December 2015 San Antonio Home Sales Report
If you’re looking to buy or sell a San Antonio area home this month or early next year, here are the things you need to know.
The opening of this year’s holiday season has seen the end of the most active home sales year in San Antonio’s history.
Although it’s hard to say exactly why the market has unexpectedly dwindled more than usual for what’s typically the low sales season, here are some probable contributing factors.
First, the new Federal regulations governing mortgage loan closing procedures has created a backlog of unsettled home contract closings both in San Antonio and across the Nation. Typically, the time to close a home purchase was approximately 30 days but now, under the new procedures, it’s taking 45 or more days. The lag has discouraged many prospective home buyers hoping to quickly find, purchase, and occupy a home.
Second, for many months, San Antonio has suffering a chronic shortage of new and resale homes for sale. The demand/supply imbalance has driven up prices and created a solid sellers’ market whereby the average seller can expect to get 97% plus of the home’s list price. Analysts speculate that prospective home buyers are now sitting on the sidelines hoping to find more inventory, lower prices, and a better bargaining position in late winter and early spring next year.
Third, surveys show that concerns about the nation’s slow economic recovery, homeland security issues, and the vexing 2016 presidential campaign are driving many home buyers away from the market.
Will these conditions persist into the early months of 2016. Only time will tell. We’ll keep you advised.
That concludes our final San Antonio home sales report for 2015.
The staff atsanantoniohomequest.com and the award winning Realtors® of the Legacy Powerhouse Group at Keller Williams Legacy, San Antonio, wish you and yours a very Merry Christmas, joyous holiday season, and Happy New Year.