Summer sizzle is on for housing market

Hot competition frustrating some buyers

SAN ANTONIO – Home sales are off to a sizzling start as the busy summer season gets under way. While that’s welcome news for sellers, some buyers are finding their house hunts challenging.

“Very frustrating,” said Michelle Chapa, who needs to find a home and get moving now.  She’s look at dozens of houses and even put in offers.

“There’s a lot out there,” she said, “but it pretty much comes on, comes off (the market) the same day with multiple offers on the table that I am competing with.”

The competition is fierce.

Updated homes priced at $250,000 and less are in big demand, according to Monique Bordelon, Chapa’s realtor.

“One time she was one of 11 buyers, one of 11,” Bordelon said. “So, the people who won, they were cash buyers who came in above list price. And, if you’re a cash buyer, you don’t have an appraiser to worry about.”

When lender’s appraisals come in lower than the negotiated contract price, that can be a deal killer as Chapa found out the hard way.

Still, both Bordelon and the San Antonio Board of Realtors say most sellers are getting close to their asking price as the market sizzles.

Last month, 2574 homes were sold. That’s a nine percent increase over the same time a year ago.

And, for the first time, the median price busted the $200,000 mark at $202,500, according to SABOR.  That’s 10 percent more than last year.

Inventory is up slightly and at its highest for the year.

With interest rates still attractive, the market is expected to be strong all summer.

Summer is typically the busiest time of year for sales as families try to settle before the school year starts.

“For the rest of summer, I expect it to be just firecracker hot,” Bordelon said.

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