Gorgeous San Antonio is an American treasure, brimming with culture and history. With housing costs on the rise, here’s what you need to know about the best time to get a good deal on a new Mission City home.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In San Antonio, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Texas were lowest in January. On average, homes were $31,176 less expensive. While in October — the month with the highest prices — the listing prices were $23,038 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in San Antonio.
Best Month For
7.1% lower than average
16.1% more homes to choose from
2.93% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy in San Antonio
As a general rule, home sales tend to peak in the late spring/early summer and slow down toward the end of the year. The reasons are obvious — spring weather is more conducive to the labor involved in packing and transporting, and for families, it’s easier to move when school isn’t in session. According to data from the National Association of Realtors, home sales in May, June, July, and August account for 40% of annual home sales volume.
That’s great news for sellers, but for buyers, the best advice is to be cool — cool weather, that is. October through February are the best months for those looking to get a killer deal on a home. By the first of the year, many houses have been on the market for several months, making the sellers more apt to cut a deal.
With San Antonio smack dab in the midst of a seller’s market right now, it’s even more critical to time things right. The current median home value is around $176,000. The city’s home values rose 7.7% in the past year, and Zillow expects they’ll climb another 4.5% in 2019. In addition to timing the market, consider a home buyer rebate as another tool to save money on your home purchase.
The Best Places to Buy a Home in San Antonio
- Terrell Hills: This relatively upscale neighborhood is a great option for people looking for homes in a higher price range. It boasts highly-rated schools and is near great walking trails.
- McAllister Park: Affordable, with easy access to schools, parks, and shopping centers, this is a great option for families. Home values in McAllister Park are expected to grow.
- Hill Country Village: This village gives residents a small-town atmosphere, but easy access to U.S. 281 and entertainment and shopping options.
- Government Hill: This zone’s walkability and proximity to the King William Historic District has given it a boost in popularity- and home values.
- Pecan Valley: This suburban neighborhood is just a short drive from downtown San Antonio. A lower cost of living and stable home prices make it an appealing option for people looking for a little quiet outside the big city.
4 Ways to Get a Great Deal On a Home in San Antonio
Find a Great San Antonio Real Estate Agent
Face it, buying a home is a huge investment, and finding one that’s right for you, while navigating all the financial and legal obligations, is a daunting prospect. But you don’t have to go it alone. A buyer’s agent has your back throughout the entire process, from narrowing down the best home for your needs to guiding you through the offer and final sale.
Assess Your Needs and Lay Out Your Goals
The more you plan ahead of time, the more confident you’ll be in selecting the perfect home. Before you even cross the threshold of an open house, lay out your must-haves and deal breakers. Are you looking for an investment property or a ranch-style house in the suburbs? Will you need easy access to the highway, or is a walking trail more in line with your lifestyle? A local real estate agent will use this information to filter out any listings that don’t align with your goals.
Find a Lender and Secure Financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in San Antonio, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in Texas a typical house is worth $224,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $799. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $756.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
Negotiate for the Best Possible Price
You’ve found your dream home, hooray! The bad news is, you’re buying in a seller’s market and your negotiation prowess… well, you can’t even persuade your dog to get off the bed. If you get pulled into a bidding war, the end won’t be pretty. This is where your buyer’s agent’s skills shine through. They know the market, know the value of similar properties in similar neighborhoods, and will use that knowledge to negotiate a price that’s fair for the buyer and seller.
If you’re ready to make your home in San Antonio, a Clever Partner Agent will guide you from showing to closing. Fill out this simple online form to get in touch with a local Clever Partner Agent today for a no-obligation consultation.
Clever Partner Agents are the experts in current prices, market conditions, and desirable locations and will tailor your search to best meet your needs.
Be sure to ask your Clever Partner Agent for options on FHA loans, mortgages, and insurance, too.