I’m sure you have heard over the last year what a perfect time it is to “sell your home!” Well, after attending the 2018 San Antonio Housing Forecast, I am here to tell you that this year will be no different. In fact, it will possibly prove to be an even better year. The term for this period of time is called “a sellers market”. Meaning, there are not enough homes listed for sale, to satisfy the number of buyers that there are, searching for a new home. That forecast includes the surrounding areas, and I paid particular attention to the Bulverde/Spring Branch community I call home.
There are several different reasons for this. One of them being that new home builders are just not building enough “inventory homes” or “spec homes” to keep up with the demand of the people moving into the area. Therefore, those people relocating are turning to existing homes, when searching for their new place to live.
Another reason for the current state of the market being in the hands of the sellers, is that the San Antonio job growth, in the last year, has increased by 49%. This is a stark comparison to the nationwide job growth of only 9%. With new job opportunities comes the influx of people to work those jobs. Those people moving here for work, obviously need a place to call home. Many people in the Bulverde/Spring Branch commute into San Antonio for work – any many of the new recruits are being drawn to the more spacious and “small town” feeling we have here.
A third reason that I’d like to mention, as a root of an increased sellers market, is that people are staying in their homes for longer periods of time. What used to be a stint of 5 years from the time they bought their first “starter-home” to the time they make a “move-up” purchase, is now closer to 8-10 years. This could stem from kids staying in the house longer, before leaving for college. Or, the fact that “next-generation” living is growing in popularity. Or, even that people want the extra equity in order to put down a larger amount on their “dream home”.
What does all of this mean for an individual considering the sale of their current home? A few things come to mind:
1). Your possible listing price can be more than what it would’ve been last year. From personal experience, I’ve seen a house that sold 4 years ago for $289,000, get sold just this past year for $312,000.
2). Your home is more likely to sell at a faster rate, in comparison to years past. The usual 60-90 days on the market is now shortened to sometimes less than a week, depending on the area.
3). The buyers making offers are more serious and better prepared to make an offer. Due to the competitive market conditions, buyers understand that time is of the essence. Hence, they are aware of their down payment necessities; they are pre-qualified with a lender; and they understand that if they truly want “that perfect, new home”, they have to act fast.
None the less, whatever the reasons are… it IS and from all that was explained at The Forecast, it looks like it will continue to be a perfect time to SELL, SELL, SELL.