It's a Buyer's Market in San Antonio Texas - Two Big Fairytales or Myths
Yes, it's a buyer's market right now in and around San Antonio Texas, and yes there is plenty of inventory to choose from and yes, you should be able to get a really nice home for a nice price with a great rate...but there seems to be a couple of fairytales and or myths about what exactly a 
buyer's market means. A buyer's market means that there is more supply than there is demand. It is as simple is that. More San Antonio Texas homes for sale than there are buyers.
buyer's market means. A buyer's market means that there is more supply than there is demand. It is as simple is that. More San Antonio Texas homes for sale than there are buyers. Fairytale or Myth #1 about the San Antonio Texas Buyer's Market - Since it's a buyer's market here in San Antonio Texas...seller's are desperate and will take any offer I give them. I will be able to get a great deal and get instant equity.
Fact: Home's are still selling for their fair market value. What is fair market value? It is the amount where a seller and a buyer agree in writing to sell and or buy the home and...an appraisal will justify the offer price if you are getting a loan.
Where does your San Antonio Texas area Realtor® get market value from? I get it from the comparable San Antonio Texas homes that SOLD within the last 90 to 180 days. We look at similar homes and adjust for any upgrades as necessary. What does this mean for you, the buyer? It means that you are probably not going to get that mansion for pennies on the dollar. It also means that if you continue to lowball sellers, you aren't going to get the home you want. Sellers, although needing to sell, do have other options such as renting. Lowballing a seller and assuming they are just going to fold is not going to get you that homeownership you desire. In fact, it may do just the opposite, by offending the seller and making them dig their heels in to keep to their price.
Fairytale or Myth #2 about the San Antonio Texas Buyer's Market - I can get the best deal on a foreclosure. I hear all the commercials and they say I can get a home for half of the price of what it's worth! I can offer whatever because the bank wants to offload the debt and taxes they have to pay.
Fact: Foreclosures are bank owned homes and they are looking to recoup as much as their loss as possible. I know that some may be thinking that they will just go offer low prices for foreclosures in and around San Antonio. And, while you may get a really good deal on a foreclosure, it's not going to be a ridiculous deal. For example, you are probably not going to get a $300,000 home for $60,000.
Additionally, buying a foreclosure is not like dealing with a seller. Financial institutions and bankers follow their own types of rules and regulations and buying a foreclosure has a lot of strict time lines. They also tend to sell as is and only accept certain types of loans. For example certain foreclosures may not accept VA loans due to the type of appraisal required. Now I am not dissing foreclosures. They can be a great way to get into a home, but make sure that you talk with a knowledgeable San Antonio Texas Realtor® who can make understand what you will be getting with a foreclosure.
There is absolutely no doubt about it. Here in San Antonio Texas and surrounding cities we are experiencing a buyer's market. However, you must remember what your goal in home ownership is. Is it to buy a home to live in and call your own...or are your goals just to get the best deal possible? If the second is your goal, then it may take you some time to get into a home that you feel is the deal for you, time you may not have to take advantage of the terrific low rates that are being offered. It is a great time to buy and you have lots to choose from. Don't let the fairytales and myths of a buyer's market keep you from getting the home of your dreams!
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