SCUCISD Board approves new Elementary Attendance Zones for 2008-2009 School YearThe SCUCISD Board of Trustees approved the new elementary attendance boundaries for the 2008-2009 school year, during a special called board meeting held at 6 p.m. on March 25, 2008. With the opening of John A. Sippel Elementary School, the district’s seventh elementary school, the distract was tasked with redrawing the boundaries with the help of 21-member committee.
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The real estate market is like the weather...different in EVERY city EVERY day! Yes that's right...real estate markets cannot be summed up into one and that is exactly what the media is doing. The market in San Antonio is definitely different than the market in San Diego. Lucky for us the "weather" in San Antonio is not as cloudy as other areas of our nation. With an average sales price of $172,000 the San Antonio market is very affordable. Not only that, INTEREST RATES ARE LOWER THAN THEY HAVE BEEN IN 40 YEARS! Wow!! So my question is why not buy today? Statistically the market will improve and house values will go up again. Think about it, do we buy stock when it is high or low? Low! The real estate market should be looked at in the same manner. Buy now while prices are low. If you plan to hold on to that home for a while, you are likely to see a profit in the future. So, don't let the negativity of the media scare you away, now is a GREAT time to buy a home! The weather today is SUNNY!
Jeanine
Interestingly enough, buyers are finally starting to take action. The number of loan applications taken in the first weeks of December is up 22% compared to the preceding two weeks here in San Antonio. Some of that increase can be attributed to the “last deals of the year” for builder close outs, but hopefully it is an indication that buyers are starting to take notice of the increased inventory and lower rates.
Financially speaking, inflation concerns headline the news these days. The Fed wants to fight off a recession (predicted as a 50/50 chance by former chair Alan Greenspan) with additional rate cuts but in so doing, risks pushing inflation even higher. The Fed, in its 3rd consecutive meeting, lowered interest rates last week to 4.25%. The last time this happen was in 2001. This Friday, the Personal Consumption Report comes out giving the best read on inflation. If CORE PCE remains under 2%, further rate cuts are likely. A reading above 2% could spell trouble.
Joshua Sigman
Senior Loan Officer
Legacy Mutual Mortgage
As a mortgage banker here in San Antonio, I have been inundated with questions from prospective home buyers regarding whether or not we have “hit the bottom.” I find this question very amusing. It seems to me that everyone is trying to time the market, letting that govern there decision on whether or not to wait longer or buy now. Most people who have a financial background know that is very difficult, if not impossible, to time the exact point at which a market slump makes a turn around for the better. For that reason, I have always tried to lead my clients to base decisions on what they know is happening right now, and how it compares to history.
So my answer is simple. Right now, we know that employment growth is excellent in San Antonio. Right now, we know that there is more inventory on the market than there has been in the last three years. Right now, we know that interest rates are at a 26 month low. Right now, we know that it is a buyers market! If we are not at the bottom, we are close enough. Those who pull the trigger on buying a new home in the next month or so will beat the inevitable flood of buyers that will hit the market by the beginning of the 2nd quarter of 2008.
Joshua Sigman
Senior Loan Officer
Legacy Mutual Mortgage
Isn’t it interesting that just a few short years ago the interest rates were at 7% and 8% and people were still looking at buyer a home being the American Dream. During the past few months the interest rates have been sometimes below 6% and people are on the fence about buying a home. Did the American dream go away? Has the military somehow discouraged people from buying? All you folks that have VA benefits out there you still have those benefits!! In the past few years, folks have gotten away from looking into or realizing that those VA and FHA loans are out there and very easy to get.
In the past the Schertz/ Cibolo area had some builders, but not an abundance, and all were production builders. Now, you can build a home with more of your own specifications, much like a custom home. You can even build a custom home in the nearby areas. The preowned market is sometime your best value, if the seller is realistic about the “market” in the area. Some of the preowned homes have upgrades, such as blinds, ceiling fans, landscaping, and ceramic tile to name a few.
Find an area specialist! You don’t have to rely on your own knowledge about a “market”. And the national media has no idea what is happening in our area. They can only report generalizations. A buyer agent is a wealth of information on the area and the financing options out there. Use those benefits the government backed loan programs. These loans were created for people to afford the American Dream and now is a great time to buy a home. Yes you can afford to buy a home and don’t let anyone tell you can not use a government program just because they don’t know how or don’t want to take the few extra steps it takes to get that financing.
