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Buyers! Be Prepared to Pay Your Own Costs!

By
Real Estate Agent with Brown Realty, 210-789-4216, TREC #0492321

Our market in San Antonio, TX continues to be HOT, and we are still in a Seller's Market in many of our communities. We have been experiencing numerous multiple offers, and sharp competition on many of our nicer homes on the market. Therefore, Buyers need to be prepared to pay their own closing costs, or risk someone else getting into the next house that they were looking forward to calling home.

Home Buyers in Today's MarketAccording to the latest statistics released by the San Antonio Board of REALTORS®, the inventory of available home is still around 4.7 months, and average days on the market is around 65 days. Average home prices have increased to around $232,839, and seller's are getting average of 98.5 % of the listed price on their homes. These are all strong indicators
for any Seller's Market.

Gone are the days when buyers think that seller's are willing take a drop on the listed price, and give them all the concessions that are asked for. Buyers need to be prepared to even pay for surveys, HOA documents, HOA transfer fees, and even those residential home warranties in some cases. Having your down payment may not be enough to close on your next home. Besides the lender fees that are typical closing costs, there are also escrow setup fees for property taxes and homeowner's insurance, which are normally referred to as "Pre-Paids". Lenders usually require 3 or 4 months for property taxes, and one whole year for homeowner's insurance.  Get all the facts before you miss out on that next deal.

If you're thinking about buying your next home, and you want to be truly prepared in today's seller's market, Contact Jerry at 210-789-4216 for a FREE Buyer's Consultation. Not ready, but what to view available Homes For Sale in San Antonio, check out my website, and sign of for Market Insider Reports.

Comments(14)

David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Jerry every region is different... Up here in Fairfield County buyers have always paid their own costs.

Aug 27, 2014 02:14 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good advice for prospective home buyers. Cash is king in many markets.

Aug 27, 2014 02:25 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi David, Many buyers here listened to their friends and family that talked about the "Way Things Were" a few years ago in our Buyer's Market.

Aug 27, 2014 03:01 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes. Roy. Cash is King just about in any market. Have a Blessed Day!

Aug 27, 2014 03:02 AM
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

We have only one listing that is insisting on the buyer paying closing costs and his home is not selling.  

Aug 27, 2014 12:28 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Jerry, The builders in my area are wishing for the day that they can negotiate the closing costs nd not be expected to pay all of them if they hope to have a sale. Buyers will walk if the seller doesn't give them everything they want. One builder lost a sale because he said he would do everything the bueyr wanted except add custom wood blinds throughout the house.

Aug 28, 2014 11:45 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Jerry-This is good advice. I've seen some Sellers willing  to make a contribution but nothing to the amount expected back in the old days. 

Aug 29, 2014 10:18 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Kevin. Sellers do need to consider helping with the buyer's costs if it's help get their home sold.

Aug 30, 2014 07:15 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Debbie, I can see this happening in a new construction home area. Buyer tend to what builders to give them everything at no extra cost out of their pockets.

Aug 30, 2014 07:17 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Wayne. Those good old days are gone, when the buyers asked for everything, and got it.

Aug 30, 2014 07:18 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great advice, Jerry. Buyers need to be prepared to get less from sellers in "hot" markets, or if they need closing costs, to add them on top of the sale price and pay more than ask.

Sep 01, 2014 10:01 PM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Nina. I have see this happen to many buyers, who were not prepared to pay their own costs in this seller's market.

Sep 02, 2014 11:35 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Jerry, It is a sellers market and costs have to be paid by the buyers like it or not! I still am able to get a home warranty out of sellers but little less. 

Sep 13, 2014 07:28 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Bob. Sellers don't want to give buyers hardly anything except that Title Policy, and Home Warranty.

Sep 14, 2014 05:27 AM