San Antonio's Rockstar Turned Realtor®: Thinking of buying a home in San Antonio? Ten things you should consider.

photo courtesy of striatic

"It's a great time to buy!  There's never been a better time to buy!  Buy now!"

You've heard the phrases, they're tossed about by Realtors® everywhere and printed on every blog I can find.  What you need to ask (and get answers to) is - why?  Any real estate agent worth their salt will be able to give you a brief summary of the things that make this a "great time to buy," but I've decided to boil it down to ten simple facts that you can't avoid.  These ten factors, especially when combined, do indeed make this a great time to consider purchasing a home in San Antonio.

1. Interest rates - You've heard it on the news, you've seen it on TV, you can read them on the internet.  Rates have remained relatively low recently and although they can always go up or down, trying to time them is next to impossible.  Don't try to wait for them to bottom out as you may just miss the boat.


2. Available inventory - Inventory (the supply of homes available on the market) still remains at higher levels, making this a "buyer's market".  This means a wide variety of choices for you and because of the laws of supply and demand - better prices.  As inventory levels begin to drop, expect to see prices begin to rise.
   
   


3. First Time Home Buyer Tax Credit - If you haven't owned a home in the past three years, you might qualify for up to $8,000 in the form of a tax credit.  Free money from the government for buying a house?  That's correct.  Visit my site, (www.rerockstar.com) for a comprehensive overview of the tax credit.


4. Rent vs. Buy - With interest rates lower than normal, many people can afford to buy a home and not pay much of a difference in their payments between a rental and a home.  With a home, you're building equity for your future.  With a rental, you're paying someone else's mortgage.


5. Moving up - With a wide selection of homes available on the market, low interest rates, and your ability to get "more for your money," San Antonio real estate becomes more enticing to those seeking to move up to a larger home for their growing family.


6. Spring time - With Spring here, we expect to see home sales pick up as part of the natural cycle of real estate.  People like to buy in the Spring and Summer seasons.  Its a gorgeous time to be shopping for a home and people tend to more active during these months in order to take advantage of the beautiful San Antonio sunshine.


7. Summer time - As the kids get out of school, parents begin considering where to move.  No one wants to disrupt a child's school year, so many folks tend to wait until the end of Spring/beginning of Summer to start looking.  Starting now will give you the jump on those home shoppers.


8. Market indicators - While I'm not here to say we're 100% on the road to recovery, there are some good signs that have been coming through in the last few weeks.  My weekly analysis of San Antonio's real estate market indicates we are trending away from the low points of our local market.
   
   


9. PMI 2009 Market Risk Index - PMI (mortgage insurer) released its 1st Quarter 2009 Market Risk Index (download pdf file) in April and San Antonio has been listed as a "minimal" risk.  This index is used by banks and investors to help determine statistical appreciation/depreciation potential in a given area.


10. New home builders - Builders also have a large inventory of brand new homes that they need to sell.  With builders, they often can't get the capital to keep building if the pre-built homes aren't selling.  Because of this, many builders are offering very compelling incentives (I've seen up to $31,000 in incentives on new construction), lowering prices, and offering upgrades at low/no cost.