We’re in a Seller’s Market – Act Quickly if You are Buying

If you are a serious buyer, don’t just look at homes when it is convenient. Select a good real estate agent and get out there and hustle. Take time off work if you can. Do your homework on the internet. Learn about areas, schools, etc. Homes are selling quickly in the San Antonio area and that includes Helotes.

Since November San Antonio’s housing inventory has stayed below four months. That is the amount of time it would take to sell all homes on the market if no new homes were added. The Texas A&M University Real Estate Center calculates a balanced market in Texas, one in which neither the seller nor the buyer has the advantage, to be 6.5 months. Since December of 2015 the San Antonio real estate market has had close to a 3.6 month supply of homes.

This means that a well priced home in a good location in good conditions is likely to get multiple offers when put on the market. Some get as many as 10 offers the first week on the market so your needs to be very strong.

What is a strong offer? In this market a strong offer is one offering about 3% over the list price, a short option period (perhaps 7 days), includes a preapproval letter, an earnest money of 3% of the offer price and no contingencies. Some agents even recommend writing a letter to the seller regarding why you like their home so much and why you want to buy it.

Get preapproved with a mortgage lender and don’t divulge the price you are qualified for. When you see the right property call your lender and get a letter stating that you are preapproved to purchase the home. List the address and MLS number. If you show your highest price you are qualified to buy the seller might hole out for more than what the house is listed for. Also, most home sellers will not take an offer seriously without a letter of preapproval, especially in a hot market.

Limit contingencies. If you have a home for sale that is not under contract a seller won’t take you seriously. Ideally if your current house is under contract you should be out of the option period.

Have several home and septic inspectors (if the home is not on a sewer system) lined up. They are very busy these days and you want to get an inspection within a few days of getting under contract.

If you are interested in buying a San Antonio area home call me at 210-589-1038.

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