Vol.XXXII, No.13 www.realestatenewsline.com. July 1, 2014 How to Get Rid of Private Mortgage Insurance By Barbara Coker, Directions Equity PRSRT STD U.S. Postage PAID San Antonio, Texas Paid Permit #1957 REALTORS® are expected to be fairly knowledgeable on many mortgage finance topics. Private Mortgage Insurance, or PMI, is one example that is often misunderstood. Is PMI a good thing or a bad thing? Why would a buyer need it, and how can a buyer get rid of it? Your buyers might ask you these questions, and you should have a basic knowledge of these issues. Even so, a wise Realtor should also refer their buyers to a well-experienced local Mortgage Loan Officer to analyze their best options. The purpose of any insurance is to cover “risk.” For the mortgage lender, the risk of loss naturally rises as the down payment amount falls. With a 20% down payment, conforming guidelines (Fannie Mae and Freddie Mac) find the risk level acceptable enough to avoid the need for extra PMI protection. So a conventional buyer who is unable or unwilling to invest the whole 20%, either needs to purchase PMI or secure a “piggyback” or second lien to cover that risk. Both are good options, and your experienced loan officer should explain to your buyer the pros and cons of each. Obviously, when the smaller 2nd lien is paid off, that payment stops. However, there are several ways to terminate or cancel the PMI, and there are clear distinctions between those words. There are three scenarios to remove PMI: Automatic Termination, BorrowerRequested Cancellation based on original property value, and Borrower-Requested Cancellation based on current property value. The Homeowners Protection Act of 1998 (HPA) established Termination and Cancellation protocols based on the Original property value. Furthermore, Fannie and Freddie already had Cancellation protocols based on the Current property value. Lenders must give a PMI disclosure specific to the HPA of 1998, and that disclosure does not specifically refer to older protocols. Some buyers might end up with the mistaken idea that they can’t still request cancellation on the current value. HPA of 1998 Termination is automatic upon the earliest of either the balance reaching the midpoint of the original term, or reaching 78% of the original property value. This is for owner-occupied single family or second home loans closed on or after 7/29/1999. The loan must be current on the termination date. The LTV’s are slightly higher for older loans and multifamily properties. HPA of 1998 also allows the borrower to request cancellation of PMI when the balance reaches 80% of the original property value, with certain stipulations. 80% for one-family principal residence loans and second home loans; 70% for 2-4 unit principal residence and investment property loans; 70% for second mortgages, calculated using the combined outstanding balances of all mortgages. The request must be in writing. The loan must be current, and have had a good repayment history for the last 24 months. There can be no subordinate liens, and the borrower must show that the value has not decreased. Borrower-requested Cancellation based on current property value has been a Fannie/Freddie option for years. In the first 2-5 years of the loan, the LTV’s are a little tighter. 75% for one-family principal residence loans and second home loans; 70% for 2-4 unit principal residence loans, and investment property loans. But for 5+ years it eases a little: 80% for onefamily principal residence loans and second home loans; 70% for 2-4 unit principal residence and investment property loans; 70% for second mortgages, calculated using the combined outstanding balances of all mortgages. There are certain stipulations. Again, the request must be in writing. The loan must be current, and have good repayment history for the last 24 months. The lender must secure proof of the current value with an appraisal at the borrower ’s expense. Conventional loans with PMI have become more attractive since FHA now requires the MIP to remain for the life of the loan on the high loan-to-values. Loans with PMI as opposed to the piggy-back versions might be easier to secure automatic underwriting approval, and they are often slightly better priced. 2 REAL ESTATE NEWSLINE July 1, 2014 TAP FCU Spring “Teach Your Youngsters About Savings” Event A PUBLICATION OF CARVER COMMUNICATIONS, INC.