Attention, Buyers and Renters! This San Antonio Market is heating up for single family residential homes for sale and for rent. “That home that you saw today, and want to go home and think about it tonight. Well, someone else has already looked at that same home yesterday, and they are prepared to make an offer on it Today”. I have recently had a couple of clients who missed an opportunity on buying and renting a single family residential home, because they decided to think on it overnight. In case you don’t know, San Antonio is now in a Seller’s Market, and there is a Short Supply of Single Family Residential Homes.

This means we are beginning to see multiple offers on many single family residential homes throughout the city. It’s very normal for all those homes that are priced accurately, and staged to sell to go under contract very quickly. Presently, San Antonio has approximately 9,010 single family residential homes available for sale in Bexar County, and the more popular communities are beginning to show competition over the available inventory.

The rental market for single family residential homes shows approximately 1,232 homes available, and many of our property managers have informed me that their very nice rentals are going very quickly. What this means to potential renters, and buyers in the Greater San Antonio and surrounding areas is that procrastination may cost you that first choice. Another reminder is to have that Proof of Funds letter ready for any cash offers, and that Pre-Approval Letter from your lender if you plan to finance the loan. Renters need to have the proper I.D. and Proof of Income too. Many of our property managers will require all potential renters to earn at least three times the rental amount, and some are even requiring that credit scores be above 600.

So why are higher credit scores being sought by property managers? Well, simply because of the competition for rental single family residential homes, and the shortage of inventory.