Monthly Archives: April 2013
With interest rates at historic lows and the summer months just around the corner, the San Antonio residential housing market is continuing to flourish with steady increases in sales prices and the number of homes sold each month.
The San Antonio Board of REALTORs® latest Multiple Listing Service report revealed that in March 2013 the average sales price of a single family residential home was $194,271, up five percent from last year. The median sales price remained at $158,900, the same as March 2012.
Days on market fell to just 90 days on the market in March, down from 99 days on the market in February. There were 1,826 home sales closed in March and 1,935 sales still pending at the end of March.
“Low rates continue to make this a prime time to buy and sell real estate. We saw how the low rates caused the housing market to prosper in 2012, and we are continuing to see that trend as 2013 fares even better,” said Steven Gragg, 2013 SABOR Chairman of the Board.
The average rate for a 30-year fixed loan recently fell to below 3.5 percent according to Freddie Mac’s latest Primary Mortgage Market Survey®. The average rate on the 15-year fixed mortgage dipped below 2.7 percent.
Housing inventory is at 5.3 months, compared to 6.6 months at this time last year. With a quick turnaround in sales, the market is skewing in favor of sellers with 96.9 percent of homes being sold for list price.
Homes sold in the price range under $200,000 accounted for 66.8 percent of total homes sold and those between $200,000 and $500,000 accounted for 29.2 percent. Homes priced at $500,000 and more made up 3.9 percent of the total sales for March.
“San Antonio was recently ranked by Forbes as one of the top 25 cities in the country to retire, citing the city’s low cost of living and stable economy. While other cities in the country experience peaks and downturns, San Antonio remains steady and consistent which makes it the perfect place to call home,” said Angela Shields, SABOR President and CEO.
|San Antonio Home Sales Recap|
|March 2011||March 2012||March 2013|
|Total Month Sales||1,556||1,654||1,826|
With the new Home Affordable Refinance Program (HARP) loan, you may be able to refinance no matter how upside-down your mortgage is!
If you currently have a mortgage held by Fannie Mae or Freddie Mac, the HARP II refinance loan can help you lower your interest rate, decrease your monthly payments and help you start turning your finances around.
Under the enhanced and expanded provisions of HARP you may be able to receive one of the following benefits, either a reduction in your interest rate, a reduction in the amortization term, a reduction in your monthly principal and interest payment or a move from an adjustable rate loan to more stable loan product.
You may be eligible for this refinance program if your FICO score is 620 or above and your home loan was sold to Freddie Mac or Fannie Mae before June 1st, 2009. If you are eligible for the program there are no loan to value restrictions and the appraisal fee may be waived.
If you would like to find out if your mortgage loan is held by Freddie Mac or Fannie Mae, you can look up your information on their respective websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.
To find out more about taking advantage of the Home Affordable Refinance Program II, contact your lender or local mortgage professional today.