seniors to as high as $625,000, The bill also reduces and caps the maximum fee lenders can charge seniors for an FHA reverse mortgage loan and effectively protects seniors by prohibiting lenders to compel the purchase of other financial service products in conjunction with reverse mortgages.

Another issue on the downside is that FHA will be allowed to charge higher mortgage insurance premiums, but at the same time, the bill places a one-year moratorium on the implementation of risk based mortgage insurance premiums. 

To view other articles by Ed Barrett, please click on:  www.EdBarrettHomefinder.com