Is Homeownership Making a Comeback in San Antonio?

Is Homeownership Coming Back to San Antonio?

San Antonio residents, get ready for some good news! According to local economists and real estate experts, becoming a homeowner is increasingly becoming a genuine possibility for many. After a rollercoaster ride in the housing market, it seems like there’s a shift happening right now.

The Current Housing Climate

Data collected from the San Antonio Board of Realtors shows a noticeable trend in the local housing market. In October, homes sold took a bit longer to find new owners and were generally sold for lower prices when compared to the same time frame over the past two years. This change could pave the way for potential buyers, bringing hopes back to those dreaming of owning their own space.

David Vequist, an economy professor at the University of the Incarnate Word, pointed out that areas like Austin and San Antonio have seen significant growth and an increase in housing inventory. The oversupply of homes means that buyers now have more options. Such conditions often favor buyers rather than sellers, resulting in a market that could be less intimidating.

A Little Bit of Uncertainty

It’s important to note that external factors have also played a role in the way the market is shifting. Spencer Skubik, an associate broker at Becker Properties, highlighted that the uncertainty from the recent presidential election might have caused a slight slowdown in the housing sector. While it’s typical for the market to cool down during the fall and winter seasons, this year’s slow down has been more pronounced, allowing for changes that might just help buyers seize the moment.

Longer Listings Equals Better Deals

One local resident, Gregory Vasquez, has been eyeing the homeownership dream for years. He shared his frustrations about the high prices and interest rates that have hindered his chances of making his dream a reality. “The market for a basic two-room or three-room house is just ridiculous honestly,” he expressed.

As homes sit on the market longer, there’s a silver lining for potential buyers. The oversupply means that buyers like Gregory could potentially negotiate better terms. Many sellers may be open to concessions or even lowering the sales price to make a deal, contributing to a more favorable buying experience.

Looking Ahead: Bright Prospects?

If current trends continue, the future might hold even more exciting possibilities. Professor Vequist remains optimistic. He suggested that with an increase in incomes and potentially decreased expenses, along with leveling interest rates, we can expect an uptick in home buying activity for both buyers and sellers alike!

So, for those in San Antonio dreaming about owning a home, now might be the moment to start thinking seriously about that dream. With a bit more inventory, a friendly buyer’s market, and potential favorable conditions on the horizon, it could be the perfect time to take that leap into homeownership!