Real Estate Topics Archives - Adrian Garza-Delgado

Buyers: Are You Ready for a Bidding War?

Today, housing is truly driving the U.S. economy forward.

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer.

With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios.

According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.

1. Hire a Trusted Local Expert

A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that “Particularly during the pandemic, a real estate agent’s guidance is especially valued.”

We’re not in a normal market. We are in one of the greatest health crises our nation has ever seen. To successfully navigate the landscape today, you need a true expert on your side.

2. Get Pre-Approved for a Mortgage

When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search.

Bottom Line

If this is the year you’re ready to buy, let’s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

PREP YOUR PETS FOR THE BIG MOVE

As all Fridays we try to bring information around real estate but also facts that sometimes are not consider at the time of moving. Today is about an important matter, our pets!, hope is helpful:

Here are some tips for making sure the process goes smoothly.

Medical records. When moving to a different city or state, one of the main things you need to take into consideration is finding a new veterinarian that is the right fit for you and your pet. If you have family or friends in the area ask for recommendations or do your own research by reading reviews and news articles.

Once you find one, contact your current vet to initiate a transfer of medical records. Then schedule a “get to know you” appointment shortly after your move. Transportation. Whether it’s a short drive or a long plane ride, you pet will likely need to be put into a carrier.

For most pets, this is a foreign concept and they require time to get comfortable with it. Start acclimating your pet as early as possible and use comfort items like treats and favorite toys and blankets to make the experience a positive one for your pet.

Acclimation. Pad your moving schedule with ample time to get your dog or cat acclimated to their new home. While the movers are still hard at work, keep them safely away from foot traffic to reduce stress.

Once they’ve left, make sure to clear anything that could be dangerous and block off areas as necessary then let them free to get a lay of the land on their own.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Not All Agents Are Created Equal

A real estate agent can be your essential guide, but truth be told, not all agents are created equal. Finding the right agent for you and your family should be your top priority when you’re ready to sell your house.

The right agent is the person who can truly walk you through the whole process, look out for your best interest, and seamlessly lead you through all the steps along the way. In today’s complex market, the way we execute real estate transactions is changing constantly, especially as more elements can be done virtually.

–So, how do you choose the perfect agent?

It starts with trust. An agent can’t give you perfect advice because it’s impossible to know exactly what’s going to happen at every turn – especially in this unique market. A true professional agent can, however, give you the best advice possible based on the information and situation at hand, helping you make the necessary adjustments and best decisions along the way. The right agent – the professional – will get you the best offer available. That’s exactly what you want and deserve.

–What do you need to trust your agent to do?

1. Navigate the Process

There are over 230 possible steps that take place during a successful real estate transaction.

2. Negotiate on Your Behalf

Today, hiring a trusted and talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step you need someone who can keep the deal together until it closes.

3. Price Your House Competitively

How do you know what’s going on in our local area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process?

Dave Ramsey, known as the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

–Bottom Line

You need someone who’s going to tell you the truth, not just what they think you want to hear. Let’s make it happen together.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Best Time to Sell? When Competition Is at an All-Time Low

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

–Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers.

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

-Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Taking Advantage of Homebuying Affordability in Today’s Market

We are here to help you have the most information you need for that important step you are willing to do:

Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

Mortgage Rates
Mortgage Payments as a Percentage of Income
Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing.

So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:The green bar represents today’s affordability. We can see that homes are more affordable now than they have been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market.

–Why are homes so affordable today?

The one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it is more affordable to buy a home today than at any time in the last seven years.

–Bottom Line

If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Let’s connect today to determine if now is the right time for you to make your move.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Latest Unemployment Report: Great News…for the Most Part

We are starting the week with good news about unemployment, but…

The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the unemployment rate fell for the second consecutive month. However, there’s still a long way to go before the economy fully recovers as 17.8 million Americans remain unemployed.

Here are two interesting insights on the report:

–What about a supposed misclassification?

The BLS addressed this at length in a blog post last week, and concluded by saying:

“Regardless of the assumptions we might make about misclassification, the trend in the unemployment rate over the period in question is the same; the rate increased in March & April and eased in May.”

