Paula Christo

Note From Paula:
The President of the Inwood Home Owner's Association recently asked me what residents could do to maintain the value of their homes in the neighborhood of Inwood. I replied "Keep the houses well maintained AND updated". The market in San Antonio is currently a buyers market. Homes in Inwood are competing with new homes. Homes that are listed are in a 'price war' and a 'beauty pageant'. Sellers must understand this if they want to sell their homes. I asked several friends to write articles on updating. Here is one that Chris Dillard and Peggy Zettner wrote for distribution.

Many homes in Inwood were built over 20 years ago, and just as there comes a time to go through our closets and discard unsightly suits, dresses or shoes from the past, there also comes a time when we need to update our homes as well. Whether it's a major remodel or simply adding fresh paint and new fabrics, by bringing your home up to date you'll surround yourself in comfortable style and put value into your home. If you're still living in the mauves and hunter greens of the 80's, it's time to take a serious look, not just at the appeal of your home, but at the 'dollar per square foot' your home will demand should you need to sell. And now, more than ever, you need to increase your home's equity. I recently accompanied a real estate agent and previewed 3 homes listed in Inwood. It was easy to see why two of the three homes have been sitting on the market for months. These homes were sixteen to twenty years old and nothing had been updated since. On the other hand, a home that underwent a complete update this year went on the market and sold in less than a week for their asking price. So what can we do that will make a difference?
As we've known for years, the kitchen is the heart of the home. A major re-do would include granite or quartz countertops, new appliances and fixtures and new flooring. If you don't have the budget for all that, look at new paint or wallpaper (which, by the way, is back in style big time!), freshening up your cabinets, adding new hardware, and bringing your color palate up to date. The second room of importance is probably the master bath. Are you still walking on carpet in your bathroom? Think about replacing it with a natural stone or tile floor. You can update your countertops to granite or tile, replace your shower enclosure with frameless glass and add new wallpaper and fixtures. Go for a look of serenity and calm. This all sounds like a major undertaking, but if you work with a qualified designer or decorator and a reputable contractor, you will have the guidance and confidence to not only get through the project, but reap the rewards of a stylish and efficient new home which will demand top dollar in the market.
First impressions are everything. What's the first impression you get when you walk through your front door? By taking care of your home, you will contribute to the quality of life and add to the value of Inwood in this competitive market.
If you would like a referral for a talented and respectable designer, decorator or contractor, call Interior Trade Cartel at 494-1602. We are a complete wholesale design showroom 'to the trade' and will be happy to give you referrals!
Owners and Inwood residents,
Chris Dillard & Peggy Zettner

Financing Solutions with David Reed

Overcoming the misconceptions about the "credit crisis"

You've watched the news and read about it in the papers. You know, the "credit crisis" and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren't making loans anyway. So, why bother, right? Wrong!

We're right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can't get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn't required. You just need to know where to look. Who are these lenders? They're right down the street.

Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn't technically have a minimum credit score, although, in practice, lenders won't approve an FHA loan with a credit score below 500. But that's a far cry from the notion that an 800 score is the only thing lenders care about.

The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.

Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!

Please contact me if you would like more information about FHA loans - the current loan limit for San Antonio is up to $332, 500 (as of May 5, 2008)

Answer: No, normally the Realtor® is working for the seller, not the buyer! To have a broker that works for you (the Buyer) you need to make the proper arrangements! As a Realtor, I can represent either the seller or the buyer, but never both at the same time - without special permission.

When you contact a real estate office and say, "I'd like to see a property" you are only a customer of that broker. That Realtor remains an agent for the seller, not you. This includes new construction homes - the person selling you that home is, of course, representing the seller/builder. (Any agent showing you properties without a buyer's rep agreement represents the seller.) When making a real estate purchase, you are probably making one of the single largest investments in your life. I am sure you do not want to make that investment knowing that the Realtor that is showing the property to you represents the seller's interests.

A buyer's agent represents the buyer. If you are buying, I prefer to represent you directly. Your interests then are my only interests. I am acting on your behalf and dedicated to negotiating the best price on the property you are interested in purchasing. In short, I am loyal to you only!

