Shopping for your first home will likely be both an exciting and overwhelming endeavor. After all, making the biggest purchase you will likely ever make is bound to come with its share of worries!

However, if you break down the process of searching for your first home into manageable parts you can accomplish the goal of finding your first home without too much anxiety and stress. Here’s how to get started:

• Get pre-approved – The very first thing on every buyer’s list should be getting preapproved for a mortgage for a property. A preapproval for a mortgage is a very important first step, as it provides the buyer with the information necessary to move forward with the buying process. It allows the buyer to understand whether they have the credit to purchase a home and, it allows the buyer to understand how much home they can afford. In short, doing anything before getting preapproved for a mortgage would be a mistake.
• Get a great realtor – After you have a mortgage preapproval in hand from your lender, now is the time to shop for a realtor. A good realtor will have the knowledge and experience necessary to guide you toward your first New Braunfels home purchase and will also educate you about purchasing your first home.
• Make a list of wants and needs, and bring it with you – Your realtor will likely ask you many questions regarding the type of home for which you are looking, but it still pays to bring a list along with you; one that you can use when looking at homes. If you have a list in hand of wants and needs, you can better stay on task and focus when home searching.
• Don’t overdo it on any given day – It may seem like a good idea to view as many houses as possible on any given day, but the reality is that doing so will only create confusion and wear you out. Therefore, it is best to keep the number of homes you look at each day to a minimum – say, four or five – so you can really focus on the homes and decide which one is right for you.

Although not all of San Antonio has a reason to cheer, the luxury home market certainly does. The lower price points in the San Antonio real estate market update are still struggling to maintain ground, but the luxury home market is witnessing a flurry of activity; everything from multiple offers to cash deals.

John Flournoy, has even gone so far as to call the San Antonio real estate market a “tale of two cities.” He goes on to say that “we’re seeing people come out of the rental pool because they’ve been able to sell their homes elsewhere.”

The entry level market in San Antonio, however, can’t say the same, and it seems that gas prices are to blame. Many people, with fears of increasing gas prices, are now finding that their budgets aren’t stretching as far as they once did, thereby leaving them on the sidelines and out of the home buying arena.

And, of course, the luxury home buyers simply aren’t affected by rising gas prices.

Many realtors are finding that their high-priced homes are selling quickly, yet they are struggling to move those homes priced at even $75 per square foot.

Some agents, however, have noted that the San Antonio real estate market update is not as dire as it seems, as homes priced under $100,000 are moving fairly well, thanks to investors and low interest rates. The low interest rates are a big help, as it allows home buyers to pay around the same each month for their mortgage payment as they paid for their rent.

Finally, some realtors see the market as quite simple: The more expensive homes are often times the homes that need little work, and buyers are looking for homes they can move into. Many of the lower-priced homes, on the other hand, require updates and repairs; neither of which many home buyers are willing to tackle these days.

The marketplace is full of properties that have either sat on the market for an extended period of time or have simply expired. And the number-one reason is because the home wasn’t priced right.

One of the most important things your realtor can do is help you price your home right, the first time, and here’s why:

• A Leon Valley home that’s priced right will sell faster – You may think pricing your home in a higher price range may fetch you more money for your home. Unfortunately, that’s just not the case. A home that’s priced out of its range will likely result in very few showings because it won’t be pooled in the same group as other homes similar to it. For example, if your home should be priced at $200,000, but you choose to price it at $250,000, potential buyers in the market for a home like yours will likely never see it because they won’t be searching for homes in the $250,000 range. And, the buyers who can spend $250,000 will likely pass over yours for another home that has more of what they are looking for. In other words, don’t bet on pricing your home high because it will likely backfire on you.
• A home that’s priced right will generate more interest – If your home pops up on the market at a competitive price, you can bet it will generate a considerable amount of interest. A home that’s overpriced, on the other hand, will likely generate very little interest. Even if you choose to lower the price of your home a few weeks or months after it has been on the market, your property will likely become a “stale” listing; or one that has been passed over for months and is therefore no longer of interest to buyers or realtors.
• A home that’s priced right will draw the right buyers – The last thing most sellers want to deal with are buyers who are out to fetch a bargain. If you fail to price your home right from the start, you will likely generate interest from buyers who simply want to lowball an offer your way. A home that’s competitively priced, on the other hand, will likely generate interest from serious buyers who are ready and willing to pay the asking price of your home.

This year may be the best year to purchase a home! If you are in the market for a new home, and you’ve been waiting for the best time to take action, wait no longer!

