Current SA Housing Market (San Antonio, Howe: sales, mortgage broker, refinance)

[EdgarAllanPogi]

Most of the housing markets nationwide have taken big hits and SA is not immune as the lower priced homes and new construction are feeling it as well. However, what is the current market like for mid-level houses ($300-400k) here in San Antonio? Are these homes capable of selling today?

[firstclassflyer]

Originally Posted by EdgarAllanPogi

Most of the housing markets nationwide have taken big hits and SA is not immune as the lower priced homes and new construction are feeling it as well. However, what is the current market like for mid-level houses ($300-400k) here in San Antonio? Are these homes capable of selling today?

Any home is capable of selling as long as it's priced/staged correctly.

[EdgarAllanPogi]

Originally Posted by firstclassflyer

Any home is capable of selling as long as it's priced/staged correctly.

Yeah, I do understand that part. Let me rephrase the question. How are mid-level homes selling in San Antonio today?

[kevcrawford]

They're selling "OK". There are more of them on the market, so they're taking a little longer, but the ones that are priced right and show well are still selling. You just have to make sure you know your competition and price accordingly.

"Priced right" doesn't mean giving it away. It just means that you're not overpriced and that you are competitive with your market.

[EdgarAllanPogi]

Originally Posted by kevcrawford

They're selling "OK". There are more of them on the market, so they're taking a little longer, but the ones that are priced right and show well are still selling. You just have to make sure you know your competition and price accordingly.

"Priced right" doesn't mean giving it away. It just means that you're not overpriced and that you are competitive with your market.

Kev, I sent you a DM.

[banker]

But the market is much weaker than it was this time last year. I sold a house (25 year old single story) in five days. Now, houses in the same neighborhood I sold mine are sitting on the market for months...even though they are priced significantly less on a per square foot basis.

Since Texas is a non disclosure state (of course you can use some back door ways to capture the info and back into sales prices) it makes it easier for SABOR and other media outlets to paint San Antonio as still having an excellent housing market. The truth is - our housing has slowed dramatically. Especially on the new construction side of things.

[kevcrawford]

You have to realize that every four years, the housing market slows dramatically during election time through January. People freeze up when the election happens for some reason, even though nothing really ever changes policy-wise. Like clockwork.

I will tell you that after about the third week in January my showings have picked up ten fold. On all price ranges. I was showing 5 different clients today alone.

Texas is a non-disclosure state, but 99% of the sales are reported on the MLS, so it's really easy to look at the trends. New construction starts have slowed, because the builders overbuilt 2 years ago. They're getting all the specs off the books (finally) and it'll pick up here soon.

Customs are still going like wildfire.

[EdgarAllanPogi]

Good info gents!

[banker]

Based on the mortgage side of my bank (and others out there) the Texas activity is dreadfully slow. The primary application volume is for refinance not new purchases. I for one am one of those refinance folks - and my mortgage broker told me what we are seeing at my bank. Purchase activity has slowed dramatically here in Texas and in San Antonio. Showings may be up...but there are other factors at play here in the housing market that weren't on other election years.

The economy is nothing that this generation has seen. What we are experiencing is not election year jitters.

[ryneone]

Originally Posted by kevcrawford

You have to realize that every four years, the housing market slows dramatically during election time through January. People freeze up when the election happens for some reason, even though nothing really ever changes policy-wise. Like clockwork.

I will tell you that after about the third week in January my showings have picked up ten fold. On all price ranges. I was showing 5 different clients today alone.

Texas is a non-disclosure state, but 99% of the sales are reported on the MLS, so it's really easy to look at the trends. New construction starts have slowed, because the builders overbuilt 2 years ago. They're getting all the specs off the books (finally) and it'll pick up here soon.

Customs are still going like wildfire.

You are not lying. La Vernia out in Wilson county is still very strong. Slower yes but still strong.

Originally Posted by banker

Based on the mortgage side of my bank (and others out there) the Texas activity is dreadfully slow. The primary application volume is for refinance not new purchases. I for one am one of those refinance folks - and my mortgage broker told me what we are seeing at my bank. Purchase activity has slowed dramatically here in Texas and in San Antonio. Showings may be up...but there are other factors at play here in the housing market that weren't on other election years.

The economy is nothing that this generation has seen. What we are experiencing is not election year jitters.

I also work at a bank and mortgages and refinances both are on the up swing dramatically. I would know since that is most of my job. (referring clients for loans )

Dont you need to steam clean your brick house again? You missed the fourth side!

IT is not 06 in this market but that was not suppose to happen. The government is no longer giving houses to people that should not have them. Thank god!