Want To Buy a Home? Now May Be the Time.

by Brandon Grell

Want To Buy a Home? Now May Be the Time. | Simplifying The Market

There are more homes for sale in San Antonio today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:

“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”

Two Reasons There Are More Homes for Sale

The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.

The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The graph below outlines new monthly listings coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.

Bottom Line

The number of homes for sale in San Antonio is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.

Homeownership Could Be in Reach with Down Payment Assistance Programs

A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey in San Antonio. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home.

If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.

You Can Qualify Even if You’ve Purchased a Home Before

There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Index from downpaymentresource.com:

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”

That means repeat buyers could qualify for over one-third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That’s because downpaymentresource.com also notes many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development's definition of a first-time homebuyer. Under their definition, you could qualify as a first-time buyer if you’re:

Someone who hasn’t owned a primary residence in 3 years.
A single parent who’s only ever owned a home with a former spouse.

That means no matter where you are in your homeownership journey, there could be an option available for you.

You May Be Eligible for Programs Based on Your Location or Profession

In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR):

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.

Bottom Line

Down payment assistance programs have helped many homebuyers in San Antonio achieve their dreams, and if you qualify, they could help you too. Let’s connect today so you can begin exploring your options.

Why the Growing Number of Homes for Sale Is Good for Your Move Up

Are you thinking about selling your current home in San Antonio? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer.

According to the latest data from realtor.com, the number of homes being listed for sale, known as new listings, has increased consistently this year (see graph below):

While this news has clear benefits for buyers who are craving more options for their home search, what does that mean for current homeowners like you? It gives you two distinct opportunities in today’s housing market.

Opportunity #1: Take Advantage of More Options for Your Move Up

If your current house in San Antonio no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and move up into the home of your dreams. As more options come to market, you’ll have more to choose from when you search for your next home.

Partnering with a local real estate professional can help make sure you see these listings as soon as they come onto the market. And when you do find the one, that professional can advise you on how to write a winning offer to seal the deal.

Opportunity #2: Sell Before You Have More Competition

Just know that, in order to make sure your house shines above the rest, it may make sense to put your home up for sale before your neighbors do the same, creating more competition in your area. The increase in the number of homes being listed for sale is expected to continue, and a recent study from realtor.com says two-thirds of homeowners looking to sell say they’ll do so by August.

A real estate professional can advise you on what you need to tackle to get your house ready to list so they can put that for sale sign up in your yard sooner rather than later. That’s because the process of getting a home ready to sell isn’t taking as long as you may think. As a result, you can capitalize on today’s sellers’ market and get ahead of the competition.

Bottom Line

If you’re a current homeowner in San Antonio looking to sell, let's connect to begin the process. You have a unique opportunity to benefit from the additional homes being listed today and sell before your house has more competition.

Work With a Real Estate Professional if You Want the Best Advice

Because buying or selling a home in San Antonio is such a big decision in our lives, the need for clear, trustworthy information and guidance is crucial. And while no one can give you perfect advice, when you align yourself with an expert, you’ll get the best advice for your situation.

An Expert Will Give You the Best Advice Possible

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to their office, they won’t immediately tell you how the case is going to end or how the judge or jury will rule. What a good attorney can do, though, is discuss the most effective strategies you can take. They may recommend one or two approaches they believe will work well for your case.

Then, they’ll leave you to make the decision on which option you want to pursue. Once you decide, they can help you put a plan together based on the facts at hand. They’ll use their expert knowledge to work toward the resolution you want and make whatever modifications in the strategy necessary to try and achieve that outcome.

Similarly, the job of a trusted real estate professional is to give you the best advice for your situation. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. They can’t because it’s impossible to know exactly what’s going to happen throughout your transaction. They also can’t predict exactly what will happen with conditions in today’s housing market.

But an expert real estate advisor is knowledgeable about market trends in San Antonio and the ins and outs of the homebuying and selling process. With that knowledge, they can anticipate what could happen based on your situation and help you put together a solid plan. And they’ll guide you through the process, helping you make decisions along the way.

That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with an expert real estate advisor.