Why now may be the perfect time to buy a home:

• The interest rates are still very low – Interest rates continue to hover near historic lows, so you may be able to afford the home of your dreams. With low interest rates comes the ability for many home buyers to finally purchase the larger Terrell Hills home they’ve always wanted. In addition, for other home owners, this may mean their mortgage payment could be much lower than if they waited and bought when interest rates increased just a point or two.
• Good credit pays off – If you have good credit, lenders are likely seeking you out in today’s market. In fact, lenders are courting buyers with good credit with very attractive interest rates and home loan programs. Now may be the best time to contact your local lender so he or she can educate you about all the attractive home loans that are currently available to individuals with excellent credit.
• There is a great supply of homes – Although home sales across the country have picked up recently, it still pays to note that there is a great selection of homes on the market. Because of the sheer number of homes for sale, it is quite likely you can hold out for a Terrell Hills home you really love, and one that is dramatically lower in price than it may have been just a few years ago.
• Foreclosures and short sales are still in the system – Although you can’t automatically assume you will score the deal of all deals with a foreclosure or short sale, it is quite possible you can purchase a home in foreclosure or a short sale home for less than areas comparables. Purchasing a foreclosure or short sale does have its share of challenges, but if you’re up for a challenge, you could end up with a fantastic home for less than you thought possible!

Buying in today’s market has many advantages, and a few challenges. Because of this, now may be a great time for you to consider either purchasing your first home or your next  home. And here’s why:

• There is a large selection of available homes – Keeping in line with a traditional buyer’s market, there is a nice selection of available homes on the market. Because of this, you can expect to see any number of homes that fit in your price range. Of course, this makes shopping for a new home much easier, and better ensures you will find exactly what you are looking for.
• Home prices are still very affordable – Although the recent trends show that home prices are once again gaining steam, they are still incredibly affordable, thereby allowing home buyers to buy more than they were able to just a few years ago. And, because of their affordability, first-time home buyers are now able to more easily enter the market.
• Only the best credit will do – Because lenders are now only interested in individuals with great credit, those home buyers who come to the table with a strong credit score can be assured of obtaining an attractive interest rate and a great home loan program. In fact, there are a number of fantastic home loan programs out there, both for first-time home buyers and existing home buyers.

Because there are so many advantages to buying a property in today’s market, it is important to understand that you have to bring a few things to the table:

• A nice down payment – Today’s lenders are requiring down payments, so it is important to have at least 10 to 20 percent of the cost of the home in the form of down payment cash. There are virtually no longer home loan programs that offer no-money-down options, but there are still attractive home loan programs nonetheless.
• Excellent credit – A solid credit score with an extensive credit history is required for today’s home buyers. Therefore, it is best to check your credit score before applying for a home loan to make sure there are no errors or discrepancies.
• A solid employment history – If you are thinking about purchasing a home, don’t make any job changes, as this could affect your ability to secure a loan.

There are plenty of fantastic San Antonio gated communities from which to choose. Many of us, when buying a home in San Antonio, hear plenty about the perks of living in San Antonio gated communities, but what are they really and what can they offer?

If security and a sense of community are what you’re looking for, then San Antonio gated communities should definitely be on your list when searching for a home. Here’s why:

• San Antonio gated communities, because they are often revered for their added degree of safety, and therefore typically have lower crime rates than other communities, often help the homes found here better retain their value.
• San Antonio gated communities may differ when it comes to security. Some communities will have controlled access, via a gate, while others will also have a guard or security staff that monitors the activity at the gate. Most times, residents will need to open the gate with a remote control or key card.
• Because the safety aspect of a gated community is very important, most gated communities control the through traffic; therefore, the only traffic within the community consists of residents and visitors. This often makes the community appealing to many buyers who don’t want a constant flow of traffic in and out of their community.
• Many families appreciate the traffic restrictions of a gated community, as it makes it safer for families and small children to walk the streets. In addition, residents in gated communities often remark that traffic incidences are greatly reduced.
• Vandalism in gated communities is also much lower than typical communities, as access is restricted to only those individuals living there or visiting residents. Homeowners in gated communities may feel more at ease when it comes to crimes and burglaries, as well.
• San Antonio gated communities are often sought after because the resident amenities, including parks, playgrounds and swimming pools, are enjoyed only by the residents and the residents’ guests. In other words, residents don’t have to worry that individuals from other communities are using their facilities and amenities.

Where does the downtown San Antonio condo market stand? Perhaps the best answer to this question was found at the recent Downtown Alliance’s State of Downtown Luncheon at the West Riverwalk Hotel.

This is where the downtown San Antonio condo market, along with the revitalization of the downtown area, was discussed by a number of city and business leaders. The main focus of the Downtown Alliance’s annual downtown luncheon was to discuss ways in which downtown San Antonio can become a more livable and workable community. And, as always, there are challenges that must be met head-on in this quest.

Condo Financing Problems still Exist

One of the current problems discussed at the annual luncheon includes obtaining financing for downtown condos. The downtown San Antonio market has long been plagued by the fact that financing is hard to come by and the office market in the city’s center is outdated. However, the meeting also noted that apartment rentals in the downtown area are up, and the entertainment sector has been helped along, thanks to upgrades in various facilities around the area.

Office Market Struggling

The city and business leaders agree that more downtown residents and a boost in the downtown San Antonio condo market are essential to boost the outdated office market and the city center. However, in order to accomplish this, individuals need to be able to obtain financing from Freddie Mac and Fannie Mae which, at the present, just isn’t happening. And that means a longer turnaround for the near-obsolete office space market which, at this time, is classified as a C, making as much as 40 percent of it functionally obsolete.

Because of these problems, there is still a large portion of the downtown office market that just isn’t being leased.

