San Antonio will pay up to $25K for improvements, repairs to homeowners with aging homes for ‘Rehabarama’

Projects can include foundation work, siding, roofing, painting and more The city of San Antonio is looking to help residents who own older homes with free repairs and updates as part of the Rehabarama program. Homeowners can receive up to $25,000 toward a number of improvements for homes built prior to 1960. Rehabarama hopes to preserve historic and aging housing stock to allow for aging in place and generational wealth, according to the city website. Projects can include partial home rehabilitation or projects that address property maintenance code issues. Qualifying repair work and maintenance projects for Rehabarama include: Building envelope (siding, soffit, fascia, roof penetrations, skirting)Structural systems (foundation, stabilization, reinforcement of structural elements, masonry)Non-compliance with property maintenance code issuesWeatherization and comfort (wood window repair, windows screens, door repair, insulation)Longevity (scraping, caulking, painting, flashing, gutter repair)Safety (porch repair and decking, accessibility) To apply, homeowners can visit the Rehabarama website or call 210-207-3327 to request an application by mail or email. In order to be eligible for the program, the home must be constructed prior to 1960, and the income level for the household must be at 80% of the Area Median Income (AMI) or below. Households with a 30% AMI or lower will be prioritized. Current AMI limits for San Antonio, according to the United States Department of Housing and Urban Development are: AMI %    1 Person    2 People    3 People    4 People    5 People    6 People    7 People    8 People30%    $ 17,400    $ 19,900    $ 22,400    $ 24,850    $ 26,850    $ 28,850    $ 30,580    $ 32,85050%    $ 29,050    $ 33,200    $ 37,350    $ 41,450    $ 44,800    $ 48,100    $ 51,400    $ 54,75060%    $ 34,860    $ 39,840    $ 44,820    $ 49,740    $ 53,760    $ 57,720    $ 61,680    $ 65,70080%    $ 46,450    $ 53,050    $ 59,700    $ 66,300    $ 71,650    $ 76,950    $ 82,250    $ 87,550 Funding is available for up to 30 homes annually. The assistance, which will not exceed $25,000 per home, is provided in the form of a one-time award that will be given from the Office of Historic Preservation directly to contractors working on the home. No reimbursement is required as long as the current owner or an heir continues to reside in the property. If a home is vacated or leased during the term of the loan, the outstanding balance is due immediately and payable in full, according to the program guidelines. Participating property owners must agree to remain in the property or preserve affordability based on the award amount: Less than $5,000 - 1 year$5,001 - $10,000 - 2 years$10,001 - $15,000 - 3 years$15,001 - $20,000 - 4 years$20,001 - $25,000 - 5 yearsPriority for this Rehabarama will be given to homes in Districts 1, 2, 3 and 5. Rehabarama is a single-day event, held bi-annually, that provides needed repairs and maintenance work to older homes. Video from a past Rehabarama can be viewed below: Beyond preserving aging housing stock, another goal of Rehabarama is to integrate trades education and learning opportunities into every project, city officials said in a press release. The City is seeking to hire contractors that would be willing to host an apprentice at no cost. Interested contractors can call 210-207-4680 or visit the Rehabarama website to submit the Contractor Interest Form. Participating contractors also serve as sponsors by providing their services at a reduced rate. In return, contractors receive recognition on all event collateral as well as listing on the Rehabber Club website which showcases contractors that are experienced in the preservation trades, according to the program’s website.   This article orginally appeared on KSAT Local News

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San Antonio housing market coming back down to Earth

February sales decline by 28%, prices moderate Sales of existing homes dropped again last month, signaling the market is calming down from the pandemic frenzy. Derek Aguilar is house hunting for his mom - again. Last summer, they just gave up. “Prices were high,” he said. “People were outbidding us. We’d put in an offer. We’d be a little over asking, and somebody else would come in even further over asking.” There are signs the wild pandemic housing market, defined by intense bidding wars, sticker shock, and rock-bottom mortgage rates is calming down. Last month, existing home sales dropped yet again, down 28 percent compared to the same time last year, according to figures from the San Antonio Board of Realtors. And the median price of those homes sold was $300,000, the same as last year, evidence that prices are moderating. Homes are taking longer to sell, sitting on the market for about two months instead of a few weeks. Some sellers are now even reducing their listing prices. Last spring, sellers were getting, on average, 100 to 101 percent of their asking price. In February, it was more like 93.5 percent. “The market started shifting in July,” said Monique Cardenas, realtor with Frontline Properties Group. “So, now, our buyers have a lot more opportunities to get the home that they’re looking for.” Simply put, she says buyers finally have more power. While higher mortgage rates impact buyers’ wallets, they also level demand and cool off soaring prices. “We are past the three percent interest rates and multiple offer situations,” Cardenas said. “So, it’s really about educating our clients right now.” With the spring buying season here, she says sales are picking up, adding that updated homes that are priced correctly will sell. “If it’s not the topmost desirable home, sellers off the bat are already offering to pay their closing costs,” she said. Buyers with FHA loans are also getting a break. Next week, new rules cut those mortgage insurance costs by 30 percent. As for the Aguilar, he’s seeing more options and more hope. “We’re hoping not to be in the same situation as over the summer,” he said.   This article originally appeared on KSAT Local News website

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Graphs show recent real estate trends in Comal County, New Braunfels

Here’s a visual look at the real estate market in the New Braunfels area Real estate trends have been making headlines since the coronavirus pandemic started in 2020. Historic lows in mortgage rates led to a booming market where houses were rapidly increasing in price and selling quickly but those trends appear to have waned. Average long-term U.S. mortgage rates are now at some of the highest levels in the last 14 years. In December, KSAT shared real estate trends for San Antonio and Bexar County. Now it’s time to look at the real estate market trends for Comal County and New Braunfels. Here’s a visual look at recent real estate market trends in New Braunfels and Comal County: Home sales have plummeted since the start of 2021 when low mortgage rates caused a spike in home sales. The number of new homes for sale in Comal County saw a steady increase heading into the summer of 2022 before a staggering decline that has continued into 2023. Comal County has seen several peaks and valleys in terms of median home sales prices over the last year but the data shows prices tend to stay in the mid-$400K range. Rising inflation has cost consumers on everything from rent to eggs and New Braunfels is not different. The data shows rent has risen steadily over the last 18 months.   This article originally appeared on the KSAT Local News website

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