October 2020 Market Update

San Antonio's Hot Market

When we say the San Antonio housing market is hot…we mean it. According to the San Antonio Board of Realtors (SABOR), San Antonio’s housing market is experiencing a positive uptick in sales of single-family homes and the sales price for homes. When comparing August 2020 to August 2019, SABOR stats indicate that the average home price increased by 12% to a value of $309,9701. The median price for homes increased by 9% and is valued at $259,6002. Listings are on the market less days than last year and the number of sales increased by 7%. All these numbers point to several things:

  • The San Antonio housing market continues to see increases year over year making it an in-demand market for investors looking for profitable investments.
  • For homeowners who may be considering moving into a larger home or downsizing, now is the time to consider getting a free home valuation. Knowing what your home is worth will help you determine the right time to sell.
  • Given the low interest rates on home mortgage loans, more buyers were drawn to the market causing more competition and an increase in home prices. The trend is expected to continue given that 2020 continues to have record low interest rates. For homebuyers, the low interest rates mean lower monthly payments than previous years.
  • People interested in buying a home should begin speaking with a realtor and a lender to determine if they are in a good financial position to buy a home.

Uprise's expanded services

This month, Uprise expanded our Project Management Services to help owner occupants update their homes. In the past year, our project managers worked exclusively with investors updating their flip projects and renovating properties for the rental market. Due to client demand, Uprise expanded its services and completed a quick remodel this month. An Uprise client purchased a home in September but wanted to update the home before she moved in. She contacted Uprise and walked the property with our project managers specifying all the changes she would like. Prior to Mrs. Avalos moving in, the floors were replaced throughout the home. In 2020, most people are spending much more time at home and realizing their homes need some TLC. Uprise is here to help. Contact us for a quote on your project.

Honor: Valuing People

Our core values drive everything we do and we believe in giving value to all no matter what. Uprise values family so we put people’s needs before business and honor them in the process. 

Recently, a seller contacted Adam about the listing process. Accustomed to how traditional realtors operate, these sellers expected Adam to give them a list of repairs that cost an exorbitant amount. Given Adam’s experience with real estate investments and listings, he helped the clients understand the strategies needed to get the highest Return on Investment (ROI) for their money. He explained a strategy to get top dollar for their home in the shortest amount of time while using the least amount of capital for repairs. 

Adam recommended for the seller to list the home at a price lower than the competition to sell the home quickly and to invest minimal funds on repairs.  Adam explained that there were many homes on the market at the highest price point the seller’s home could receive and the repairs needed for that price point would require time and capital the sellers didn’t want to spend on the property. Additionally, his calculations revealed that the seller would net a higher profit if they invested minimal funds on repairs and sold at a lower price point. Adam knew the lower price would draw the attention of buyers and create a multiple offer situation. The sellers made minimal repairs based on Adam’s recommendations. The interesting part is that the sellers told Adam the home needed a new roof but they didn’t want to take on that repair. Due to the demand of the area Adam knew he could create interest in such a way that buyers would agree to pay for the roof themselves saving the seller’s time and money. 

That’s exactly what happened when offers started coming in. 

A family initially stressed by the notion that they would have to invest over $30K in repairs and deal with weeks of repairs and contractors all while dealing with their busy work schedules found relief in Adam’s advice. He helped them reduce their budget by ⅓, the home was under contract within 48 hours of hitting the market and closed in 4 weeks time. The family was elated. They were able to invest less money, sell faster, and net more money at the lower price point. 

Keep in mind, the lower sales price meant a lower commission for Uprise, but for Adam and his team, it is more important that we put our clients in a position to help them reach their goals. 

If you know anyone that needs advice or has questions about the best strategy to sell or buy a home feel free to reach out to us.

Uprise Real Estate Partners

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