The chart above shows how inventory/availablilty of homes impacts pricing. In San Antonio, we have about a 5-6 months supply of homes for sale right now. We’re in a steady market, but signs are pointing to a slight turn to the sellers’ market we experienced in 2006-07. Interest rates are still low and will likely remain so for the rest of 2013, but we’re expecting them to start moving up in 2014. All of my colleagues and I are seeing homes that are in good condition, and positioned properly in the market, sell quickly and for close to asking price.
What does that mean for you if you’re looking to purchase a home this spring? It means you need to start your search by getting pre-approved for a mortgage. Then, when you find the home you want, be prepared to make an offer, and make it a reasonable one! If you like a home, I can almost guarantee that someone else likes it too. “Thinking it over” for too long will likely mean you’ll be looking for something else!
What about if you’re thinking of selling your home? Fix it up, get it ready, and then price it right! And be prepared to move! See the paragraph above!
Good luck and enjoy the process! Contact me if you need help!
Sue Trautner, CRS
(graphic courtesy of Keeping Current Matters)