Although not all of San Antonio has a reason to cheer, the luxury home market certainly does. The lower price points in the San Antonio real estate market update are still struggling to maintain ground, but the luxury home market is witnessing a flurry of activity; everything from multiple offers to cash deals. John Flournoy, has even gone so far as to call the San Antonio real estate market a “tale of two cities.” He goes on to say that “we’re seeing people come out of the rental pool because they’ve been able to sell their homes elsewhere.”
The entry level market in San Antonio, however, can’t say the same, and it seems that gas prices are to blame. Many people, with fears of increasing gas prices, are now finding that their budgets aren’t stretching as far as they once did, thereby leaving them on the sidelines and out of the home buying arena. And, of course, the luxury home buyers simply aren’t affected by rising gas prices.
Many realtors are finding that their high-priced homes are selling quickly, yet they are struggling to move those homes priced at even $75 per square foot. Some agents, however, have noted that the San Antonio real estate market update is not as dire as it seems, as homes priced under $100,000 are moving fairly well, thanks to investors and low interest rates. The low interest rates are a big help, as it allows home buyers to pay around the same each month for their mortgage payment as they paid for their rent. Finally, some realtors see the market as quite simple: The more expensive homes are often times the homes that need little work, and buyers are looking for homes they can move into. Many of the lower-priced homes, on the other hand, require updates and repairs; neither of which many home buyers are willing to tackle these days.