The Hot Spots in San Antonio

Now that 2023 is almost over, the market has changed. After 2022 the market went wild and buyers fought each other to try and get the home they picked It has been an interesting year to say the least as we move into what I believe will be a stabilizing market in 2024. There are rumors that we will not have any rate increase and in fact we might see small decreases in an attempt to stimulate the economy. 

The Map

Here is how you should interpret the map. It can work in your favor if you are a buyer. If you are a seller, this might temper your expectations and you might want to find ways with your Realtor to sweeten the deal. Buyers if you are looking to move to one of the hot spots, then might have to dig in your heels and be creative with your offer. 

Numbers Don't Lie

I won’t bore you with all the details and just highlight what you need to know. Stats that tell realtors months of inventory or median sales, tell us if it’s a buyers or sellers market. This maps breaks it down for the average person to quickly look and see where they want to move. The two graphs underneath map will show you that prices are dipping for the first time in a long time. The bottom graph is "Days on market", showing how the market slowed down and home are taking longer to sell. Sellers are getting nervous and anxious and they have begun to adjust their price. If you have any questions or want more details, please contact me. 

Time To Get Excited 

Let’s start with median price. San Antonio saw a -2.2% decrease. If you a seller that means you need to move fast before you lose more equity. For buyers that tells me the market is moving in your favor. I believe buyers will start heading out purchase once the interest rates steady and maybe even fall. That means more competition. Look at the dark colored spots on the map and see what part of town is in the negative. You will probably come across buyers that will be dropping the price on their home. Days on market will increase making some sellers a bit anxious and nervous. That’s the time to for buyers to strike.

Final Thoughts

I do run into homeowners that still feel like it is 2022 and they can put the home for sale, jack up the price and it will sell in days with multiple offers. That is far from the truth in 2023. The amount of homes for sale along with “Days on Market”,  tells me that we have moved on from that and things are returning to normal.The amount of homes for sale in San Antonio, Tx. show a 48% increase. It doubled from 2022 numbers. This is great news for buyers. Mortgage rates rose slightly after Christmas to just a little over 7% depending on the financial intitution and credit score. If you decide to purchase now, you will get the benefit of good inventory and motivated sellers. Should the interest rates drop, then refinance for the lower rate. As of 04/16/24 rates took a little hit when the inflation report came in high and we are looking at 6.99% for FHA with good credit. We are expecting a slight decrease in the next quarter. However the time to start looking is now. You will look like a genius.