February 2009 San Antonio Realty Market Report

As of Friday, 20 February 2009, here’s what sellers and buyers need to know about San Antonio’s residential realty market.

Homes For Sale - 11922
Average List Price — $266,549
Average Days On the Market — 165
Under Contract (Closing Scheduled) - 1437

The “for sale” home INVENTORY remains HIGH, and is projected to increase during the spring marketing season.

CLOSED SALE PRICES are HOLDING STEADY.

The market FAVORS BUYERS, however, reasonably priced and well prepared new and resale homes continue to sell well.

In November and December 2008, home builders were offering greatly enhanced buyer incentives in hopes of selling off their new home inventory before the New Year. It appears that their efforts were successful because the new home inventory is now very low. Consequently, the homebuilders are offering fewer buyer incentives this month.

Note that 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 MINIMAL TO MODERATE. Beginning in November 2008, San Antonio’s realty market was much slower than projected for the season. The downturn continued through December, however market activity picked up again in January 2009 and is likely to take on an even more accelerated pace, particularly in March, April, and May.

AFFORDABLE MORTGAGE AVAILABILITY is EXTREMELY HIGH. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 620 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.

San Antonio continues to receive 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.

While most of the metropolitan area offers exceptionally good home buying and selling opportunities, there are some areas experiencing serious home marketing challenges. Consequently, anyone relocating to the San Antonio area or contemplating selling a San Antonio home in 2009 should seek a Realtor’s (R) advice and assistance.

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 needs. 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.