© Weston Hoppe high-5s Kirby Kangaroo as he learns the difference between a savings account at TAP FCU and his piggy bank. Real Estate Newsline is published semimonthly by Carver Communications, Inc., as a nonsubscription publication for the more than 7,500 members of the San Antonio Board of REALTORS (SABOR). Charles Stewart, Icon Realty is all smiles after setting up accounts for Elijah and Carla who hope they will be winners of the bicycle drawing. Publisher/President .............Jeff Carver Managing Editor..........Candace Carver Sales & Marketing .............Candi Meyer Cell - 557-8722 Contributing Writers: ......Cathey Meyer ..................................................Pat Farrell Columnists ...........................Corie Boldt ...........................................Missy Stagers (210) 308-9334 Carver Communications, Inc., is a member of the San Antonio Board of REALTORS®, Real Estate Newsline is not responsible for opinions or facts expressed by nonstaff writers or for errors and any byproducts in advertising or editorial copy. REALTOR® is a registered trademark. The word REALTOR® sometimes appears in this paper without the registered trademark symbol (®), for the purpose of saving space. Wherever the word REALTOR appears in this paper, the registered trademark should be assumed. We welcome submissions of photos, press releases or articles. Send to: Real Estate Newsline Keilyn Hoppe is not as receptive to Kirby Kangaroo as her brother was but her folks Melissa and Gregg Hoppe opened her savings account too. With Rachael Robinson’s help Barbara del Amo, Keller Williams Legacy sets up savings accounts for her lucky grandchildren who are living in California. P.O. Box 33862 San Antonio, TX 78265-3862 FAX: 308-9229 E-MAIL: [email protected] [email protected] Please include a self-addressed stamped envelope if material is to be returned. July 1, 2014 www.realestatenewsline.com By Missy Stagers Chairman, San Antonio Board of REALTORS® Join SABOR on July 25 for the General Membership Breakfast If you’re like me, you cheered on the Spurs and celebrated their victory in June to become the NBA Champions. A top-notch basketball team is just one of the many assets that attract people to San Antonio along with affordable home prices, historical landmarks and sunny weather. With so many people relocating here every day and business booming, it is important to stay connected with what is happening in the real estate industry and how it can affect your business. One of the best ways to get connected and learn the latest about what is happening at your Board and in your state is to attend the General Membership Breakfast at SABOR on July 25. There is no cost to attend and breakfast will be provided. The morning will feature the Region 13 update from the Texas Association of REALTORS® as well as a report from the SABOR Nominating Committee and proposed changes to the SABOR bylaws. You will have the opportunity to vote on the slate for the 2015 Board of Directors and the proposed bylaws changes. This is an excellent opportunity to catch up with your fellow REALTORS® over breakfast while gathering essential information as we continue with 2014 and get ready for 2015. Breakfast and registration will begin at 8:00 a.m. with the program at 8:45 a.m. Register on IMS and learn more at SABOR.com. The San Antonio Board of REALTORS®, at the General Membership Breakfast to be held on July 25, 2014 at 8:00 a.m., will submit for a vote the following proposed bylaws amendments. The recommended changes are: • The committee recommends that language be included into the bylaws that limit those who can serve on the Board of Directors to REAL ESTATE NEWSLINE Primary members only. • That those members who are or will be serving on the Nominating Committee for SABOR Board of Directors positions are prohibited from nominating candidates to be considered by the Nominating Committee on which they are serving or will serve. The only exception to this rule would exist when no other name has been put forward for a particular position at which point members of the Nominating 3 Committee may nominate candidates for an otherwise uncontested position. • That the definition of what constitutes a quorum for the nominating committees be amended. The proposal recommends the removing of alternates from the committee and increasing the number of Board of Directors members by one creating a total number of 11 members. The necessary members of 7 to conduct business will remain the same. 4 REAL ESTATE NEWSLINE July 1, 2014 Cecilia Sosa, North American Title and Tami Stillings, Keller Williams Heritage at the Keller Williams Margarita Pour-off. Meet Jordon Anthony Smith, first Grandbaby for Marie Williams with VanDyK Mortgage. Lacy Padilla, KB Home, Richard Cromer, C-21 Scott Myers and Tyler Buske enjoy the KB Home Open House at Northeast Crossing. Tex Smallwood with Paula Boyden and Jerry Smallwood, both of Keller Williams Legacy at their Happy Hour at La Hacienda. Mary Ann Jeffers, Reliance Residential Realty with Derrick and Julianne Hough from Dancing With the Stars here in San Antonio. Doris Follett, Joyce Bradfield and Kristy Bradfield Petlin, all with BH&GRE Bradfield Properties as they celebrate Flag Day at The Club at Sonterra. Susan and Steve