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Old 03-26-2009, 02:59 PM
 
Location: San Antonio
7,629 posts, read 14,389,649 times
Reputation: 18712

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A while back there was a thread in which someone asked about buying in this market. There were those of us that encouraged, those that take the Chicken Little approach.

Our neighbors to our rental property are graduating from the Medical School next month and put their home (next door to our rental property in the Med Center) up for sale...sold it for $4K LESS than their ASKING price, and at a nice little profit after owning it for 3 years. IT WAS ON THE MARKET FOR 4 DAYS WHEN IT SOLD!!!

YES, it is a good time to buy in the right areas...so don't be afraid to take that step and invest.

He made a good choice, and made money in the past 3 yrs on is investment...to the tune of 16% return (and knowing what they paid and what they sold it for, I am CERTAIN of that fact).

Will all areas/houses/property in SA (or anywhere else for that matter) do so well...probably not. There are lots of variables but the one constant in Real Estate, regardless of the market is LOCATION, LOCATION, LOCATION!!!

Last edited by Paka; 03-26-2009 at 04:04 PM..
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Old 03-26-2009, 03:34 PM
djw
 
951 posts, read 2,576,620 times
Reputation: 450
Quote:
Originally Posted by Paka View Post
A while back there was a thread in which someone asked about buying in this market. There were those of us that encouraged, those that take the Chicken Little approach.

Our neighbors to our rental property are graduating from the Medical School next month and put their home (next door to our rental property in the Med Center) up for sale...sold it for $4K LESS than their ASKING price, and at a nice little profit after owning it for 3 years.

YES, it is a good time to buy in the right areas...so don't be afraid to take that step and invest.

He made a good choice, and made money in the past 3 yrs on is investment...to the tune of 16% return (and knowing what they paid and what they sold it for, I am CERTAIN of that fact).

Will all areas/houses/property in SA (or anywhere else for that matter) do so well...probably not. There are lots of variables but the one constant in Real Estate, regardless of the market is LOCATION, LOCATION, LOCATION!!!
Hear hear!! Or is it here, here?! Whatever it is, I agree!!! Now folks, get out there and BUY SOME HOUSES!!!
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Old 03-26-2009, 03:45 PM
 
4,796 posts, read 13,747,496 times
Reputation: 2710
Good post Paka!
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Old 03-26-2009, 04:35 PM
cwh
 
345 posts, read 857,848 times
Reputation: 109
Things will probably start picking up again. Housing prices are down slightly and mortgage rates at historic lows. Hopefully this wont reinflate the bubble before all the bad stuff gets worked out.
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Old 03-26-2009, 04:42 PM
 
Location: San Antonio
4,149 posts, read 9,332,744 times
Reputation: 3308
Things have picked up 10 fold in the past month. Personally, I've got 8 buyers with homes under contract and three listings I'm expecting offers on soon.
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Old 03-26-2009, 05:16 PM
 
Location: San Antonio
944 posts, read 2,808,220 times
Reputation: 263
I sure wish that some of this activity were happening inside of 410. I've still yet to see but a couple of random trailer-park-like new listings in areas 8, and none in area 9 (excluding Olmos Park) over the past several weeks. Any projections?
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Old 03-26-2009, 06:27 PM
 
4,268 posts, read 8,385,878 times
Reputation: 1785
Quote:
Originally Posted by Paka View Post
A while back there was a thread in which someone asked about buying in this market. There were those of us that encouraged, those that take the Chicken Little approach.

Our neighbors to our rental property are graduating from the Medical School next month and put their home (next door to our rental property in the Med Center) up for sale...sold it for $4K LESS than their ASKING price, and at a nice little profit after owning it for 3 years. IT WAS ON THE MARKET FOR 4 DAYS WHEN IT SOLD!!!

YES, it is a good time to buy in the right areas...so don't be afraid to take that step and invest.

He made a good choice, and made money in the past 3 yrs on is investment...to the tune of 16% return (and knowing what they paid and what they sold it for, I am CERTAIN of that fact).

Will all areas/houses/property in SA (or anywhere else for that matter) do so well...probably not. There are lots of variables but the one constant in Real Estate, regardless of the market is LOCATION, LOCATION, LOCATION!!!
Yup.

I had 3 friends put their houses up on the market this summer (all relocating). 1 in Med Center, 2 in NW/West. 1 in NW/W sold within a week for the asking price. The other two are still on the market.

The main difference there is location (one not selling is in a gated community) and price - the two not selling are slightly higher end. They're asking a fair amount, but it's in that bracket that's just not moving. The one which sold was on the lower end of that bracket (smaller, fewer upgrades, not gated).

Last edited by Chaka; 03-26-2009 at 07:33 PM..
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Old 03-26-2009, 07:00 PM
 
15,065 posts, read 19,719,168 times
Reputation: 12234
Just so you know, I'm not criticizing Paka's post

I hate it when people say "it's a bad market for ...."
Just look at housing, if it's a bad market for sellers... then it's an excellent market for buyers.
So it's not "A bad market", it's just "A bad market for sellers"
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Old 03-26-2009, 08:04 PM
 
330 posts, read 1,237,292 times
Reputation: 264
Quote:
Originally Posted by Paka View Post
He made a good choice, and made money in the past 3 yrs on is investment...to the tune of 16% return (and knowing what they paid and what they sold it for, I am CERTAIN of that fact).
Would you mind breaking down how you got to the 16% number? Was this what they sold it for / what their down payment was? Did it reflect commission, taxes, insurance, or etc?

I don't mean for this to come off as if I don't believe you, I'm just curious.
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Old 03-26-2009, 08:07 PM
 
Location: Western Bexar County
3,823 posts, read 13,377,965 times
Reputation: 1906
Quote:
Originally Posted by kevcrawford View Post
Things have picked up 10 fold in the past month. Personally, I've got 8 buyers with homes under contract and three listings I'm expecting offers on soon.
Curious. Are these locals or more out of state clientèle?
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