SAN ANTONIO — Inflated home prices and interest rates after the coronavirus pandemic forced many buyers out of the housing market. But one study found what was once a seller's market, isn't the case now.
Part of the reason the tide is starting to turn is because there is slightly larger inventory of homes. But those homes are still going for a pretty penny.
Brian Mylar, a realtor with Coldwell Banker Deanne Harper Realtors told KENS 5, "You'd like to say it is a sellers market, but there still isn't enough houses out there to meet the demand, but it's really not because buyers have a lot of leverage in this situation because the interest rates are a little higher than people would like them right now."
The data, which used Zillow home price data, was analyzed by Agent Advice and saw Texas with a 1% increase in housing prices compared to last year, which is relatively low compared to other regions. The average house in the state now costs $307,038, and takes an average of 25 days to sell.
"And it takes another 30 days or so to close on that contract," said Mylar.
Out of all 50 states, Texas ranked seventh, or really eighth with Wisconsin and Missouri tied at fifth, in the percentage of homes sold under the listed value, with 61% of houses not sold at the asking price.
Mylar added, "So that means more opportunities for buyers. But it also means for sellers that their house is staying on the market a little bit longer."
Mylar says this is day one on the market for a house on the 500 block of Winburn Avenue in Schertz. He says the sellers are prepared to be patient.
When it comes to buyers, Mylar has this advice: "For buyers, first of all, you have to get pre-approved for a loan, Unless you've got cash. Get that pre-approval for a loan before you start doing anything. You can dream all you want, but if you don't have the pre-approval for financing to buy a house, you can't do anything. Second of all, I guess is be patient and negotiate, because the longer a house has been on the market, the more the seller is going to negotiate with you and drop that price, maybe give you some concessions."
And when it comes to selling, "There aren't the multiple offer situations. Houses are staying on the market longer. So just be patient. Make sure your house is in great shape. Make sure you market it well. It will sell, but it's taking a little longer," said Mylar.