The housing market in San Antonio
A large migration to San Antonio from 2021–2022 resulted in a housing seller’s market.
More than 2 ½ million people visit the Alamo Mission each year in San Antonio. The Alamo serves as a reminder of the courage and honor of the Texan revolutionaries who refused against all odds to surrender to the much larger Mexican Army in 1836.
Today, San Antonio is the 7th largest city in the United States and ranks as the 8th safest city in the country. The cost of living is affordable, and the metro area is family friendly while still having a diverse nightlife of fun dive bars, country line dancing, breweries, upscale taverns, theaters, concerts, a professional ballet company, and professional basketball.
San Antonio is known for its smoked BBQ and sausages, and it boasts many diverse eateries and restaurants, including those on the magical River Walk in the heart of the city. With all the city’s amenities, it’s no wonder San Antonio has been a magnet attracting people to move there in the last few years.
Although people from all over the country have moved to this city, most new residents are from the West and East Coasts. This inbound migration turned the San Antonio housing market into a seller’s market from 2021–2022.
Higher mortgage rates are slowing the San Antonio housing market dramatically.
The San Antonio housing market has dropped off as mortgage interest rates keep climbing. As of February 2023, the fixed mortgage rate on a new 30-year mortgage is at 6.96%.
To illustrate how interest rates affect payments, a 1% difference in interest rates increases monthly mortgage payments by almost $100 on a $160,000 mortgage. Over 30 years, that adds up to about $30,000 more in interest paid.
Interest rates are climbing as the Federal Reserve tries to control inflation to avoid a recession, and rates are expected to climb even more during 2023.
Inflation is also putting a damper on the San Antonio housing market.
During inflation, housing prices rise along with the price of everything else. Everything from groceries to gasoline to clothing becomes more expensive, meaning your money does not stretch as far as it used to.
With the cost of living being so high, people are often hesitant to make large purchases, and that includes real estate.
If you are considering selling your house, inflation has a silver lining. Realtor.com forecasts that house prices will increase 4.6% in 2023. That means it is a good time to sell your San Antonio house while its value is up, but unfortunately you may have a difficult time selling the traditional way due to the economy and the current buyer’s market in San Antonio.
A good choice would be to sell to an investor. Among the companies that buy houses for cash, We Buy Ugly Houses® is an outstanding option.
We Buy Ugly Houses® is America’s #1 home buyer.
If you think you may want to sell your house now while the value is up, consider what We Buy Ugly Houses can do for you. When you sell your house to us, you don’t have to waste lots of money on repairs or updates. Due to inflation, labor and materials are prohibitively expensive right now.
Unlike selling the traditional way through a real estate agent, with us you don’t pay expensive real estate agent commissions. You also avoid the hassles of open houses and house showings. We offer a quick closing, often in as little as three weeks.
How to sell to We Buy Ugly Houses®
Selling your house to We Buy Ugly Houses is straightforward and easy. Simply give us a call to set up a free, no-obligation appointment. We will meet you at your house and do a walkthrough of your property. Our local property specialist will explain the process and answer all your questions. Often, we can give you a fair cash offer the very same day, or soon afterward.
If you accept our offer, you will be saving a lot of time by forgoing a traditional sale. With the current San Antonio and Bexar County markets, a listed house could stay on the market for many months.
You can trust We Buy Ugly Houses. We have been serving communities across the country since 1996 and have a 96.1% satisfaction rating from our happy sellers.
Call us at 866-200-6475 to get started before house prices come down.