If there’s one story regarding housing over the past several months that stands out, it’s the hot market for sellers and the uphill battle some buyers are experiencing.
But according to local real estate agent Megan Callahan with Coldwell Banker D’Ann Harper Realtors, located at 532 South Seguin Ave., that shouldn’t scare buyers off. They just need to consider their options.
“There really wasn’t an issue before with houses selling for tens of thousands and hundreds of thousands of dollars above their list price sight unseen, appraisals being waived,” Callahan said. “So, the market has been incredibly, incredibly fluid.”
Tight inventory of housing on the market has made for a competitive environment when purchasing a home, that being spurred by homeowners reluctant to leave their current residence. Those who do can find themselves with a great sale price, but then need to find a new place to move into.
“It makes it super frustrating and really hard for buyers, and sellers are getting the sweet end of the deal,” she said. “It’s a seller’s market. But those people also have to worry about where they are going to go.”
Home sales in the San Antonio-New Braunfels Metropolitan Statistical Area increased 16.6% in March, compared to a year ago, the Herald-Zeitung previously reported.
So what are buyers looking for?
“They want the biggest amount of upgrades they can get for the amount, but definitely open concept (kitchens),” Callahan said. “People always want a covered porch. We live in Texas and it’s really hot. When they go in the back yard and there’s absolutely no coverage, that’s usually a dealbreaker.”
She said upgraded bathrooms and kitchens can often make or break a buyer’s interest in a home.
But what matters goes beyond the walls of the home.
“People definitely want a yard, now more so than ever,” she said.
She attributes this attitude to likely being tied to buyers being stuck inside during the COVID-19 pandemic. That and a two-car garage can make a home a hot commodity.
“If they are buying, they definitely want a two-car garage,” she said.
But buyers sometimes come to the market with their expectations already set, and Callahan said new buyers could sometimes benefit from opening up their options.
“I would say a lot of them want the newer builds and stay away from the older ones that may need more work,” she said. “I would really just encourage them to consider them because a lot of times those older homes have really good bones.”
She said the role of a real estate agent is often to know the market, and make sure the buyer gets what they want, even if they don’t initially realize it’s what they are after in a home. That’s why Callahan said she encourages buyers to not rush into a purchase and consider their options.
“I think that most people in this day and age understand that because of the way the market is,” she said. “They are coming to Realtors now more than ever, but there’s a wealth of knowledge that comes with having a real estate agent that you’re not going to get the same information or incentives.”
As for who is buying, she said there isn’t one group.
“It really isn’t a certain demographic that’s looking to buy,” Callahan said. “I can’t say that at all because in my experience, I have people who are buying who are older looking to buy their second home they are looking to use as an investment property — they want to rent it out because the rental market is really hot right now. There’s younger people who are looking to buy their first home.
“I’m seeing a really wide range of buyers. … It’s really everyone,” she said.