San Antonio Housing Market Underwent Visible Transformation
SAN ANTONIO has been continually growing as a favored destination for individuals from across the nation. Still, the recent influx of residents from the West Coast is visibly influencing the city’s housing market dynamics. Coupled with the impacts of a significant class-action lawsuit involving realtors, the San Antonio housing market is witnessing substantial transformations.
Effects of the West Coast Influx
Statistics indicate the highest number of persons moving to San Antonio originate from LA, Austin, or Seattle. This surge of residents from the West Coast is introducing buying capabilities into the local housing market that was previously unmatched. As these new homeowners with increased purchasing power become more significant market participants, the industry feels the pressure to adapt.
Realtor Class-Action Settlement: A Critical Point in San Antonio’s Housing Market
Simultaneously, the housing market structure is also undergoing changes due to a recently settled class-action lawsuit. The lawsuit had accused the National Association of Realtors (NAR) of maintaining unnaturally high real estate commissions across the country.
With this settlement’s revelation, professionals within the industry predict changes for both realtors and potential buyers or sellers. Realtor and CEO of Half Priced Real Estate Company, A. David Marne, stated that the settlement could potentially push part-time realtors out of the industry, creating a more streamlined field of real estate professionals. However, this could also pave the way for consumers to save substantial sums when partaking in housing transactions.
How Does the Realtor Lawsuit Affect You?
Traditionally, home sellers would use a percentage of the final sale price to pay for agents involved in the transaction, typically offering buyers’ agents two to three percent of the sale price. With the NAR lawsuit settlement, you – whether a buyer or a seller – gain the power to negotiate this payment and decide the realtors’ earnings.
This development may also encourage more individuals to navigate the housing market independently without a realtor. However, this route of engagement might require one to conduct extensive research into local property prices to ensure fair transactions. In such cases, legal counsel is recommended to oversee all transaction paperwork.
The Future: A Reshaped Housing Market
The settlement and the influx of new residents will undoubtedly have a lasting effect on San Antonio’s housing market. We might see a future wherein buying agents receive less commission, and an experienced agent becomes key in navigating the housing market.
As San Antonio’s housing market evolves due to these changes, both consumers and industry professionals must adapt with it. The real estate market is set to become an increasingly competitive space, with quality service and fair pricing at its core.