Shuemate, both of Keller Williams Heritage with Cindy Kolmeier, New Penn Financial at the Keller Williams Margarita Pour-off. Connie Riddle, Jacob Van Winkle and Ed Riddle, all with Keller Williams Legacy are all smiles at the company Happy Hour at La Hacienda. www.realestatenewsline.com July 1, 2014 REAL ESTATE NEWSLINE 5 6 REAL ESTATE NEWSLINE July 1, 2014 Steve Frank, Burdick Custom Homes with Lisa Arlette and Linda Rudd, both of Legacy Mutual Mortgage and Tracy Harris, Burdick Custom Homes highlight the possibilities in Alamo Heights at the event for Kuper Sotheby’s International Realty. Jeff Hamilton, Gold Financial, Robert Elder, Keller Williams Heritage and Billy Neel, Gold Financial celebrate Keller Williams Red Day. Jeff Hamilton, Gold Financial with Tara Allman, Keller Williams Heritage at the Keller Williams Margarita Pour-off. Loving the scooter! Glenn Clarke, Glenn Clarke Realty at the KB Home Open House at Northeast Crossing. www.realestatenewsline.com July 1, 2014 By Cathey Meyer Speed TV Speed dating was a popular method for anti-social singles to discover why their lives are better as singles rather than compromised as a couple. Apparently, the best choice for selecting a long term partner was to gather in a large room, tie on your running shoes and talk as fast as you can about yourself for two minutes to a total stranger. Fees and excise taxes were charged and most of my friends who participated in this meet-a-mate challenge came away with a less than glowing report about the availability of plus ones. Not surprisingly, no one ever saw anyone from the speed rounds again and someone walked away with a large bank deposit. I would guess that person is not sharing the wealth with a significant other met in a speed round of lonely hearts. The trend in discovering a new favorite television show is now much the same process. To access a television signal, we sit in a large room, tie one on, and pay a significant fee for someone to provide us 900 cable channels of choices of what we might want to connect with on a weekly visit. We then speed through the selections seeking that one significant other that will relate to us on a shallow level. Much like speed dating, we are not really allowed much time to connect with the nuances of a show. The ‘new’ television season will soon be debuting in the ‘Fall’ as the network executives like us to believe. Fall will begin in September this 2014, but our new television season now waits until late October (or the end of the Olympics) before rolling out the new shows. Ironic since they have been promoting them since late May during the reruns of the current television season. Once the shows begin to air, the issue of speed TV kicks in at full stream. After REAL ESTATE NEWSLINE watching the punch lines of nine to 12 new situational comedies air in prime time commercials for four months, the actual 23 minute show hold very little interest once the viewer settles in to peruse. The remote is not so remote, but the commitment to the new show is only as long as the last speed round. Before long, the tinkering of my favorite old shows now hinge on the debut of bad new shows. Once upon a timed series, I began watching The Big Bang Theory on a Monday evening. We settled in to a regular routine of socially awkward word nerds and I counted the original airings until this piece of intellectual humor would be cancelled. To my unexpected joy, The boys of the bang returned, but not to their ‘regular Monday night time slot’. The Bang enjoyed an original 13 series run and an endless rerun of the original 13. Then there was a writer’s strike, sporting events and the transition from free-airwave television to high-dollar-definition television, all of which caused significant delays in the rescheduling of a new 22 episodes. The boys banged around on Monday night, Wednesday night, occasionally on a Saturday night and then settled into a ‘regular’ Thursday night run until, of course, it disappeared only to return to Monday nights. In surprising news, in theory, the show will now run until 2017 giving it a full decade of irregular regular broadcasts. I miss the old days when Carol Burnet was ALWAYS on Saturday night, Monday 7 Night Football was ONLY on Monday nights and cable, satellite/dish television, and delayed live streaming to your iThing did not alter your viewing habits. Do not think for a moment creating one show with a ‘CSI’ and just changing cities establishes regular viewing habits. Same plot, different weather. As the new advertisements continue through the entire summer promising us new and fresh canned-laughter television, I am speeding through attempting to select shows that just might last more than four episodes. The odds are better of meeting a lifetime mate in a speed dating round than predicting which of the coming attractions