San Antonio TX real estate agent

First-Time Home Buyer Tax Credit

Ed Barrett — Mon, 09 Mar 2009 20:06:00 GMT

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

Copper Ridge - Picture Perfect Living

Ed Barrett — Fri, 16 Jan 2009 18:55:00 GMT

Picture a building site with a terraced orientation, affording you an unobstructed panoramic view of distant hills or city lights from your one-acre or larger building site. And when the conditions are right, see yourself viewing some of Texas' most spectacular sunsets. Then locate this building site so that it has easy access to city conveniences, nature parks, lakes, and the renowned cultural history of one of Texas' best-kept secrets. Sprinkle in some native grasses, and an abundant display of wildflowers and cactus plants to soften the edges of the limestone landscape. Does it sound too good to be true? Not if you live in Copper Ridge, a spectacular site that will be host to historic New Braunfels, TX Parade of Homes in the fall of 2009.

Just minutes away from Copper Ridge is Landa Park, home of one of the area's most beautiful water parks, and the famous Gruene Dance Hall, which has been host to hundreds of top-name country stars, to include Merle Haggard, Lyle Lovett, Willie Nelson and George Strait. A short drive away from Copper Ridge is beautiful Canyon Lake, were white-tailed deer, roadrunners, and other wildlife are in abundance along the shores of the lake.

Copper Ridge is an easy drive along IH35 to either San Antonio or Austin, and is on the outskirts of New Braunfels, a vibrant tourist destination, developed by early German settlers who were attracted by the convergence of the spring-fed Guadalupe and Comal Rivers. Home of the world-famous New Braunfels Wurstfest each fall, this small, quiet city has often been called on of Texas' best-kept secrets.

A handful of custom homebuilders have been selected for the upcoming Pare of Homes, but other approved builders will be allowed to build on your homesite. There is no time restriction on when you build, so whether you're looking for an ideal retirement site in your future, or want to build your dream home now, Copper Ridge might just be the place for you. For a complete description of this unique building site, you can log onto: http://www.agentshield.com/go/?a=realtorlandsale2009&d=35

Remodeling - Impact on Selling A Home

Ed Barrett — Fri, 12 Dec 2008 20:10:00 GMT

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.

San Antonio - Benchmark For The Rest of Nation

Ed Barrett — Mon, 01 Dec 2008 15:28:00 GMT

It's getting to be old hat with various surveys conducted by a plethora of sources throughout the country. Once again, San Antonio has been ranked favorably as a great place to live. Although all sources of these polls are important, it's especially gratifying to have received accolades from the prestigious Mortgage Bankers Association, which has a first hand focus on what's happening in the national housing market. Citing its high employment rate, population growth and better-than-average price appreciation as key factors, the Mortgage Bankers Association proclaimed San Antonio as one of the top markets in the country for home buyers.

San Antonio's median home prices continued to perform better than all U.S. regions, dipping only one percent from October of last year through October 2008 versus an 11.3 percent drop nationwide, according to data released Monday by the National Association of Realtors. The Southern region, in which San Antonio is located, showed the lowest decline in the nation at 5.8 percent, according the release.

"With 95 percent employment and people moving in, your glass is more than half full," said David kittle, chairman of the Mortgage Bankers Association. "You are the benchmark for the rest of the country in lending and building.

Pretty strong words. And if the current trend continues, San Antonio's historical stable growth patterns, which avoided the large acceleration in prices in the 2005-2006 timeframe, will result in a surge in property values long before most of the rest of the nation when our economy begins its return to normal.

As reported in a previous article, home values in northwest San Antonio are actually marginally higher than they were during the peak period of acceleration in 2006-2007. If we are near the bottom of the market decline nationwide, and barring a major setback in the current predictions that our economy will soon begin to experience a resurgence, I see no reason why the coming year in San Antonio home sales shouldn't be better than in 2008.

For more articles by Ed Barrett, please visit www.EdBarrettHomefinders.com. If you're considering a move to San Antonio and would like to receive a full analysis of the San Antonio real estate market, or a particular neighborhood, Ed can be contacted at EdBarrett@satx.rr.com, or (210) 681-5252.

Lennar Homes - Up To $70,000 Price Reduction!

Ed Barrett — Mon, 17 Nov 2008 17:39:00 GMT

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.

New Clinic Opens In Westover Hills

Ed Barrett — Tue, 11 Nov 2008 21:15:00 GMT

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

Pulte Homes In Alamo Ranch

Ed Barrett — Tue, 28 Oct 2008 03:17:00 GMT

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.

