Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-03-2017, 05:54 PM
 
1,514 posts, read 883,648 times
Reputation: 1961

Advertisements

Bad news for those of us in the market to buy a home:
https://www.forbes.com/sites/samanth.../#10d8a80c3906

As of 2017:

"San Antonio homes are overvalued by 18.6%, the most of any market in America."

The homes here in San Antonio are not just the most over valued in Texas but it is the most overvalued market in all of America.

"Home prices are just growing too fast compared to the fundamentals."

The article states: "Home buyers need not avoid these five markets entirely, but they should proceed with care."

I have been in the market for a home for about 2 years now and this would explain what I am seeing. Things like:
Submitting a bid on a home for the asking price only to get immediately outbid.
Homes in bad, poor or decent shape where the sellers are asking a lot more then it is worth, and in most cases getting what they are asking for because of investors intent on flipping or renting the house.
Realtors getting impatient and and expecting purchases within 3-6 months or they become disgruntled and may drop you.

As of the years 2016 and 2017, it is a bad time to be a home buyer in San Antonio right now. Unfortunately, this trend is projected to continue for the foreseeable future.
Reply With Quote Quick reply to this message

 
Old 12-03-2017, 06:03 PM
 
Location: Austin, TX via San Antonio, TX
9,843 posts, read 13,610,857 times
Reputation: 5701
Posted this right after it was published. //www.city-data.com/forum/san-a...anked-1-a.html
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 07:29 PM
 
Location: USA
4,427 posts, read 5,309,542 times
Reputation: 4116
It’s not.

If our growth rate was slow I’d agree.
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 07:36 PM
 
3,950 posts, read 2,952,954 times
Reputation: 3796
and they are still way cheaper than other cities with similar populations
Reply With Quote Quick reply to this message
 
Old 12-03-2017, 08:47 PM
 
349 posts, read 420,087 times
Reputation: 297
Quote:
Originally Posted by txbullsfan View Post
Bad news for those of us in the market to buy a home:
https://www.forbes.com/sites/samanth.../#10d8a80c3906

As of 2017:

"San Antonio homes are overvalued by 18.6%, the most of any market in America."

The homes here in San Antonio are not just the most over valued in Texas but it is the most overvalued market in all of America.

"Home prices are just growing too fast compared to the fundamentals."

The article states: "Home buyers need not avoid these five markets entirely, but they should proceed with care."

I have been in the market for a home for about 2 years now and this would explain what I am seeing. Things like:
Submitting a bid on a home for the asking price only to get immediately outbid.
Homes in bad, poor or decent shape where the sellers are asking a lot more then it is worth, and in most cases getting what they are asking for because of investors intent on flipping or renting the house.
Realtors getting impatient and and expecting purchases within 3-6 months or they become disgruntled and may drop you.

As of the years 2016 and 2017, it is a bad time to be a home buyer in San Antonio right now. Unfortunately, this trend is projected to continue for the foreseeable future.

If the trend is continuing then it is simply 'market value'.
Reply With Quote Quick reply to this message
 
Old 12-04-2017, 01:44 AM
 
812 posts, read 668,276 times
Reputation: 532
They must have left Seattle out of the mix for the article.
Reply With Quote Quick reply to this message
 
Old 12-04-2017, 07:09 AM
 
6,691 posts, read 8,721,611 times
Reputation: 4845
I believe the article.

There is a house on the same street as me that is currently for sale that is clearly not worth even 300K and it was listed over that amount. It sold within days for full price. It couldn't even sell for $260K a few years ago.
Reply With Quote Quick reply to this message
 
Old 12-04-2017, 07:46 AM
 
Location: New Braunfels, TX
7,107 posts, read 11,764,183 times
Reputation: 7994
A few years ago, there was a glut of homes with desperate sellers. As predicted, they have been absorbed by the market. Now there's a shortage, plus we didn't rebound as quickly as other markets did - so there's SOME catching up being done. Home prices are going to continue to have upward pressure on their prices, IMO, for the next several years barring some major employer leaving SA.
Reply With Quote Quick reply to this message
 
Old 12-04-2017, 08:48 AM
 
Location: Texas
5,717 posts, read 18,812,072 times
Reputation: 11223
Yeah, homes values are at an all time high. I'll bet the folks downtown are counting the tax dollars with great smiles on their faces. It's getting to where you almost can't afford a home anymore due to taxes and insurance. I'd hate to have to own a home and live on Social Security alone. You won't make it. The next 3 months will tell the tale on housing here. I think you'll find the surge of imports into Texas is going to slow down considerably after the first of the year. That should put the skids on the rise of values but I doubt you'll see any reduction in values. I'd hate to be in the flipper industry today. You're going to have a lot of high priced homes on hand that the rents are not going to cover the costs involved. I've already seen the numbers on a few that were a losing deal and the houses needed little work to bring them online. Shoulda been a slam dunk but the rent just isn't there. The numbers aren't there to clear any kind of profit both today and future unless you're in the position to hang on to it for maybe a decade. Trading dollars in the rental business means you're losing money. If I were flipping houses for a living, I'd be looking at Michigan. You wouldn't believe the houses you can buy there for under 50 grand. Some are HUGE old museum quality homes too. The wife and I have several in Lansing where values are next to nothing but rents are decent. You can get into it in Michigan for a measly 40 grand and have an income close to a grand a month, less any expenses.
Reply With Quote Quick reply to this message
 
Old 12-04-2017, 04:57 PM
 
Location: San Antonio
490 posts, read 1,091,423 times
Reputation: 415
Home values growing faster than incomes doesn't mean property values are over inflated, it just means homes are becoming less affordable. This might not be good, but when you start with a relatively high level of affordability, I have to think it's less significant than in an already un-affordable market.

In other words, a house isn't overvalued if someone's willing to buy it at the higher price...even if that cost of that higher price is an increasing percentage of their income.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top