San Antonio Housing Market Booms with Increased Home Sales and Family Adventures

Welcome to San Antonio: A Friendly Look at the Local Housing Market

San Antonio has been buzzing with excitement over the past year as residents, like Tiffany Morton, have navigated the twists and turns of the housing market. Tiffany recently purchased her home this summer, and she often chuckles as she watches her 13-year-old son, Logan, whip up a sandwich in their kitchen, an area she’s eyeing for a renovation makeover. With a quick glance at the statistics, it’s clear that families are making moves all around the city.

The Upbeat Housing Data

According to the latest figures from the San Antonio Board of Realtors, a total of 26,304 homes have changed hands in the city through September, which is just a 1% increase compared to the same time frame last year. This number reflects a combination of new builds and existing home sales. Interestingly, while sales of pre-owned homes took an 8% dip, the number of new homes sold soared by 17%, thanks to attractive offers from builders eager to entice buyers.

A Candid Conversation with Tiffany Morton

Tiffany’s journey in finding the right home amidst this changing landscape was not without its challenges. After her previous plan to buy a new home fell through, she chose to keep renting for a bit longer. She was determined to find a home that had at least four bedrooms and a solid backyard, targeted at a price of up to $315,000.

“It was either you bend on this or bend on that,” Tiffany explained, reflecting on her search filled with bids and dream homes that didn’t quite fit. Eventually, after being outbid a few times, she came across a charming five-bedroom home that almost met all her aspirations. While the yard size was smaller than she’d hoped, she still decided to make an offer and closed for $330,000 in July.

As she looks out from one of her home’s balconies, Tiffany admits there are plans floating around for renovations, including sprucing up the kitchen, but high contractor quotes have put those plans on ice for now. “I wish I didn’t rush into getting the house,” she said, offering sage advice to other potential homebuyers: take your time and even consider visiting a house multiple times before making an offer.

The Cantu Family’s Home Upgrade Adventure

Similar stories are playing out in households like that of Christi Cantu, a mother of four who decided it was time to snatch up a bigger home. Initially, the Cantu family faced difficulties, as high mortgage rates took the wind out of their sails when searching for a pre-owned home that fit their budget. Yet, a stroke of luck occurred when they stumbled across builders offering enticing rate buy-downs on brand-new homes.

Despite some initial reluctance, they ultimately found joy in a lovely five-bedroom house in the $400,000s, boasting a bonus room perfect for an office or play area. Selling their former three-bedroom residence, however, turned out to be quite the quest, taking over a year and several fresh starts with real estate agents.

Shifting Sands of the Real Estate Market

Interestingly enough, almost four years post-pandemic, the housing market is beginning to shift back towards a more balanced state. With a steady increase in inventory, the city has seen homes sitting longer on the market, creating a playground of choices for buyers. The average time a home spent on the market rose to 71 days as of September.

Tiffany and Christi’s experiences illustrate the reality of the current landscape. Many buyers are feeling the pressure to make decisions, but as Tiffany highlighted, it’s crucial to not let that sense of urgency push you into a hasty choice. The comfort of knowing that more homes are available offers a silver lining for buyers looking to make a home in this vibrant city.

Tomorrow’s Market: What Lies Ahead?

Looking ahead into late 2024 and 2025, buyers are remaining cautiously optimistic. While some are pausing their home-buying journey, hoping for a drop in mortgage rates, others are jumping in, eager to find their perfect home. It might be a bit slow for the moment, but the excitement embedded within San Antonio’s ever-evolving housing market is palpable.

As San Antonio continues to bloom, local families are gearing up to plant their roots, hoping for new beginnings amidst the bricks and mortar of their dream homes.