If you’re planning on selling a home in San Antonio, you are in serious luck. Analysts across the country have been surprised and impressed by the surge that San Antonio real estate has seen in the last several years! It's certainly a good time to be selling real estate in this Texas city.
In December, the San Antonio Board Of Realtors (SABOR) released a statistics report detailing the state of the San Antonio real estate market in the past year. The results are undeniable: San Antonio’s housing market is strong and consistently growing even stronger! A variety of factors have contributed to this phenomenon, and we’ll explain several of them below.
1. We’re in a Sellers Market
As in any market, real estate experiences vary in levels of supply and demand. When the amount of homebuyers exceeds the available supply of homes, the situation becomes far more favorable for sellers. This is called a “sellers market.” San Antonio is certainly experiencing this in 2015! In March of last year, Forbes named San Antonio the #3 top sellers market in the US…and it has only grown stronger in the past year! More homes are selling faster for more money. Being on this side of the market has never been more favorable!
2. Tight Home Inventory
As explained above, San Antonio is in a sellers market, meaning there’s a higher demand than supply for homes. In real estate, the supply of homes is measured in “months of inventory,” or the amount of time it would take to sell all the homes currently on the market. If a market has less than 6 months of inventory, it’s a sellers market. San Antonio currently boasts only 3.5 months of inventory! This is considerably better than the national average, which rests at 5.1 months. If you’re selling, this means that your property will go much further. Your home will be more sought after no matter what…and is likely to receive better views, bids, and offers.
3. Interest Rates Are Dropping (and Home Prices Are Rising…)
Several conditions have to be present for a sellers market to develop. One of these is an increased amount of homebuyers! How do more people enter the housing market? When interest rates are low, there are more qualified buyers. People generally desire to move from being renters to be homeowners, so when more people are approved, the market shifts in favor of the seller. While low interest rates are great for buyers, sellers receive perhaps an even better advantage as a result! Because more buyers are in the market, the increased demand drives home prices up. Buyers now have to and compete more for the same property, resulting in higher, competing offers.
As explained by Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board: “At our Housing Forecast event earlier this month, we heard from experts on the booming San Antonio economy including job and population growth. As a result, we see more and more people entering the housing market in San Antonio. The tight inventory makes this a sellers’ market while low interest rates allow buyers to make their money go further. It’s a good time to buy or sell on both fronts.”
The evidence is undeniable: the average home price for the year rose 5% to $218,762 and the median climbed by 6% to $180,600.
4. Homes are Selling Fast
Because of the tight inventory, homes are selling FAST in San Antonio! Each home is getting more attention, so when a buyer find a good property, there isn’t much time to procrastinate the decision. In the past year, homes generally only stuck around on the market for about 70 days…almost a month less than the national average.
5. More Homes Are Selling
As a result of the increased amount homebuyers, more homes are selling in San Antonio! Total home sales were over 24,700… up 5% from last year. In the month of December alone, over 2,000 homes were sold in San Antonio…a huge 16% increase in sales from 2013. This is great news if you’re selling a home. If you were worried about your property not selling before, there’s evidence that it’s far more likely to sell now. These numbers are exciting news as San Antonio’s real estate market continues to grow.
6. Keller Williams REALTORs®
Whether you’re buying or selling in San Antonio, a Keller Willia ms REALTOR® is sure to make selling your home easier. KW San Antonio is divided into 12 area offices, including exclusive offices for Dominion, Alamo Heights, and Boerne, among others. This means that your agent will be extremely familiar with the area, equipped with excellent connections, knowledge, and experience. And, because KW San Antonio offers the services of almost 700 agents, you’re sure to find the right REALTOR® for your personality and property type.
Besides general home sales, Keller Williams San Antonio offers specialized farm and ranch, luxury, and commercial services. KW associates are certified with at least 100 hours of training beyond state requirements to be licensed. All REALTOR®s are well-versed in contracts, real estate market trends, and state of the art tools for marketing listings to sell.
7. San Antonio Culture
Finally and obviously, selling a home in San Antonio is so easy because so many buyers want to move to this unique city! Besides the general city attractions, San Antonio has a unique, family-friendly culture. Because it’s so spread out over land, homes have more spacious acreage, there’s less air pollution, and your section of the city feels a little more like home. Additionally, San Antonio borders the beautiful Hill Country, providing incredible views, leisure activities, etc.
In addition to the culture of San Antonio, the city’s economy and job market have been booming. Recently, the unemployment rate reached 5.1% (below the national average), and statistics point to an increasingly strong local job market. These factors have driven many people from renters to buyers and have also made San Antonio a very attractive place to move. Not only do people want to work in San Antonio…they want to settle down here! San Antonio has a way of making people feel at home.
The state of the market was summed up well by Angela Shields, SABOR’s President and CEO: “San Antonio’s housing market has typically remained steady…We are very fortunate to live in a city with a strong economy and booming job market that helps housing remain affordable.”
So, if you’re selling a home in San Antonio, you’re in luck! Homes are selling faster and better than ever before. Now is the time to sell! Contact a Keller Williams REALTOR@ for more information on how to get started.