Buying a Home in San Antonio TX-How to Ensure You Have Buying Power
For the past couple of years, the Real Estate Market in San Antonio TX has largely favored buyers, a buyers market one may call it. Let's recap a bit and talk about just what a buyers market is. A buyers market just means that there is more inventory of a certain product than there are buyers to buy it. This being said, in a buyers market, often times buyers could get things like lower pricing (no, not under market value per say) or sellers, in order to be able to sell, may have been more forthcoming with closing cost assistance to those buyers who may not have cash on hand for their closing costs, appraisals and prepaid items, (prepaid items are taxes and insurance).
Because of this buyers market mentality it has almost been ingrained in those trying to buy a home in the Greater San Antonio TX area that it is a given that sellers will automatically pay for ALL (or even some) of the buyers closing costs. This thought process has, in my opinion, not fully prepared a buyer (and some buyers agents) for the transitioning to a seller's market or even a balanced market for that matter, or heck, prepared a buyer to have the buying power in any market.
The fact is this, if someone is trying to purchase Real Estate, one needs money to be able to do so. There are plenty of ZERO down or LOW down payment home loans available if one qualifies...USDA, VA, FHA and even a 5% down Conventional Option (I believe those still exist)..but there are other costs to buying a home and buyers need to be prepared that today's San Antonio TX Real Estate market is starting to lean toward sellers and they aren't as forthcoming with helping a buyer with anything.
Sellers want to be able to pull as much equity out of their home as possible. Oh and by the way, sellers are already (most likely) footing the entire Broker's bill. It is customary for the buyers agent to get paid from the sellers Broker as the listing agent splits the total fee with the buyers agent...so that FREE representation you are getting, isn't truly FREE, someone is paying for that.
That cost already reduces the sellers net..
As I am both a San Antonio TX buyers agent and a San Antonio TX listing agent, I feel it best that I prepare each type of client for the market that they are in. As a buyers agent, it is my job to get you the best price and best possible terms available to you. However, I would be remiss as a buyers agent to tell you, you don't need any money but the down payment you have (if any) because we will get the seller to pay for everything.
This simply isn't true.
To have any buying power in today's San Antonio TX Real Estate Market, you must have the funds necessary to one, purchase the home. This means that you need to be qualified by a good mortgage lender for the amount of home you want to buy before looking for a home, (or have proof of funds if you want to pay cash). And secondly, you need to have cash reserves in order to pay for ALL of your own closing costs and prepaid items to include inspections and appraisals.
Even if you don't have to use them, because YES, as your buyers agent, depending on what you want out of the home, I will ask the seller to help with some of this...
But they can say NO...and in a market that is starting to favor sellers, (homes are coming on the market and coming off the market within a matter of days, (in some areas) with some even getting multiple offers), this is more likely to happen than not.
Brenda Mullen – San Antonio Texas Real Estate Professional
Selling a San Antonio Texas area home involves many steps and having an experienced San Antonio Texas Real Estate Agent by your side will make the transaction run a lot smoother. I would love to be your San Antonio Texas Area Real Estate Professional! I assist both buyers and sellers in the San Antonio Texas area with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent, I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home.
As your San Antonio Texas listing agent I am well versed on the local San Antonio Texas area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with an in depth comparative market analysis, and advice on staging. I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your San Antonio Texas area Realtor® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your San Antonio Texas area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.
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