Current San Antonio Real Estate Market Conditions
San Antonio, like many Texas cities, home sales are hot. According to the Texas A&M University Real Estate Center our area has had an inventory of under 4 months since last November. Months of inventory is the amount of time it would take to sell all homes on the market if no homes were added. Of course new homes are being added, but not at a fast enough pace.
A balanced market, one that favors neither buyers of sellers, is 6.5 months. Since December of last year the greater San Antonio area has had 3.6 months of inventory. That is a hot seller’s market.
This has proven to be trouble for people moving to our area. Many home buyers find homes they like on the internet, but by the time they get to San Antonio the homes are under contract. This has put a lot of families into hotels for extended periods of time.
Another challenge for San Antonio home buyers is the multiple offer situation. A quality home in a good location in good condition can get multiple offers the first day or two on the market. Buyers are asked to submit their best and final offer. In some cases a buyer is at the high end of her price range and loses a house to an offer higher than she can qualify for.
Over 55% of the homes selling are priced at or below $200,000. Homes in higher price ranges tend to stay on the market longer before selling. The trouble spot for sellers is the $500,000 and up price range. There just are not many people capable of buying in that priced range.
So what to do if you are a buyer, especially in the $200,000 and below market? Be pre-qualified, get out and look with a qualified Buyer’s Agent and be ready to make an offer the minute you see a house that could become your home.
By the way, if you are interested in San Antonio homes give me a call at 210-589-1038.