SA real estate a sellers market? (Dallas, San Antonio: fit in, rentals, mortgage)

[eethie]

What exactly is the market like in San Antonio today, generally speaking, are sellers getting exactly what they are asking?

[neddy]

Pretty much so, you might have a wait a little longer but you will get it.

[hello13685]

There's just not much inventory that I can see. What's up with that? Has anyone else noticed this, and if so, does anyone have an explanation? Are sellers holding out for some reason?

[kevcrawford]

All depends on the price range. It's definitely a seller's mkt in the lower ranges (<$150), as long as the house is in good condition. I'm working with both buyers in the luxury market and the lower end market. For the lower end ones, we've had to move really quickly on anything that comes on the market because the competition is fierce. All my listings under $200,000 are moving really quickly, partly because of marketing, but we're still in a hot seller's market. Neighborhoods make a difference too.

The luxury market is a little different. We're definitely moving higher end homes a little faster than normal, but this market really never changes. It's always a slow but steady market, no matter what's happening in real estate.

[EdgarAllanPogi]

Originally Posted by kevcrawford

All depends on the price range. It's definitely a seller's mkt in the lower ranges (<$150), as long as the house is in good condition. I'm working with both buyers in the luxury market and the lower end market. For the lower end ones, we've had to move really quickly on anything that comes on the market because the competition is fierce. All my listings under $200,000 are moving really quickly, partly because of marketing, but we're still in a hot seller's market. Neighborhoods make a difference too.

The luxury market is a little different. We're definitely moving higher end homes a little faster than normal, but this market really never changes. It's always a slow but steady market, no matter what's happening in real estate.

Do you consider 6 months inventory a hot seller's market? Just curious.

[kevcrawford]

Depends on the price range. There are too many variables in real estate to make that call. For the most part, no. If a house is on the market for six months in this market, and it's not in the luxury price range, it's either overpriced, under-marketed or something's wrong with it.

[hello13685]

I've never once heard a real estate agent describe their home market as being anything other than "hot." That's why I asked what I did on the other thread. My family in CA told me that newspapers in California are including Texas among the "cooling market" areas.

[wCat]

Originally Posted by hello13685

I've never once heard a real estate agent describe their home market as being anything other than "hot." That's why I asked what I did on the other thread. My family in CA told me that newspapers in California are including Texas among the "cooling market" areas.

Saying "Texas" is way too broad. You're talking about a huge state with four major metropolitan areas. Dallas/FT Worth is among the leading cites with the most forclosures. That's an indication of a market slow down.....people bought too high and may now be facing higher interest with ARMs and are not being able to tap into much equity.

That being said....other cities in Texas need to learn from DFW and tread carefully in over pricing their houses. The influx from the West coast is creating a sort of "false" sense of cheap real estate. It may be cheap in comparison to other areas, but if these buyers are counting on investments as rentals, they may not be the money makers they hoped for. It's only a matter of time before they start dumping what they can't rent and might have to settle being happy if they break even. They really aren't smart investors to have a mortgage on property they rent with the hopes that the property will escalate in value and then sell it for a profit in a few years. It just may not get that return at that time. Then it will be a buyers market.....

[kevcrawford]

Originally Posted by hello13685

I've never once heard a real estate agent describe their home market as being anything other than "hot." That's why I asked what I did on the other thread. My family in CA told me that newspapers in California are including Texas among the "cooling market" areas.

Talk to a Realtor in Las Vegas or Phoenix right now. Real estate is up and down everywhere. That's the nature of everything. Right now we're getting investors from all over trying to buy here, which is a great indication of the market. California newspapers really have no idea what's going on here. They're looking at Texas as a whole.

One of the hottest markets in the country is McAllen. El Paso is on fire too. Austin's down. Dallas is fairly steady, but slowing. SA is still very good.

Every area is very different. Even inside SA. Selma is hot and Bulverde is cooling down. There are too many variables to say "Texas is a hot (or cold)" market.

The best indication is how many Realtors have work. The 80/20 rule is very true in Real Estate (more like 90/10). When the market cools, there are going to be a huge amount of Realtors going back to their day jobs, while the remainder of us stay in the business. Right now we've got a ton of Realtors in SA. Too many, in fact.

[hello13685]

Everybody and their grandmother is a realtor.