What's happening in this year's San Antonio's mid-winter realty market? It's relatively active right now and seems to be drifting toward a very active spring season. Typically, that means there will be more homes for sale, list prices will increase, and sales volume will likely be higher than usual especially this year because buyers will be rushing to take advantage of the Federal home buyer tax credit programs. As for the summer realty market season, it's too early to tell if it will more or less active than usual, but, undoubtedly, activity will be dependent on the success or failure of national economic recovery initiatives.
April 30, 2010 is an important date for home sellers and buyers to keep in mind. Why? Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010 to qualify for claiming the Federal home buyer tax credit benefits. Consequently, anyone seriously contemplating selling a home this year should get the property on the market right away, particularly if it's worth $200,000 or less. That's a high demand price category for San Antonio homes and, if a home is in good condition, it's likely to sell quickly.
Anyone wanting to buy a home this year should move fast to avoid missing the 30 April deadline. Of course, before jumping into a purchase agreement, a buyer should consult a Realtor® or visit the tax credit website to make sure he or she qualifies for the credit.
Aside from the home buyer tax credit issue, here's something about San Antonio's annual realty market cycle that both home sellers and buyers should keep in mind. Decades of recorded sales data prove conclusively that market activity usually peaks in May, June, or July, then falls off rapidly after August. List prices usually adjust downward during the fall and early winter selling season, available home inventory usually goes down, days on the market will increase, and there will be far fewer monthly closings than during the summer peak season. After a long winter's rest, the market will start stirring again in February and March.
Realtor® and consumer comments and opinions are, as always, solicited about this, or any article, posted on this blog. We love to discuss and don't mind a fuss. The more views and news we can solicit, the better.
We're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy. Visit our SanAntonioHomeQuest.com website for anything and everything San Antonio realty. If you have questions, need realty or mortgage loan advice or assistance, or just want to chat, call us at (800) 201-9145, (210) 863-2661, or (210) 867-8743, or E-mail us at kelleybus@aol.com or swkrealtor@aol.com.
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