The market remains steady in San Antonio.
Many people are a little put off by the prospect of trying to live a normal life in a house that’s listed to sell. Opendoor’s advertising makes it look like you’ll actually make more selling to them, but what they are really selling is convenience. Let’s look at what really happens in the San Antonio market.
Opendoor are not in the business of stockpiling single-family homes on their balance sheet; they are counting on a quick turnover. That means they need to buy cheaply enough to make a profit when they immediately put the property up for sale. This quote from a March 2018 article in Inman (a real estate industry e-mag) helps make my point: “On March 17, Opendoor was trying to sell its Las Vegas listings for an average of 6.13 percent more than it bought them for.”
The average purchase price in San Antonio is 8% below market value.
It actually costs more to sell with Opendoor.
You pay from 6.5% to 12% in “service fees” with Opendoor, and in San Antonio, that service fee is 8.8%.
But it doesn’t end there. A seller also agrees to pay for repair costs when they contract with Opendoor. These repair costs are, on average, significantly more and can’t be negotiated away as they can when you have an agent working on your behalf.
Opendoor is not using their money. Here is how it works out for San Antonio:
Opendoor’s website uses an average of 10 showings which computes to a loss of $2,080 per showing. The price of convenience is pretty steep!
By hiring a professional REALTOR® like me, you’ve got all my negotiating experience and marketing experience working for you. Let me get you the best deal for your property and in the quickest time!
*Service charge varies by market. San Antonio is seeing steady appreciation but not the ballooning values that allow Opendoor to charge the lower service fees they do in other parts of the country.
Were you aware that San Antonio is the 7th largest city in the United States? Below is a table from the US Census Bureau. According to a May 24, 2018 US Census Bureau press release, San Antonio added an average of 66 people a day between 2016 and 2017.
Below is an artist’s conception of one of the projects at San Antonio Hemisphere Park. I had the opportunity to attend a presentation about the Hemisphere Project given by Anne Krause of the Hemisfair Conversancy. I came away very impressed. Anne told us that the designers were asked to attend Fiesta. This was to understand the character of our City. They experienced the importance San Antonio places on family-centered and community-centered activities. The plans include transferring mature trees into the park (some trees are already thriving after their transfer) and toe-dipping water features. Much of the work is funded by philanthropic contributions (which Anne indicated is already substantially more than the $20MM from the approved bond issue).
For the Kiddos
Our tour started at the already completed Yanaguana Park which was a delight to us 30 adults—we spilled out of the bus and immediately started climbing on the equipment. The park is designed for all ages of children and youth with interests ranging from the active to the more cerebral. From “monkey bars” to building with the “tinker toy” blocks as big as a toddler to a “pick up game” of chess. There are even outdoor movies in the summer.
A Couple Pictures of Hemisphere Park
Artist’s conception of one of the parks in the Hemisphere Project. The plans are still evolving, but this will give one an idea what to expect.
At Yanaguana Park. A leopard crouches to spring upon a cormorant (from the Yanaguana creation story).
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Sales have continued to trend up over 2017 as we’ve seen it in the last 6 years. Year-over-year, the median sales price has been increasing at a rate of about 6-7% over each of the last 3 years.
Sales By Year
Total sales by year over the prior 3 years were reports as follows. Data for 2017 is not in yet.
- 2014: 24,812 (+5%)
- 2015: 27,256 (+9%)
- 2016: 29,508 (+8%)
Below the graph, I’ve included data for the last month to give you a thumbnail view of the San Antonio market.
A Graphic View
The data is from the San Antonio Board of REALTORS® Multiple Listing Services which often includes sales outside of Bexar County. For information about your neighborhood, contact me and I’ll provide a market analysis for just your area.
5 Weeks of San Antonio Sales Data
Week in Sales: November 27 – December 3
- Total Sales: 520
- Average Sales Price: $264,318
- Median Sales Price: $230,000
Week in Sales: November 20 – November 26
- Total Sales: 247
- Average Sales Price: $256,502
- Median Sales Price: $205,500
Week in Sales: November 13 – November 19
- Total Sales: 405
- Average Sales Price: $265,372
- Median Sales Price: $221,900
Week in Sales: November 6 – November 12
- Total Sales: 270
- Average Sales Price: $252,286
- Median Sales Price: $202,500
Week in Sales: October 30 – November 5
- Total Sales: 514
- Average Sales Price: $260,355
- Median Sales Price: $215,600