Best Cities For Your Money

Ed Barrett — Thu, 16 Oct 2008 19:14:00 GMT

Well, you know San Antonio is going to be included on the list, else I wouldn't be writing this article. It never comes as a surprise to me that whenever I see a list of the "Best Cities..." there's a good chance that San Antonio, Texas will be on this list.

The most recent citing of my favorite city appears on the Forbes List of "Best and Worst Bang For The Buck Cities," in which San Antonio was ranked second in the top ten of 'the best.' Other Texas cities on the list were; Austin, (1), Houston (4), and Dallas (10).

The author of the article, Abha Bhattarai quotes Andrew Gledhill, an economist at Moody's Economy.com as saying that "Texas, as a whole, is one of the few economies that's performing extremely well because of the energy and technology sectors. Goodhill added that "military bases in San Antonio have continued to draw a steady stream of personnel and federal employees to the city, spurring widespread job growth.

Other than the economic pluses cited in the Forbes article, San Antonio is a favorite retirement city for many seniors looking for a great climate, affordable housing, easy highway access to numerous recreational activities including world class golf courses within minutes of most San Antonio locations, and the not to be forgotten "Good Old Southern Hospitality!"

Other cities in the Forbes top ten list of best cities are: Indianapolis, IN (3) Charlotte, N.C. (5), Columbus, OH (6), Minneapolis/St. Paul (8), Denver, CO (9), and Portland, OR (10). Cities where residents get the least for their money, according to Forbes, are in order:

Los Angeles, CA, Providence, R.I., New Orleans, LA, Philadelphia, PA, Cleveland, OH, New York, NY, Milwaukee, WI, St. Louis, MO, Washington D.C., and Sacramento, CA.

To determine the cities rankings, Forbes magazine compared the ratios between a city's median home price and its median household income. Also factored into the equation were projected job growth.

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

Interest Rate Impact on San Antonio Real Estate

Ed Barrett — Mon, 13 Oct 2008 15:25:00 GMT

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

Down Payment Assistance Banned

Ed Barrett — Fri, 10 Oct 2008 03:30:00 GMT

A home purchasing practice that allowed sellers to contribute to a buyer's down payment on the purchase of their home, has, at least for the foreseeable future, been banned. One of the arguments against the practice was that sellers would simply increase the sales price of their home to cover the costs. In my experience, this is exactly what happened in the majority of the cases. Buyers understood and agreed to this practice. In effect, what they were doing, was borrowing the down payment, to be repaid over the life of the loan.

This in itself was not a big problem. There was no deception involved between the parties involved in the program. What was perceived as a problem was that the practice drove property values up beyond their true worth. This is probably true. But other factors, in my experience drives properties up beyond their true value. One such factor is long-term low interest rates. During the time when we were blessed with interest rates below 6%, more buyers were able to qualify for a home loan, which in turn, impacted on supply and demand, driving prices upward.

But, back to the down payment ban. A House bill, H.R. 6694, sought to reinstate down-payment assistance before the implementation of the ban on October 1, 2008. Unfortunately, at least for the proponents of the down payment assistance idea, the bill did not make it to a full vote of Congress in time.

In my opinion, it's difficult to justify these programs at a time when real estate values have been declining. If a buyer purchases a home today for $200,000 and it decreases in value over a 2 or 3 year period to $190,000, the buyer is 'upside down' on a mortgage in which he has no money invested. If a job transfer comes up, and the homeowner who probably doesn't have any more cash available today than he did 3 years ago, cannot sell his home. His options are to turn the home into a rental, or walk away from the home. Unfortunately, the latter is what too many buyers have been doing.

For information on the San Antonio housing market, call me at (210) 681-5252, or send an e-mail to me at: EdBarrett@satx.rr.com.

You can see other articles by Ed Barrett by clicking on: www.EdBarrettHomefinder.com

Future of Real Estate and the Small Office

Ed Barrett — Sun, 05 Oct 2008 16:38:00 GMT

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

Gated Communities - Security, Privacy, or Community?

Ed Barrett — Fri, 03 Oct 2008 14:42:00 GMT

All three (security, privacy, and community) are given as reasons for the increase in gated communities in San Antonio and across most of the nation. Although there are doubters on all three criteria as to how well the gated system works, neighborhood developers are paying little heed to their concerns.

