I’m bullish on the San Antonio real estate market. One reason is home prices. According to market reports, San Antonio area home prices continue to appreciate an average of six to ten percent on an annual basis. The October 2023 San Antonio Board of Realtors (SABOR) report showed the average home price of $379,206 had no change from October 2022. Interest rates are making some buyers cautious about making a purchase, but there’s less competition for homes compared the pandemic-era buying frenzy. So, now may be actually be a good time move on a home without getting into a bidding war. Refinancing is always an option at a later date.
People Power
Another cause for optimism is the steady influx of people moving to San Antonio every day. According to U.S. Census Bureau, San Antonio is the third fast growing city in America. It’s not surprising. I routinely hear from other agents who say they’re representing an out of town buyer – both within and outside of Texas. They relocate here for jobs or a better quality of life and affordability. Demographers predict this trend will continue for at least another decade and more. People moving here need some place to live and many prefer to buy a home versus rent.
Buyer Strategies
Even though SABOR states we are in a seller’s market, there are opportunities for buyers. The market is routinely adjusting to a post pandemic reality. SABOR agents get a daily report on market activity. Price drops far out numbers every other category. I suspect sellers still expect homes to sell for the original list price and more, as during COVID. In October, SABOR reported homes are selling for an average of 93.5% of list price. This is still considered in the seller’s market range but pricing homes in today’s market is more challenging compared to last year. A contributing factor is more homes on the market, so more choices. As a result, most properties are taking longer to sell compared to this time in 2022.
Timing Matters
Once a home is on the market a certain period, price drops can be deeper and more frequent. A buyer’s agent who tracks this can put together an offer to entice the seller and deliver value for the purchaser. Ask for a home warranty, assistance with closing costs, or considerations for updates or repairs. There are lots of options available to strike a deal in our current market. The key is to structure so that both sides feel like they’ve won.
Life happens and sometimes you have to buy or sell regardless of the economy. Working with a data driven agent makes a big difference achieving your real estate goals. Let me know if I can answer any questions on my approach to successfully navigate through today’s market conditions.
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