First Quarter Update on Real Estate in San Antonio

The year is going so fast and we’re already done with the first quarter. There have been a lot of things happening and the real estate in San Antonio has changed.

I'm pretty sure you're all aware that the rates have gone up considerably. This is the highest they've been in the last eight years or so.

These changes are definitely having an impact on the way buyers perceive buying a home. But the reality is, that the rates that we have right now in the San Antonio real estate market are still amazing.

REAL ESTATE IN SAN ANTONIO BY NUMBERS

We're having a 4.5% interest rate today, but between 1989 and 1990, the first house I ever bought was at a 12% interest rate. So truly, when you look at 4.5%, it's still a great rate.

According to what I've been reading, the Fed says that this year would end up having around a 5.5% interest rate, possibly more! So, as I always say,

“THE BEST TIME TO BUY A HOUSE IS NOW AND THE BEST TIME TO SELL A HOUSE IS NOW!

Here are some statistics you need to know:

“2022 remained steady with an increase in almost every category in the San Antonio Metro area. The average price has been a 16% increase, going up to $361,889, according to the MLS and the median price in San Antonio rose to $314,000 which is a 20% increase.”

WHERE IS THE MARKET GOING?

The prices are going to keep climbing. If you read the news, you will always hear red flags saying there's going to be another recession.

I've been doing real estate for 22 years. I've already lived through recessions and seen the slowing down of the market. But what I can see right now is that all of the millennials that are now coming into our market will be needing a place to live.

“IF YOU HAVE AN OPPORTUNITY TO BUY OR IF YOU'RE APPROVED TO BUY A HOUSE, WHY WOULD YOU HOLD IT OFF CONSIDERING INFLATION AND INCREASING RATES?”

That's the way life goes. We cannot slow down for that.

If there is indeed another recession coming, I can not imagine it'll be worse than 2008. But if it is, we just have to keep our eyes open.

“Remember: Real estate bounces back. And 2008 is the best proof of it.”

SAN ANTONIO HOUSING INVENTORY

“We are way beyond the price that we had before we had the biggest real estate debt that we've had of our generation. Everything is cyclical. Holding onto real estate is the best way to create generational wealth. You just hold on to it.”

If the real estate goes down, it's always going to go up because there's so much land here. There are still so many homes, especially here in San Antonio. So I completely and truly put my faith in real estate in San Antonio. End of story.

I am seeing more inventory, like when I do specific searches to determine where I should list a house. Now, I see that there are more houses on the market. Houses that are staying a little longer.

FACT: HOMES THAT STAY IN THE MARKET FOR OVER THREE DAYS WITHOUT MULTIPLE OFFERS, THAT'S WHERE BUYERS SHOULD COME IN.

Because that's where you can make an offer that it's not going to break your bank.

Those that are brand new, good price, good homes are going to still be flying off the shelves and people are still going to be overbid by $20,000 up to $30,000 with waivers of appraisals.

Again, the properties that have been on the market beyond three days, are the ones that are good to focus on for buyers because there are negotiations there.

I do believe that there's still a lot to talk about as the close of the first quarter comes to a close. The real estate season is just kicking.

Do you have any questions? Do you want a detailed summary of the real estate status in San Antonio Texas? Leave a comment below. Let me know if there's anything I can answer for you.