will eventually earn a previously unknown actor $4 million per taping. Someone will have their obnoxious parent move in; someone will visit endlessly with their five Anglo friends about daily trivial events; someone will be disguised as an alien to fit into the ‘hood; some alien will be disguised as a human to fit into the ‘hood; someone will blend a collection of families under one impressive ‘middle class’ home; and we have not even scratched the surface of reality television and our housewife buddies. Maybe my television viewing habits are occupying too much of my limited brain power. I should just unplug and find a good book. Better yet, I will just wait for the good book to be a mediocre movie made into a reality television show. 8 REAL ESTATE NEWSLINE July 1, 2014 Lacy Padilla, KB Home and Adolfo Trevino, Real Living Best Homes at the KB Home Open House at Northeast Crossing. Alexia Herber, Burdick Custom Homes, Kathy Budde, Keller Williams Boerne and Claudia Nolen, Phyllis Browning Company at the San Antonio Business Journal Top 50 Award Private Realtor Event. Perry Messer and Teresa Kriewald, First American Title at the Keller Williams Margarita Pour-off. Kellie Sue Daniels and Lindsey Nix, both with Coldwell Banker D’Ann Harper Realtors at the David Weekley Open House at the Preserve at Alamo ranch. Our North Star Stars! Albert Banigo, Area Manager, NMLSR# 408669, Shawnta Mitchell, Ellen Schuler, NMLSR# 409880, Heather Eikenberg, NMLSR# 1019519, Erica Vazquez, Customer Service Rep. and Jordan R. Davis, NMLSR# 505877 210.856.5300 40 N.E. Loop 410 San Antonio, TX 78216 www.realestatenewsline.com July 1, 2014 REAL ESTATE NEWSLINE 9 10 REAL ESTATE NEWSLINE July 1, 2014 Benjamine Carrizales, Sell Smart Real Estate, Judy Dean, Perry Homes and Rodney Mishler, Vista Realty at the Perry Homes Open House at New Braunfels Hunters Crossing. Rachael Shields and Tracie McKee, both with Stewart Title at the Grand Opening in New Braunfels. Randall Zamora, RE/MAX Access with Tracy Tylman, Legacy Mutual Mortgage at the Keller Williams Margarita Pour-off. Jean Marie Warren, Prime Lending with Laura Lizcano, Fisher Mann at the April WCR Luncheon. July 1, 2014 www.realestatenewsline.com Polly Keene, Chicago Title, Paula Gulley, Phyllis Browning Company and Amy Kolb, Keller Williams City View at the Chicago Title Open House. Joyce Killian, Stewart Title and Marsha Kovar, Keller Williams New Braunfels at the Stewart Title, New Braunfels Grand Opening. Steven Gragg and Heather Watson, both with Keller Williams Legacy at the Happy Hour at La Hacienda. Daniel Pedroza, Keller Williams City View and Amy Corona, imortgage at the March NAHREP Luncheon. REAL ESTATE NEWSLINE 11 12 REAL ESTATE NEWSLINE July 1, 2014 Letty Yong, Home Team of America (standing) and Judy Mitchell, Keller Williams City View (seated) at the Imagine Homes Lunch Amorosa in Cibolo Canyons. Gregg Collum, Ranchers Plus Realty and Johnnie Childs, Icon Realty at the Perry Homes Open House in New Braunfels Hunters Crossing. Angie Jenkins and Shannon Powers, both with Gehan Homes in their silly red pepper hats during the Interoffice Chili Cook-off. Our Rental Consultants Are Just One Call Away! Jerry Berry Carmen Gonzales Irene Dempsey (210) 493-1688 • (800) 598-1688 • FAX (210) 493-1695 11818 WURZBACH • SAN ANTONIO, TX 78230 Apartment rental assistance for long and short term needs. Corporate apartments. www.aptreloctr.com www.realestatenewsline.com July 1, 2014 REAL ESTATE NEWSLINE 13 14 REAL ESTATE NEWSLINE July 1, 2014 Jary Sours, Keller Williams Heritage and Debbie Blackerby, American Home Shield at the Keller Williams Margarita Pour-off. Claudia Colbert and Debbie Lopez, both of Perry Homes, Marian Benson, New Braunfels Chamber of Commerce with Linda Haugh and Kelly Broussard, both of Reliance Residential Realty at the Perry Homes Open House at New Braunfels Hunters Crossings. Daniel Garza and Linda Pena, both with KB Home at the KB Home Open House at Northeast Crossing. THE B ARTON CO., CARPETS PROPERTY MANAGEMENT . . . . . . SOLUTIONS .. 100% NYLON CARPET STARTING AT 1.11 SF FHA CARPET 1.33 SF / 11.94 SY Carpet Specifically Engineered For Property Managers. Installed (VAC) With Spillguard Pad 1.59 SF / 14.27 SY SIX MONTH FINANCING Deferred interest with minimum monthy payments Call Us For All Types Of Flooring • Carpet • Hardwood • Ceramic Tile • Vinyl 655-8269 100% Nylon, FHA Grade Carpet in stock for very prompt installation July 1, 2014 www.realestatenewsline.com Diagnosis: Breast Cancer - Now What? It is not hard to imagine how difficult it might be for a woman to learn that she has breast cancer and that the extent of the condition will necessitate removal of one or both breasts. In times past that diagnosis usually meant that death was a certainty so the concerns revolved around preparing for that