When is the home buying season?

 (a case study of the Stone Oak area)

The title is a loaded question. So, let’s clear things up by stating that I am asking when is the best time of the year to look for and purchase a home within the Stone Oak area. 

To answer this question, I completed a market analysis of the general Stone Oak area inclusive of all single family homes regardless of size or price over the past three years. As a homeowner and Broker, my opinion tends to focus on price and competition more than on the amount of available inventory.  I like to think I made a good purchase price-wise, and I don’t like to be involved in bidding wars on a property with other buyers.  I understand that many of us are not afforded the luxury of purchasing when we want to but rather when we have too due to jobs schools or what have you.

When looking at the closed transactions over the past three years, July consistently has the largest number of closed transactions, and they were twice, if not three times the number as the corresponding January.  June is just slightly behind with August being third for all but one year.  It is important to keep in mind that these statistics are based on the date the home closed and funded.  Therefore, the homes were escrowed under contract between 30 to 60 days prior in most cases.  With that in mind, April, May and June are noted as the hottest selling months within the Stone Oak Area. 

Another interesting factor concerns price per square foot. Of the three months evaluated, February has the lowest price per square foot sale prices two of the three last years.  Remember, that these sales more than likely occurred during December or November.

So, what‘s the take away?  Well, if you are like me and value price and limited competition, the fall is the beginning of the home shopping season with the best deals being made in November and December.  

Last, I would mention that there is just as much valuable information contained within this study for those wanting to sell their home.  When you are considering a Realtor, remember there are some that really study the market tends and offer much more than a sign in the yard and an internet posting.  I invite you to allow us the opportunity to interview for your business.  You will appreciate our professional approach.

Bill Barkley

Owner & Broker of River Valley Real Estate

19202 Huebner Rd. Suite 100

San Antonio, TX 78258

210-853-5327

bill@rvreco.com

www.rivervalleyre.com

The Big Five

The Big Five

In a very short and simple fashion, I am going to give you my best advice when you are buying a home. Especially if it is your first home.

 Let us assume you have selected the house you want to purchase, and you have negotiated a price satisfactory to both you and the seller.  Next, let us assume that you purchased a Termination Option period for days to complete and review property inspection reports, and you have ordered and received both a General Inspection as well as a wood destroying pest inspection.

So, now you have to evaluate the inspections.  Obviously, if the wood destroying pest inspection indicates an active infestation, you must negotiate a reasonable solution with the seller. So, I’m going to treat this issue separate from the issues within the general inspection.

A general inspection can often times be both daunting as well as discouraging to read.  Inspectors are required to note all deficiencies including items not meeting the most recent building codes.  Their intention is not to make the home appear as if it is falling down although the report may seem otherwise.  As a general rule, I typically read the report, and mark all noted deficiencies with a highlighter.  I also make notes on the side such as “current building code”, “easily fixed” or “Home Depot”.

  That is unless the issue pertains to one of the Big Five.  The Big Five consist of the following: the foundation, the roof, the plumbing system, electrical system and the heating and air conditioning system. All five of these components can require substantial money to remedy or repair, and some such as the foundation can possibly be a lifetime battle.  Most inspectors will recommend getting a qualified inspector, licensed technician or a structural engineer to further inspect the issue.

Heed this recommendation!  It is in your best interest with regard to your finances as well as your personal happiness regarding your new home.

Written By, Bill Barkley, Owner and Broker of River Valley Real Estate

19202 Huebner Road

San Antonio, TX 78258

210-853-5327