In today’s video, I’m going to talk about the San Antonio real estate market and what homeowners, renters, and landlords can expect in the market today and to come.
I’ll discuss how real estate agents are handling the situation with the new virtual landscape.
Lastly, I’ll share updated statistics that show where the San Antonio real estate market is currently. Many of these statistics are similar to neighboring Texas cities like Austin, Houston, and Dallas.
Topics Covered:
Homeowner Relief
Renter Relief
Landlord Relief
Precautions Used When Buying/Selling Amidst Coronavirus
Buying a Home in This Market
Selling a Home in This Market
Refinancing
San Antonio Market Stats
Homeowner Relief
Forbearance – “Holding back” the requirement for payment until a later date. No penalty or foreclosure unless not paid at a specified future date. The downside is all payments could be due in a lump sum after the forbearance period.
FHA – COVID-19 Forbearance – 6-12 months of forbearance with options to delay lump sum payment at end of forbearance (housingwire.com)
Fannie Mae, Freddie Mac, Bank of America, Ally Bank, SunTrust, & BB&T + others if you call.
Renter Options
53% of renters surveyed have reported recently losing their job.
65% of them have not yet informed their landlord as of Mar. 31st.
Texas – Halted evictions for 30 days. Dallas and Austin – 60 Days.
Landlord Options
Similar to homeowner relief options: Forbearance and possible deferment.
Call up your servicer to understand your options.
60% of loans in the US are federally-guaranteed.
Economic Injury Disaster Loan (EIDL)
SBA.gov
$10,000 “Loan advances”
3.75% interest
Precautions Buying and Selling In This Market
https://calendly.com/kylehandy/zoomcall
Buying a Home in This Market
Interest Rates at 3.33% NEAR Record Low of 3.29%
SOME mortgage lenders tightening standards (Overlays) FHA, VA, USDA Loans
Min. FICO increase from 580 to 620 to 660
Verification of Employment (VOE) – Day of
Rental Income – Used only with FICO greater than 700 & 6 mos. reserves
Appraisals – “Exterior-only” & “Desktop”
Selling a Home in This Market
Stricter showing requirements
No Overlapping Showings
Increased Photo Limit on MLS
Video and Virtual Tours
Homes Are Still Selling…
Listed Since 3.27.2020 – 486
Pending and Sold Since 3.27.2020 – 59
Listed Since 3.20.2020 – 1037
Pending and Sold Since 3.20.2020 – 201
Listed Since 3.6.2020 – 2176
Pending and Sold Since 3.6.2020 – 641
Refinancing
Refinance Applications UP 26% week ending March 27.
Cash-Out Refinance – Up to 80% Loan-to-value
High requirements are likely
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This episode originally aired on my weekly live show, The Monday Mastermind. To join in on the next conversation, go to themondaymastermind.com every Monday at 6pm CST.
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