Where the best deals are!
San Antonio is a great place to live, and with the size of our city geographically there are a lot of places to look for your next home! So if you set out looking for the next place to hang your hat and you are trying to make a wise investment, where should you look?
First off you need determine what kind of home you would like make your own. Do you love the character and charm an old house? Or would you rather move right into a brand new home that has never been lived in before? There really is no right or wrong answer here and you can find great deals in area.
If you like the old world charm of an older house there are some GREAT places to look in San Antonio. Many of the areas are new downtown in areas that have so much to offer. What I love about the neighborhoods near downtown San Antonio are the great restaurants and parks. Did you know the San Pedro park is the 2nd oldest park in the nation? It is a beautiful place to stroll around underneath century old oak trees. There are also other great old stores to shop, and theaters to check out. But don’t think that if you move close to the city you give up the newer things. Many folks that are moving into these areas are young professionals that demand hip bars to hang out in, and the latest of everything – and you’ll definitely find that too! So if that is your cup of tea how do you find a great deal on a house? You ask me that question and I’ll ask you, how much time do you have to find that deal? The reason I say that is because I feel the best way to get a steal on a house is to slowly drive every street in the area you want to find a house. Learn about the houses for sale in that area, get to know some people who live in that area if possible, and make notes of all the houses that look neglected or abandoned. You will find some – maybe not a lot, but you will find some. Your goal is to become an expert on that area so if a house comes on the market that is just priced too low, you know it and jump on it! You should also send letters to those neglected houses to see if the owners want to sell. It could be a rental that is no longer wanted, or it could be that the maintenance of an old house is just too much for the owners now. You’d be surprised at what you may undercover. You can probably tell this takes T-I-M-E! If you don’t have the time to do all that I would find someone who is already doing it, and let them do it for you! I’m talking about Realtors and investors. How do you find a Realtor working a certain area? It can be tough! My personal suggest would be to call me, but another idea would be to call the guy who has a lot of listings in that area. Just remember you may have to kiss a few frogs before you find your prince! As far as investors go I’d start off by calling the “I BUY HOUSES” signs posted around those areas. A lot of them are jokes, but you’ll find a couple good ones. They typically buy what they can, but they have limited resources so they can’t do them all. You offer them an outlet on the deal that would have otherwise gotten away. They can mark it up a couple grand and you have your deal! Just remember if deals were on every corner, they wouldn’t be deals! Be patient. Be diligent. Make educated decisions.
If you are looking for a new home, then go where the new homes are! I’ve always found the best deals are found in neighborhoods where all the homes are sold, but one or two and those are completely finished. I’ve sold several hundred new homes for builders and I always saw the folks that would pick up the last house get a steal! The builder is done with the neighborhood. They want OUT! You have to have your ducks in a row if this is your strategy. Have your complete mortgage file ready to go. The builders will want to close quickly and to get the BEST deal they will want you to use their lender. You may have to be flexible on the floor plan or some of the upgrades, but I’ve seen people get some great deals!
You can also find great deals by looking for builders (typically small builders) who have had their home on the market a long time and really need to get out. Your Realtor can really help you here. You’ll have to weed through MLS and find something that works, make a low offer, and see what happens. This isn’t the time to be emotional about the house. Don’t be afraid to make LOW offers and get rejected. Nobody ever was black-listed from buying a home in real estate market because they made a low offer! Get out there and see what you can make happen. Keep this in mind: If you see a house that is taking a extremely long time to finish, and is just sitting there with little odds and ends not completed, that is a sign the builder is in trouble! Go get ‘em!
So where are the best deals? Right now I think you can find good deals for newer homes in the are from Blanco Rd to Bulverde Rd, north of 1604. Why are there good deals there? Two reasons; 1) That is where the vast majority of new homes were built in the last couple years which caused excess inventory when the market slowed 2) The TRAFFIC! The traffic is bad in those areas with no real plan to remedy the situation. People know it and are staying away. If you aren’t a 9-5 work schedule person it won’t bother you much though, so check out those areas.
When looking at older homes the best areas, from my humble perspective, are Terrell Hills, Tobin Hills, Beacon Hill, Alta Vista, Olmos Park Terrace, and Monte Vista Terrace. There are some great homes there! The areas are not over priced, and have seen great appreciation even when the market slowed in other places. Definitely a place to look!
If you would like to work with me to find your next property, PLEASE contact me. That is why I do this blog!!
Chris Cowley
www.ChrisCowley.com
210-389-6006