outcome. Today, however, not only is survival common, but the chances are good that a woman, with proper care can live a long and satisfying life. There are many facets to "proper care" beginning with physical recovery from the surgery and any necessary chemical and/or radiation therapy and moving on to addressing the individual's ability to handle their mental perceptions as to what the changes to their body will mean to them and, possibly more importantly, to others. Also critical to proper care is making educated breast reconstruction choices. For the most part, the reconstruction options consist of implants along with what filling materials might be used (saline or silicone) and tissue flap procedures (grafts) which vary according to the source of the tissue that will be used in the flap. According to Susan G. Komen there is no one "best" reconstruction method since we are all individuals and there are pros and cons associated with each option. "Flap" procedures which are the alternative to implants and prostheses, do require a little more extensive and specialized microsurgery carried out by well trained plastic surgeons. These procedures may require a little longer hospital stay but the results are generally accepted as creating a more natural feeling breast for the patient. While there are different types of REAL ESTATE NEWSLINE flap procedures, named according to the source of muscle or fat that will substitute for the breast tissue, the deep inferior epigastric perforator (DIEP) flap breast reconstruction is currently the most common of these procedures and is one where the fatty tissue is obtained from the stomach and pelvic areas. In San Antonio we are fortunate to have a highly respected facility devoted to the most stateof-the-art breast reconstruction techniques available today. Founded in 1994 as a two physician practice, PRMA Plastic Surgery, located at 9635 Huebner Road, now has a staff that includes support personnel, Patient Advocate, Physician's Assistants, RNs. To meet the needs of demand, the Physician count has also increased to seven. To date PRMA Plastic Surgery has successfully completed more than 5,500 breast reconstruction procedures making it one of the busiest reconstruction centers in the world. In April of this year a second location opened in the Stone Oak area in the Atrium Building at 502 Madison Oak Drive. While a great number of patients are local there are many who have learned of the facility through word of mouth and come from all over the country. 15 Regardless of where they originate, patients comment about the wonderful aura that emanates throughout the facility and describe, from their very first appointment that they have come to the right place. They have specifically mentioned the courtesy, helpfulness and attitude of caring exhibited by all personnel throughout the entire process. It is important for those who now face the prospects of breast removal, because they have either been recently diagnosed with breast cancer or have tested positive for the breast cancer familial gene, to know about PRMA Plastic Surgery so they may make wise selections in advance and avoid costly mistakes from having been rushed into making uneducated and poor reconstruction choices. The PRMA website http://prmaenhance.com/ offers a wealth of additional information such as Insurance FAQs, Travel & Lodging suggestions and Patient Testimonials, the site can answer most of the initial questions prospective patients might have concerning their choices. To set up a consultation and discuss details specific to the needs of the individual patient. Please call (210) 692-1181 or (800) 692-5565. 16 REAL ESTATE NEWSLINE July 1, 2014 Wollace De Souza, Toll Brothers at the Dominion. Tish and David Lowe, both of Real Living Best Homes Realty, surround Karen Oliver, David Weekley Homes at the Open House at the Preserve at Alamo Ranch. Alan Langhoff, BH&GRE Bradfield Properties and Misty Wood, Keller Williams City View at David Weekley Open House at the Preserve at Alamo Ranch. THE Man For Investment Property! Chad Emerson Investment Property Specialist, NMLS# 232133 • Few INVESTOR OVERLAYS on our serviced FHA & VA products • In house underwriting and loan servicing • Fannie Mae, Freddie Mac, Ginnie Mae direct lender 210-348-8100 14100 San Pedro #210 • San Antonio, Texas 78232 For use by Real Estate Professionals only. Not intended for public use or distribution. Company NMLS# 3274 July 1, 2014 www.realestatenewsline.com For more than twenty years Gold Financial Services has been a leader in the mortgage lending industry with branches in Texas and Louisiana and with the ability to handle loans in New Mexico and Oklahoma. In addition to San Antonio and Boerne other Texas loan origination branches can be found in Addison, Brownsville, Dallas, Duncanville, Edinburg, Grapevine, Laredo, McAllen, Mesquite, Plano, Southlake, Troy