SA ranked in top 5 cities with lowest chance of housing price decline (San Antonio: foreclosures, renter)

[Stabart47]

Originally Posted by kevcrawford

We get it. You're mad because your house isn't worth what you paid. Others are welcome to post here, regardless of your thoughts on the real estate market.

I have no idea what you are talking about; I never said anyone shouldn't post thoughts on here. You may think I'm the only one out here in this situation, but you are very wrong. We know of four other military families in the same situation as us. I want people to know they are taking a risk to buy a home unless they plan to stay put a LONG time and know their job is secure. You are in the business of closing the sale and collecting a check, which is fine. It makes sense that you couldn't care less if sellers need cash at the closing table. Not your problem, right? I don't want anyone else losing money on a house here, so I will keep telling my story and if you don't want to read my posts, that is fine with me!!

[majormadmax]

Originally Posted by Stabart47

As I've explained, we are moving due to my husband's new job and we have a renter for two years. I'm not "complaining"; I am only FRUSTRATED at how everyone in SA seems to be in la-la land regarding the housing market; like it's untouchable, when indeed it is struggling. It's always going to be wonderful through the eyes of a realtor because they are in SALES. They are excited to close the deal and get paid because that's their profession.
Also, as I've explained more than once, we had 3 days coming off of a remote and bought in a new area of Westcreek. Base housing was not available and not much to rent at that time. We trusted (foolishly) the realtor and the Armadillo salesperson as to who our neighbors were. I have said over and over that we take responsibility for this horrible decision. My goal now is to educate others (especially military people) and maybe they won't get stuck with a house like we are.

Wait, you're military? Why would you only have only 3 days to househunt when you arrived? Billeting is available for 30 days to PCS arrivals.

Secondly, you may be eligible for the DoD Homeowners Assistance Program (the Army web site for which can be found here), a benefit of which is "eligible applicants may be compensated for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater" if you sell your house at a loss because of a PCS move. As always, there is specific criteria that must be met.

As retired military, I know of the hassles of owning property. We had two that we turned into rental units because of an overseas PCS when the market was bad. We also had to sell a home here in SA when we went overseas again and were lucky to about break even on it; but when you consider that three years of paying rent would have resulted in over $43,000 of wasted payments that were better invested in the property, it still made better sense to buy than rent during that assignment.

The housing market has always had its ups and downs, but SA is very stable as compared to many other parts of the country. We are in a low, but I expect it will slowly but gradually improve. However, we'll never see the over-inflated prices we saw five years or so ago (which, by the way, is when we bought our current home after yet another overseas PCS move!).

Cheers! M2

[TexasRedneck]

Most folks know that buying a home w/a 3 year turn-around timetable is extremely risky. You've now learned why. You've also (hopefully) learned to carefully evaluate any potential builder - Armadillo is one builder I'd never consider. KB is another - and I'm quite sure there are more. But in the end, you did it to yourself - buying a home 3 days after coming into any community is begging for problems!

[scuba steve]

Originally Posted by Stabart47

We've also covered your reply... I will keep on expressing what I see in MY neighborhood if YOU don't mind.

I'll see YOUR neighborhood and raise you MINE and the ones adjacent. A house just closed a block away, likely setting a new $/sq ft record. Sorry you're mad your location didn't fare as well as this one but the claim that buyers from 2005-2007 are universally doomed is pure falsehood. Better luck next time.

[sshurgot]

Originally Posted by Stabart47

As I've explained, we are moving due to my husband's new job and we have a renter for two years. I'm not "complaining"; I am only FRUSTRATED at how everyone in SA seems to be in la-la land regarding the housing market; like it's untouchable, when indeed it is struggling. It's always going to be wonderful through the eyes of a realtor because they are in SALES. They are excited to close the deal and get paid because that's their profession.
Also, as I've explained more than once, we had 3 days coming off of a remote and bought in a new area of Westcreek. Base housing was not available and not much to rent at that time. We trusted (foolishly) the realtor and the Armadillo salesperson as to who our neighbors were. I have said over and over that we take responsibility for this horrible decision. My goal now is to educate others (especially military people) and maybe they won't get stuck with a house like we are.

The median selling price for single residential homes is back at or above 2007 levels. (I'm talking strictly about median selling price for all of SA.) Summer months were less affected than fall/winter months. I haven't posted those graphs, but I also track the data month-by-month. July never saw a dip in median price. August of 09 saw a drop and then you're looking at fall months, which dropped in 08 as well as 09. I suppose I ought to post those graphs too. All that to say, the prices are back to pre-crisis levels; there's no la-la land to it. The numbers are what they are; it's extremely important to me to have ACCURATE data I can use as supporting evidence in addition to my experience, for reasons we touched on in that "other thread." (Best time to put a house on the market in SA) I know there are individual cases like yours out there, we also have foreclosures and bank-owned properties but, when it comes to prices, the overall situation is not a struggling market. We have data to back that up.

I do want to say a quick word about real estate agents. We have a duty to act in the client's best interest. In that sense we're not like anyone else in sales. Think about the wonderful folks who sell the gifts many Americans just bought, food, cars, mortgages,...they're not working for the buyer but for the the company that sells those goods. A buyer's (real estate) agent represents the buyer, but I suppose it's like everything else: some are better at it than others.

[cddweller]

Stabart47, I'm sorry to hear about your predicament, what part of SA are you in? Hopefully you lost less than you would if you had been renting the past 3 years. As a 2005-2007 buyer I'm curious, I really haven't paid much attention to the valuation of my property.

[kevcrawford]

Originally Posted by Stabart47

You are in the business of closing the sale and collecting a check, which is fine. It makes sense that you couldn't care less if sellers need cash at the closing table.

Actually, Realtors like you speak of aren't in the business for long. I, along with many other good Realtors, have urged clients not to do certain deals if we think that it would be a bad investment, because we understand the value of long term happy clients and referrals. Anyone that plans on being in the business long term values referrals more than one check.

Now, if you'll look back at your recent posts, it's constant ranting and venting. Like I said...we get it. We understand you made a bad decision and there are more out there like you, but that doesn't mean the market is bad all over. It means that you're not in a good predicament. That sucks, it really does. It stresses your family out and it's no fun. I see it every day.

But one bad decision does not a market make. I hope your situation improves, but your posts aren't "warning" anyone. They're just venting.

[Quattro72]

Originally Posted by Dopo

The houses in San Antonio are "Dirt Cheap" plus the huge influx of people from California (big demand for houses) it's obvious that their prices are not going to decline.

I bought my house at the perfect time, I got a $8000 "incentive" for buying my house

Unfortunately, dirt cheap sometimes mean cheap materials and craftsmanship as well from what I hear about the homes built in SA.

[Proffer]

Stabart47, your posts are right on target. The real estate agent that post here are trolling for business (though they'll swear that they do not because they turn sooooo much business that they'd never need to--but they do). It's therefore their job to make San Antonio's market seem appealing to prospective new arrivals. Just take it all with a grain of salt.

[TexasRedneck]

*IF* they are, they're certainly giving more than they're getting, because I see 'em answering questions for folks all the time that they need help on!