Gone are the days when the gated community concept was geared toward the wealthy. From baby boomers, who are now at a point in their lives where they cherish the idea of a secure community, to single moms, who find comfort in being able to come home at night, passcard in hand to enter their enclave of privacy and security, the growth of gated living, according to the Census Bureau's 2001 American housing Survey, reports that more than 4 million households are in controlled access communities, requiring entry codes, key cards or permission of a security guard to enter the community.

Many of the more exclusive gated communities have strict enforcement of at least the security and privacy issues. Gate guards, parking on the street restrictions, and an active enforcement crew ensure homeowners that their chosen lifestyle will be preserved. Whether the gated communities provide a sense of community is not as clear. Sociologists point out that the mind set of gated community homeowners, many of whose main concern is privacy, do not meld easily into the perceived idea that being in a walled-in setting provides for social closeness.

Anthropologist Setha Low sees the gated phenomena as a "search for niceness." Her book, "Behind the Gates: Security and the New American Dream" disects the gated lifestyle through interviews over an eight year period, which covered a wide-range of gated residents, from the working class to the very affluent.

In the final analysis, the gated community concept will always have its critics, and it will also have its supporters. One thing for certain is that the concept will continue to grow.

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

Tristone Homes - Building San Antonio Dreams in Westcove Village

Ed Barrett — Mon, 29 Sep 2008 16:00:00 GMT

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.

Mortgage Rate Update

Ed Barrett — Sat, 27 Sep 2008 16:17:00 GMT

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

Revamped FHA Guidelines Meet Nation's Housing Needs

Ed Barrett — Thu, 25 Sep 2008 20:31:00 GMT

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

Getting A Loan in 2007 - A Tough Task

Ed Barrett — Wed, 24 Sep 2008 21:56:00 GMT

Following the lending debacle in 2005-2006, getting a loan in 2007 was not the simple accomplishment it had been in previous years. Qualified home buyers, who would have easily obtained financing using what had previously been considered reasonable guidelines for loan qualification, are now finding it a lot tougher.

As reported by the Wall Street Journal, mortgage lenders denied nearly one-third of loan applications according to a report issued by the Federal Reserve. Minorities were most affected, with a decline in mortgage approvals for Hispanic buyers being down 49 percent, while those to African-Americans declining 35 percent between the first half of 2006 and the second half of 2007. Loans to white buyers also declined by 22 percent during this timeframe.

According to the Wall Street Journal article, the following were the most prominent reasons given for denial.

Credit History                                          30.25 percent
Not enough collateral                                 23.4   percent
Other                                                       23.3   percent
Debt-to-income ratio                                  20.7   percent
Credit application incomplete                     14.2   percent
Unverifiable information                                8.4 percent
Insufficient cash                                          3.8 percent
Employment history                                    2.0 percent
Mortgage insurance denied                          0.2 percent

Hopefully, if and when the current loan bail out, or a reasonable alternative is approved, we will get back to normal.

Perry Homes - River Rock Ranch

Ed Barrett — Mon, 08 Sep 2008 20:35:00 GMT

Perry Homes, an established Texas builder with over 40 years of experience in constructing high quality homes, has begun construction in the gated community of River Rock Ranch, located in the heart of the Texas Hill Country. Following up on their success in nearby Limestone Ranch, Perry is offering a wide array of floorplans, ranging in price from $340,000 with square footages ranging from 2,800 square feet on up to over 6,100 square feet.

River Rock Ranch's easy access to historic Boerne, Texas and to San Antonio via Interstate Highway 10 adds to the allure of the Perry Home formula that has become synonymous with quality homes throughout San Antonio and the surrounding area.

Shopping at the upscale La Cantera Center, and at The Rim, one of San Antonio's largest shopping experiences is just minutes away from River Rock Ranch. Golfing enthusiasts have a wide choice of courses, to include the PGA Arnold Palmer course at La Cantera along with numerous other community and private courses within easy driving distance.

Six Flags over Texas, one of the areas most successful amusement parks is located adjacent to the Arnold Palmer golf course. Seaworld of San Antonio is an easy 20 minute drive via highway 1604, and an ever improving highway system has made the short distance to downtown San Antonio and the International airport an enjoyable drive at all times of day.

For additional information on River Rock Ranch and other Perry Homes in San Antonio and surrounding areas, you can contact me at: (210) 681-5252 or at EdBarrett@satx.rr.com

New Hope For Distressed Homeowners

Ed Barrett — Thu, 28 Aug 2008 22:52:00 GMT

Appropriately named "Hope for Homeowners Act of 2008" the massive effort to help distressed homeowners, many whom were caught up in sub prime lending over the past few years, is scheduled to begin in October 2008. The act authorizes the insurance of up to $300 million in mortgages and is expected to help approximately 400,000 homeowners.

