Here is the transcript for the above video.
Hi, I'm Pam Roberts, team leader of the Gateway Group at Keller Williams here in San Antonio. Welcome to San Antonio Homes Insider.
On our channel, we give buyer tips and selling secrets for the real estate market. We hope that you'll subscribe to our channel and click the little bell so that you'll be notified when we give new information. Today, we're going to give you seven tips on what you need to know as a buyer here in San Antonio.
TIP #1 - Understanding the pricing
The first tip I have is understanding the price points in San Antonio. Home prices up to about $150,000 are usually in the investor market. That means those homes are being purchased, they're being renovated and they're being resold or rented in the market. Homes anywhere from $200K to $350K are really the meat of the market. That's where most of the home sales are and that's where most of the competition is as well. Homes priced over $500,000 in the San Antonio market are considered luxury, and we have quite a few of them.
Tip #2 - Title Company Role
Next tip, number two, that I have for buyers, is understanding the title company. Here in Texas, we are one of the states that requires a title company when you go to closing. You don't necessarily have to have a attorney represent you, however you can if you choose to, but it's not necessary here in Texas. But you do have to have a title company. The role of the title company here in Texas is to make sure you have a clear title when you go to the closing table. That means they've checked to make sure there's no past taxes that are due on the property. Also, there's no liens on the property for anything. And that could be for contractors. It could be solar panels. It could be any other loan that has been taken out in addition to the mortgage, that is using the home as collateral. The title company is going to be with you throughout the process.
Tip #3 - Understanding the Sellers Market
San Antonio has been in a sellers market for longer than many other places in the United States. Here in Texas and especially in San Antonio, we have a low cost of living, high desirability and lifestyle and we also have lots of jobs here in this market.
Tip #4 - Finding the RIGHT Location
Our next buyer tip in a sellers market here in San Antonio is understanding the location and where you want to live. In the northeast section of town, there are several desirable areas: Timberwood Park, Cibolo Canyons, and Stone Oak have many neighborhoods that are very desirable and they have great schools, proximity to other benefits and amenities are great.
If you're looking to be more centrally located in the north central section, you might consider Fair Oaks Ranch or Boerne, Texas. Those areas are great. They also have good schools and the commutes are very easy to Downtown from those locations.
If you're interested in finding out more about where to live, we'll put a link down below to one of our videos that we did about where to live in San Antonio. Click Here: Video - Where to live in San Antonio?
Tip #5 - What to look for in a Realtor®.
Number five is what to look for in a realtor. Not every realtor® is the same. Yes every realtor® that has a license can show you properties, but they might not be a good fit for your family. At the Gateway Group, we have several agents on our team. So that means we have a lot of flexibility when it comes to your needs. If you're looking for a luxury property, you'll want to know that your agent is certified in luxury home marketing. And I am one of the agents that is certified with luxury home marketing.
We also have agents that are great with first time home buyers. That means they have a lot of patience. They can give you all the details and processes as you go through the purchase of your home.
Also want to know what part of town your realtor focuses on. And most realtors have a specific area that they like to work in. That means they're more familiar with the neighborhoods and the price points. So that is something you're going to want to question your realtor about, as to what area of town do they like to work in?
Tip #6 - Understanding the market timing
The next tip I have for buyers in San Antonio is understanding how fast homes are selling. You need to know what the days of market are for homes that are on the market, as well as those that have sold. The reason why you'll want to know for those that are on the market is if you're going to put an offer on a home that's been on the market for two days, you might put it in with a certain price versus a home that's been on the market 60 days. You might have a little bit more leverage to be more aggressive in your pricing.
Tip #7 - Understanding the role of your Lender
The last tip I have for you today is understanding real estate interest rates. And you need to have a great lender to do that. We have several lenders that we work with and we recommend. However, you can choose a lender of your choice. And, I recommend you try to find one that's local to the San Antonio area for many reasons. First, they're going to know the market. They're going to have an understanding on the timing and they're going to make sure you get closed on time. Interest rates continue to be low here in the United States and many people are going to be purchasing a home between now and the end of the year. So you need to look at lenders: what are their rates? What are their fees? And how does that affect you?
As you go through the mortgage process, you're going to be requested to provide lots of information and forms and data. Make sure that you provide that information on a timely basis to keep your closing on schedule.
Your mortgage broker or your lender is going to be also a partner in this process. So you're going to make sure that you have someone that you're comfortable with and that you provide information to when they ask for it.