The challenges with downtown San Antonio’s condo market may be best summed up by David Adelman, a partner at Cross & Company who, at the annual luncheon said, “Housing will lead then everything else will follow.”

There are currently about 3,000 residential units in the downtown San Antonio condo market; Adelman notes that a goal of 10,000 units should be set.

The San Antonio commercial real estate market has certainly experienced its share of ups and downs over the past couple years. It feels rather good, then, to say that 2010 will go down as the year of the rebound for the San Antonio commercial real estate market.

This was, by far, the major theme of the 2010 San Antonio/South Texas CCIM Real Estate Symposium, which was recently held at the J.W. Marriott at the San Antonio Hill County Resort and Spa.

Goodbye to 2009

Much of the talk at this year’s Symposium was saying good-bye to the dismal 2009 and looking at the gains experienced during 2010. That’s not to say that 2010 wasn’t without its challenges but, when compared to 2009, it was a breath of fresh air, to say the least.

To put the difference between 2009 and 2010 into perspective, consider this: during the 12 months ending December 31, 2009, the San Antonio commercial real estate market absorbed just 186 square feet of office space. Yep, that’s just 186 square feet.

Hello to a Brighter Future

However, looking to 2010, and it’s an entirely different picture: As of December 2010, the San Antonio commercial real estate market has absorbed nearly 472,000 square feet of office space.  Even though this number is considered a downturn from an average of 350,000 to 500,000 square feet per year in previous years, it sure blows away 2009 and shows just how resilient the San Antonio economy really is.

In addition to office space absorption, there are also several new developments that have real estate analysts excited about the commercial real estate market, including the new campus of NuStar and plans for a new campus for Nationwide.

One of the challenges that continue to exist for the commercial real estate market is lending. The lack of lending slows new construction, which therefore has a negative effect on commercial space absorption. Analysts also expect to see a lot of “no vacancy” for commercial space, thereby halting any growth that can be anticipated.

There are many Terrell Hills new homes from which to choose, which is why this suburb of San Antonio has become such a family friendly hotspot. Moving to one of Terrell Hills new homes can be quite exciting, but along the way, if you’re not organized and prepared, you could run into some bumps in the road.

With that said, if you are one of the lucky homeowners of one of Terrell Hills new homes, there are a number of things you can do to make sure your move is a successful one:

• As soon as you begin the house-hunting process for Terrell Hills new homes, start taking an inventory of your current belongings. Now is a great time to sell, donate or simply toss things you no longer need or want. If you’re downsizing, get the measurements to your new home and determine which furniture can stay and which must go. Remember: a move is made much easier when you don’t have so much to move!
• Ask a close friend or family member to hold anything of value you for you during your move. Such items that you will certainly want to safeguard during a move include: jewelry, valuable artwork, china, crystal and any type of personal documents or paperwork. You may also want to handle moving those things of personal value yourself, as you can be sure of its safety.
• Hire a moving company as soon as you secure a closing date for your Terrell Hills new home. Get your reservation secured, so you’re not in a panic at the last minute because you can’t find a mover. In addition, if you need anything large or valuable moved, such as a piano or antiques, you will want to hire a specialty mover to handle this important job.
• Prepare your paperwork for closing day. Again, it is never too early to begin the organization process when it comes to preparing for closing. Your real estate agent or closing company will likely supply you with the documentation necessary for closing, so don’t put this task off until the last minute or you could find yourself short on important paperwork and unable to close.

San Antonio military relocation is commonplace, thus it comes as no surprise that the process of relocating military families is quite organized. The United States Military is an important part of San Antonio and has been for many years. It is a part of the San Antonio culture, economy and history and has done much to shape San Antonio and what it’s become today.

The military’s Base Realignment and Closure (BRAC) of 2005 has been a huge boost for military relocation in San Antonio and the military expects “unprecedented growth” by 2011.

The Economic Impact of BRAC

Some estimates have the impact of BRAC to be quite dramatic, as it is expected that BRAC will generate an additional $8.3 billion in “positive economic impact through 2011.” Compared to the 2006 number of $5.6 billion, this is significant.

The Military also expects that, beyond 2011, BRAC will continue to make a strong economic impact, with an additional $2.9 billion annually expected.

The BRAC recommendations will have a huge impact on all of the military facilities in San Antonio.

The San Antonio BRAC program is underway in San Antonio and is thought to have the largest economic impact in the city’s history with more than 10,000 military families moving here. BRAC will also have an additional impact on military relocation in San Antonio, as it is expected to transform Fort Sam Houston into the largest global medical complex.

A Boost to the Economy

It is important to realize that military relocation through the BRAC program doesn’t just help military families, but instead improves and reinforces many of the sectors – and ultimately the economy – in San Antonio, including health care, education, communications, bioscience, intelligence, technology and security.

Through the BRAC program and military relocation in San Antonio, the city is expected to grow by leaps and bounds, adding thousands of jobs and bringing in students to train in San Antonio.

The joint effort by the City of San Antonio, Bexar County and the Greater San Antonio Chamber of Commerce implements BRAC to strengthen the economy and revitalize neighborhoods.