and Waco. Through their cutting edge mortgage origination technology Gold Financial is able to offer borrowers lower mortgage costs and use of this technology, coupled with the company's ability to rapidly respond to new opportunities in today’s dynamic mortgage markets, assures enough underwriting flexibility to provide unique mortgage programs that can satisfy individual mortgage customer needs. All Gold Financial Service employees pride themselves on the fact that they work hard to exceed the expectations of their clients and are committed to building rewarding, long-term relationships with their customers. Michelle Noble, who has managed the branch located at 2941 Mossrock, San Antonio, TX 78216 for the past three years, has been originating loans now for 26 years and each member of the team that works in the office with her have 15 plus years experience in the mortgage industry. It is noteworthy that while Gold Financial Services, recognized as one of the oldest and most reputable lenders in San Antonio, has been operating under the same name and at the same location from its inception, has never had a REAL ESTATE NEWSLINE complaint registered with the Better Business Bureau. For everyone's convenience the highest quality mortgage related services are available locally including legal, mortgage processing, underwriting, closing and funding. Because she recognizes that a home loan represents probably the most emotional experience and the most money a person may spend in their lifetime, Michelle is dedicated to ensuring a successful outcome for all clients. She, along with her outstanding processor, Kesha Thomas, work as a team to devote personal attention to each loan undertaken from its origination through closing. During this process they have immediate and convenient access to eight stellar underwriters in the San Antonio Corporate office. The success of this personal touch offered to clients is evidenced by Michelle's having received the Texas Monthly 5 Star Award for Customer Service for the past three consecutive years and by having been recognized by Zillow as number three in Texas for that same outstanding customer service. All of the usual loan products are available through Gold Financial Services, including, but not limited to, FHA, VA and Conventional with 15 or 30 year fixed rates, ARMs, Hybrid ARMS and 2/1 Buy-Downs. And in keep- 17 ing with placing the needs of the customer first they will be counseled as to which loan products might better suit the intended goals. When it comes to Reverse and Reverse for Sale loans Michelle will spend time educating potential borrowers to ensure they understand the advantages and implications of these reverse products. Her office is one of the few that will offer financing for mobile homes and also handles a large number of rural property transactions, usually for five to ten acre tracts that encompass the areas surrounding San Antonio and on down to Corpus Christi. Because of the length of time Michelle has been in the mortgage industry and the number of successes experienced by customers at the Gold Financial Services-Noble Branch much of the current business handled there is either of a repeat or referral nature. In many cases this is the third home loan being serviced for a given client and often times additional family members have also processed their home purchases through Michelle. As REALTORS® know, once you find a loan officer who consistently closes their loans successfully and in timely fashion it just makes sense to keep going back there. Michelle can be contacted by phone at 210-745-5570 or by email at [email protected] 18 REAL ESTATE NEWSLINE July 1, 2014 Ray Barger, guest and Pat Aquisto, Keller Williams Legacy at the company Happy Hour at La Hacienda. Coleen Taylor, Jim Bastoni and Lupe Moreno welcome Realtors to the Imagine Homes Jackpot Party. Cora Hagerty, Home Team of America and Mike Garza, Coldwell Banker D’Ann Harper Realtors at the KB Home Open House at Northeast Crossing. “Realtor LLC vs. Sole Property A Major Difference in Taxes” New Event: Tax Stragegies for Realtors KB Home meeting room 4800 Fredericksburg - 12:00pm - 1:30pm Other Event: 508 W. Rhapsody San Antonio, Texas 78216 www.realestatenewsline.com July 1, 2014 Mary Skye, RE/MAX Associates and Christina O’Connor, Legacy Mutual Mortgage at the June CRS Luncheon. Dale Dorsey and Pat King, both with Keller Williams Legacy at the company Happy Hour at La Hacienda. Jana Baird and Susan Willis, both with RE/MAX Associates at the Open House at Woodside Two Creeks. REAL ESTATE NEWSLINE 19 20 REAL ESTATE NEWSLINE July 1, 2014 Margie Morcher, Homeland Group of Texas and Tom Immler, Builder, at the Grand Opening event in Newcombe Ranch. Anita McKenny, Olivia Townsend Realty and Deanna