–Does the shutdown of parts of the economy skew the unemployment numbers?

Because the uniqueness of 2020 impacts the employment situation in so many ways, each jobs report is now examined with a microscope to make sure the headlines generated by the report accurately convey what’s happening in the job market.

The bad news is that his analysis reveals that the number of permanently unemployed is still rising (from 4.6% in April to 5.9% last month). The good news, however, is when you use his methodology to look back at the Great Recession, today’s “core unemployment rate” is significantly lower (5.9% versus 10.5% in April 2010).

–Bottom Line

Last week’s jobs report was much better than most expected. However, we should remain cautious in our optimism.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

GREAT WINE-STORAGE IDEAS

Today we bring you tips on how to storage wine at home the best way.

If you are a big wine connoisseur or just saving a few bottles to crack open on special occasions, it’s important to understand how best to store them safely until you’re ready to partake.

Temperature

To ensure each wine bottle maintains the proper flavor and aroma, storing it at the correct temperature is essential. Regardless if it is red, white, or sparkling, storing your bottles at 53°F to 57°F is most ideal. Keeping your bottles in a room where the temperature is much warmer than that may cause the flavor to become flat. Keep your wine in the dark and away from direct UV rays as much as you can to protect the wine’s flavor.

Moisture

Controlling the humidity in the room is important if you plan to store bottles for more than a couple of years. The ideal humidity for storage is between 50 to 75 percent and anything below that could cause the corks to dry out, letting air seep into the bottle.

Positioning

Generally, it is advised to store wine bottles on their sides. This allows the wine to stay up against the cork which should aid in keeping it from drying out. However, if you don’t plan to store the wine for long or if the bottle has a screw top or plastic cork, this is not required for safe storage.

Timing

Not all wine is designed to have a long shelf life or be aged. Make sure you know what the winemaker’s intention was for that particular bottle. It is always better to open it a little early and enjoy it!

We hope this information help you and fint in interesting. Remember is our Friday of tips.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

A Historic Rebound for the Housing Market

Did you know?:

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001.

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing.

–Why is this rebound important?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph below):This jump means buyers are back in the market and purchasing homes right now.

But in order to continue with this trend, we need more houses for sale on the market.

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.

–Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Are New Homes Going to Be Available to Buy This Year?

Many experts agree that it may actually already be in motion or will be starting by the 3^rd quarter of this year.

With the housing market positioned to lead the way out of this recession, builder confidence might be a bright spark that gets the recovery fire started.

According to the National Association of Home Builders (NAHB):

“New home sales jumped in May, as housing demand was supported by low interest rates, a renewed household focus on housing, and rising demand in lower-density markets. Census and HUD estimated new home sales in May at a 676,000 seasonally adjusted annual pace, a 17% gain over April.”

They’re also poised to create the much-needed new homes for Americans to purchase in a time when inventory is so scarce.

Dean Mon, Chairman of the NAHB notes:

“As the nation reopens, housing is well-positioned to lead the economy forward…Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”

The gap between homes to buy and the high demand from purchasers may be narrowed by new construction, and the data shows that these homes are on their way into the housing market.

–Bottom Line

With new residential construction right around the corner, you can feel confident about selling your house and having a place to move into. Let’s connect today to discuss selling your house while demand from eager buyers is high.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Bottom Line

The experts are optimistic about the second half of the year. Let’s connect today to determine how you can re-engage in the process.

1. Hire a Trusted Local Expert

2. Get Pre-Approved for a Mortgage

Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–So, how do you choose the perfect agent?

–What do you need to trust your agent to do?

–Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–Bidding Wars Heating Up Again

-Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–Why are homes so affordable today?

–Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–What about a supposed misclassification?

–Does the shutdown of parts of the economy skew the unemployment numbers?

–Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Today we bring you tips on how to storage wine at home the best way.

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–Why is this rebound important?

–Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

–Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

Bottom Line

–View more homes for sale in San Antonio here:

– Get your San Antonio Home Valuation Here

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