March 2009 San Antonio Realty Market Report

As of Wednesday, 3 March 2009, here's what sellers and buyers need to know about San Antonio's residential realty market.

The early winter realty sales season was slower than usual. Now, as we enter the typically more active late winter and early spring season, the market is generally stable. Resale home inventory and time on the market have both changed little in the last 90 days. Recently, the average closed sale price has slowly trended downward. The market continues to favor buyers over sellers; but it seems that many prospective buyers are uncommitted, preferring instead to sit on the fence and watch for signs that the nation's turbulent economic conditions have stabilized.

Here's a very positive sign. The freshly-enacted $8,000 first-time home buyer tax credit is expected to spur both buyer and seller activity.

Our new construction home inventory is just enough to meet demand. Builders continue to offer some very attractive buyer incentives. San Antonio home buyers should always consider the advantages and disadvantages of purchasing a new construction vs. a resale home. A Realtor's® advice should be sought when weighing the pros and cons.

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.

Because of its solid economic and demographic foundations, San Antonio remains one of the nation's bright spots for home ownership, rental investments, and commercial real estate. Affordable mortgage availability is extremely high. Interest rates are historically low and lenders are aggressively seeking qualified buyers. A 630 credit score is acceptable to qualify for some types of mortgages. FHA insured mortgages are particularly popular.

Here are the market stats for San Antonio single-family detached home listings as of 4 March 2008:

active listings: 11924 - increasing very gradually, good for buyers

average list price for most recent sales: $190,305 - increasing very gradually - good for sellers

average sales price for most recent sales: $179,105 decreasing very gradually - good for buyers

average days on the market for most recent sales: 147 increasing gradually - good for buyers

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.