If you’re thinking about selling your home, there’s probably one question at the front of your mind: “Is now a good time to sell?” Clients ask me this all the time, so today I want to break down our market and discuss what it means for sellers.

One of the biggest factors in our market right now is our historically low inventory. In February of 2020, there were 10,000 homes for sale in San Antonio. Today there are only 4,800. In other words, if no new houses entered the market, we would run out of supply in just one month. If you list your home now, you’ll have little to zero competition.

“You may want to consider putting your house on the market sooner rather than later.”

Now let’s look at home values. In February 2020, homes in our market averaged $128 per square foot. In February 2022, that price moved to $176 per square foot. What does this mean for you? A $320,000 home in 2020 is now worth $440,000. The bottom line is that your house is probably worth much more now than when you purchased it. If you sell, you can take advantage of rising prices and get a fantastic deal.

Finally, let’s talk about interest rates. I don’t have a crystal ball, but the Federal Reserve has indicated that they’ll raise interest rates by half a percentage point every time they meet for the rest of the year. This means that by July, rates could increase by 1.5% from where they are today. That may not seem like a ton, but for the average buyer, it equals an extra $450 on their monthly payment. Buyers’ ability to purchase your home will decrease as rates rise, so you may want to consider putting your house on the market sooner rather than later.

So is now a good time to sell? Based on these three factors, I’d say absolutely. If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!