San Antonio is a HOT market right now. No, I’m not talking about the weather, although it is HOT!
I’m talking about the real estate market. Our San Antonio Homes for sale has declined as far as inventory. What is that you say? Whenever there is inventory of 4 months or less, it is considered a seller’s market. And we have seen that in the recent months with an inventory of only 2.6 months! Homes sell fast. Of course, they still need to have the three conditions that inspire buyers to make offers: Location, Condition and Price.
In the recent months and even as late as last year, homes were flying off the market for more than the asking price. Why is that? Interest rates are still low, inventory is low so there is not much to choose from and bidding wars among buyers became the new normal.
There is one thing I need to caution all sellers before they meet with their agents and say, “I want to ask for $100,000 more.”
OK, maybe not that much, but many sellers that know it’s a seller’s market want to get the most money out of the homes. And rightly so, however, there is one word we all need to remember in these sales: Appraisals! Yes, that dreaded word for many sellers that feel their home is worth more. Appraisals used to be done by the banks that were lending the money to the buyers to purchase the homes. Now, because of all the fraud that was happening a few years ago with mortgage companies that are no longer in business; appraisals are done by independent management companies that the banks call to get appraisals done. The management company has appraisers on a rotation system, so the banks really don’t know who is going to do the appraisal.
The appraiser, of course, looks at many things, including the comparables in the neighborhood of what has sold in the past few months. They don’t really take into consideration the low inventory. They, like real estate agents, look at condition and compare upgrades and updates to other similar homes that have sold in the area. This plays an important role in the appraisal because if the appraiser feels the house is overpriced for the market or area, he will not appraise it at the asking price, and much less if it went way over the list price.
Homes in San Antonio are a hot commodity. If you are ready to sell your home-please call an agent that knows how to price it correctly in order to get the most money. Or just call me! I know how to sell homes fast and for more. Want to see what is for sale in the San Antonio area? Search here!
Your Realtor Liza King,
Providing Service with a Royal Touch
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