The Resnick Report Spring 2023
The spring time is a great time to put your home on the market! The majority of homes that sold in summer originated 30-45 days prior to the closing date. This puts the greatest amount of activity for buyers writing contract in late spring and early summer.
In San Antonio, 6,438 homes priced $500,000 and above were sold in 2022. This is up 23.5% over 2021. Of those sold homes, approximately 60% were sold in spring or summer months.
The average discount rate starts declining in spring, and is typically at its lowest point during the summer. The discount rate is the average percentage of what the home sells for relative to its list price.
As you enter the winter months’ homes will take longer to sell compared to summer where we find the average days on market to be at an all year low.
The housing climate for 2023 is forecasted to be uncertain. Mortgage rates have risen substantially from an average of 3% to 6.5%, and are predicted to continue to rise throughout the first half of 2023 and current inventory remains low. Now is the time to be getting your house ready to sell!
If you are looking for a current market value for your home or need more information regarding the real estate market, please contact me anytime. We are always happy to help.
MATTHEW RESNICK, REALTOR®
EXCEPTIONAL SERVICE WITH RESULTS SINCE 2006
KUPER SOTHEBYS INTERNATIONAL REALTY