Redfin said economic uncertainty a high mortgage rates have left many home buyers on the sidelines. Credit: Wikimedia Commons / Ian Muttoo
It’s a bad time to be listing your house on the market, but a great time to be a buyer in San Antonio, if you have the cash, according to a report released last week by online real estate marketplace Redfin.
According to the report, San Antonio is the sixth best market for prospective home buyers in the nation, with sellers outnumbering buyers by 109%. In other words, there are so many homes for sale that buyers have a lot of power.
San Antonio isn’t an outlier, though. Nationally, there were 36.7% more home sellers than buyers, meaning many in the market for a new home had significant leverage in negotiations.
In no market was this more true than Austin, which has the highest seller-to-buyer ratio in the nation, according to Redfin.
“Rents have gone down so much in Austin that a lot of people are opting to rent instead of buy,” Redfin Premier real estate agent Andrew Vallejo said in a statement. “If a home is listed for sale at $500,000, with today’s mortgage rates and a 5% down payment, your monthly payment would be around $4,000, but you could rent that same property for $2,500 a month.
According to Redfin, the slowdown in home buying nationwide is due to high home prices, high mortgage rates, and economic uncertainty.
Fort Lauderdale had the second-highest seller-to-buyer ratio, followed by West Palm Beach at No. 3, Miami at No. 4, and Nashville rounding out the top 5.
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