REAL ESTATE
3. What’s a seller’s market?
4. Where is everyone buying?
In real estate, the market is usually classified as either a buyer’s or seller ’s market. These two terms simply indicate who has the advantage in the current market. For example, in a buyer’s market, there is more supply than demand...and vice versa in a seller’s market. In March of 2014, Forbes named San Antonio the #3 top seller’s market in the US…and it has only grown stronger in the past year! As more and more people join the housing market, interest rates go down for buyers and prices become more favorable for sellers. For the buyer, this means that competition is greater for each house. This is a good thing because it means that the city’s real estate market is thriving, and people want to live in San Antonio!
The most important part of real estate is location! So, where is the market trending? Where is everyone buying? Currently, northern San Antonio is booming with new, up-and-coming neighborhoods, along with some established, thriving areas. The Northwest side in particular is expanding at an exciting rate. Below are some of the bestselling communities in the city. 1. Alamo Ranch | Northwest | $150k-$575k 2. Canyon Springs | North Hwy 281 | $129k-$800k 3. Fair Oaks Ranch | North I-10 | $146k-$600k 4. Northwest Crossing | Northwest | $17k-$178k 5. Sonoma Ranch | Northwest | $244k-$659k
5. What to look for in a REALTOR® When buying a home, it’s important that you find a knowledgeable, reputable REALTOR® specific to your needs and personality. You’ll want to ensure that your agent is certified in all the necessary areas. For example, if you’re working with luxury real estate, you might want to check and see if your REALTOR® has experience with upper-tier home sales. Your agent should know the San Antonio area very well so that he or she can help you find the right neighborhood for you. Since San Antonio is quite spread out, there is a lot of ground to cover. If you choose a REALTOR® who isn’t familiar with the city, there’s a real chance you could miss out on the best home for you and your family. Locally sourced realtors will also have connections with local lenders, builders, or others who might need to be involved in your home buying process.
6. How fast are homes selling? Because the demand for housing in San Antonio is so great right now, the San Antonio Board of Realtors reported that homes sold in May 2015 only stayed on the market an average of 59 days! Homes are selling quickly right now. This means that, if you’re buying a home in the San Antonio real estate market, you might want to act fast. Know what you want and be ready to start the buying process if you feel the time is right. That being said, remember to stay calm and not rush into such an important decision...one of the reasons it’s important to have an experienced REALTOR® on your side who is knowledgeable about the San Antonio area!
7. What do interest rates look like? Seeing as it’s a seller’s market, interest rates in San Antonio are currently on the low side of the spectrum. According to the San Antonio Economic Development Foundation, these low interest rates have continued to drive forward San Antonio’s real estate market! Each dollar you spend as a buyer goes further than ever before. This only further confirms that your decision to buy a home in San Antonio is a good one.
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