The effort is backed by the Federal Housing Administration (FHA) who will refinance distressed loans at a significant discount for owner-occupants at risk of losing their homes through foreclosure. Built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosure, the program will require investors and lenders of existing loans who volunteer to participate in the massive operation to take significant losses in order to receive proceeds from the loans refinanced with government insurance. The rationale for the lenders is that they will take less of a loss than they would if the loans went into foreclosure.

An additional requirement of the act requires borrowers to share new equity and future appreciation equally with FHA. This obligation will continue until the borrower sells the home or refinances the mortgage.

The program will be overseen by a board of high level government officials, who will be allowed to develop and monitor standards of operation to enhance the possibility of success for this innovative effort to solve the mortgage woes currently gripping our nation.

For additional information on the Hope for Homeowners Act of 2008, you can contact me at (210) 681-5252.

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Ed Barrett — Thu, 21 Aug 2008 20:30:00 GMT

First Time Buyer Tax Credit

Ed Barrett — Mon, 18 Aug 2008 14:37:00 GMT

H.R. 3221, the Housing and Economic Recovery Act of 2008, passed by Congress and signed by President Bush on July 30, is designed in part to stimulate the depressed housing market by allowing first-time homebuyers a tax credit of $7,500 on the purchase and closing of any (new or pre-owned) home prior to prior to July 1, 2009. A tax credit is a dollar-for-dollar reduction of a homebuyer's tax liability. For example, if you owe $2,000 in taxes for either the 2008 or 2009 tax year, you will receive a credit of ($7,500 - $2,000) $5,500 through your participation in the program. The government will issue you a check in the amount of your credit.

Sound too good to be true? Well, in part it is. The amount of the credit you receive is actually a no interest loan that has to be paid back to the government at a rate of $500 per year over a 15 year period. But, all is not bad. If you were to borrow $7,500 amortized over a 15 year period at a 6.5% interest rate, you would actually pay back $11,760. Perhaps the greatest benefit to many buyers is that it provides immediate cash that can be used to reduce current liabilities such as high interest rate credit cards.

Who is eligible for the credit? Any buyer who is a true first-time homebuyer, or who has not purchased or owned an owner occupied home in the past three years is eligible for the credit, subject to certain income restrictions. To receive the full tax credit, a single buyer is limited to $75,000 modified adjusted gross income; a married couple can earn as much as $150,000. Any amounts in excess of these income will not necessarily disqualify a buyer, but will reduce the amount of the credit.

There is no upfront paper work to be completed. Eligible buyers need only to be able to provide proof of purchase and apply for the credit when filing their 2008 or 2009 federal income tax return.

For a full explanation H.R. 3221, go to: www.federalhousingtaxcredit.com, or contact me at: EdBarrett@satx.rr.com or (210) 681-5252

San Antonio's Population Boom

Ed Barrett — Thu, 17 Jul 2008 18:43:00 GMT

If increase in population has any bearing on the housing market, then home sales in San Antonio should be off the screen when the sluggish real estate market begins its historical return to normalcy. Ranked third in the country in population growth, and with strong employment indicators continuing to show positive signs in San Antonio, home prices have remained relatively stable through the national real estate drought.

The city's population has shown positive gains since the mid-to-late 1990. Since the 2000 census San Antonio has gained close to 170,000 new residents. Bexar County showing the 6th highest numerical gain across the country. Much of the growth can be attributed to room to expand, affordable housing prices and an excellent overall climate.

The optimism that has always prevailed in San Antonio housing is validated by the strong growth in the Alamo Ranch area in far northwest San Antonio, an area that had shown little or no promise during better times. An ever- improving highway system with easy access to a multitude of attractions, ranging from The Alamo and the River Walk, to Six Flags Fiesta Texas and Seaworld add to what makes San Antonio a popular place to live.

Other Texas cities that were in the top ten in growth rate are Houston, Ft. Worth and Dallas.

Choosing The Right Builder and Location

Ed Barrett — Sat, 05 Jul 2008 23:41:00 GMT

I'm not going to suggest one builder over another. Each has their own niche geared toward a particular set of buyers. Buyers with limited income, large families and a desire to live in an upscale neighborhood with outstanding schools have different priorities than a middle-aged buyer who wants top level quality in a home, but is not too concerned with size. Each of these buyers might want to spend $250,000 on their home.

