Posted by Randy Kelley on January 2, 2009
As of Friday, 2 January 2009, here’s what sellers and buyers need to know about San Antonio’s residential realty market.
Despite dropping dramatically in December, the “for sale” home INVENTORY remains HIGH, and is projected to increase during the first quarter, 2009.
CLOSED SALE PRICES are FALLING STEADILY.
The market STRONGLY FAVORS BUYERS, however, reasonably priced and well prepared new and resale homes continue to sell well.
In November and December, home builders offered greatly enhanced buyer incentives in hopes of selling off their new home inventories before the New Year. Builders typically pull back on buyer incentives in January, but that might not be the case this year. We’ll let you know in the February report.
Although it might be a great time to buy a new construction home, it’s always prudent to diligently check out the incentives offered by the builders and particularly the loans offered by the builders’ affiliated lenders. Before signing a sales agreement, a buyer should seek the help of a Realtor ® to verify (1) that the property is reasonably priced and (2) that the lender is offering the most favorable loan, with the best interest rate, for the lowest settlement cost.
For San Antonio, the ECONOMIC DOWNTURN IMPACT is now MODERATE. Beginning in November 2008, San Antonio’s realty market was much slower than projected for the season. The downturn continued through December. Nevertheless, San Antonio still receives high marks as one of the nation’s top realty markets based on the area’s high employment rate, population growth, and better-than-average price appreciation.
AFFORDABLE MORTGAGE AVAILABILITY is EXTREMELY HIGH. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 580 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
Approximate Location Boundaries: San Antonio Metropolitan Area Including Surrounding Counties
Location Characteristics: Nations 7th Largest City
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