San Antonio Buyers – Competition Is Getting Stronger

By rerockstar • September 24th, 2009

Portrait Of A Strong Man

But the market is slow, right?

Dear San Antonio home buyers, I’m not here to cry “The end is nigh!” I’m not here to tell you “now is a great time to buy!” I’m most certainly not here to tell you if you don’t buy today, you’ll regret it tomorrow. My feeling is that everyone has their own “great time to buy.” Some things have shown positive signs recently, but the fact is, we’ve got quite a way to go to reach a true balanced market (neither a buyer’s market nor a seller’s market).

I am here to tell you that the San Antonio market has heated up and competition among buyers is getting stronger. In the past few weeks, I have had to work hard to get offers accepted and more than once, a buyer and I had to walk away from a home they loved, only because the price wasn’t what they were hoping to get the home for. In several cases, I’ve made the offer only to find out there are already offers on the table from other San Antonio buyers. This can lead to a lot of disappointment from the buyer and giddiness from the seller.

So what should I do?

First, take a reality check. Are you fishing for bargains or looking to buy a home? “Both” you say. One of the most important questions you can ask yourself is “if this house weren’t looking like a ‘deal’, would I be buying it?” Much like that pair of shorts you bought on clearance that you never wore, a home isn’t just about price. Yes, we do want to get it for the lowest price possible, but a house is more than a number. It’s a home.

Ok, now that we have that figured out, let’s talk about the competition. I have seen several properties disappear overnight. Homes that had languished on the market for days upon days, suddenly – gone. There are more buyers currently trying to buy those homes. More buyers, more competition.

The news is standing in your way lately as well. “How can the news affect my home purchase?,” you ask. With recent “good news” coming out of the housing sector, sellers are holding out for more. I have encountered more than one seller who is sitting on an unrealistic price but won’t budge one cent because they feel that we’re out of the woods and back in a seller’s market. Of course, there are agents out there who are helping them with their belief as well, which I find to be a shame. Real estate agents need to step up and speak openly and honestly with their sellers about pricing and what is realistic. Not to say that all San Antonio real estate agents are doing this, we have plenty of great, realistic agents out there having frank, honest, and open discussions with their sellers about price.

In the words of Flavor Flav, “Don’t believe the hype.” Often, when speaking to San Antonio buyers, I hear that house down the street sold for $x. Often, when I check the San Antonio MLS, I find that it sold for way more than that. Since Texas is a non-disclosure state, price rumors are often off their mark. This goes both ways – buyers hear that the home sold for less, sellers hear it sold for more. No buyer wants to admit they paid too much for a home and no seller wants to admit they sold their home for too little.

Do your homework. Talk to a San Antonio Realtor® and take a look at the comparable homes in the area. They know the area and the market statistics. Be prepared when heading into an offer. Know where you want to start, where you hope to end up, and where you are willing to go.

Also be prepared to look at your offer from a different angle. Yes, the seller wants you to raise the offer price, but they might be making concessions elsewhere that can help you obtain the home. It’s all about the balance of the offer. Price is not the only negotiable factor and should not be the only factor you use in determining if the home is the one you want to buy.

photo courtesy of Greencolander