The family oriented buyer might find an ideal home in northwest San Antonio. It has 5 bedrooms, 3 baths, and 2,600 square feet of living space. The home is solidly constructed, but it doesn't have a lot of frills. The counter tops are formica, baseboards are bare minimum, built-in appliances are from the lower price range, and the exterior of the home is mostly constructed with a very durable synthetic material.

The middle-aged affluent buyer finds a home in the same area of San Antonio. His home is in a gated community, on a slightly larger lot, has a four-side brick exterior and 1,800 square feet of living space This buyer has gone to the builder's design center and selected corian-top counters, hardwood flooring, and upgrade appliances, whirlpool tub, a fireplace for his new San Antonio, TX home.

Each of these buyers is pleased with their selection. Their needs have been met and they are living in an environment that suits their individual needs.

The bottom line is, when someone asks me which builder is best and which areas are the most desireable I immediately ask them to define their needs. Not surprisingly, the best builder and the best location is different for each potential San Antonio homeowner.

For an analysis of your needs, and the San Antonio, TX home that would be best for you, please call me at (210) 681-5252 or send an e-mail to EdBarrett@satx.rr.com. There's no charge and no obligation!

2-10 Acre San Antonio, TX Home Sites

Ed Barrett — Mon, 23 Jun 2008 20:55:00 GMT

Located just minutes from historic Helotes, Texas, and a ten minute drive to Highway 1604, the new development at Laurel Canyon Ranch provides a panoramic view of the San Antonio skyline and the beauty that is natural to the Texas hill country. If you're looking to get away from the city lights, yet still have the convenience of the many attractions offered in San Antonio, TX, Laurel Canyon Ranch might just be the home site you've been looking for. Nature preserves, wooded lots, wildlife wildlife and the beauty of Texas wildflowers abound in this serene community.

Developed by renowned landscape architect, Cory Hoffpauir, Laurel Canyon Ranch will have only 320 homes in the 1454 acre expanse. Comitted to maintaining the serene beauty of the scenic area, Hoffpauir has reserved 600 acres for natural preserves to be shared by all Laurel Ranch Canyon homeowners.

Most individual homesites will border greenbelts, waterways and preserves. Laurel Canyon Ranch is under construction with acreage lots starting at just under $80,000.

For additional information on Laurel Canyon Ranch and other hill country sites, please call me at 210-681-5252 or e-mail me at EdBarrett@satx.rr.com. Buyers who purchase a new home through Ed Barrett Realtors are eligible for a $1,000 rebate.

Del Webb Hill Country Retreat New Floorplans

Ed Barrett — Mon, 16 Jun 2008 17:20:00 GMT

Entering into a new phase of development, Pulte Homes recently opened a new series of model homes in the exclusive over 55 retirement community in San Antonio, TX. Designed for retirees, or those contemplating retiring, Hill Country Retreat is ideally located to existing San Antonio health care facilities, recreation and sports complexes and shopping. Within minutes of the development is Seaworld of San Antonio and the Six Flags Fiesta Texas entertainment parks.

Within the Hill Country Retreat retirement site, Pulte Homes has developed a 28,000 square foot Lifestyle Center, which offers a complete fitness area, swimming pool, library, lounge, an arts and crafts room, billiards room, and meeting rooms, which are available to all homeowners. In addition to the Lifestyle Center, the Del Webb retirement community has an outside extensiv esun deck and pool, tennis and bocce courts, and walking trails.

Numerous clubs are sure to meet the needs of the social minded homeowners of Hill Country Retreat. Adding regularly to the list that already includes clubs in computers, photography, gardening, cycling, ceramics, art, bridge and bunco, the Del Webb retirement community is commited to meeting the needs of all their homeowners.

The new plans and model homes being offered range in price from $157,900 to $293,990 and from 1,393 to 2,681 square feet in size. With new medical facilities planned in the Alamo Ranch complex and a mega-shopping center due to open in July, Hill Country Retreat is sure to meet the needs of all retirees seeking to make San Antonio, TX their hometown.

For a brochure of the new floor plans, please fill out the form at the bottom of this page or call me at (210)681-5252.

Del Webb Hill Country Retreat New Floorplans

Ed Barrett — Mon, 16 Jun 2008 17:20:00 GMT

For a brochure of the new floor plans, please fill out the form at the bottom of this page or call me at (210)681-5252.