How is the market? This is, of course, the question we get asked the most often. Thankfully, since we are in South Texas, our answer is...It's strong.
Inventory is up (hallelujah), and buyers are starting to see that not only are home values not declining, but in most cases, they are still gaining value steadily. Additionally, we see no signs that point to interest rate reductions, which means that the longer a buyer waits, the more expensive a home or its equivalent will be. From our perspective of representing both buyers and sellers, we see that our buyers expect turn-key homes or a discount on the price. The homes that need work or are priced incorrectly are not moving and will experience price reductions to find the balance point at which a buyer is willing to pick it up. The same goes for our listings. All of this is dependent on location and neighborhood, but generally speaking, our sellers are still cashing in some excellent profits while our buyers can afford to be a bit more discerning.
Keep reading below for some official stats and some other cool info!
If you know of anyone who is looking to buy or sell, please send them our way!
STATS: According to the Multiple Listing Service (MLS) Report from the San Antonio Board of REALTORS® (SABOR), which reports all areas contained within the MLS, the market has remained resilient with stable prices despite total sales experiencing a slight 4% year-over-year (YoY) decrease “The average number of days on the market increased significantly by 81% YoY, reaching 56 days,” said Sara Briseño Gerrish, SABOR's 2023 Chair of the Board. “The market continues to favor sellers, with 3.9 months of inventory, suggesting a competitive environment for buyers. While the YoY decrease in total sales and increased days on the market suggest a market in transition, the stability in average and median prices indicates a balanced environment that continues to provide opportunities for real estate investors and homeowners alike.”