Hickman, RE/MAX Northeast at KB Home Open House at Northeast Crossing. Bob Winkler and Cameron Tufino, both with RE/MAX Preferred at the June CRS Luncheon. July 1, 2014 www.realestatenewsline.com By Bob Gardner First Quarter Real Estate Sales The Real Estate market in San Antonio is off to an interesting start. In the first quarter of 2014, MLS reported total Residential sales of 4,573. The illustration below compares this quarter to 2006, the biggest sales year in the history of San Antonio. First Quarter Sales Comparison 2006 2014 5235 4573 (-)13% So Sales in the first quarter of this year are up 3.4% over 2013, but 13% below 2006. Looking closer at the first quarter sales, they were up in January and February, but below 2013 in March. The good news is sales recovered in April and were up 7% over 2013. More importantly April sales exceeded April 2006, which is big news. It is hard to predict our sales trend for the remaining year, but we know our inventory of unsold homes is very low and this will have a negative effect on total sales. Our market that is priced below $200,000 represents 62% of total sales, and in this price range sales were down 3.2% from the first quarter of last year. If 62% of our market is going to experience slower sales, it will be difficult for total sales to exceed 2013. The reason sales are down in the under $200,000 price range is there is very little unsold inventory and loan underwriting standards are very restrictive. In addition, we are building very few new homes in this price range because of a shortage of affordable lots. This situation leads to a strong demand for apartments. There is a different story for homes priced over $200,000.00. In the $200,000 to $500,000 price range sales increased 18.4% over last year. In this price range we do have available inventory, strong employment growth and low interest rates. This price range accounts for 34% of our market REAL ESTATE NEWSLINE and within 5 years will have more than a 50% market share. Our luxury home market priced above $500,000 was up over 2013, but only by 2.5%. There is adequate inventory of homes for sale, but affordability and underwriting standards are holding the pace of sales down. I don’t see much of a sales increase over 2013 in this price range. The change I do see is where homes are being sold. In order to find a home that is affordable buyers are going further outside San Antonio. A higher percentage of homes priced above $500,000 are being sold out IH10 toward Leon Springs and Boerne. 21 The other noteworthy trend I see is in housing starts. The biggest percentage increase in housing starts occurred out IH-10 East in the Judson school district and up IH-35 in the New Braunfels area. Five years from now these areas will provide a strong resale market. All this said, it is hard for me to predict a big increase in sales this year over 2013. I do think we will see a 3 to 5% increase, but not double digits like last year. I will update you on the housing market at the end of June. If you have questions for me, my email address is [email protected] 1 SABOR Keeping Posted July 1, 2014 www.realestatenewsline.com July 1, 2014 SABOR Keeping Posted 2 3 SABOR Keeping Posted July 1, 2014 www.realestatenewsline.com July 1, 2014 SABOR Keeping Posted 4 26 REAL ESTATE NEWSLINE July 1, 2014 Masling Joins Masling Properties Tara Masling has recently joined Masling Properties and will be a second generation licensed Realtor with the company. Growing up in San Antonio with MASLING parents who are known and established Real Estate agents and brokers, she was raised in a Real Estate learning environment. With over ten years of customer service and problem resolution experience, she goes above and beyond to provide exemplary service to her clients. Tara is looking forward to assisting buyers and sellers with their Real Estate needs. Masling Properties is excited and proud to have her working on their team. Tara can be reached at 210-204-3898, tel: 210-2043898 or [email protected] Newsline 8-1-87 RE/MAX Associates San Antonio Welcomes McCord MCCORD R E / M A X Associates in San Antonio has announced the addition of Connie L. McCord to its 70 agents who will be working with area buy- ers and sellers. Connie is a newly licensed REAL- TOR and eager to work with area buyers and sellers, as well as referring clients to her network of RE/MAX associates throughout the world. Connie is the past owner of CLM Designs – Interior Design & Home Staging. Her affiliations include the American Business Women’s Association, National Association of Women Business Owners, and Daughters of the American Revolution. Centralized Showing Service, Inc. (CSS) Open House Event Centralized Showing Service, Inc. (CSS), is pleased to announce their Open House Event to all REALTORS® in San Antonio on Tuesday, July 15, 2014 from 