Blog Archives

San Antonio Area Home Sales, Prices Increase as Summer Heats Up

May '18 SABOR stats

The San Antonio area housing market is continuing to outpace last year, as summer gets into full swing. May reported an eight percent increase in home sales over last year for a total of 3,326 homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Average and median prices both experienced five percent year-over-year growth,
with the average rising to $270,324 and the median increasing to $231,900. Months of inventory remained low with 3.6 months available in May, a slight decrease from the 3.7 months available in May the previous year.

“Prices tend to rise in the summer months as demand increases. People often want to move before the next school year starts making it a popular buying and selling season,” said Lorena Peña, SABOR’s 2018 Chairman of the Board.
“With such high demand and low inventory, it is important to work with your REALTOR® to navigate your options and be ready to make a decision quickly.”

As the home buying season heats up, home sellers are taking advantage of the competitive market to list their homes. In fact, new listings totaled 4,532 in May, an increase of over 300 more than this time last year. Additionally, there were a total of 9,531 active listings on the market in May and the month ended with 2,917 sales still pending.
In the San Antonio area, the majority of homes sold were priced between $200,000 and $500,000, with those sales making up 57.3 percent of the month’s market. Meanwhile, homes priced under $200,000 accounted for 36.6 percent of the sales in May and homes priced over $500,000 made up six percent of the market.

Bexar County reported a total of 2,333 single-family homes sold in May, a 1.9 percent year-over-year increase. The average price of a home sold in the county was $258,352, a 5.1 percent increase from 2017 while the median price increased 5.3 percent to $218,000.

SABOR Multiple Listing Service Report:

San Antonio Home Sales Recap May 2016 May 2017 May 2018
Total Month Sales  2,811 (10% increase)  3,091 (11% increase)  3,326 (8% increase)
Average Price  $245,030 (2% increase)  $256,677 (5% increase)  $270,324 (5% increase)
Median Price  $208,600 (3% increase)  $221,300 (5% increase)  $231,900 (5% increase)

*Percentage increases are based on a year-over-year comparison.

If you are thinking of buying or selling a home in the San Antonio metropolitan area, and want to work with a trusted San Antonio REALTOR® throughout the process, contact Trudy Edwards of KELLER WILLIAMS Realty Heritage, at (210) 595-9801, or by email at TrueSARealEstate@gmail.com.

Advertisements

3 Things to Consider Before Going FSBO

Before You FSBO

What a Homeowner needs to know before going FSBO

If you’re looking to sell your home in the near future, you may feel inclined to list it as a For Sale By Owner (FSBO) before working with a REALTOR®.  For some, this is considered one good way to cut back on costs to try earn a little more profit on the sale.

However, there are certain aspects you may want to consider before going down this path.  Statistically, over 80% of homes For Sale By Owner end up being listed and sold with a REALTOR®.  Therefore, it pays to take the time to fully assess whether or not this is the right plan of action for you.

Properly Marketing Your Property

First of all, listing a home for sale can be a very time consuming and difficult process.  Unfortunately, this typically is not as easy as posting a sign in the yard and setting up a classified ad in the local newspaper.  There is certainly a lot more than meets the eye.

For instance, many FSBO websites will tout that you can obtain a wide exposure to buyers nationally, but this pales in comparison to the results that you can expect from big named sites like Realtor.com, which only agents can post to.

Next, your agent will have a lot of expertise with implementing online real estate marketing strategies that will gain you locally targeted searches.  In fact, nearly 90% of all home searches start online today.

REALTORS® will also have a strong network of both agents and buyers that they work with on a regular basis.  This is a business where it pays to network.  More contacts equals greater exposure.

Asking Price & Showings

For starters, a lot of FSBO’s will start at the wrong asking price.  This is by far one of the most important factors that goes into marketing your home, so you want to do this properly off the bat.  But, without being fully invested in your local market and understanding the current trends and market data it can be difficult to price the home accurately.

As alluded to in section one, selling a home can be a lot of work.  Most individuals these days have to juggle a full time job, family obligations, recreational activities, household chores, etc.  Where do you find the time for fully investing into the sale as well?

When the opportunity arises for interested parties to view your property, you need to be available to schedule individual showings, open houses, inspectors, appraisers, etc., while also trying to stage and maintain your property’s appearance.  Miss out on a good opportunity for matching schedules and you can quickly lose interest.

Negotiations & Contracts

If you get to the point where you negotiate with a buyer, it is much more difficult to handle this aspect without a qualified agent.  Selling your home can be a very emotional undertaking, so it is easier to set unrealistic expectations, or to even concede on more than necessary when you don’t have a third party as a buffer.

During most real estate transactions, both the buyer and seller will typically have a set of concessions and contingencies.  For a majority of buyers, they will expect to have some type of a financing, and inspection contingency.

This is set up for their protection, in order to complete their due diligence on the home before moving forward to closing.  If other issues are found, this may even been grounds for further negotiation or eventually walking away from the deal.

You may be faced with a situation where you will be expected to lower the price, fix the issue or offer a concession on something else in order to alleviate the problem.  Likewise, you want to ensure that the buyer is not overstepping their boundaries or that you are pressured into giving away more than is reasonable.

In summary, it’s worth taking the time to carefully consider these 3 areas before making any final decisions.  If you still decide to take the FSBO route, we sincerely wish you great success.  However, if you want to discuss the benefits of working with an experienced agent with the tools, technology and resources to sell your home quickly, contact a REALTOR® today.

 If you are looking to sell a home in the San Antonio, Texas area, contact Trudy Edwards with Legend Realty Group, KELLER WILLIAMS Realty Heritage to schedule a complimentary home seller consultation.

Also, please feel free to share this information with a friend and bookmark this page for future reference as well!