A buyer's rep agreement indicates that you are ‘hiring' me to be your agent. It is a commitment from you that if you buy a house in the next 120 days, you will use me as your agent. Of course, you can cancel the agreement with 48 hours notice as long as we are not under contract, so really it is only a two day contract. You may cancel the Buyer's Rep agreement any time you feel I am not working according to your expectations. It costs you nothing to sign a buyer's rep agreement.

According to Texas State Law, the only way I can represent you as a buyer is for you to sign a Buyer's Representative Agreement. This document outlines exactly who is working for who and in what capacity.

I am here to make your real estate purchase a pleasant experience. Please call me with your questions regarding Buyer's Rep Agreements. THANKS!

The Neighborhood of INWOOD in San Antonio, Texas

Buying a home in Inwood will get you behind the gates of one of San Antonio's primo neighborhoods. Inwood is located inside Loop 1604 off of Bitters Road. It has easy access to Hiway 281 or Interstate 10 without a lot of traffic issues.

Inwood is not only gated, it is a ‘limited access neighborhood". That means that you cannot simply drive in and cruise through the neighborhood. All visitors must stop at the on-site gate and get permission for access from the private security guards. By not allowing ‘Sunday drivers' or curiosity seekers access, it results in less traffic on the streets and makes the neighborhood quieter. It also makes it more enjoyable if you want to go for a walk, jog, or bike ride through the peaceful setting that is uniquely Inwood. And of course, the secure boundaries create a more secure neighborhood.

The community is across some of the region's most prized hill country terrain. It is a neighborhood of about 492 lots and 1400 residents. There are about 6 miles of private streets within the neighborhood. There is a scenic overlook of Salado Creek off of Sanctuary Drive. There are greenbelts, a nature and wildflower area, and pedestrian and bike lanes. The neighborhood is surrounded by natural areas that are teaming with wildlife like deer, squirrels, and songbirds.

There are tennis courts, a park, and a gazebo. For an extra fee, residents may join the swim club.

The neighborhood association provides about 28 services. They include street maintenance, common area landscaping, street lights, and holiday lighting and decorations. They also provide trash and refuse pickup, recycling, and ‘junk' disposal collections. There are also social activities, deed restrictions, and a resident directory so you can know who your neighbors are.

If you are feeling the need to regain balance with friends, family and nature - this neighborhood might be for you.

Details about real estate in Inwood in 2007:

• Between January 1, 2007 and January 1, 2008, there were 25 homes in the neighborhood that were sold. (In 2006, there were 38 homes sold.)
• The Sold Prices ranged from $332,000 to $625,000.
• The average List Price was $465,064. The average sales price was $448,451.
• The average List Price per square foot was $130.00 with an average Sales Price of $126.00. Of course, there were variances between The Bend, The Estates, and the Custom areas.
• The Days on Market ranged from 1 day to 242 days. The average Days on Market was 58.

Should you buy (or even start looking) before you sell?

Answer: This is not usually a good idea. The reason is - well money.

Buying your new home. If you find your dream home and you have not sold your current home you might want to make an offer with a contingency. The seller is going to look at your offer and realize he is taking a risk. You may not sell your home in time. You are asking him to basically take his home off the market and sit around and wait for you to sell yours. IF he is willing to take that risk, it should come with some reward. Money. Say 10K more than if he did not have to take that risk. And oh by the way - if he got a cash offer tomorrow with a quick close what do you think he would do?

Selling your current home. After you have found your dream home and negotiated the offer on it, you must really focus on selling your home. You get a low offer but at least it is an offer. So you take it. BUT it is not as much as you wanted, so you leave some money on the table. Say 10K.

YOU LOSE: $10,000 on what you could have sold your house for

$10,000 on what you could have bought your new home for

TOTAL: $20,000

So that is why I almost always encourage my clients to sell first and buy second.

However, there are a few exceptions to this rule. For some people who have small children, a handicapped family member, or elderly person in the house - buying first might make sense. It also might make sense for some folks who have already paid off their first house or those who can afford two house payments. This is especially true for buyers who want a certain kind of house in a very specific area or neighborhood.

A few years ago, some ‘bridge loans' were available. From what I understand, those are now very hard to get. Check with your lender if you think I t might still be an option for you.