11 am - 2 pm at their CSS San Antonio office 6655 First Park Ten, Suite 100, San Antonio, TX 78213. Stop by our office for appetizers, refreshments and good cheer, and welcome Gary Miller, the new Branch Manager of the San Antonio Contact Center. Gary comes to CSS with a background in healthcare management and education. An 11-year veteran of the United States Air Force, he has degrees in Occupational Education and Training support is his chief goal. When not working, Gary spends as much time as possible with his wife Crystal and their two daughters. It’s a great time to get to know the CSS customer service representatives who take your calls every day and to catch up on the latest productivity features of Showings.com. Take this opportunity to get one-on-one attention and become more efficient at managing the showing activity on your listings. We look forward to seeing you on Tuesday, July 15, 2014 from 11 am - 2 pm. Maintaining six call centers that schedule nearly 20 million showings each year, CSS services more than 150,000 REALTOR® members in 70 markets across the nation. CSS is committed to helping REALTORS® efficiently manage their listings, save time and provide better service to their clients. For more information, contact CSS at 877688-SHOW (7469), [email protected] or visit http://www.Showings.com/css. KW Legacy Welcomes Harris HARRIS Please welcome one of our new agents to KW Legacy, Randy Harris. Randy has been around the real estate industry for 32 years as a remodeler, home builder general contractor and ranch developer. He knows San Antonio and surrounding counties living here his entire life. Contact him at 210-332-8176 or [email protected] www.realestatenewsline.com July 1, 2014 Coldwell Banker D’Ann Harper Realtors plays Mudd Volleyball The First Annual Mudd Volleyball Tournament, held by C oma l Co u n ty H abitat for Humanity, started promptly at Saturday morning and lasted well into the afternoon at River City Range in New Braunfels. Each team was guaranteed at least six games to play, but the purpose of the tournament was strictly recreational. There were 14 teams this year, and it’s hoped to have double next year. It was publicized as a recreational event and not something too competitive, so no one has to be a super volleyball star to play. Unfortunately, our CBHarper team only won 2 out of 6 games, but fun was had all around! Great job everyone for a great cause! For more information about Comal County Habitat for Humanity and the upcoming events, visit their website at www.comalhabitat.org. We Have A New Team Member! Debbie Villarreal, NMLS# 463824 and Lisa Cross, NMLS# 890669 Loan Officer Assistant welcome Tori Trevthan, Loan Administration 210-545-9300 WR Starkey Mortgage, LLP NMLSR #2146 12500 San Pedro #100 San Antonio, Texas 78216 www.starkeymortgage.com Branch NMLSR #291670 REAL ESTATE NEWSLINE 27 Simmonds Real Estate Inc. Welcome Worswick, Benavides, Cohn and Garcia. All four Realtors joined Simmonds Real Estate in May. Stephen Worswick is relocating from Florida and has over 20 years experience as a real estate broker including previously owning a brokerage in Schertz. He is fluent in several languages including Spanish and French. Kim Benavides is a native of the Schertz/Cibolo area and is transitioning into real estate after a successful career in the automotive industry. Margarita Cohn is also transitioning into real estate after being in the insurance business for several years. Her husband has just retired from the Army and they have elected to remain in the Schertz area where Margarita will begin her real estate practice. Frank Garcia was born and raised in the Caribbean and has lived in the United States for many years. He graduated from the University of South Florida and will begin his real estate practice with Simmonds Real Estate after retiring with 26 years of service in the Texas Criminal Justice system. Debra and Royce Simmonds welcome our newest Realtors. Read Us Online: www.realestatenewsline.com 28 REAL ESTATE NEWSLINE July 1, 2014 Letty and Victor Yong, both with Home Team of America at the Toll Brothers Open House at the Dominion. Misty Wood and Tina Munoz, both with Keller Williams City View at the Opening at Johnson Ranch. Kelli Pearson, Chicago Title with Dad, Danny Murphy, Home Team of America. YPN does Habitat for Humanity. Lindsey Nix, Coldwell Banker D’Ann Harper Realtors with Beverly Vorpahl and Karen Oliver, both of David Weekley at the David Weekley Open House at the Preserve @ Alamo Ranch. Pat Strong, Pat Strong Realty, Johnnie Childs, Icon Realty and Annette Slater, Landlord Property Management at the GRI Brokerage course at SABOR. Jan Hicinbothom, Class of 2005 and Sally Garza, Class of 2010 at the April TRLP Graduate Luncheon at the Petroleun Club.
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