Real Estate in San Antonio–HOT!!

You may have seen/read/heard that the housing market is improving in many parts of the country and how this is good for the economy.  It’s true!  I have friends all over the country who have had a rough last few years and who have seen a welcome turn-around in their areas.  In Texas, we did not experience the high highs nor the low lows that other markets did, but we have definitely had a slow-down in the last 3-4 years.

I’m here to tell you that all that’s changed!  The housing market in San Antonio and around the state has exploded!  Things have heated up and we are seeing a return to the days of the Seller’s market!  Prices are appreciating; mortgage rates are still low, but are beginning to inch up just a little; buyers are showing more confidence and are finally ready to buy; builders are building more; financing is available.  These are all good signs that the market is and has improved.  One of the most interesting things that has happened that is making the market move rapidly is low inventory of homes for sale.

In San Antonio, we have about 4-5 months of inventory.  Some areas have less than 2 months of inventory.  6 months is considered a balanced market.  More than 6 = buyer’s market; less than 6 = seller’s market.  We are now in a Seller’s market and buyers are figuring out that they no longer have the luxury of time and leverage.  I’ve been telling my active buyers that they need to come into the home search pre-approved for financing, with money in the bank, and ready to move quickly.  When they find the house they want, we need to submit an offer right away.

I have found, and many of my colleagues are also finding, that we are often in a multiple-offer situation.  As a buyer, what’s your best chance to get the home you want?  Be pre-approved first, be ready to go, and make your best offer first!  When sellers have several options, they’re not likely to play the game of “I start high, you start low, and we meet in the middle”.  A home that’s in good condition, and priced properly deserves a buyer’s best offer and there’s good reason to consider offering full price, if that full price is a fair market price.

The weather’s starting to warm up and the housing market is already hot!  Time to get off the fence and into the market.  If you’ve been waiting for everything to hit bottom, you’re too late–we’ve already done that and are back on the upswing!  It’s a great time to buy a home in San Antonio!